SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the quarter ended Commission file number
March 31, 2004 0-22837
TRAILER BRIDGE, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3617986
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
10405 New Berlin Road E.
Jacksonville, FL 32226 (904) 751-7100
(address of principal (Zip Code) (Registrant's telephone number)
executive offices)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
YES [X] NO [ ]
Indicate by check market whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).
YES [ ] NO [X]
As of May 15, 2004, 9,791,901 shares of the registrant's common stock, par value
$.01 per share, were outstanding.
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
The interim financial statements contained herein reflect all adjustments that,
in the opinion of management, are necessary for a fair statement of the
financial condition and results of operations for the periods presented. They
have been prepared in accordance with the instructions to Form 10-Q and do not
include all the information and footnotes required by generally accepted
accounting principles for complete financial statements.
Operating results for the three month period ended March 31, 2004 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2004. In the opinion of management, the information set forth in
the accompanying balance sheet is fairly stated in all material respects.
These interim financial statements should be read in conjunction with the
Company's audited financial statements for the three years ended December 31,
2003 that appear in the Company's Annual Report on Form 10-K.
Statements of Operations for the Three Months Ended March 31, 2004
and 2003 (unaudited) Page 3
Balance Sheets as of March 31, 2004 (unaudited) and December 31, 2003 Page 4
Statements of Cash Flows for the Three Months Ended March 31, 2004
and 2003 (unaudited) Page 5
Notes to Financial Statements as of March 31, 2004 and for Three Months
Ended March 31, 2004 and 2003 Page 6
2
TRAILER BRIDGE, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months
Ended March 31,
---------------------------------------
2004 2003
------------------ ------------------
OPERATING REVENUES $ 22,908,730 $ 19,419,305
OPERATING EXPENSES:
Salaries, wages, and benefits 3,778,469 4,171,015
Rent and purchased transportation:
Related Party 1,829,100 1,809,000
Other 5,578,368 5,371,335
Fuel 2,422,542 2,366,311
Operating and maintenance (exclusive of depreciation
shown separately below) 5,512,934 4,757,634
Taxes and licenses 154,729 165,439
Insurance and claims 808,342 829,374
Communications and utilities 122,748 108,663
Depreciation and amortization 798,762 855,273
Loss (Gain) on sale of equipment 3,417 (5,263)
Other operating expenses 858,300 809,202
-------------- --------------
21,867,711 21,237,983
-------------- --------------
OPERATING INCOME (LOSS) 1,041,019 (1,818,678)
NONOPERATING EXPENSE:
Interest expense and other, net (681,861) (697,210)
-------------- --------------
INCOME (LOSS) BEFORE (PROVISION) BENEFIT FOR INCOME TAXES 359,158 (2,515,888)
(PROVISION) BENEFIT FOR INCOME TAXES - -
-------------- --------------
NET INCOME (LOSS) 359,158 (2,515,888)
ACCRETION OF PREFERRED STOCK DISCOUNT (159,412) (466,494)
UNDECLARED DIVIDEND (291,542) -
-------------- --------------
NET LOSS ATTRIBUTABLE TO
COMMON SHARES $ (91,796) $ (2,982,382)
============== ==============
PER SHARE AMOUNTS:
NET LOSS PER SHARE (BASIC AND DILUTED) $ (0.01) $ (0.31)
============== ==============
WEIGHTED AVERAGE
SHARES OUTSTANDING 9,789,533 9,777,500
============== ==============
See accompanying summary of accounting policies and notes to condensed financial
statements
3
TRAILER BRIDGE, INC.
