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Horizon Lines Reports First-Quarter Financial Results

- Results Slightly Ahead of Internal Expectations

- Achieved Adjusted EBITDA of $19.2 Million

- Adjusted Free Cash Flow Consumption Below Year-Ago Levels

CHARLOTTE, N.C., April 24 /PRNewswire-FirstCall/ -- Horizon Lines, Inc. (NYSE: HRZ), today reported results for the fiscal first quarter ended March 22, 2009.

On a GAAP basis, the company reported a net loss of $(10.0) million, or $(0.33) per share, on revenue of $272.4 million. The adjusted net loss totaled $(4.7) million, or $(0.15) per share, after excluding a restructuring charge and anti-trust related legal expenses. Net income for the first quarter of 2008 totaled $0.7 million, or $0.02 per diluted share, after applying required retrospective changes in accounting for the treatment of convertible debt and restricted stock share-based payment awards (for a description of the accounting changes, see footnote on following table). Revenue for the first quarter of 2008 was $305.9 million.

Adjusted 2009 first-quarter results exclude:

  • Anti-trust related legal expenses totaling $4.4 million, or $0.15 per share after tax, related to the Department of Justice anti-trust investigation and related litigation; and
  • A restructuring charge of $0.8 million, or $0.03 per diluted share after tax, for completion of the company's non-union workforce reduction.

    Comparison of GAAP and Non-GAAP Earnings (in millions, except per
     share data)*
                                                          Quarters Ended
                                                      3/22/09         3/23/08
                                                      -------         -------
      Operating revenue                                $272.4          $305.9
      Net (loss) income (1)                            $(10.0)           $0.7
      Net (loss) income per diluted share (1)          $(0.33)          $0.02

        EBITDA                                          $14.0           $27.3
      Adjusted EBITDA*                                  $19.2           $27.3
      Adjusted net (loss) income *                      $(4.7)           $0.7
      Adjusted net (loss) income per diluted share*    $(0.15)          $0.02

    * See attached schedules for reconciliation of first-quarter 2009 and 2008
    reported GAAP  results to adjusted Non-GAAP results.
    (1) Net income for 2008 includes a reduction of $1.4 million, or $0.04
        per share, related to a required retrospective change in accounting
        for convertible debt; and also includes a $0.01 per share reduction
        for a change in accounting for restricted share-based payment awards
        as participating securities.  In addition, the company recorded
        $2.4 million in non-cash interest expense in the 2009 first quarter
        associated with the required change in convertible debt accounting,
        and will record an  estimated total non-cash interest expense of
        $10.0 million throughout 2009.

"Horizon Lines' first-quarter financial performance was slightly above our expectations, due to improved unit revenue, net of fuel, lower net fuel expense, reduced overhead and improved equipment expense, which more than offset a volume shortfall and non-transportation revenue deficit," said Chuck Raymond, Chairman, President and Chief Executive Officer. "We continued to face an unprecedented challenging environment characterized by a deepening global recession and extreme winter weather that impacted volumes in all of our tradelanes. Despite these challenges, we achieved adjusted EBITDA of $19.2 million, adjusted free cash flow consumption below year-ago levels, and finished the quarter with adequate corporate liquidity and in compliance with our credit facility financial covenants.

"As anticipated, volume declines during the quarter exceeded historic seasonal softness due to the continued sharp slowdown of our Hawaii market, ongoing economic stagnation in Puerto Rico, and a severe winter in Alaska," Mr. Raymond said. "We achieved a revenue per container rate increase of 3.3%, net of fuel, helping to partially offset the soft volume and contractual expense increases.

"As we look forward, we expect continued modest container rate increases, lower fuel prices and other costs reductions to help offset anticipated slight volume declines for the year," Mr. Raymond said. "Our market shares appear to be holding steady in all three tradelanes as we remain focused on customer service excellence, while continuing to drive costs out of our business.

"Our young logistics business operated at a loss for the quarter as we expected," Mr. Raymond said. "We are optimistic that results will improve throughout the remainder of the year, however, as Logistics continues to build its pipeline of new business.

"We believe we are well positioned to withstand a prolonged economic slowdown, and to participate in the benefits of an economic recovery when it occurs," Mr. Raymond continued. "We primarily serve the U.S. domestic ocean markets, carrying cargo vital to the basic needs of our trade lanes. While this doesn't make us recession proof, we believe it makes us somewhat recession resistant. We are aligned with diverse, large, brand-name companies as well as with several agencies of the U.S. government. And we are financially stable, with no anticipated recapitalization needs until 2012."

