Star Bulk Carriers Corp. Q2 2010 Earnings Call Transcript
Our company has emerged from the challenging times of the past 18 months stronger and leaner with significant achievements, which include the sale of its costliest tonnage, the acquisition of three modern Capesize vessels without diluting the shareholder base, having repaid organically a major portion of its debt, being in full compliance with its original loan covenants and its in-house vessel management producing stellar results.
Our commitment towards enhancing our operations on all fronts is on course. And we are keeping focus on reducing our operating costs further. We are also pleased to be able to declare our fifth consecutive quarterly dividend for the second quarter of 2010 of $0.05 per share.
Turning to Slide 3 of the presentation, we will discuss our second quarter and first half ended June 30, 2010, financial highlights. For the second quarter of 2010, gross revenues amounted to $30 million and net income amounted to $6 million. Excluding non-cash items, our net income for the second quarter 2010 as adjusted amounted to $7.2 million.
Adjusted EBITDA for the second quarter 2010 was $20 million, while average daily operating expenses were $5,269 per day per vessel. The Time Charter Equivalent for the second quarter of 2010 was $28,640 per day. The adjusted net income of $7.2 million represents $0.12 earnings per share basic and diluted, which is above Bloomberg consensus of $0.06 per share.For the first six months ended June 30, 2010, gross revenues amounted to $59.3 million, and net loss amounted to $27 million which includes a non-cash impairment charge of $33 million due to the sale of the Star Beta. Excluding non-cash items, our net income for the first half of 2010 as adjusted amounted to $8 million.Adjusted EBITDA for the first half of 2010 was $33.8 million, while the average daily operating expenses were $5,473 per day per vessel. The Time Charter Equivalent for the first half of 2010 was $27,291 per day. The adjusted net income of $8 million represents $0.13 earnings per share basic and diluted.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV