Horizon Lines' 2Q earnings down (at bizjournals.com)

Pacific Business News (Honolulu) , Hawaii's second-largest shipper, reports second-quarter net income of $7.2 million, or 24 cents per diluted share, down from $9.6 million, or 28 cents per diluted share, in the same period last year. Revenue rose to $331 million from $295.7 million a year earlier. Adjusted net income was $9.9 million, or 33 cents per diluted share, in the latest quarter, down from $10 million, or 29 cents per diluted share, in the year-ago period. Adjusted 2008 results exclude antitrust-related legal expenses and severance costs related to early retirement. Those expenses totaled $2.7 million after taxes, or 9 cents per share. "Despite sharply rising fuel costs and volume softness related primarily to the ongoing recessionary business environment in Puerto Rico, we achieved a 13.8 percent increase in our... [read full story]