My regular laptop is in the shop for a tune-up and I am working with the slow a bulky laptop. In spite of this tremendous handicap, I will endeavor to put out some meaningful earnings report analysis over the next few days.
Excel Maritime Carriers EXM, and operator of 40+ drybulk vessels saw revenue and profits for the 2nd quarter of 2009 come in significantly below the same quarter in 2008. Net income, excluding one-timer non-cash hyphenated stuff, was 85¢ per share compared to 2008 Q2’s $2.50. Average TCE fell from over $33k per day in 2008 to just over $22,000 per day for the recently closed quarter.
Management was happy to point out that EBITDA increased from $53 million in Q1 to $57 million in Q2. Net income did not follow however, my math shows the company netted $2.07 per share in the 1st quarter net of the nets. Q1 and Q2 press release do not jive concerning the net income after special item numbers for Q1 at least to my fast read.
Still this is a company that made almost $3.00 per share in 6 months plus about a $1.00 per share in depreciation gives pretty attractive cash flow for a $9.00 stock. Excel has a pretty small percentage of their fleet committed to long term contracts so the have some upside if rates climb. Downside is still a mountain of debt and the suspended dividend.
Excel Maritive earnings report
http://www.excelmaritime.com/uploads/EXM_Press_2Q09.pdf
My regular laptop is in the shop for a tune-up and I am working with the slow a bulky laptop. In spite of this tremendous handicap, I will endeavor to put out some meaningful earnings report analysis over the next few days.
Excel Maritime Carriers EXM, and operator of 40+ drybulk vessels saw revenue and profits for the 2nd quarter of 2009 come in significantly below the same quarter in 2008. Net income, excluding one-timer non-cash hyphenated stuff, was 85¢ per share compared to 2008 Q2’s $2.50. Average TCE fell from over $33k per day in 2008 to just over $22,000 per day for the recently closed quarter.
Management was happy to point out that EBITDA increased from $53 million in Q1 to $57 million in Q2. Net income did not follow however, my math shows the company netted $2.07 per share in the 1st quarter net of the nets. Q1 and Q2 press release do not jive concerning the net income after special item numbers for Q1 at least to my fast read.
Still this is a company that made almost $3.00 per share in 6 months plus about a $1.00 per share in depreciation gives pretty attractive cash flow for a $9.00 stock. Excel has a pretty small percentage of their fleet committed to long term contracts so the have some upside if rates climb. Downside is still a mountain of debt and the suspended dividend.