JACKSONVILLE, Fla., March 25, 2009 (GLOBE NEWSWIRE) -- In a release issued earlier today under the same headline by Trailer Bridge, Inc. (Nasdaq:TRBR), note that edits were made to the "Reconciliation of GAAP Net Loss, to Earnings Before Interest Taxes Depreciation & Amortization and Adjusted Earnings Before Interest Taxes Depreciation & Amortization" table. The corrected table follows.
TRAILER BRIDGE, INC.
RECONCILIATION OF GAAP NET LOSS, TO EARNINGS BEFORE INTEREST TAXES
DEPRECIATION & AMORTIZATION AND ADJUSTED EARNINGS BEFORE INTEREST
TAXES DEPRECIATION & AMORTIZATION (1)
Three months Three months Twelve months Twelve months
ended ended ended ended
December 31, December 31, December 31, December 31,
2008 2007 2008 2007
------------ ------------ ------------ ------------
GAAP, Net
loss $ (1,121,368) $ (67,334) $ (3,238,741) $ (250,610)
Net
interest
expense 2,560,831 2,488,222 10,189,536 9,684,986
Provision
for income
taxes 9,261 (1,900) 9,046 4,773,359
Deprecia-
tion and
amortiza-
tion 1,545,336 1,523,592 6,160,384 5,640,543
------------------------------------------------------
Non-GAAP,
EBITDA $ 2,994,060 $ 3,942,580 $ 13,120,225 $ 19,848,278
------------------------------------------------------
Adjustments:
Stock com-
pensation 99,900 151,680 399,601 397,239
Strategic
alterna-
tive fees -- -- 390,231 --
Loss (gain)
on asset
sales 123,048 (10,173) 232,397 55,421
Anti-trust
related
legal
expense 340,682 -- 1,464,347 --
CEO
severance
package 829,820 -- 829,820 --
-------------------------- --------------------------
Total Ad-
justments 1,393,450 141,507 3,316,396 452,660
------------------------------------------------------
Non-GAAP,
Adjusted
EBITDA $ 4,387,510 $ 4,084,087 $ 16,436,621 $ 20,300,938
======================================================
Other
financial
measures:
EBITDA
margin 9.0% 12.5% 9.9% 17.1%
Adjusted
EBITDA
margin 13.2% 13.0% 12.4% 17.9%
Net debt to
adjusted
EBITDA -- -- 6.1x 5.0x
Adjusted
EBITDA to
interest
expense 1.69 1.58 1.59 1.98