DryShips Inc. (DRYS)
Q2 2012 Earnings Call
August 17, 2012, 08:00 am ET
George Economou - Chairman, President & CEO
Ziad Nakhleh - CFO
Pankaj Khanna - COO
Justin Yagerman - Deutsche Bank
Michael Webber - Wells Fargo
Natasha Boyden - Global Hunter
Brandon Oglenski - Barclays
Fotis Giannakoulis - Morgan Stanley
Martin Korsvold - Pareto
Randy Loffman - Imperial Capital
David Epstein - CRT Capital
Thank you for standing by ladies and gentlemen and welcome to the DryShips Inc. conference call on the second quarter 2012 financial results. We have with us Mr. George Economou, Chairman and Chief Executive Officer; Mr. Ziad Nakhleh, Chief Financial Officer and Mr. Pankaj Khanna, Chief Operating Officer of the company.
At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session (Operator Instructions). I must advice you that this conference is being recorded today Friday, August 17, 2012.
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and/or other statements which are other than statements of historical fact.
Please take a moment to read the Safe Harbor statement on page two of the slide presentation. Risks and uncertainties are further described in the report filed by DryShips Inc. with the U.S. Securities and Exchange Commission.
And I now pass the floor to Mr. Nakhleh, please go ahead sir.
Thank you. Good morning everyone. I am on slide four. For the second quarter 2012, DryShips posted a U.S. GAAP net loss of $18.2 million or $0.05 per share. Our shipping segments are slipping further into [duress] as our time-charter equivalent rates continue to slide as a result of both drybulk vessels coming off charter and spot markets deteriorate. The bright spots for the quarter are positive EBITDA and cash provided by operations mainly fueled by offshore segment.