CONDENSED BALANCE SHEETS
(Unaudited)
March 31, December 31,
2004 2003
---------------- -----------------
ASSETS
Current Assets:
Cash and cash equivalents $ 1,043,653 $ 424,961
Trade receivables, less allowance for doubtful
accounts of $640,795 and $683,914 13,184,041 11,019,375
Other receivables 15,603 16,888
Prepaid expenses 1,559,903 1,856,451
---------------- -----------------
Total current assets 15,803,200 13,317,675
Property and equipment, net 45,976,601 46,768,813
Other assets 1,259,287 1,175,454
---------------- -----------------
TOTAL ASSETS $ 63,039,088 $ 61,261,942
================ =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 8,404,311 $ 8,502,286
Accrued liabilities 3,833,069 4,038,388
Current portion of long-term debt 1,285,902 1,683,953
Current portion of due to affiliates 918,459 386,127
Unearned revenue 895,025 747,544
---------------- -----------------
Total current liabilities 15,336,766 15,358,298
Due to affiliates 7,163,490 5,922,641
Long-term debt, less current portion 35,521,898 35,347,339
---------------- -----------------
TOTAL LIABILITIES 58,022,154 56,628,278
---------------- -----------------
Commitments and Contingencies
Stockholders' Equity:
Convertible Preferred stock Series A, $.01 par value, 1,000,000 shares
authorized; 19,550 shares issued and outstanding
(liquidation value $2,000,000) 1,920,835 1,920,835
Preferred stock Series B, $.01 par value, 1,000,000 shares
authorized; 24,000 shares issued and outstanding
(liquidation value $24,000,000) 23,187,269 23,027,857
Common stock, $.01 par value, 20,000,000 shares
authorized; 9,791,901 and 9,783,235 shares issued and
outstanding 97,919 97,832
Additional paid-in capital 42,428,419 42,404,394
Deficit (62,617,508) (62,817,254)
---------------- -----------------
TOTAL STOCKHOLDERS' EQUITY 5,016,934 4,633,664
---------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 63,039,088 $ 61,261,942
================ =================
See accompanying summary of accounting policies and notes to financial
statements
4
TRAILER BRIDGE, INC.
CONDENSED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2004 and March 31, 2003
March 31, March 31,
2004 2003
------------------------ ------------------
Operating activities:
Net income (loss) $ 359,158 $ (2,515,888)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization 798,762 855,273
Provision for doubtful accounts 207,782 50,049
(Gain)Loss on sale of fixed assets 3,417 (5,263)
Decrease (increase) in:
Trade receivables (2,372,448) (808,168)
Other receivables 1,285 (815)
Prepaid expenses 296,548 932,711
Increase (decrease) in:
Accounts payable (97,975) (470,443)
Accrued liabilities and related party charterhire 1,574,063 2,140,728
Unearned revenue 147,481 -
Due to affiliate - 36,199
-------------------- -----------------
Net cash provided by operating activities 918,073 214,383
-------------------- -----------------
Investing activities:
Additions to and construction of property and equipment - (7,017)
Proceeds from sale of property and equipment 6,200 54,100
Additions to other assets - (7,094)
-------------------- -----------------
Net cash provided by investing activities 6,200 39,989
-------------------- -----------------
Financing activities:
Proceeds from (payments on) borrowing on revolving line of credit 828,043 407,877
Proceeds from (payments on) borrowing from affiliate (6,200) -
Exercise of stock options 24,111 -
Principal payments on notes payable (1,051,535) (447,122)
Loan costs (100,000) -
-------------------- -----------------
Net cash used in financing activities (305,581) (39,245)
-------------------- -----------------
Net increase in cash and cash equivalents 618,692 215,127
Cash and cash equivalents, beginning of the period 424,961 2,144,887
-------------------- -----------------
Cash and cash equivalents, end of period $ 1,043,653 $ 2,360,014
==================== =================
Supplemental cashflow information and non-cash investing and financing
activities:
Cash paid for interest $ 980,635 $ 244,902
==================== =================
Satisfaction of preferred Stock Series B Subscription with
related party vessel services $ - $ 905,900
==================== =================
See accompanying summary of accounting policies and notes to condensed
financial statements
5
TRAILER BRIDGE, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2004
1. BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements include all
adjustments, consisting of normal recurring accruals, which the Company
considers necessary for a fair presentation of the results of operations for the
periods shown. The financial statements have been prepared in accordance with
the instructions to Form 10-Q and, therefore, do not include all information and
footnotes necessary for a fair presentation of financial position, results of
operations and cash flows in conformity with accounting principles generally
accepted in the United States of America. The results of operations for any
interim period are not necessarily indicative of the results to be expected for
the full year. For further information, refer to the Company's audited financial
statements for the three years ended December 31, 2003 that appear in the Form
10-K.
