Excel Maritime Carriers Ltd.
) declared mixed financial results for the second quarter of 2012.
GAAP net loss in the reported quarter was $33.4 million or a loss
of 37 cents per share compared with a net loss of $16 million or 19
cent per share in the year-ago quarter. However, quarterly adjusted
(excluding special-items) earnings per share of a loss of 41 cents
were wider than the Zacks Consensus Estimate of a loss of 38
Quarterly total revenue was $64.1 million compared with $92.8
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 $63.1 million strides ahead of the
Zacks Consensus Estimate of $56 million. In the reported quarter,
Time Charter Equivalent (TCE) per day was $12,871 compared with
$18,932 in the prior-year quarter.
Quarterly total operating expenses were nearly $82.5 million,
down 13.3% year over year. Operating loss in the reported quarter
was $18.4 million compared with $2.4 million in the year-ago
quarter. Quarterly adjusted EBITDA was $17.7 million, down by a
substantial 59.7% year over year. An average of 47 Excel Maritime
vessels were operated during the second quarter of 2012 compared
with 48 in the year-ago quarter. Management announced that the
company secured under time charter employment of 83% for its entire
fleet and 100% for capsize vessels for fiscal 2012.
During the first half of 2012, Excel Maritime generated $4.2
million of cash from operations in stark contrast to $71.4 million
in the year-ago quarter. Free cash flow in the reported period was
$4.1 million compared with $51.4 million in the prior-year
At the end of the second quarter of 2012, Excel Maritime had a
little over $27.2 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 $1,031.4 million compared with $1,154
million at the end of 2011. At the end of the reported quarter,
debt-to-capitalization ratio was 0.39 compared with 0.37 at the end
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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