Horizon Lines, Inc. announced Unaudited Consolidated earnings results for the first quarter ended March 24, 2013. For the quarter, the company reported operating revenue of $244,491,000 against $263,354,000 in the same period a year ago. The factors driving the $18.9 million revenue decrease were an $18.7 million volume contraction, largely due to one less sailing out of Jacksonville, and an associated $3.7 million decline in fuel surcharges. Net loss was $20,351,000 or $0.59 per basic and diluted share against $32,509,000 or $10.41 per basic and diluted share in the same period a year ago. Operating loss was $4,295,000 against $6,064,000 a year ago. Loss from continuing operations before income tax expense was $19,953,000 against $26,505,000 a year ago. Net loss from continuing operations was $20,073,000 against $26,802,000 a year ago. Basic and diluted net loss per share from continuing operations was $0.58 against $8.58 a year ago. Net cash used in operating activities from continuing operations was $2,816,000 against $8,495,000 a year ago. Purchases of property and equipment were $93,105,000 against $1,960,000 a year ago. Adjusted operating income was $1,061,000 against adjusted operating loss of $3,537,000 a year ago. Adjusted net loss from continuing operations was $14,491,000 or $0.42 per diluted share against $21,033,000 or $6.47 per diluted share in the same period a year ago. EBITDA was $8,350,000 against $5,647,000 a year ago. Adjusted EBITDA was $13,661,000 against $10,862,000 a year ago. The positive factors resulting in adjusted EBITDA growth were partially offset by reduced container volume, higher stock-based compensation expense, mechanical issues on vessels and increased vessel operating expenses. For the year 2013, the company expects net loss to be in the range of $43,605,000 -$31,606,000, Net loss from continuing operations to be in the range of $42,855,000 -$30,855,000, EBITDA to be in the range of $78,045,000 -$90,045,000, to be in the range of $43,605,000 -$31,606,000 and Adjusted EBITDA to be in the range of $85,000,000 -$97,000,000.

Horizon Lines Inc. is moving its Northeast port of call to Philadelphia from Elizabeth, N.J. The move will create 400 direct and indirect jobs in Philadelphia. The move also is expected to generate $3 million in tax revenue for the city and state. Horizon operated in Elizabeth City for 56 years. The company faces a restructuring charge of about $6 million for the move and for withdrawing from the Port of Elizabeth's multiemployer pension plan. Horizon says the move will lead to long-term cost efficiencies for its Puerto Rico service.

Horizon Lines, Inc. announced that at the annual general meeting to be held on June 6, 2013, it will propose amendment to the company's Restated Certificate of Incorporation to increase the number of authorized shares of common stock of the company from 100,000,000 to 150,000,000.