First-Quarter 2009 Financial Highlights

  • Operating Revenue - Operating revenue declined 11.0% to $272.4 million from $305.9 million a year ago. The largest factor in the decline was reduced fuel surcharges resulting from lower fuel prices, followed by a 7.1% overall volume decline. The volume decline was due primarily to the sharp economic slowdown in Hawaii, a continuing recession in Puerto Rico and a severe winter in Alaska. The volume decline was partially offset by revenue per container improvements in all tradelanes. Revenue per container increased by $107, or 3.3%, net of fuel, from the prior year.

  • Operating (Loss) Income - The operating loss for the first quarter of 2009 totaled $(0.8) million, compared with operating income of $11.6 million for the first quarter of 2008. The 2009 operating loss reflects expenses of $5.2 million consisting of $4.4 million related to legal costs arising from the antitrust investigation and $0.8 million related to the restructuring. Excluding these items, adjusted operating income totaled $4.4 million for the first quarter. The decline from last year was largely due to reduced volumes and lower non-transportation revenue, which were partially offset by reduced fuel costs and non-union workforce reductions.

  • EBITDA - EBITDA totaled $14.0 million for the 2009 first quarter, compared with $27.3 million for the same period a year ago. Adjusted EBITDA for the 2009 first quarter was $19.2 million. EBITDA and adjusted EBITDA for the 2009 first quarter were impacted by the same factors affecting operating income.

  • Shares Outstanding - The company had a weighted daily average of 30.4 million diluted shares outstanding for the first quarter of 2009, compared with 30.9 million for the first quarter of 2008, when the company completed a share repurchase program.

Please see attached schedules for reconciliation of first-quarter 2009 and 2009 reported GAAP results and Non-GAAP adjusted results.


"Although the challenging winter months are behind us, we believe that too many unprecedented uncertainties remain in 2009 to resume our practice of providing specific annual financial guidance," Mr. Raymond said. "We will evaluate this position again at the end of the second quarter. While our first-quarter financial performance was somewhat ahead of our expectations, there can be no assurances that this can be sustained throughout the year. Nevertheless, as we move into the second quarter, our 2009 financial plan remains on course. This plan projects adjusted EBITDA slightly below our 2008 results and improved adjusted free cash flow relative to last year, based on current assumptions regarding volume, rates and fuel costs."

Webcast & Conference Call Information

Company executives will provide additional perspective on the Company's earnings during a conference call beginning at 11:00 a.m. Eastern Time today. Those interested in participating in the call may do so by dialing 1-866-394-6819, and providing the operator with conference number 93969456. A hardcopy of the presentation materials may be printed from the Horizon Lines website, http://www.horizonlines.com, shortly before the start of the call. Alternatively, a live audio webcast of the call may be accessed at http://www.horizonlines.com. In order to access the live audio webcast, please allow at least 15 minutes before the start of the call to visit Horizon Lines' website and download and install any necessary audio/video software for the webcast.

Use of Non-GAAP Measures

Horizon Lines reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The company also believes that the presentation of certain non-GAAP measures, i.e., results excluding certain costs and expenses, provides useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance without the impact of significant special items, and thereby enhances the user's overall understanding of the company's current financial performance relative to past performance and provides a better baseline for modeling future earnings expectations. Non-GAAP measures are reconciled in the financial tables accompanying this news release. The company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the company's reported GAAP results.

About Horizon Lines

Horizon Lines, Inc. is the nation's leading domestic ocean shipping and integrated logistics company comprised of two primary operating subsidiaries. Horizon Lines, LLC owns or leases a fleet of 21 U.S.-flag containerships and 6 port terminals linking the continental United States with Alaska, Hawaii, Guam, Micronesia and Puerto Rico. Horizon Logistics, LLC offers customized logistics solutions to shippers from a suite of transportation and distribution management services, information technology developed by Horizon Services Group, and intermodal trucking and warehousing services provided by Sea-Logix. Horizon Lines, Inc. is based in Charlotte, NC, and trades on the New York Stock Exchange under the ticker symbol HRZ.

Forward Looking Statements

The information contained in this press release should be read in conjunction with our filings made with the Securities and Exchange Commission. This press release contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "projects," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements.

All forward-looking statements involve risk and uncertainties. In light of these risks and uncertainties, expected results or other anticipated events or circumstances discussed in this press release might not occur. We undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. See the section entitled "Risk Factors" in our Form 10-K filed with the SEC on February 5, 2009, for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. Those factors and the other risk factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences.

