Horizon Lines Loses $10 Million in 1Q

Ocean shipper Horizon Lines lost $10 million, or 33 cents a share, in the first quarter, compared with a profit of $700,000, or 7 cents a share, a year earlier.

The company, which also has logistics operations, reported a 12% decrease in its operating revenue to $272.4 million, from $306 million a year ago.

Adjusting for a restructuring charge and anti-trust related legal expenses, the Charlotte, N.C.-based company’s net less was $4.7 million, or 15 cents per share.