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Diana Containerships' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: DCIX

Now, let me review some of the highlights of the 2012 second quarter which were distinguished by strong performance and profitable growth. Time-charter revenues were $14.9 million, this compares to $4.2 million for the second quarter of 2011. The increase reflects the growth of our fleet including a full quarter of operating the recently purchased vessels, Cap San Marco, Cap San Raphael, APL Sardonyx and APL Spinel and also the three Maersk vessels delivered in June last year.

Net income was $2.2 million for the 2012 second quarter. For the same period the year ago, the company reported a net loss of $0.6 million. We have continued to focus on maintaining a strong balance sheet to ensure that we have the financial capacity to support a sound and growing business.

At June 30, 2012, Diana Containerships had stockholders equity of $201.9 million. In comparison long-term debt was a manageable $92.7 million at that date. Early in the third quarter on July 19, the company completed the public offering of 8.1 million shares of common stock raising gross proceeds of more than $50 million. We believe the further strengthening on our capital base was a prudent action to position us well for the opportunities we see in our business.

Let me conclude by noting that we are delivering on our strategies for profitable growth and we remain dedicated to translating that growth into increasing shareholder value, as we progress through 2012 and beyond.

Our strategic direction remains consistent with our original goals. We will seek opportunities to acquire high-quality containerships throughout this inside. We will strategically deploy our vessels in a manner that balances the maturities of our time-charter to mitigate cyclical condition while generating strong visible cash flow.

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