This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Overseas Shipholding Group Reports First Quarter 2011 Results

Stocks in this article: OSG

Consolidated Statements of Cash Flows

($ in thousands)   Three Months Ended March 31,
2011   2010
Cash Flows from Operating Activities:
Net loss $(34,558) $(9,353)
Items included in net loss not affecting cash flows:
Depreciation and amortization 42,308 41,926
Amortization of deferred gain on sale and leasebacks (9,580) (10,613)
Amortization of debt discount and other deferred financing costs 782 659
Loss on write-down of vessels

-

3,607
Compensation relating to restricted stock and stock option grants 2,451 2,740
Deferred income tax benefit (1,055) (1,118)
Unrealized gains on forward freight agreements and bunker swaps (688) (54)
Undistributed earnings of affiliated companies (1,104) 7,791
Deferred payment obligations on charters-in 1,284 1,172
Other—net 1,096 (659)
Items included in net loss related to investing and financing activities:
(Gain) / loss on sale of securities and other investments—net (431) 458
Loss / (gain) on disposal of vessels – net 868 (1,351)
Payments for drydocking (2,863) (1,945)
Changes in operating assets and liabilities 11,945 (47,472)
Net cash provided by / (used in) operating activities 10,455 (14,212)
Cash Flows from Investing Activities:
Long-term investments (13,406) -
Disposal of short-term investments - 50,000
Proceeds from sales of investments 960 190
Expenditures for vessels (63,653) (112,054)
Proceeds from disposal of vessels 8,737 -
Expenditures for other property (320) (568)
Distributions from / (Investments in and advances to) affiliated companies – net 556 (92,251)
Shipyard contract termination payments - (839)
Other – net 47 1,351
Net cash used in investing activities (67,079) (154,171)
Cash Flows from Financing Activities:
Issuance of common stock, net of issuance costs - 158,155
Decrease in restricted cash - 7,945
Purchases of treasury stock (824) (1,281)
Issuance of debt, net of issuance costs 84,541 289,789
Payments on debt (9,902) (407,947)
Cash dividends paid (13,384) (11,809)
Issuance of common stock upon exercise of stock options 225 374
Other – net - (1,138)
Net cash provided by / (used in) financing activities 60,656 34,088
Net increase / (decrease) in cash and cash equivalents 4,032 (134,295)
Cash and cash equivalents at beginning of year 253,649 474,690
Cash and cash equivalents at end of period $257,681 $340,395




6 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs