January 15, 2010 (FinancialWire) — Horizon Lines, Inc. (NYSE: HRZ) said that it reduced funded debt by $38.1 million during the fourth quarter and completed its fiscal year with $28.0 million less in funded debt than a year ago.  

The company said it achieved stronger-than-projected free cash flow during the fourth quarter ended December 20, 2009. Cash was deployed to voluntarily pay down $35.0 million on a revolving credit facility and $1.5 million on a crane loan, as well as for a $1.6 million scheduled term-loan amortization payment. Horizon’s fourth-quarter voluntary payments followed voluntary payments of $10.0 million in the third quarter and $5.0 million in the second quarter. At December 20, 2009, funded debt totaled $542.5 million, compared with $570.5 a year earlier.

As is typical for Horizon Lines, it borrowed against its revolver in the first quarter of 2010 to fund vessel lease payments and for seasonal working capital needs. Typically, the company uses cash flow generated in the second half of the year to repay the borrowings and further reduce debt.

Horizon Lines is a domestic ocean shipping and integrated logistics company comprised of Horizon Lines, which owns or leases a fleet of 20 U.S.-flag containerships and operates five port terminals linking the continental United States with Alaska, Hawaii, Guam, Micronesia and Puerto Rico.

The firm’s Horizon Logistics unit offers customized logistics solutions to shippers from a suite of transportation and distribution management services.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.