New Accounting Standards - In January 2003, the FASB issued FASB Interpretation
No. 46 (" FIN 46"), "Consolidation of Variable Interest Entities." FIN 46
clarifies the application of Accounting Research Bulletin No. 51, "Consolidated
Financial Statements," to certain entities in which equity investors do not have
the characteristics of a controlling financial interest or do not have
sufficient equity at risk for the entity to finance its activities without
additional subordinated financial support from other parties. FIN 46 applies
immediately to variable interest entities created after January 31, 2003, and to
variable interest entities in which an enterprise obtains an interest after that
date. On October 9, 2003 the FASB issued FASB Staff Position No. FIN 46-6,
"Effective Date of FASB Interpretation No. 46, Consolidation of Variable
Interest Entities," which defers the implementation date for public entities
that hold an interest in a variable interest entity or potential variable
interest entity from the first fiscal year or interim period beginning after
June 15, 2003 to the end of the first interim or annual period ending after
December 15, 2003. This deferral applies only if 1) the variable interest entity
was created before February 1, 2003 and 2) the public entity has not issued
financial statements reporting that variable interest entity in accordance with
FIN 46, other than disclosures required by paragraph 26 of FIN 46. In December
2003, the FASB issued a revision to FIN 46 ("FIN 46R"), which clarifies and
interprets certain provisions of FIN 46, without changing the basic accounting
model of FIN 46. The adoption of this standard did not impact the Company's
financial position, liquidity, or results of operations.
Reclassification - certain reclassifications have been made to the 2003
condensed financial statements to conform with the current presentation.
Stock-Based Compensation - In accordance with SFAS No. 123, "Accounting for
Stock-Based Compensation" ("SFAS No. 123"), the Company has elected to continue
to account for its employee stock compensation plans under Accounting Principles
Board ("APB") Opinion No. 25, with pro forma disclosures of net earnings and
earnings per share, as if the fair value based method of accounting defined in
SFAS No. 123 had been applied. Under the intrinsic value based method,
compensation cost is the excess, if any, of the quoted market price of the stock
at the grant date or other measurement date over the amount an employee must pay
to acquire the stock. Under the fair value based method, compensation cost is
measured at the grant date based on the value of the award and is recognized
over the service period, which is usually the vesting period.
Pursuant to the above disclosure requirement, the following table provides an
expanded reconciliation for all periods presented that adds back to reported net
loss the recorded expense under APB 25, net of related income tax effects,
deducts the total fair value expense under SFAS 123, net of related income tax
effects and shows the reported and pro forma earnings per share amounts.
6
Three Months
Ended March 31,
-----------------------------------------------------------
2004 2003
------------------------- ------------------------
Net loss attributable to common shares, as reported $ (91,796) $ (2,982,382)
Total stock-based employee compensation cost included in the
determination of net loss, net of related tax effects
Total stock-based employee compensation
cost determined under fair value method
for all awards, net of related tax effects (123,950) (127,822)
------------------------- -------------------------
$ (215,746) $ (3,110,204)
Loss per common share:
Basic and diluted, as reported $ (0.01) $ (0.31)
Basic and diluted, pro forma $ (0.02) $ (0.32)
During the three months ended March 31, 2004, 8,666 options were exercised.
There were no options issued during the three months ended March 31, 2004.
Earnings Per Share-Outstanding options to purchase shares of common stock of
1,866,121, at March 31, 2004, were excluded from the computation to arrive at
diluted EPS because their inclusion would be anti-dilutive. 1,955,000 shares to
be issued on conversion of the Company's Series A preferred stock were excluded
because their effect on basic and diluted earnings per share would be
anti-dilutive.
