Excel Maritime (EXM) reported fourth-quarter and full-year earnings after market close Wednesday.

Including items, Excel reported a net loss of $329.2 million, or $7.49 per weighted average diluted share, for the fourth quarter of 2008. This compares with net income of $34.1 million, or $1.71 per weighted average diluted share, for the same period in 2007. Net income excluding items would amount to $75.4 million, or $1.71 per weighted average diluted share.

Adjusted EBITDA for the fourth quarter of 2008 was $54.7 million, compared to $43.4 million for the fourth quarter of 2007.

Fourth-quarter revenue was $189.2 million, compared to $60.9 million for the same period in 2007.

Analysts had expected quarterly earnings of $1.04 per share on $123.53 in revenue.

For the full fiscal 2008, Excel reported a net loss of $44.7 million, or $1.23 per weighted average diluted share, as compared to a net income of $84.9 million or $4.25 per weighted average diluted share for fiscal 2007.

Excluding items, net income would be $345.5 million, or $9.31 per weighted average diluted share.

Full-year revenue was $696.1 million, compared to $177.5 million in 2007.

Excel plans a conference call to discuss earnings at 10 a.m. EDT Thursday.

Excel shares, which closed up 3.9% to $5.94 in the regular session Wednesday, were soaring 18% to $7.10 in extended trading.

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