Executive Summary
February 2026 Monthly Financial Package
Draft
Total Revenue
$58.4M
+4.1%vs budget
Operating Income
$11.5M
-5.0%vs budget
Net Income
$8.2M
-6.8%vs budget
Free Cash Flow
$6.8M
-5.6%vs budget
Treasury Summary
Cash Position
$186.2M
DSCR (Consol.)
1.82x
Covenants
All Compliant
Operations Summary
Container TEUs
192K MTD
Moves/Hr
25.8
OT Share
15.6%
Top 5 Favorable Variances
| Line Item | Var ($) | Var (%) | Driver |
|---|---|---|---|
| Container Dockage Revenue | +$1.3M | +4.2% | Higher import volumes |
| Container Handling Fees | +$0.5M | +2.8% | Volume driven |
| Other Revenue | +$0.8M | +400% | One-time insurance recovery |
| Real Estate Income | +$0.1M | +5.0% | New lease commenced |
| Contracted Services | +$0.1M | +3.4% | Renegotiated rate |
Top 5 Unfavorable Variances
| Line Item | Var ($) | Var (%) | Driver |
|---|---|---|---|
| Container Labor & OT | -$1.5M | -7.6% | Bayport crane OT 22% |
| Overtime | -$0.7M | -29.2% | Crane division staffing |
| Maintenance Expense | -$0.6M | -14.3% | Unplanned crane repair |
| Bulk Revenue | -$0.4M | -7.7% | MV Pacific Trader delay |
| Admin Expenses | -$0.4M | -6.9% | Consulting costs |
Executive Commentary
February operating revenue of $58.4M exceeded budget by $2.3M (+4.1%), driven primarily by container dockage revenue exceeding plan on higher import volumes from Pacific Rim trade lanes. This was partially offset by below-plan bulk revenue at Turning Basin due to the MV Pacific Trader delay (6 days).
Operating income of $11.5M came in $0.6M (-5.0%) below budget, largely attributable to elevated overtime costs at Bayport Container Terminal crane division, where OT share reached 22.1% versus a 12% target. Management has initiated an OT reduction plan targeting Q2 normalization.
Free cash flow of $6.8M trailed budget by $0.4M (-5.6%) due to timing of capital expenditure disbursements. Year-to-date FCF remains within acceptable range at $42.1M.
Last edited by Marcus Tran ยท Mar 3, 2026 2:15 PM