2. SIGNIFICANT TRANSACTIONS
At March 31, 2004, the Company had $13.4 million due under its senior credit
facility, which was scheduled to expire during January of 2004. In April 2004,
after receiving extensions from its then existing senior lender, the Company
refinanced this debt with a new senior lender. The new debt consists of a
revolving line of credit in the amount of $20.0 million and a term loan in the
amount of $3.0 million, both of which are due in April 2007. The new debt
provides for interest at prime plus 1.5% for the revolving line of credit and
prime plus 7.5% for the term loan and is payable monthly. The revolving line of
credit is subject to a borrowing base calculation but requires the Company to
maintain a minimum availability of $2.0 million. The borrowing base is based on
a percentage of eligible accounts receivable and revenue equipment, as defined.
On April 23, 2004, the Company received the proceeds of a $3.0 million term loan
and borrowed $11.0 million under the credit facility against a borrowing base of
$14.5 million at such date. Both obligations are secured by receivables and
revenue equipment. Related party debt in the amount of $4.9 million has been
rescheduled from October 2004 to May 2007. Additionally, related party debt in
the amount of $.7 million due in 2004 has been rescheduled for monthly principal
payments commencing January 2005. Commencing March 1, 2004 the Company's
affiliate, Kadampanattu Corp., has agreed to defer $1.0 million of charterhire
to be paid by the Company in 2004. This deferred amount is payable in 36 monthly
payments commencing January 2005. Accordingly, the revolving credit debt and the
related party obligations have been classified according to their new terms in
the condensed financial statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
RESULTS OF OPERATIONS:
EXECUTIVE SUMMARY
The Company produces revenue by the movement of freight by water to and from
Puerto Rico from the continental United States through its terminal facility in
Jacksonville, Florida. The Company also generates revenue from the movement of
freight within the continental United States by truck when such movement
complements its core business of moving freight to and from Puerto Rico. The
Company's operating expenses consist of the cost of the equipment, labor,
facilities, fuel and administrative support necessary to move freight to and
from Puerto Rico and within the continental United States. The Puerto Rico lane
in
7
which the Company operates had been subjected to overcapacity and intense
competition over the five years prior to 2003. During 2003, the Puerto Rico lane
stabilized and competition became less intense. The Company has increased
utilization of its vessels during 2003 and in the second half of 2003 saw the
severe rate compression that had occurred since 1998 begin to unwind.
Three Months Ended March 31, 2004 Compared to the Three Months Ended March 31,
- ------------------------------------------------------------------------------
2003
- ----
The following table sets forth the indicated items as a percentage of net
revenues for three months ended March 31, 2004 and 2003.
Operating Statement - Margin Analysis
(% of Operating Revenues)
1st Qtr 2004 1st Qtr 2003
---------------- ----------------
Operating Revenues 100% 100%
Salaries, wages, and benefits 16 21
Rent and purchased transportation:
Related Party 8 9
Other 24 28
Fuel 11 12
Operating and maintenance (exclusive of
depreciation shown separately below) 24 25
Taxes and licenses 1 1
Insurance and claims 3 4
Communications and utilities 1 1
Depreciation and amortization 3 4
(Gain) Loss on sale of equipment 0 (0)
Other operating expenses 4 4
---------------- ----------------
Total Operating Expenses 95 109
Operating income (loss) 5 (9)
Net interest expense (3) (4)
---------------- ----------------
Net income (loss) 2% (13)%
================ ================
The Company's operating ratio (operating expense stated as a percentage of
operating revenues) improved from 109% during the three months ended March 31,
2003 to 95% during the three months ended March 31, 2004. This improvement is
more fully explained under operating expense caption set forth below.
Revenues
The following table sets forth by percentage and dollar, the changes in the
Company's revenue by sailing route and freight carried:
8
Revenue & Volume changes for three months ended March 31, 2004 compared to
Three Months Ended March 31, 2003.
