Horizon Lines Reports 3rd Quarter 2014 Financial Results

October 24, 2014

Horizon Lines, Inc. (OTCQB: HRZL) today reported financial
results for the fiscal third quarter ended September 21, 2014.

Financial results are being presented on a continuing operations basis.



“Horizon Lines third-quarter adjusted EBITDA increased 12.6% from the same period a year ago, driven primarily by lower claims-related expense, higher volume, and lower fuel and labor costs associated with vessel dry-docking,” said Steve Rubin, President and Chief Executive Officer.

“The positive factors driving adjusted EBITDA growth were partially offset by lower container rates and contractual labor and other expense increases.”

“A $12.5 million or 4.6% improvement in operating revenue versus the third quarter of 2013 was generated largely by an 8.9% revenue container volume increase,” Mr. Rubin said. “In addition, we experienced growth in non-transportation services revenue in our Hawaii and Alaska markets. These favorable variances were partially offset by a 5.1% decrease in average revenue per container. The decline in our container rates was primarily due to a shift in cargo mix mainly to include more automobiles and increased competition in our markets.”

Click here for the full report. (PDF)

Horizon Lines Inc. press release