Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "Against challenging market conditions, Excel delivered an operating cash flow positive quarter, as we continued to capture the benefits of disciplined cost management and prudent chartering strategy. The successful completion of the waiver agreement with our lenders is a great achievement and will help us weather through the near term challenges stemming from the structural imbalances in our markets. Despite current uncertainty persisting in the global economy, the longer term outlook for Excel's diversified fleet remains strong. We expect robust demand for commodities in the emerging economies, notably in China and India, which will eventually lead to a sustained recovery in freight rates when the excess tonnage is absorbed."
First Quarter 2012 Results:
Excel reported voyage revenues for the first quarter of 2012 amounting to $64.1 million compared to $97.3 million for the same period in 2011, a decrease of approximately 34.1%.
Adjusted EBITDA for the first quarter of 2012 was $22.2 million compared to $48.0 million for the first quarter of 2011, a decrease of approximately 53.8%.
Net loss for the quarter amounted to $36.6 million or $0.42 per weighted average diluted share compared to a net loss of $1.0 million or $0.01 per weighted average diluted share in the first quarter of 2011.
The first quarter 2012 results include a non-cash unrealized gain on derivative financial instruments of $3.5 million compared to a non-cash unrealized gain on derivative financial instruments of $6.3 million in the corresponding period in 2011. In addition, the first quarter 2012 results include a non-cash charge of $5.4 million relating to the valuation of the warrants and the put option on the preferred shares under the back stop agreement ("Back stop agreement Valuation") entered into as part of the $1.4 billion credit facility amendment.
Included in the above net results is also the amortization of unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to an income of $1.0 million and $0.8 million for the first quarter of 2012 and 2011, respectively.
In addition, the first quarter 2011 results include a non-cash loss of $9.8 million relating to the amortization of favorable time charters that were recorded upon acquiring Quintana and a gain in connection with the sale of M/V Marybelle amounting to $1.3 million.
Adjusted net loss, excluding all the above items, for the first quarter of 2012 amounted to $35.6 million or $0.41 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the first quarter of 2011 of $0.5 million or $0.01 per weighted average diluted share.
Included in the above adjusted net loss is also the amortization of stock-based compensation expense of $0.6 million and $1.3 million for the quarters ended March 31, 2012 and 2011, respectively.
An average of 47.0 and 48.3 vessels were operated during the first quarter of 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $14,048 and $19,642 per day, respectively.
A reconciliation of adjusted EBITDA to net income (loss), adjusted net income (loss) to net income (loss), and Adjusted Earnings (losses) per Share (Diluted) to Earnings (losses) per Share (Diluted), as well as a calculation of the TCE, is provided in a later section of this press release.
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