Excel Maritime Carriers Ltd.
) declared mixed financial results for the first quarter of 2012.
GAAP net loss in the reported quarter was $36.6 million or a loss
of 42 cents per share compared with a net loss of $1 million or 1
cent per share in the year-ago quarter. However, quarterly adjusted
(excluding special-items) earnings per share of a loss of 41 cents
were higher than the Zacks Consensus Estimate of a loss of 37
Quarterly total revenue was $65 million compared with $98.1
million in the prior-year quarter. This massive decline was
primarily attributable to an extremely volatile freight environment
of the global drybulk shipping industry. Nevertheless, quarterly
Voyage revenue of approximately $64.1 million beats the Zacks
Consensus Estimate of $61 million. In the reported quarter, Time
Charter Equivalent (TCE) per day was $14,048 compared with $19,642
in the prior-year quarter.
Quarterly total operating expenses were nearly $82.4 million,
down 10.9% year over year. Operating loss in the reported quarter
was $17.4 million compared with an operating income of $7 million
in the year-ago quarter. Quarterly adjusted EBITDA was $22.2
million, down 53.8% year over year. An average of 47 Excel Maritime
vessels were operated during the first quarter of 2012 compared
with 48.3 in the year-ago quarter. Management announced that the
company secured under time charter employment of 67% for its entire
fleet and 100% for capsize vessels for fiscal 2012.
During the first quarter of 2012, Excel Maritime generated $4.3
million of cash from operations compared with $43.8 million in the
year-ago quarter. Free cash flow (cash flow from operations less
capital expenditure) in the reported quarter was $4 million
compared with $25.5 million in the prior-year quarter.
At the end of the first quarter of 2012, Excel Maritime had $31
million of cash & cash equivalents compared with $53.8 million
at the end of 2011. Total debt, at the end of the previous quarter,
was $1,030.9 million compared with $1,154 million at the end of
2011. At the end of the reported quarter, debt-to-capitalization
ratio was 0.40 compared with 0.37 at the end of 2011.
Excel Maritime operates under highly competitive drybulk
shipping industry. The company's main competitors are
Diana Shipping Inc.
& Trading Ltd.
). We maintain our long-term Neutral recommendation on Excel
Maritime. Currently, the company holds a short-term Zacks #3 Rank
(Hold) on the stock.
DRYSHIPS INC (DRYS): Free Stock Analysis Report
DIANA SHIPPING (DSX): Free Stock Analysis
EXCEL MARITIME (EXM): Free Stock Analysis
GENCO SHPG&TRDG (GNK): Free Stock Analysis
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