Advertisement
*The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period, as adjusted to reflect the reverse stock split effective October 15, 2012
Unaudited Consolidated Condensed Balance Sheets(Expressed in thousands of U.S. dollars) September 30, December 31,ASSETS 2012 2011 ------------- -------------Cash and restricted cash(current and non- current) 39,375 44,755Other current assets 13,364 12,166Fixed assets, net 295,520 638,532Fair value of above market acquired time charter 15,931 20,699Other non-current assets 1,401 1,776 ------------- -------------TOTAL ASSETS 365,591 717,928 ============= =============Total debt 234,114 266,140Total other liabilities 13,419 17,575 ------------- -------------TOTAL LIABILITIES 247,533 283,715STOCKHOLDERS' EQUITY 118,058 434,213 ------------- -------------TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 365,591 717,928 ============= =============
Unaudited Cash Flow Data
9 months 9 months ended ended September September(Expressed in thousands of U.S. dollars) 30, 2012 30, 2011 ------------ ------------Net cash provided by operating activities 19,475 35,574Net cash provided by / (used in) investing activities 14,061 (108,932)Net cash (used in) / provided by financing activities (36,518) 76,750
EBITDA and adjusted EBITDA Reconciliation
Star Bulk considers EBITDA to represent net income before interest, income taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, ("U.S. GAAP"), and our calculation of EBITDA may not be comparable to that reported by other companies. EBITDA is included herein because it is a basis upon which the Company assesses its liquidity position it is used by our lenders as a measure of our compliance with certain loan covenants and because the Company believes that it presents useful information to investors regarding the Company's ability to service and/or incur indebtedness.
The Company excluded amortization of the fair value of above/below market acquired time charters associated with time charters attached to vessels acquired, vessel impairment loss, loss on bad debts non-cash gain or loss related to early time charter termination, non-cash gain or loss related to sale of vessel, change in fair value of derivatives and stock-based compensation expense recognized during the period, to derive adjusted EBITDA. The Company excluded the above non-cash items to derive adjusted EBITDA because the Company believes that these non-cash items do not reflect the operational cash inflows and outflows of the Company's fleet.
