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TheStreet Open House

Overseas Shipholding Group Reports First Quarter 2011 Results

Stocks in this article: OSG

Consolidated Statements of Operations

($ in thousands, except per share amounts)   Three Months Ended March 31,
2011   2010
Shipping Revenues:
Pool revenues $77,217 $108,584
Time and bareboat charter revenues 60,456 65,546
Voyage charter revenues 125,995 95,624
Total Shipping Revenues 263,668 269,754
Operating Expenses:
Voyage expenses 57,106 39,893
Vessel expenses 69,409 64,074
Charter hire expenses 95,350 90,614
Depreciation and amortization 42,308 41,926
General and administrative 24,468 26,829
Shipyard contract termination recoveries

-

(231)
Loss on disposal of vessels, including impairments in 2010 868 2,256
Total Operating Expenses 289,509 265,361
(Loss) / Income from Vessel Operations (25,841) 4,393
Equity in Income / (Loss) of Affiliated Companies 5,642 (2,298)
Operating (Loss) / Income (20,199) 2,095
Other Income / (Expense) 1,824 (146)
(18,375) 1,949
Interest Expense (17,739) (12,294)
Loss before Income Taxes (36,114) (10,345)
Income Tax Benefit 1,556 992
Net Loss $(34,558) $(9,353)
 
Weighted Average Number of Common Shares Outstanding:
Basic 30,210,882 27,760,420
Diluted 30,210,882 27,760,420
Per Share Amounts:
Basic $(1.15) $(0.34)
Diluted $(1.15) $(0.34)
Cash dividends declared $0.4375 $0.4375




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