PIRAEUS, Greece, Nov. 11, 2010 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEZ) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today financial results for its third quarter and nine-month period ended September 30, 2010. Third Quarter 2010 Highlights
- Reported adjusted net income of $0.6 million, or $0.10 basic and diluted earnings per share. Including various non-recurring items, the Company reported a net loss of $9.5 million or $1.51 basic and diluted loss per share. A table reconciling adjusted net income to net income can be found in footnote (1) to this release. All per-share amounts have been adjusted to reflect the Company's 1-for-5 reverse stock split effective October 1, 2010.
- Entered into shipbuilding contracts with a quality Chinese shipyard for the construction of two Handysize dry bulk vessels of approximately 33,600 dwt each for an aggregate purchase price of approximately $48.8 million. The vessels are scheduled for delivery in the second and third quarters of 2012.
- The Company entered into a commitment letter for pre-delivery and post-delivery debt financing up to an amount of $32.4 million from a leading international bank for the financing of the two newbuilding orders.
- Classified the M/V Free Hero, a 1995-built 24,318 dwt Handysize dry bulk vessel, as held for sale as the Company intends to sell it. As a result, posted a non-cash vessel impairment loss of $9.6 million.
- M/V Free Destiny, a 1982-built 25,240 dwt Handysize dry bulk vessel was delivered to its new owners and the Company posted a gain on sale of $0.8 million.