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
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