B + H Ocean Carriers Ltd, (NYSE AMEX: BHO) The Company
today reported unaudited net income of $1.4 million or $0.24 per
share, basic and diluted, for the six-month period ended June 30,
2011, as compared to unaudited net income of $4.8 million, or $0.86
per share, basic and diluted, for the six-month period ended June
30, 2010. EBITDA for the six-month period ended June 30, 2011 was
$9.3 million as compared to $15.2 million for the comparable period
of 2010. Basic earnings per share calculations are based on
weighted average shares outstanding of 5,555,426 for the six-month
periods ended June 30, 2011 and 2010. There were no dilutive
securities at either June 30, 2010 or June 30, 2011.
Included in the results for the six months ended June 30, 2011
are net gains of approximately $5.4 million, or $0.97 per share,
from the sale of M/T SAGAMORE in January 2011.
Summary of Selected Financial Data
Consolidated Statement of Operations Six Months
Ended June 30, 2011 2010
(unaudited) (unaudited)
Voyage revenue and other operating income $
20,467,902 $ 26,915,161 Voyage expenses
(5,704,396 ) (1,204,668 ) Vessel operating
expense (9,082,149 ) (8,801,261 )
General and administrative expenses (1,742,423 )
(2,287,993 ) Gain on sale of vessels
5,383,196 Depreciation & Impairment
(5,952,100 ) (9,202,470 ) Operating income
(loss) 3,370,030 5,418,769
Interest expense,net
(2,017,562 ) (2,671,967 ) Income from
investment (68,272 ) 626,949
Other financial income 75,110
1,421,519 Total other expenses (2,010,724 )
(623,499 ) Net income (loss) $ 1,359,306
$ 4,795,270
Earnings /(loss) per common share, basic and diluted $ 0.24
$ 0.86
Weighted average number of shares, basic and diluted
5,555,426 5,555,426
Selected Balance Sheet Data (at period
end): June 30, 2011 December 31,
2010 (unaudited) (audited) Total assets
149,411,649 164,389,583
Total liabilities 68,283,272
84,983,168 Total shareholders' equity
81,128,377 79,406,415
The Company stated that the first six months of this year had
been particularly difficult on revenues because of the need to
reposition three of its combination carriers from China to the
Atlantic, upon their re-delivery from multi-year period time
charters. These three vessels had each been earning $24,400 per day
on the time charters. The Company added that because of the
prevailing imbalance of trade and vessels globally, while
repositioning these three vessels operated for an aggregate of 263
days earning an average daily time charter equivalent rate of
$2,512. The Company further noted that these vessels have been
obtaining significantly higher earnings since they arrived in the
Atlantic and commenced wet and dry cargo combination trading.
About the Company
B + H Ocean Carriers Ltd is a international shipowning and
operating company with a fleet of 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 Commission. 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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