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BYLINE: Thomas L. Gallagher
Horizon Lines refinanced its capital structure in August, eating up almost all of the third quarter's profits.
Revenue of $321 million showed solid pricing strength in a weak volume market. Revenue for the ocean shipping company that serves as a link between the U.S. mainland and outlying states and possessions was up $16.4 million, or 5.4 percent compared to $304.7 million for the third quarter of 2006. Operating income of $35.3 million edged up slightly above last year's $35.2 million.
But after the non-recurring refinancing expense in August, net income was …