Key Developments For Trailer Bridge, Inc.
Trailer Bridge, Inc. (TRBR.O) (Consolidated Issue listed on NASDAQ Global Market)
Trailer Bridge, Inc. Appoints Ivy Barton Suter As Chief Executive Officer
Trailer Bridge, Inc. announced the appointment of Ivy Barton Suter as Chief Executive Officer (CEO), effective immediately. She succeeds Ralph W. Heim, who had served as the Company's Interim CEO. Mr. Heim will remain with the Company as President and Chief Operating Officer.
Trailer Bridge, Inc. Issues Q4 2008 Guidance
Trailer Bridge, Inc. announced that for the fourth quarter of 2008, it expects revenues to be approximately $33.3 million and net loss, inclusive of this non-recurring item, to be approximately $1.1 million, or $0.09 per share. Exclusive of this non-recurring expense, the Company expects to report a net loss for the fourth quarter 2008 of approximately $290,000, or $0.02 per share. According to Reuters Estimates, analysts were expecting the Company to report revenue of $34.7 million, net profit of $2.50 million and EPS of $0.20 for the fourth quarter of 2008.
Trailer Bridge, Inc. Announces Resignation Of John D. McCown As Chief Executive Officer-Form 8-K
Trailer Bridge, Inc. announced in its Form 8-K that John D. McCown (McCown) resigned as Chief Executive Officer.
Trailer Bridge, Inc. Updates On Strategic Alternatives
Trailer Bridge, Inc. announced that the Committee formed to explore strategic alternatives is suspending its active review in light of a Justice Department antitrust investigation into pricing practices among Puerto Rico carriers. The Committee consulted with the McLean family and with the Committee's financial advisor, Jefferies & Company, Inc., and determined that the investigation would result in a less robust process. The Company has met with United States Justice Department attorneys, and has received a subpoena seeking certain documents and information. Trailer Bridge was not served with a search warrant, although press accounts indicate other carriers were. The Company immediately pledged full and complete cooperation with the Justice Department's investigation. The Company intends as well to defend vigorously the parallel private actions that have been filed, which the Company believes are totally without any merit.
Trailer Bridge, Inc. Announces Exclusive Multi-Year Contract By Costco
Trailer Bridge, Inc. announced that it has won an award to be the exclusive carrier for all Costco Wholesale Corporation shipments moving in dry containers to Puerto Rico. This represents new business for Trailer Bridge except for a small number of trial shipments started in mid-2007. Shipments under the new contract are anticipated to commence in April 2008.