Overall Southbound Northbound
---------------- ----------------- ----------------
Volume Percent Change:
Core container & trailer 11.9% 6.5% 31.3%
Auto and other cargos 4.4% (0.5)% 42.0%
SOLs 21.4% 30.6% (42.9)%
Domestic linehaul (40.4)%
Revenue Change ($millions):
Core container & trailer 1.9 1.5 0.4
Auto and other cargos 0.5 0.4 0.1
SOLs 0.1 0.2 (0.1)
Domestic linehaul (0.2)
Other Revenues 1.2
-------------
Total Revenue Change 3.5
-------------
Vessel capacity utilization on the core continental U.S. to Puerto Rico traffic
lane was 91.8% during first quarter of 2004, compared to 90.4% during first
quarter of 2003.
The Company's revenues amounted to $22.9 million during the three months ended
March 31, 2004 and $19.4 million in the same period in 2003. The Company's rates
as well as its ability to pass along other accessorial charges increased
throughout the period. The Company's fuel surcharge is included in the Company's
revenues and amounted to $1.2 million during the three months ended March 31,
2004 compared to $.8 million in the same period in 2003. The Company's demurrage
is included in the Company's revenues and amounted to $.8 million during the
three months ended March 31, 2004 compared to $.4 million in the same period in
2003. Demurrage is a charge assessed for failure to return empty freight
equipment on time. The Company's charterhire is included in the Company's
revenues and amounted to $.2 million during the three months ended March 31,
2004 compared to no charterhire in the same period in 2003. Charterhire is
rental revenue for vessels not in use in liner service.
Operating expenses
Salary, wages and benefits decreased by 9.4% due to lower employee health
insurance expense as a result of switching insurance providers. Purchased
transportation other than to a related party increased $.2 million or 3.9%
primarily due to increases in tug charterhire due to switching to more
fuel-efficient tugs. The Company was able to offset higher fuel cost through the
use of rail service and more fuel-efficient tugs pulling the Company's vessels.
Operation and maintenance expense increased $.8 million or 15.8% principally due
to $.3 million in higher stevedoring and wharfage costs related to increased
volume and increased stevedoring rates in Jacksonville; $.2 million for
drydocking that occurred in the first quarter of 2004. As a result, the
Company's operating ratio improved to 95% during the three months ended March
31, 2004 from 109% in the same period in 2003.
As a result of the factors described above, the Company reported a net income of
$.4 million for the three months ended March 31, 2004 compared to net loss of
$2.5 million in the same period in 2003.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operations was $.9 million in the first quarter of 2004
compared to net cash provided by operations of $.2 million in 2003. This
represented an improvement of $.7 million primarily resulting from an increase
in net income of $2.9 million, partially offset by $1.6 million increase in
accounts receivable. Net cash used in financing activities was $.3 million in
2004 compared to net cash used in financing activities of $39,245 in 2003
representing a difference of $.3 million the decrease principally results from
the larger loan repayments and $.1 million paid to its new lender in connection
with its refinancing that occurred in April 2004. At March 31, 2004, cash
amounted to approximately $1 million, working capital was a positive $.5
million, and stockholders' equity was approximately $5 million.
9
At March 31, 2004, the Company had $13.4 million due under its senior credit
facility, which expired January 31, 2004. In addition, the Company had $8.1
million due to related parties, all of which was due in 2004. In April 2004,
after receiving extensions from its then existing senior lender, the Company
refinanced this debt with a new senior lender. The new debt consists of a
revolving line of credit in the amount of $20.0 million and a term loan in the
amount of $3.0 million, both of which are due in April 2007. The new debt
provides for interest at prime plus 1.5% for the revolving line of credit and
prime plus 7.5% for the term loan and is payable monthly. The revolving line of
credit is subject to a borrowing base calculation but requires the Company
maintain a minimum availability of $2.0 million. The borrowing base is based on
a percentage of eligible accounts receivable and revenue equipment, as defined.
On April 23, 2004, the Company received $3.0 million in proceeds from the term
loan and borrowed $11.0 million under the credit facility against a borrowing
base of $14.5 million. Both obligations are secured by net receivables of $13.2
million and revenue equipment of $13.8 million. As of March 31, 2004, the former
senior credit facility was secured by net receivables of $13.0 million and
revenue equipment of $13.8 million. Related Party debt of $4.9 million, due in
October 2004, has been scheduled for payment in May 2007. Additionally, $.7
million of the 2004 scheduled repayment of related party debt has been
rescheduled for 36 monthly principal payments commencing January 2005. Effective
March 1, 2004 the Company's affiliate, Kadampanattu Corp., agreed to defer $1.0
million of charterhire to be paid by the Company in 2004. This deferred amount
is payable in 36 monthly payments beginning in January 2005. These factors along
with increased rates and vessel utilization, are expected to allow the Company
to meet its working capital requirements in 2004 and through December 31, 2005.
