Last $0.40 USD
Change Today +0.01 / 2.56%
Volume 8.5K
HRZL On Other Exchanges
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OTC US
As of 12:41 PM 08/22/14 All times are local (Market data is delayed by at least 15 minutes).

horizon lines inc-cl a (HRZL) Key Developments

Horizon Lines, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 22, 2014; Provides Earnings Guidance for the Full Year of 2014

Horizon Lines, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 22, 2014. For the quarter, the company reported operating revenue of $281,237,000 compared to $259,784,000 a year ago. Operating income was $16,287,000 compared to $15,976,000 a year ago. Loss from continuing operations before income taxes was $1,472,000 compared to $846,000 a year ago. Net loss from continuing operations was $1,606,000 compared to $853,000 a year ago. Net loss was $1,612,000 compared to $1,504,000 a year ago. Basic and diluted net loss per share was $0.04 compared to $0.04 a year ago. Adjusted operating income was $18,175,000 compared to $16,455,000 a year ago. Adjusted net income from continuing operations was $387,000 compared to adjusted net loss from continuing operations of $95,000 a year ago. Adjusted net income per share from continuing operations was $0.01. Adjusted EBITDA was $31,353,000 compared to $29,206,000 a year ago. For the six months, the company reported operating revenue of $533,173,000 compared to $504,275,000 a year ago. Operating income was $7,718,000 compared to $11,679,000 a year ago. Loss from continuing operations before income taxes was $27,462,000 compared to $20,801,000 a year ago. Net loss from continuing operations was $27,879,000 compared to $20,927,000 a year ago. Net loss was $27,848,000 compared to $21,856,000 a year ago. Basic and diluted net loss per share was $0.69 compared to $0.62 a year ago. Net cash used in operating activities from continuing operations was $18,321,000 compared to net cash provided by operating activities from continuing operations of $1,135,000 a year ago. Purchases of property and equipment were $5,860,000 compared to $96,621,000 a year ago. Adjusted operating income was $11,528,000 compared to $17,514,000 a year ago. Adjusted net loss from continuing operations was $23,752,000 compared to $14,588,000 a year ago. Adjusted net loss per share from continuing operations was $0.59 compared to $0.41 a year ago. Adjusted EBITDA was $38,107,000 compared to $42,865,000 a year ago. The company provided earnings guidance for the full year of 2014. For the period, the company expects net loss from continuing operations to be in the range of $36,344,000 to $31,344,000. Net interest expense expected to be of $70,940,000. Depreciation and Amortization expected to be of $50,250,000. EBITDA expected to be in the range of $85,236,000 to $90,236,000. Adjusted EBITDA expected to be in the range of $90,000,000 to $95,000,000.

Crowley Maritime Reportedly In Talks To Acquire Horizon Lines’ Facilities

Crowley Maritime Corporation is negotiating to acquire facilities at the San Juan port, as well as the ships and routes to and from Puerto Rico from Horizon Lines, Inc. (OTCPK:HRZL) for about $80 million, Caribbean Business reported citing industry sources. The talks for the San Juan port facilities and lines are part of Horizon Lines, Inc.'s plans to sell all three of its Jones Act routes—San Juan, Alaska and Hawaii—to different buyers for each of these markets. Goldman Sachs Group Inc. is believed to be brokering the deal. Horizon Lines, Inc. and Crowley Maritime Corporation executives declined to comment on the possible acquisition.

Horizon Lines, Inc. Announces Executive Changes

On June 27, 2014, Mr. Samuel A. Woodward resigned as President and Chief Executive Officer of Horizon Lines, Inc. and resigned as a member of the company’s board of directors. Mr. Woodward’s resignations from the company were effective June 27, 2014. Following the resignation of Mr. Woodward, the Board appointed Steven L. Rubin as Interim President and Chief Executive Officer of the company. Mr. Rubin has served as a Director of the company since November 2011. He is a Principal of InterPro Advisory LLC. He has served in 2011 as the Chairman of the Board of Directors of the Intermodal Association of North America.

Horizon Lines, Inc. Presents at Emerging Uses of Natural Gas Investor Conference, May-19-2014

Horizon Lines, Inc. Presents at Emerging Uses of Natural Gas Investor Conference, May-19-2014 . Venue: Warwick Hotel in Manhattan, New York, New York, United States.

Horizon Lines, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 23, 2014; Provides Earnings Guidance for the Year 2014

Horizon Lines, Inc. announced Unaudited Consolidated earnings results for the first quarter ended March 23, 2014. For the quarter, the company reported operating revenue of $251,935,000 against $244,491,000 a year ago. Operating loss was $8,568,000 against $4,295,000 a year ago. Loss from continuing operations before income tax expense was $25,992,000 against $19,953,000 a year ago. Net loss from continuing operations was $26,275,000 against $20,073,000 a year ago. Basic and diluted net loss per share from continuing operations was $0.66 against $0.58 a year ago. Basic and diluted net loss per share was $0.66 against $0.59 a year ago. Net cash used in operating activities from continuing operations was $15,142,000 against $2,816,000 a year ago. Purchases of property and equipment were $1,938,000 against $93,105,000 a year ago. Adjusted operating loss was $6,646,000 against adjusted operating income of $1,061,000 a year ago. Adjusted net loss from continuing operations was $24,140,000 or $0.60 per share against $14,491,000 or $0.42 per share a year ago. EBITDA was $4,903,000 against $8,350,000 a year ago. Adjusted EBITDA was $6,754,000 against $13,661,000 a year ago. For the year 2014, the company expects net loss from continuing operations to be in the range of $40,446,000 -$30,446,000, EBITDA to be in the range of $81,884,000 -$91,884,000 and Adjusted EBITDA to be in the range of $85,000,000 -$95,000,000.

 

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