U.S. shipping company Horizon Lines reports it shrank its net loss in the first quarter of 2013 to $20.1 million, compared with $26.8 million in the same period last year as it implemented cost-cutting efforts that reduced its revenue.
Horizon say it's operating revenue fell 7 percent to $244.5 million, from $263.4 million in the period last year, due largely to the reduction of sailings to San Juan, Puerto Rico to one per week.
The company was also hit with a $4.1 million charge related to moving its northeast service to Philadelphia, but CEO Sam Woodward said the move should help strengthen its financial performance.
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