The Company's business plan does not require the full utilization of the
revolving credit facility.
CRITICAL ACCOUNTING POLICIES
The Company believes that there have been no significant changes to our critical
accounting policies during the three months ended March 31, 2004, as compared to
those we disclosed in Management's Discussion and Analysis of Financial
Condition and Results of Operations in our Annual Report on Form 10-K for the
year ended December 31, 2003.
KNOWN TRENDS DURING SECOND QUARTER of 2004
Most recently, for the six-week period ending May 14, 2004, a period
representing almost half of the second quarter, deployed vessel capacity
utilization was 91.8% southbound and 29.7% northbound, which resulted in average
weekly revenue of $1,836,409 million compared to $1,757,177 during the first
quarter.
FORWARD-LOOKING STATEMENTS
This report, particularly the preceding discussion of "Liquidity and Capital
Resources" and "Known Trends During Second Quarter of 2004" contain statements
that may be considered as forward-looking or predictions concerning future
operations. Such statements are based on management's belief or interpretation
of information currently available. These statements and assumptions involve
certain risks and uncertainties and management can give no assurance that such
expectations will be realized. Among all the factors and events that are not
within the Company's control and could have a material impact on future
operating results are risk of economic recessions, severe weather conditions,
changes in the price of fuel, changes in demand for transportation services
offered by the Company, changes in services offered by the Company's
competitors, risks of transportation generally and changes in rate levels for
transportation services offered by the Company.
PART II
OTHER INFORMATION
Item 4. Controls And Procedures
(a) Under the supervision and with the participation of our management,
including our principal executive
10
officer and principal financial officer, we conducted an evaluation of our
disclosure controls and procedures, as such term is defined under Rule 13a-15(c)
promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), as of the date covered by this report. Based on their evaluation, our
principal executive officer and principal accounting officer concluded that
Trailer Bridge, Inc.'s disclosure controls and procedures are effective.
(b) There has been no significant change in our internal controls over financial
reporting identified in connection with the evaluation referred to in paragraph
(a) above that occurred during the last quarter that has materially affected, or
is reasonably likely to materially effect, our internal controls over financial
reporting.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit
Number Description of Exhibit
10.8.13 United States Government Guaranteed Ship Financing Bond, 1997
Series, Amended and Restated March 30, 2004, in the amount of
$10,515,000
10.8.15 United States Government Guaranteed Ship Financing Bond, 1997
Series II, Amended and Restated March 30, 2004, in the amount of
$16,918,000
10.8.20 Trust Indenture, Fourth Supplement to Special Provisions, dated
as of March 30, 2004 relating to United States Government
Guaranteed Ship Financing Bonds, 1997 Series
10.8.21 Trust Indenture, Fourth Supplement to Special Provisions, dated
as of March 30, 2004 relating to United States Government
Guaranteed Ship Financing Bonds, 1997 Series II
31.1 Certification of Chief Executive Officer Pursuant to Section 302
of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under
the Securities Exchange Act of 1934
31.2 Certification of Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the
Securities Exchange Act of 1934
32.1 Certification of Trailer Bridge, Inc.'s Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of
the Sarbanes-Oxley Act of 2002)
32.2 Certification of Trailer Bridge, Inc.'s Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of
the Sarbanes-Oxley Act of 2002)
11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
TRAILER BRIDGE, INC.
Date: May 24, 2004 By: /s/ John D. McCown
--------------------------------------
John D. McCown
Chairman and Chief Executive Officer
Date: May 24, 2004 By: /s/ Mark A. Tanner
--------------------------------------
Mark A. Tanner
Vice President of Administration
and Chief Financial Officer
12