Summary of Second Quarter 2012 Results
[ul]
[li]Net revenue for the second quarter of 2012 increased by 14% to $47.0 million from $41.2 million during the same period in 2011.[/li][li]Net income for the second quarter of 2012 increased by 13% to $21.5 million from $19.1 million during the same period in 2011.[/li][li]Adjusted net income for the second quarter of 2012 decreased by 7% to $23.7 million from $25.5 million, during the same period in 2011.[/li][li]EBITDA for the second quarter of 2012 increased by 24% to $31.6 million from $25.5 million during the same period in 2011.[/li][li]Adjusted EBITDA for the second quarter of 2012 increased by 6% to $33.7 million from $31.9 million during the same period in 2011.[/li][li]Earnings per share (“EPS”) and Adjusted EPS for the second quarter of 2012 was $0.28 and $0.31 respectively, calculated on a weighted average number of shares of 76,653,848, compared to $0.27 and $0.36, respectively, for the same period in 2011, calculated on a weighted average number of shares of 70,116,022.[/li][li]The Company’s Board of Directors declared a dividend of $0.15 per share for the second quarter of 2012.[/li][/ul]
Dr. Loukas Barmparis, President of the Safe Bulkers comments in their Q2 Financial Release:
"Charter market conditions are challenging, while bank financing is generally scarce. Our revenues in the current depressed charter market have been supported by agreements entered into during earlier periods. In this environment, asset prices have dropped significantly offering acquisition opportunities attractive for companies like ours which have managed to avoid financial distress and comply with their debt covenants. Our management team cautiously monitors market conditions. We believe that having a young and modern fleet, which is expected to reach 29 vessels by 2014, will leave us well-positioned for the next shipping cycle.’’