B + H Ocean Carriers Ltd, (NYSE AMEX: BHO) The Company
today reported unaudited net income of $4.8 million or $0.86 per
share, basic and diluted, for the six-month period ended June 30,
2010, as compared to an unaudited net loss of $4.6 million, or
($0.82) per share, basic and diluted, for the six-month period
ended June 30, 2009. EBITDA for the six-month period ended June 30,
2010 was $15.2 million as compared to $11.1 million for the
comparable period of 2009. Basic earnings per share calculations
are based on weighted average shares outstanding of 5,555,426 for
the six-month periods ended June 30, 2010 and 2009. There were no
dilutive securities at either June 30, 2009 or June 30, 2010.
Included in the results for the six months ended June 30, 2010
are net gains of approximately $1.7 million, or $0.31 per share,
from the cancellation of the contract to purchase an Accommodation
Field Development Vessel.
The Company stated that subsequent to December 31, 2009, it had
cancelled a contract to purchase a new building Accommodation Field
Development Vessel and received refunds aggregating $6.1 million as
a result of the seller’s default on its obligations under the
contract. The Company anticipates it will receive approximately
$2.0 million in addition in the six month period ending December
31, 2010 and the first quarter of 2011 from third parties as a
result of this cancellation.
Summary of Selected Financial Data
Consolidated Statement of Operations Six Months
Ended June 30, 2010
2009 (unaudited) (unaudited)
Voyage revenue and other operating income $
26,915,161 $ 42,608,465 Voyage expenses
(1,204,668 ) (8,715,973 ) Vessel
operating expense – (8,801,261 )
(20,268,008 ) excl. depreciation expense presented below
General and administrative expenses (2,287,993
) (2,582,050 ) Depreciation & Impairment
(9,202,470 ) (13,954,759 )
Operating income (loss) 5,418,769
(2,912,325 )
Interest expense,net
(2,671,967 ) (3,615,319 ) Income from
investment in Nordan 626,949
310,574 Other financial income
1,421,519 1,648,720 Total other
expenses (623,499 ) (1,656,025 )
Net income (loss) $ 4,795,270 $
(4,568,350 )
Earnings /(loss) per common share, basic and
diluted $ 0.86 $ (0.82 )
Weighted
average number of shares, basic and diluted 5,555,426
5,555,426
Selected
Balance Sheet Data (at period end): June 30, 2010
December 31, 2009 (unaudited)
(audited) Cash and cash equivalents
11,988,566 4,745,307 Total
assets 176,868,960
195,178,316 Total debt 100,521,102
123,741,197 Total shareholders' equity
76,347,859 71,437,119
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 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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