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Port customer reports quarterly loss

Post by John Gillie / The News Tribune on July 31, 2009 at 12:21 pm with No Comments »
July 31, 2009 12:21 pm

Horizon Lines Inc., which provides American-flag containership service from Tacoma to Anchorage, reported this week that both its revenues and its profits declined from this time last year.

Horizon reported a loss of $31.1 million including one-time items on revenues of $278.5 million.

That compares with a $5.8 million profit in the second quarter of 2008 on revenues of $331 million.

Horizon, like most shipping lines, has seen its business decline because of the recession. The company said its container volume was down 9.8 percent.

The company’s results were skewed in part by several special items including a $20 million charge regared a class action legal settlement regarding its service to Puerto Rico and an allowance of $10.5 million because of a tax valuation change.

Without those charges, the shipping line would have recorded a net profit of $4.1 million for its second quarter ending June 21.

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