B + H Ocean Carriers Ltd, (NYSE AMEX: BHO) reported an
audited loss of $(70.8 million) or $(12.74) per share basic and
diluted on weighted average shares of 5,555,426 for the year ending
December 31, 2009, as compared with audited net income of $15.9
million or $2.36 per share basic and diluted on weighted average
shares of 6,732,832 for the year ended December 31, 2008. The
unaudited net loss for the three months ended December 31, 2009,
was $(28.8 million) or $(5.19) per share basic and diluted on
weighted average shares of 5,555,426 as compared with an unaudited
net loss of $(1.2 million) or $(0.19) per share basic and diluted
on weighted average shares of 6,334,031, for the three months ended
December 31, 2008.
The Company stated that its net loss for 2009 reflected non-cash
impairment charges and losses on sale of vessels totaling $(64.1
million) as compared to a net gain of $5.9 million in 2008. The
Company said that it sold six vessels during 2009 and paid down
secured debt by $66.2 million, representing 41% of total secured
debt at December 31, 2008. It also said that subsequent to December
31, 2009, it cancelled a contract to purchase a newbuilding
Accommodation Field Development Vessel and received refunds
aggregating $5.9 million as a result of the seller’s default on its
obligations under the contract. The Company’s remaining
wholly-owned vessels are currently all employed on profitable long
term charters through various dates in 2011 and 2012.
As a consequence of these developments and of covenant
amendments agreed with lenders, at December 31, 2009 the Company’s
long term debt, reclassified in recent prior periods as current,
was now returned to classification as long term.
The Company stated that its EBITDA for the 2009 period was $22.0
million vs. $54.4 million for the 2008 year, and that for the three
months ended December 31, 2009, its EBITDA was $5.6 million vs.
$5.9 million for same 2008 period.
The Company reported that it had today filed its 2009 Annual
Report on Form 20-F with the United States Securities and Exchange
Commission. Any shareholder may receive a hard copy of the
Company’s complete Annual Report, which includes the Company’s
complete 2009 audited financial statements, upon request.
B+H Ocean Carriers Ltd. Consolidated Statements of
Operations
For the twelve months
ended For the three months ended
12/31/2009 12/31/2008
12/31/2009
12/31/2008 (audited) (audited)
(unaudited) (unaudited)
Revenues:
Voyage and time charter revenues
77,733,764 $ 104,018,073
$ 16,065,797 $ 19,146,824 Other revenue
29,946 890,842
- - Total revenues
77,763,710 104,908,915
16,065,797 19,146,824
Operating expenses:
Voyage expenses
13,758,771 28,097,799
1,069,874 3,490,392
Vessel operating expenses, drydocking and survey costs
36,778,737 46,845,031
8,092,830
15,867,186 Depreciation 17,031,428
16,443,807
4,650,749 6,143,893 Amortization of
deferred charges 8,194,909
8,755,356 641,143
428,491 Impairment charge on vessel
28,918,393 7,364,675
28,918,393 1,128,252
Goodwill impairment charge 118,750
- -
- Loss (gain) on sale of vessels 35,067,228
(13,262,590 )
41,050 - General and administrative
expenses 5,209,864 6,035,828
1,290,214
1,403,267 Total operating expenses 145,078,080
100,279,906
44,704,253 28,461,481
(Loss)
income from vessel operations (67,314,370 )
4,629,009
(28,638,456 ) (9,314,657 )
Other income
(expense):
Interest expense (6,980,341 )
(11,249,461 ) (1,291,414 )
(2,320,979 ) Interest income 18,275
1,156,151 243
55,332 Income from investment in Nordan
OBO 2 Inc. 1,192,504 3,933,495
411,403
2,854,275 Gain (loss) from financial instruments
2,289,440 17,395,922
697,865 7,549,928
Total other (expense) income, net (3,480,122 )
11,236,107 (181,903 )
8,138,556
Net (loss) income
$ (70,794,492 ) $ 15,865,116 $
(28,820,359 ) $ (1,176,101 )
Basic earnings per common
share $ (12.74 ) $ 2.36 $
(5.19 ) $ (0.19 )
Diluted earnings per common share
$ (12.74 ) $ 2.36 $ (5.19
) $ (0.19 ) Weighted average number of common shares
outstanding:
Basic 5,555,426
6,723,832 5,555,426
6,334,031 Diluted 5,555,426
6,723,832
5,555,426 6,334,031
About the Company
B + H Ocean Carriers Ltd is a international shipowning and
operating company with a fleet of six vessels, including one
Panamax product tanker, five product-suitable Panamax combination
carriers capable of transporting both wet and dry bulk cargoes and
a 50% interest in an additional combination carrier.
The Company provides EBITDA (earnings before interest expense,
taxes, depreciation and amortization) information as a guide to the
operating performance of the Company. EBITDA, which is not a term
recognized under generally accepted accounting principles, is
calculated as net income plus interest expense, income taxes
(benefit), depreciation and amortization, and other non-cash gains
and losses. Included in the depreciation and amortization for the
purpose of calculating EBITDA is depreciation of vessels, including
capital improvements and amortization of mortgage fees. EBITDA, as
calculated by the Company, may not be comparable to calculations of
similarly titled items reported by other companies.
Safe Harbor Statement
Certain statements contained in this press release, including,
without limitation, statements containing the words “believes,”
“anticipates,” “expects,” “intends,” and words of similar import,
constitute “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995 or by the Securities and
Exchange Commission in its rules, regulations and releases,
regarding the Company’s financial and business prospects. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, those set
forth in the Company’s Annual Report and filings with the
Securities and Exchange Committee. Given these uncertainties, undue
reliance should not be placed on such forward-looking statements.
The Company disclaims any obligation to update any such factors or
to publicly announce the result of any revisions to any of the
forward-looking statements contained or incorporation by reference
herein to reflect future events or developments.
For further information, including the Company’s 2009 Annual
Report on Form 20-F and previous announcements, access the
Company’s website at www.bhocean.com.
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