Horizon Lines Reports 2nd Quarter 2014 Financial Results

July 30, 2014

Horizon Lines, Inc. (OTCQB: HRZL) today reported financial results for the fiscal second quarter ended June 22, 2014.

Financial results are being presented on a continuing operations basis.

“Horizon Lines second-quarter adjusted EBITDA increased 7.4% from the same period a year ago, driven primarily by higher revenue container volumes and improved fuel recovery,” said Steve Rubin, Interim 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.”

“An 8.3% improvement in operating revenue versus the second quarter of 2013 was generated largely by a 10.8% revenue container volume increase across our three markets,” Mr. Rubin said. “In addition, growth in non-transportation services revenue in our Alaska market resulted from a protracted seafood season. These favorable variances were partially offset by a 3.8% decrease in average revenue per container.  The decline in our container rates was primarily due to a shift in cargo mix to include more automobiles and a change in overall market conditions.”

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