(Tables Follow)

                              Horizon Lines, Inc.
                Unaudited Condensed Consolidated Balance Sheets
                     (in thousands, except per share data)

                                                               December 21,
                                                  March 22,       2008
                                                    2009    (As Adjusted) (1)
                                                  --------- -----------------
        Current assets
            Cash                                   $4,960        $5,487
            Accounts receivable, net of
             allowance of $7,955 and
             $8,217 at March 22, 2009 and
             December 21, 2008, respectively      133,774       135,299
            Deferred tax asset                      4,150         7,450
            Prepaid vessel rent                    16,273         4,471
            Materials and supplies                 22,898        23,644
            Other current assets                    9,896        10,424
                                                   ------        ------
              Total current assets                191,951       186,775
        Property and equipment, net               205,115       208,453
        Goodwill                                  317,068       317,068
        Intangible assets, net                    119,805       125,542
        Deferred tax asset                         14,213        10,669
        Other long-term assets                     27,149        24,122
                                                   ------        ------
              Total assets                       $875,301      $872,629
                                                 ========      ========

      Liabilities and Stockholders' Equity
        Current liabilities
            Accounts payable                      $28,753       $41,947
            Current portion of long-term debt       9,677         6,552
            Accrued vessel rent                         -         5,421
            Other accrued liabilities             102,096        97,720
                                                  -------        ------
              Total current liabilities           140,526       151,640
        Long-term debt, net of current            553,945       526,259
        Deferred rent                              25,940        27,058
        Other long-term liabilities                29,847        30,836
                                                   ------        ------
              Total liabilities                   750,258       735,793
                                                  -------       -------

        Stockholders' equity
            Preferred stock, $.01 par value,
             30,500 shares authorized; no
             Shares issued or outstanding               -             -
            Common stock, $.01 par value,
             100,000 shares authorized, 33,976
             shares issued and 30,176 shares
             outstanding as of March 22, 2009
             and 33,808 shares issued and
             30,008 shares outstanding as of
             December 21, 2008                        340           338
            Treasury stock, 3,800 shares at cost  (78,538)      (78,538)
            Additional paid in capital            201,222       199,644
            Retained earnings                       8,794        22,094
            Accumulated other
             comprehensive loss                    (6,775)       (6,702)
                                                  -------       -------
              Total stockholders' equity          125,043       136,836
                                                  -------       -------
              Total liabilities and
               stockholders' equity              $875,301      $872,629
                                                 ========      ========

    (1)  Results are adjusted for retrospective application of changes in
    accounting for convertible notes and restricted stock share-based payment
    awards as participating securities.  See table:  "Changes in Accounting
    for Convertible Notes and Share-Based Payment Awards"

                                Horizon Lines, Inc.
               Unaudited Condensed Consolidated Statements of Income
                       (in thousands, except per share data)

                                                     Quarters Ended
                                                                March 23,
                                                  March 22,       2008
                                                    2009    (As Adjusted) (1)
                                                  --------- -----------------

    Operating revenue                             $272,351       $305,947
    Operating expense:
        Cost of services (excluding
         depreciation expense)                     229,659        252,970
        Depreciation and amortization               10,975         11,326
        Amortization of vessel dry-docking           3,798          4,374
        Selling, general and administrative         27,768         25,131
        Restructuring costs                            788              -
        Miscellaneous expense, net                     182            545
                                                   -------        -------
              Total operating expense              273,170        294,346

    Operating (loss) income                           (819)        11,601
    Other expense:
        Interest expense, net                        9,431         11,159
        Other income, net                                -             (3)
                                                   -------        -------

    (Loss) income before income tax benefit        (10,250)           445
    Income tax benefit                                (297)          (281)
                                                   -------        -------

    Net (loss) income                              $(9,953)          $726
                                                   =======           ====

    Net (loss) income per share:
        Basic                                       $(0.33)         $0.02
        Diluted                                     $(0.33)         $0.02

    Number of shares used in calculation:
        Basic                                       30,424         30,492
        Diluted                                     30,424         30,874

    Dividends declared per common share              $0.11          $0.11
                                                    ======         ======

    (1)  Results are adjusted for retrospective application of changes in
    accounting for convertible notes and restricted stock share-based payment
    awards as participating securities.  See table:  "Changes in Accounting
    for Convertible Notes and Share-Based Payment Awards"

