Horizon Lines Loses $31 Million in 1Q

Ocean shipper Horizon Lines lost $31.1 million, or $1.02 a share, in the second quarter, compared with a profit of $5.8 million, or 19 cents, a year earlier.

The company, which also has logistics operations, reported a 15.9% decrease in its operating revenue to $278.5 million, from $331 million a year ago.

The income accounts for a $20 million charge related to a class-action legal settlement and a $10.5 million tax valuation, the Charlotte, N.C.-based company said. Without accounting for those, the company had a net income of $4.1 million, or 13 cents per share.