Star Bulk Carriers Corp. (
Q4 2011 Earnings Call
February 16, 2012 8:30 am ET
Spyros Capralos – President and Chief Executive Officer
Simos Spyrou – Chief Financial Officer
James Woods – FBR Capital Markets
Michael S. Pak – Clarkson Capital Markets
Thank you for standing by, ladies and gentlemen. And welcome to the Star Bulk Conference Call on the Fourth Quarter and Year End 2011 Financial Results. We have with us Mr. Spyros Capralos, President and Chief Executive Officer; and Mr. Simos Spyrou, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. (Operator Instructions) I must advise you, this conference is being recorded today Thursday, February 16, 2012.
We now pass the floor to one of your speakers today, Mr. Spyros Capralos. Please go ahead, sir.
Thank you, operator. I’m Spyros Capralos, the President and Chief Executive Officer of Star Bulk Carriers. And I would like to welcome you to the Star Bulk Carriers’ fourth quarter and year-end 2011 financial results conference call. Along with me today to discuss our financial results is our CFO, Mr. Simos Spyrou.
Before we begin, I kindly ask you to take a moment to read the safe harbor statement on the slide number 2, of our presentation. Let us now turn to slide number three, to first discuss our fourth quarter 2011 financial highlights. In the fourth quarter, gross revenues amounted to $26.9 million posting a 16% reduction versus the same period of 2010. General and administrative expenses were reduced by 61% to $2.4 million in Q4 2011 versus $6.3 million in Q4 2010 mainly due to lower stock-based compensation expenses of $3.3 million in the fourth quarter of 2011 compared to the same period in 2010.