                           Horizon Lines, Inc.
        Unaudited Condensed Consolidated Statements of Cash Flows
                             (in thousands)

                                              Quarters Ended
                                                        March 23,
                                         March 22,        2008
                                           2009     (As Adjusted) (1)
                                         ---------  -----------------
      Cash flows from operating
      Net (loss) income                  $(9,953)          $726
      Adjustments to reconcile net
       income to net cash used in
       operating activities:
        Depreciation                       5,817          5,984
        Amortization of other
         intangible assets                 5,158          5,342
        Amortization of vessel
         dry-docking                       3,798          4,374
        Restructuring costs                  788              -
        Amortization of deferred
         financing costs                     577            673
        Deferred income taxes               (199)          (469)
        Gain on equipment disposals          (15)           (11)
        Stock-based compensation             941          1,186
        Accretion of interest on 4.25%
         convertible notes                 2,422          2,150
      Changes in operating assets and
        Accounts receivable                1,525        (12,947)
        Materials and supplies               746          1,145
        Other current assets                 529           (760)
        Accounts payable                 (13,194)       (14,485)
        Accrued liabilities                1,261          3,145
        Vessel rent                      (18,137)       (17,446)
        Vessel dry-docking payments       (3,147)        (2,531)
        Other assets/liabilities          (1,277)           824
                                         -------        -------
            Net cash used in operating
             activities                  (22,360)       (23,100)
                                         -------        -------

      Cash flows from investing
        Purchases of property and
         equipment                        (3,315)        (3,444)
        Purchase of business                   -           (198)
        Proceeds from the sale of
         property and equipment               89            112
                                          ------         ------
            Net cash used in investing
             activities                   (3,226)        (3,530)
                                          ------         ------

      Cash flows from financing
        Borrowing under revolving
         credit facility                  40,000         67,000
        Payments on revolving credit
         facility                        (10,000)        (9,000)
        Payments on long-term debt        (1,612)        (1,632)
        Dividends to stockholders         (3,348)        (3,321)
        Common stock issued under
         employee stock purchase plan         19             10
        Purchase of treasury stock             -        (29,342)
        Payments of financing costs            -            (76)
        Payments on capital lease
         obligation                            -            (20)
                                          ------         ------
            Net cash provided by
             financing activities         25,059         23,619
                                          ------         ------
      Net decrease in cash                  (527)        (3,011)
      Cash at beginning of year            5,487          6,276
                                          ------         ------
      Cash at end of year                 $4,960         $3,265
                                          ======         ======

    (1)  Results are adjusted for retrospective application of changes in
    accounting for convertible notes and restricted stock share-based payment
    awards as participating securities.  See table:  "Changes in Accounting
    for Convertible Notes and Share-Based Payment Awards"

                          Horizon Lines, Inc.
                       Adjusted Operating Income
                            ($ in Millions)

                                 Quarter Ended      Quarter Ended
                                March 22, 2009     March 23, 2008
                              -----------------  -----------------
    Operating (Loss) Income        $(0.8)              $11.6

    Restructuring Charge             0.8                   -
    Anti-Trust Legal Expenses        4.4                   -
                                     ---                 ---
    Total Adjustments                5.2                   -

    Adjusted Operating Income       $4.4               $11.6
                                    ====               =====

                          Horizon Lines, Inc.
                       Adjusted Net (Loss) Income
                            ($ in Millions)

                                  Quarter Ended      Quarter Ended
                                 March 22, 2009    March 23, 2008 (1)
                               -----------------   -----------------
    Net (Loss) Income                $(10.0)              $0.7

    Restructuring Charge                0.8                  -
    Anti-Trust Legal Expenses           4.4                  -
    Tax Impact of Adjustments           0.1                  -
                                        ---                ---
    Total Adjustments                   5.3                  -

    Adjusted Net (Loss) Income        $(4.7)              $0.7
                                      =====               ====

    (1)  Results are adjusted for retrospective application of changes in
    accounting for convertible notes and restricted stock share-based payment
    awards as participating securities.  See table:  "Changes in Accounting
    for Convertible Notes and Share-Based Payment Awards"

                               Horizon Lines, Inc.
                   Adjusted Net (Loss) Income Per Diluted Share

                                            Quarter Ended    Quarter Ended
                                           March 22, 2009  March 23, 2008 (1)
                                         ----------------- ------------------
    Net (Loss) Income Per Diluted Share       $(0.33)             $0.02

