|
A reconciliation of the non-GAAP measures discussed above is included in a later section of this release. Management Commentary: Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, “Against a volatile and events driven environment, Excel reports a cash flow generative quarter. We believe that our disciplined investment approach combined with our competitive cost base managed to contain the impact of the softer market conditions in the dry bulk sector during the 1st quarter of this year. We continue to generate strong operating cash flows which allowed the uninterrupted reduction of our indebtedness. We continuously monitor the dry bulk market and remain optimistic for the medium and long term outlook of the markets in which we operate.’’ First Quarter 2011 Results: Excel reported voyage revenues for the first quarter of 2011 amounting to $97.3 million as compared to $104.2 million for the same period in 2010, a decrease of approximately 6.6%. Adjusted EBITDA for the first quarter of 2011 was $48.0 million compared to $62.0 million for the first quarter of 2010, a decrease of approximately 22.6%. Net loss for the quarter amounted to $1.0 million or $0.01 per weighted average diluted share compared to a net profit of $67.3 million or $0.82 per weighted average diluted share in the first quarter of 2010. The first quarter 2011 results include a non-cash unrealized gain on derivative financial instruments of $6.3 million compared to a non-cash unrealized gain on derivative financial instruments of $0.4 million in the corresponding period in 2010. Included in the above net results is also the amortization of favorable and unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited (“Quintana”) on April 15, 2008 amounting to a net loss of $9.0 million ($0.11 per weighted average diluted share) and a net gain of $58.0 million ($0.71 per weighted average diluted share) for the first quarter of 2011 and 2010, respectively. In addition, the first quarter 2011 results include a non cash gain in connection with the sale of M/V Marybelle amounting to $1.3 million. Adjusted net income, excluding all the above items, for the first quarter of 2011 would have amounted to $0.5 million or $0.01 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the first quarter of 2010 of $8.9 million or $0.11 per weighted average diluted share. Included in the above adjusted net income is also the amortization of stock based compensation expense of $1.3 million ($0.02 per weighted average diluted share) and $0.7 million ($0.01 per weighted average diluted share), for the quarter ended March 31, 2011 and 2010, respectively. An average of 48.3 and 47.0 vessels were operated during the first quarter of 2011 and 2010, respectively, earning a blended average time charter equivalent rate of $19,642 and $24,451 per day, respectively. A reconciliation of adjusted EBITDA to Net Income and adjusted net income to net income and a calculation of the TCE is provided in a later section of this press release. Vessels’ Fixtures and Developments On March 9, 2011, the M/V First Endeavour (69,111 dwt, 1994) was fixed under a time charter for a period of 9 months up to maximum March 31, 2012 at a daily rate of $17,500. On March 31, 2011, the M/V Iron Bill (82,187 dwt, 2006) was fixed under a time charter for a period of 12-14 months at a daily rate linked to the Baltic Panamax index (BPI) with a guaranteed minimum rate (floor) of $14,500 per day. On April 23, 2011, the M/V Renuar (70,155 dwt, 1993) which had been hijacked since December 2010, was released. The 24 Filipino crew are in good health and will be reunited with their families as soon as possible. Time Charter Coverage As of today, we have secured under contracted employment 92% and 64% of our available days of our Capesize vessels and Kamsarmax/Panamax vessels respectively, for the year ending December 31, 2011 while our secured contracted employment for the whole fleet is 65% for the same period. For detailed report and other dinancial data please visit www.excelmaritime.com About Excel Maritime Carriers Ltd. Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels and, together with seven Panamax vessels under bareboat charters and one Capesize vessel that operates through a joint venture in which it participates by 71.4%, operates 48 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and four Handymax vessels) with a total carrying capacity of over 4.0 million DWT. Excel’s Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com. Excel Maritime press release |
Excel Maritime Reports Results for the First Quarter ended March 31, 2011