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Horizon Lines posts $52.7M loss in fourth quarter

By Star-Advertiser staff

LAST UPDATED: 07:31 p.m. HST, Mar 03, 2011

Horizon Lines Inc., Hawaii's second-largest ocean shipper, lost $52.7 million, or $1.71 per diluted share, in the fourth quarter, primarily due to a $45 million settlement for breaking federal antitrust laws.

The Charlotte, N.C.-based carrier made a profit of $1.3 million, or 4 cents per diluted share, in the fourth quarter of 2009.

The company, which is pleading guilty to price-fixing for its Puerto Rico service, is paying a $45 million fine over five years and booked a $30 million charge against earnings for the fiscal year ended Dec. 26 to reflect the present value of the fine.

For the year, Horizon recorded a $54.5 million loss, or $1.77 per diluted share, compared to a loss of $31.3 million, or $1.03 per diluted share, in 2009.

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