DryShips Inc. Reports Financial and Operating Results for the Second Quarter 2016

Athens, Greece - August 8, 2016,

DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the quarter ended June 30, 2016.

Second Quarter 2016 Financial Highlights

• For the second quarter of 2016, the Company reported a net loss of $9.1 million, or $0.34 basic and diluted loss per share.

• The Company reported a negative Adjusted EBITDA of $10.1 million for the second quarter of 2016. (1)

Recent Highlights

• Mr. Anthony Kandylidis, Executive Vice President has assumed the duties of interim Chief Financial Officer as of August 8, 2016.

• As of August 7, 2016, 4,635 of the Company’s 5,000 Series C Convertible Preferred stock, were converted to 12,719,431 common shares, including the respective dividends.

• On July 27, 2016, the Company's $103.2 million secured term loan facility dated June 20, 2008, with a total outstanding balance of $18.3 million, became due and payable in full.

• On July 27, 2016, the Company received written notification from The Nasdaq Stock Market ("Nasdaq"), indicating that as the closing bid price of the Company's common stock for the last 30 consecutive business days, was below $1.00 per share, the Company no longer meets the minimum bid price requirement for continued listing on the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until January 23, 2017. The Company has determined to effect a 1-for-4 reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement, effective on or about August 15, 2016.

Bank Update / Liquidity
The Company is presently engaged in discussions with its lenders for the restructuring of its debt facilities. Six of these bank facilities have matured and the Company has not made the final balloon installment. For the remaining bank facilities, the Company has elected to suspend principal and interest payments to preserve cash liquidity.

(1) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net loss.

(2) Shares and per share data does not give effect to the 1-for-4 reverse stock split, approved on July 29, 2016, which will become effective on or about August 15, 2016.

Full report  

About DryShips Inc.
DryShips Inc. is an owner of drybulk carriers and offshore support vessels that operate worldwide. DryShips owns a fleet of 20 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.5 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels. DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.”

DryShips Inc. press release