Horizon Lines Reports 4th Quarter 2013 Financial Results

March 21, 2014

CHARLOTTE, NC, March 21, 2014 – Horizon Lines, Inc. (OTCQB: HRZL) today reported financial results for the fiscal fourth quarter ended December 22, 2013.

Financial results are being presented on a continuing operations basis.

“Horizon Lines fourth-quarter adjusted EBITDA increased 33.1% over the same period a year ago and the company generated GAAP operating income of $1.8 million in the quarter, the first fourth-quarter GAAP operating profit since 2009. The improvement in adjusted EBITDA was driven largely by reduced vessel charter expense, the absence of vessel incidents, and an increase in third party services,” said Sam Woodward, President and Chief Executive Officer. “The factors driving adjusted EBITDA growth were partially offset by modestly lower rates, net of fuel and reduced fuel recovery. Results represent the fourth consecutive quarter with double-digit percentage growth in adjusted EBITDA over prior year results, adding further momentum to the improvement of Horizon Lines’ financial performance.”

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