ATHENS, GREECE -- (Marketwire) -- 05/14/12 -- Globus Maritime Limited ("Globus," the "Company," "we," or "our") (NASDAQ: GLBS), a dry bulk shipping company, reported today its unaudited consolidated operating and financial results for the three-month period ended March 31, 2012.
The Company's Board of Directors also declared a quarterly cash dividend of $0.085 per share for the three-month period ended March 31, 2012.
Summary of First Quarter 2012 ("Q1-12") Results versus First Quarter 2011 ("Q1-11")
•Revenue of $9.5 million versus $8.5 million, a 12% increase;
•Net Revenue of $9.3 million versus $7.5 million, a 24% increase;
•Adjusted EBITDA of $6.0 million versus $4.9 million, an increase of 22%; adjusted EBITDA is a measure not in accordance with generally accepted accounting principles ("GAAP"). See a later section of this press release for a reconciliation of non-GAAP financial measures;
•Total comprehensive income of $1.7 million versus $2.2 million, a 23% decrease;
•Basic earnings per share of $0.16, calculated on 10,117,600 weighted average number of shares compared to $0.30, calculated on 7,289,688 weighted average number of shares;
•An average of 7.0 vessels were owned and operated during Q1-12 compared to 5.0 vessels owned and operated during Q1-11. Average Time Charter Equivalent ("TCE") for Q1-12 was $14,764 per day compared to $18,012 per day for Q1-11; and
•Fleet utilization was 99.4% versus 99.5%; fleet utilization is further defined in a later section of this press release.
For the three-month period ended March 31, 2012, the Company's Board of Directors declared a cash dividend on its common shares of $0.085 per share, payable on or about May 31, 2012 to shareholders of record on May 25, 2012.
The Company has 10,141,499 shares of common shares issued and outstanding as of today.
The Company is continuing the policy of paying out a variable quarterly dividend in excess of 50% of the net income of the previous quarter, subject to any reserves the Board of Directors may from time to time determine is required. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: our earnings, financial condition and anticipated cash requirements and availability, additional acquisitions of vessels, restrictions in our debt arrangements, the provisions of Marshall Islands law affecting the payment of distributions to shareholders, required capital and drydocking expenditures, reserves established by our board of directors, increased or unanticipated expenses, a change in our dividend policy, additional borrowings future issuances of securities, or as a result of losses in connection with actions of the former charterer of the "Star Globe" for which we are currently in arbitration proceedings to recover, and other factors, many of which will be beyond our control. We can give no assurance that dividends will be paid in the future.
Most Popular Stories
- Supreme Court Rules Against Arizona Registration Law
- Entries for the 2013 Social Media Leadership Awards
- Guns Are Hot in California
- George Zimmerman Arrest Viewed Differently According to Race
- Edward Snowden Wrong About Hong Kong, Some in Territory Say
- El Paso Symposium Offers Help to Startups
- U.K. Spied on G20 Emails, Phone Calls
- Social Media in the Public Sector
- Icelandic Whalers Head Out to Sea
- Boeing, Airbus Vie for Big Orders at Paris Air Show