The TBS Group of Companies – Investor Relations – Investor Relations – News Release.
The TBS Group TBSI has released their previously delayed earnings results. The company made a ton of money in 2008: $6.54 per share. But as management acknowledged on the report linked above, rates and revenues have fallen off the table. A couple of numbers in the first chart caught my eye:
- Comparing the average daily TCE rates for the 4th quarter of 2008 to 2007: $7,963 vs. $31,207.
- Time charter days for the comparable quarters: 720 vs. 1,019.
To their credit the company has cancelled any year end bonuses and frozen salaries. They have cancelled some ship orders and are working with their lenders to work out the problems. I am just curious how much they can earn in the current environment. I will listen to the conference call later today and report any interesting discussion.
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The TBS Group releases year end and 4th quarter results
The TBS Group of Companies – Investor Relations – Investor Relations – News Release.
The TBS Group TBSI has released their previously delayed earnings results. The company made a ton of money in 2008: $6.54 per share. But as management acknowledged on the report linked above, rates and revenues have fallen off the table. A couple of numbers in the first chart caught my eye:
To their credit the company has cancelled any year end bonuses and frozen salaries. They have cancelled some ship orders and are working with their lenders to work out the problems. I am just curious how much they can earn in the current environment. I will listen to the conference call later today and report any interesting discussion.