We have continued to emphasize a focused balance year with strong liquidity and minimal leverage. Our cash position at December 30, 2011 was in excess of US$395 million or about US$50 million higher than at year end 2010.
Long-term debt including current portion was US$374.8 million, compared to stockholders equity of US$1.19 billion. This solid financial position helps to ensure stability in a volatile market and this also a source of support for continue growth initiative.
Today, we also announced the Board of Directors has authorized a new share repurchase program for up to US$100 million of the company’s common shares which maybe repurchased from time to time until December 31, 2012.
The new authorization replaces the company’s previous share repurchase program which was scheduled to expire on December 31, 2011. The company has not repurchased any shares under the prior buyback authorization.Now, let me review some of the key aspects of our results for the 2011 third quarter. Net income was US$26.4 million for the third quarter of 2011, compared to US$33.8 million a year ago. Time charter revenues were US$64.2 million, compared to US$71.6 million for the same period last year.The revenue comparison primarily reflected the consolidation of Diana Containerships Inc. and the decrease in time charter rates which averaged US$27,957 for the 2011 third quarter versus US$31,593 a year ago, partially offset by the addition to the fleet of the Alcmene in November 2010 and the Arethusa in July 2011.Our expectation is that the present challenge in industry environment caused primarily by the supply/demand imbalance will continue for the near-term. In such an environment we believe that our balance chartering approach, proven operations and solid capital position will deliver predictable cash flow and permit us to continue our efforts to gradually and opportunistically expand our fleet through vessels acquisitions.With that, I would now turn the call over to our President, Stacy Margaronis for a perspective on industry conditions. We will then be followed by our Chief Financial Officer, Andreas Michalopoulos, who will provide a financial overview. Thank you.Read the rest of this transcript for free on seekingalpha.com
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