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Last $0.70 USD
Change Today 0.0001 / 0.01%
Volume 16.6K
HRZL On Other Exchanges
Symbol
Exchange
OTC US
As of 8:10 PM 05/5/15 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 First Quarter Ended March 22, 2015

Horizon Lines, Inc. reported unaudited consolidated earnings results for the first quarter ended March 22, 2015. The company reported operating revenue of $180,913,000, operating income of $1,516,000, loss from continuing operations before income tax expense of $16,338,000, net loss of $23,822,000 or $0.58 per diluted share against operating revenue of $183,335,000, operating loss of $3,543,000, loss from continuing operations before income tax expense of $20,481,000, net loss of $26,238,000 or $0.66 per diluted share a year ago. Net cash used in operating activities from continuing operations was $235,000 against $7,868,000 a year ago. Purchases of property and equipment was $1,969,000 against $1,363,000 a year ago. Adjusted EBITDA was $13,326,000 against $8,093,000 a year ago. The improvement in adjusted EBITDA was driven largely by improved fuel recovery, lower transit and replacement vessel costs associated with dry-docking of vessels and higher volume.

Horizon Lines, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 21, 2014

Horizon Lines, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 21, 2014. For the quarter, the company reported operating revenue of $255,830,000 against $255,372,000 a year ago. The factors in the $0.4 million revenue improvement were a $4.0 million growth in non-transportation revenue, a $0.8 million increase as a result of higher container volumes, partially offset by a $0.9 million decrease in fuel surcharges and a $3.5 million decline due to lower container rates. Operating loss was $58,316,000 against income of $1,778,000 a year ago. The 2014 GAAP operating loss reflects expenses totaling $70.0 million associated with restructuring charges, transaction-related expense, an impairment charge and employee severance. Loss from continuing operations before income taxes was $15,353,000 against $1,778,000 a year ago. Net loss from continuing operations was $76,265,000 or $1.88 per basic and diluted share against $14,031,000 or $0.36 per basic and diluted share a year ago. Net loss was $76,260,000 or $1.88 per basic and diluted share against $14,158,000 $0.36 per basic and diluted share a year ago. Adjusted net loss from continuing operations was $11,098,000 against $16,680,000 a year ago. Adjusted net loss per share from continuing operations was $0.14 against $0.27 a year ago. EBITDA loss was $47,642,000 against positive EBITDA of $14,668,000 a year ago. Adjusted EBITDA was $22,359,000 against $17,670,000 a year ago. Adjusted operating income was $11.7 million against $4.9 million a year ago. Adjusted net loss was $6.1 million or $0.14 per share against $11.1 million or $0.27 per share a year ago. EBITDA and adjusted EBITDA for the 2014 and 2013 fourth quarters were impacted by the same factors affecting operating income. For the year, the company reported operating revenue of $1,075,216,000 against $1,033,310,000 a year ago. Operating loss was $23,540,000 against income of $31,377,000 a year ago. Loss from continuing operations before income taxes was $94,401,000 against $35,279,000 a year ago. Net loss from continuing operations was $94,627,000 or $2.33 per basic and diluted share against $33,354,000 or $0.91 per basic and diluted share a year ago. Net loss was $94,593,000 or $2.33 per basic and diluted share against $31,933,000 $0.87 per basic and diluted share a year ago. Net cash provided by operating activities from continuing operations was $30,307,000 against $31,843,000 a year ago. Purchases of property and equipment were $17,809,000 against $113,846,000 a year ago. Adjusted net loss from continuing operations was $19,894,000 against $6,057,000 a year ago. Adjusted net loss per share from continuing operations was $0.41 against $0.55 a year ago. EBITDA was $25,433,000 against $83,188,000 a year ago. Adjusted EBITDA was $102,463,000 against $96,198,000 a year ago.

Horizon Lines, Inc., Special/Extraordinary Shareholders Meeting, Feb 25, 2015

Horizon Lines, Inc., Special/Extraordinary Shareholders Meeting, Feb 25, 2015., at 10:00 US Eastern Standard Time. Location: 601 Lexington Avenue, 50th Floor. Agenda: To consider and vote upon the Agreement and Plan of Merger, dated as of November 11, 2014.

Horizon Lines, Inc. Announces Settlement of Litigation Pending in Delaware Court of Chancery in Connection with Proposed Merger with Matson Navigation, Inc

Horizon Lines, Inc. announced it has reached an agreement in principle providing for the settlement and dismissal, with prejudice, of the consolidated putative class action complaint pending in the Delaware Court of Chancery in connection with Horizon's proposed merger with Matson Navigation, Inc., a subsidiary of Matson, Inc. Pursuant to the settlement with plaintiffs, which is subject to Court approval, Horizon agreed to make certain supplemental disclosures to Horizon's stockholders through a supplement to Horizon's proxy statement. Further, Horizon agreed to amend the Agreement and Plan of Merger, dated as of November 11, 2014, by and among Horizon, Matson, and Hogan Acquisition Inc., a wholly-owned subsidiary of Matson to reduce the termination fee that may be payable by Horizon to Matson under certain circumstances from $17,149,600 to $9,500,000. The settlement will not affect the merger consideration to be paid to Horizon's stockholders in connection with the Merger or the timing of the special meeting of Horizon's stockholders scheduled for February 25, 2015 at 10:00 a.m., local time, at 601 Lexington Avenue, 50th Floor, New York, New York 10022, to consider and to vote upon a proposal to adopt the Merger Agreement, among other things. Horizon and its board of directors believe that the claims in the actions are entirely without merit but are entering into this settlement because it will eliminate the risks, costs, and other burdens of litigation. In the event the Court does not approve the settlement, Horizon and its board of directors intend to contest the claims vigorously.

Horizon Lines Terminates Puerto Rico Operations

Horizon Lines, Inc. announced that it would cease providing liner service between the U.S. and Puerto Rico by the end of 2014 due to continuing losses without the prospect of future profitability. In Puerto Rico, Horizon Lines has incurred substantial cumulative losses and negative cash flows in recent years, despite ongoing efforts to remain competitive. Operations of the Puerto Rico service will be curtailed in a careful and orderly manner. The Company will cease liner service for domestic customers by the end of the year, however San Juan terminal services will continue to be provided into the first quarter of 2015. The Company will work closely with customers to assist them in identifying service alternatives.

 

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