B+H Ocean Carriers Ltd. Announces Preliminary Unaudited Results for the Second Half Year period & Year Ending December 31, 2008
10 Marzo 2009 - 10:40PM
Business Wire
B+H Ocean Carriers Ltd. (AMEX: BHO) reported
preliminary unaudited net income of $13.5 million or $2.00 per
share basic and diluted on weighted average shares of 6,732,832 for
the year ending December 31, 2008 as compared to $2.02 million or
$0.29 per share basic and diluted on weighted average shares of
6,994,843 basic and 7,031,210 diluted for the year ended December
31, 2007. Net income for the six months ended December 31, 2008
amounted to $7.26 million or $1.10 per share basic and diluted on
weighted average shares of 6,629,848 as compared to a loss of $5.3
million or ($0.76) per share basic and diluted on weighted average
shares of 6,994,201 for the six months ending December 31,
2007.
The Company stated that its EBITDA for the 2008 year was $54.4
million vs. $40.9 million for the 2007 year, and that for the six
months ending December 31, 2008, it was $29.6 million vs. $16.8
million for the six months ending December 31, 2007. The Company
added that it would provide a comparative analysis of the reported
results with prior periods when its audit was completed. The
Company also noted that these preliminary unaudited results are
subject to completion of Auditor�s review of potential impairment
charges on the Company�s existing fleet. Should any such impairment
charges become necessary, the Company said, it could have a
material negative impact on the results discussed here.
The Company said that during the year it had completed the
conversion of two tankers to geared bulk carriers � SACHEM and
ALGONQUIN � and following conversion had placed them on period time
charters. In both cases the charters were terminated early in
October 2008 as a result of repudiatory breach by the charterer in
respect of which the Company has been seeking remedies. The
conversion of a third vessel from tanker to geared bulk carrier �
CAPT THOMAS J HUDNER JR � was commenced in 2008 and completed in
January 2009.
The Company reported that during 2008 ALGONQUIN was sold for $18
million. This sale, which was completed in January 2009, resulted
in an impairment charge of $6.98 million in 2008. The previously
announced sales of ACUSHNET and SACHUEST were completed in February
2008 and March 2008 respectively and resulted in an aggregate gain
on sale of $13.3 million.
In anticipation of market weakness and as a hedge against its
dry cargo operations, the Company said that it had purchased a
number of put options linked to the Panamax Avg.4TC freight index.
The options, which related to the freight index in calendar 2008
and 2009, were purchased between December 2006 and November 2007 at
a range of strike prices, the highest being $67,000pd. All these
contracts were sold or matured in 4th quarter 2008 for a total
consideration of $23.2 million. The net gain on these contracts in
2008 was $10.7 million, with a gain of $15.4 million in 2nd half in
2008 being offset by a loss of $4.7 million in 1st half 2008.
Off hire significantly impacted the 2008 results as it did in
2007, the Company said. During 2008, there were 526 days off hire
related to conversion of vessels and 148 days related to scheduled
drydocking. For 2007, there were 577 days off hire for conversions
and 14 days for scheduled drydocking. During the six months ended
December 31, 2008, there were 221 days off hire for conversion and
99 days for drydocking, including 86 days of drydocking scheduled
for 2009 but brought forward at the request of a charterer. For
2007, there were 305 days off hire for conversions and there were
no days off hire for scheduled drydocking.
The Company noted that its approach of having extensive fixed
rate employment on much of its fleet has continued with the
extension of the time charter of one of its OBO�s for three years
from October 2009 through October 2012 and of one of its tankers
for two years from January 2009 through January 2011. The Company
said that the previously announced Accommodation Field Development
Vessel (AFDV), which was under construction in Malaysia and due to
be delivered to the Company in 4th quarter 2009, was to be named
SAFECOM 1. It will be classed DP2 with six thrusters and will be
fitted with an 8-point mooring system for operational flexibility.
It will also provide accommodation for 400 and will be capable of
crane operations of up to 300T.
The Company provides EBITDA (earnings before interest expense,
taxes, depreciation and amortization) information as a guide to the
operating performance of the Company. EBITDA, which is not a term
recognized under generally accepted accounting principles, is
calculated as net income plus interest expense, income taxes
(benefit), depreciation and amortization, and other non-cash gains
and losses. Included in the depreciation and amortization for the
purpose of calculating EBITDA is depreciation of vessels, including
capital improvements and amortization of mortgage fees. EBITDA, as
calculated by the Company, may not be comparable to calculations of
similarly titled items reported by other companies.
Safe Harbor Statement
Certain statements contained in this press release, including,
without limitation, statements containing the words �believes,�
�anticipates,� �expects,� �intends,� and words of similar import,
constitute �forward-looking statements� as defined in the Private
Securities Litigation Reform Act of 1995 or by the Securities and
Exchange Commission in its rules, regulations and releases,
regarding the Company�s financial and business prospects. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, those set
forth in the Company�s Annual Report and filings with the
Securities and Exchange Committee. Given these uncertainties, undue
reliance should not be placed on such forward-looking statements.
The Company disclaims any obligation to update any such factors or
to publicly announce the result of any revisions to any of the
forward-looking statements contained or incorporation by reference
herein to reflect future events or developments.
For further information, including the Company�s 2007 Annual
Report on Form 20F and previous announcements, access the Company�s
website: www.bhocean.com.
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