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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


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

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