    Adjustments Per Share:
    Restructuring Charge                        0.03                  -
    Anti-Trust Legal Expenses                   0.15                  -
                                                ----                ---
    Total Adjustments Per Share                 0.18                  -

    Adjusted Net (Loss) Income Per
     Diluted Share                            $(0.15)             $0.02
                                              ======              =====

    (1)  Results are adjusted for retrospective application of changes in
    accounting for convertible notes and restricted stock share-based payment
    awards as participating securities.  See table:  "Changes in Accounting
    for Convertible Notes and Share-Based Payment Awards"

                           Horizon Lines, Inc.
           Net Income / EBITDA / Adjusted EBITDA Reconciliation
                             ($ in Millions)

                                   Quarter Ended      Quarter Ended
                                  March 22, 2009    March 23, 2008 (1)
                                -----------------   ------------------
    Net (Loss) Income                $(10.0)              $0.7

    Interest Expense, Net               9.5               11.2
    Tax (Benefit) Expense              (0.3)              (0.3)
    Depreciation and
     Amortization                      14.8               15.7
                                       ----               ----
    EBITDA                             14.0               27.3
    Restructuring Charge                0.8                  -
    Anti-Trust Legal Fees               4.4                  -

    Adjusted EBITDA                   $19.2              $27.3
                                      =====              =====

    Note:  EBITDA is defined as net income plus net interest expense, income
    taxes, depreciation and amortization.  We believe that EBITDA is a
    meaningful measure for investors as (i) EBITDA is a component of the
    measure used by our board of directors and management team to evaluate
    our operating performance, (ii) the senior credit facility contains
    covenants that require the Company to maintain certain interest expense
    coverage and leverage ratios, which contain EBITDA, and (iii) EBITDA is a
    measure used by our management team to make day-to-day operating
    decisions.  Adjusted EBITDA excludes certain charges in order to evaluate
    our operating performance, for making day-to-day operating decisions and
    when determining the payment of discretionary bonuses.

    (1)  Results are adjusted for retrospective application of changes in
    accounting for convertible notes and restricted stock share-based payment
    awards as participating securities.  See table:  "Changes in Accounting
    for Convertible Notes and Share-Based Payment Awards"

                          Horizon Lines, Inc.
       Operating Income to Adjusted EBITDA Segment Reconciliation
                            ($ in Millions)

                          First Quarter 2009

                                     Liner Logistics  Consolidated
                                     ----- ---------  ------------
    Operating (Loss) Income           $1.0   $(1.8)      $(0.8)
    Depreciation and Amortization     10.9     0.1        11.0
    Amortization of Vessel Dry-
     docking                           3.8       -         3.8
                                      ----    -----       ----
    EBITDA                            15.7    (1.7)       14.0
    Restructuring Charge               0.8       -         0.8
    Anti-Trust Legal Expenses          4.4       -         4.4
                                     -----   -----       -----
    Adjusted EBITDA                  $20.9   $(1.7)      $19.2
                                     =====   =====       =====

                             Horizon Lines, Inc.
                 Changes in Accounting for Convertible Notes and
                          Share-Based Payments Awards
                    ($ in Thousands, Except Per Share Amounts)

                         Quarter Ended March 23, 2008

                                     As Reported Adjustments (1)  As Adjusted
                                     ----------- ---------------  -----------
    Interest Expense, Net               $9,009          $2,150      $11,159
    Income Tax Expense (Benefit)          $504           $(785)       $(281)
    Net Income                          $2,091         $(1,365)        $726

    Denominator for Basic Net Income
     Per Share                          30,291             201       30,492
    Effect of Dilutive Securities          502            (120)         382
                                        ------          ------       ------
    Denominator for Diluted Net Income
     Per Share                          30,793              81       30,874

    Net Income Per Share
        Basic                            $0.07          $(0.05)       $0.02
        Diluted                          $0.07          $(0.05)       $0.02

    (1) Adjustments reflect increased interest expense due to adoption of FSP
    APB 14-1 and a change in basic and diluted shares due to adoption of FSP
    EITF 03-6-1.  FSP APB 14-1 requires that the liability and equity
    components of certain convertible debt instruments be separately accounted
    for in a manner that reflects an issuer's non-convertible debt borrowing
    rate.  As such the debt is recorded at a discount which is accreted to its
    par value over its expected life.  FSP EITF 03-6-1 concludes that unvested
    share-based payment awards that contain rights to receive non-forfeitable
    dividends are participating securities and thus should be included in the
    two-class method of computing earnings per share.

SOURCE Horizon Lines, Inc.

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