TBS International Limited Reports Second Quarter and Six Months 2008 Financial Results
SOURCE:
TBS International Limited
2008-08-06 15:05:00
TBS International Limited Reports Second Quarter and Six Months 2008 Financial Results
HAMILTON, BERMUDA–(EMWNews – August 6, 2008) – TBS International Limited (
announced today its financial and operating results for the second quarter
and six months ended June 30, 2008.
Second Quarter and Six Months 2008 highlights: Metric Q2 2008 Q2 2007 6M 2008 6M 2007 ------ ---------- ---------- ---------- ---------- Revenue (thousands) $ 156,947 $ 76,661 $ 288,523 $ 146,987 Net Income (thousands) (1) $ 52,641 $ 21,687 $ 98,019 $ 36,091 Income (excl. non-recurring items) (thousands) (1) (2) $ 52,641 $ 15,653 $ 100,337 $ 30,871 EPS (diluted) (1) $ 1.82 $ 0.77 $ 3.44 $ 1.29 EPS (excl. non-recurring items) (1) (2) $ 1.82 $ 0.56 $ 3.52 $ 1.10 Weighted Average Number of Shares (diluted) 28,873,395 28,064,954 28,476,436 28,048,295 EBITDA (thousands) (1) (3) $ 72,806 $ 32,304 $ 137,106 $ 57,723 Drydock Days 192 350 339 562 Freight Voyages --------------- Average Daily Voyage TCE $ 31,212 $ 20,538 $ 29,866 $ 19,213 Freight Voyage Days 2,758 2,009 5,133 3,907 Tons of Cargo Shipped (thousands) 2,288 1,621 4,332 3,123 Average Freight Rate for All Cargoes $ 56.25 $ 37.26 $ 52.37 $ 35.97 Average Freight Rate excluding Aggregates $ 91.79 $ 66.73 $ 89.35 $ 60.84 Bunker Cost/Voyage Day $ 7,092 $ 4,349 $ 6,694 $ 4,334 Time Charter out Voyages ------------------------ Average Daily Time Charter TCE $ 30,563 $ 18,727 $ 30,437 $ 17,858 Time Charter Days 777 839 1,807 1,833
(1) Net Income and EPS for the six months ended June 30, 2008 include $2.3
million for the Loss on extinguishment of debt, or $0.08 per share, which
was incurred during the first quarter of 2008. Net Income and EPS for the
six months ended June 30, 2007 include a gain of $6.0 million from the sale
and insurance recovery of the M.V. Huron Maiden, which occurred during the
second quarter of 2007, and a loss of $800 thousand from the sale of the
M.V. Maya Princess, which occurred during the first quarter of 2007, or
$0.21 and $(0.02) per share respectively.
(2) Income and EPS before non-recurring items is a non-GAAP financial
measure. For a reconciliation of Income and EPS before non-recurring items
for the three months and six months ended June 30, 2008, please refer to
“Non-GAAP Reconciliations” later in this press release.
(3) EBITDA is a non-GAAP financial measure. Please refer to “Non-GAAP
Reconciliations-EBITDA” following the financial statements included in this
press release for a reconciliation of EBITDA to Net Income.
Management Commentary:
Joseph E. Royce, Chairman and Chief Executive Officer and President,
stated: “We are pleased to report the best quarter in our Company’s
history. Our growth business model, together with customer loyalty, our
diverse trade lanes and efficient and reliable services, are the
foundations that enabled TBS to once again achieve record quarterly
revenues, EBITDA, net income and earnings per share. Our TBS Five Star
Service (Ocean Transportation, Logistics, Port Services, Operations and
Strategic Planning) distinguishes TBS from the traditional dry cargo
shipping company. In addition to owning an expanding fleet of ships, we
work directly with our customers, carrying their cargoes to diverse
locations and supporting their export programs.
“TBS is a ‘Business First – Fleet Second’ Company. Our increasing cargo
volumes reflect our sustained business growth. To meet our customer
requirements, we took delivery of eight vessels during the first six months
of this year and have two additional vessels under contract for delivery
within the next 30 days. This will expand our operational fleet to 46
vessels comprised of 23 multipurpose tweendeckers and 23 handymax and
handysize bulk carriers.
“TBS is targeting non-containerized project cargoes relating to mining,
energy, steel production, infrastructure and construction as growth areas
that will benefit from the expanding globalization of world trade. With our
Five Star Service and our team of 290 dedicated employees throughout the
world, we are able to provide complete logistics and transportation
solutions for the project’s requirements and our multipurpose tweendeckers
give TBS a competitive advantage in these project businesses.
“Ensuring the renewal and expansion of our fleet for the long term, we are
building six Roymar Class 34,000 dwt multipurpose vessels with retractable
tweendecks that are scheduled to be delivered in 2009 and 2010. Given the
growth of our business, we are actively pursuing opportunities to build
additional Roymar Class ships in China for delivery through 2011, and we
are engaged in discussions with our banks to determine the feasibility of
financing their construction.
“We believe the TBS business model is sound and our niche businesses are
sustainable. As we enter the second half of this year, we see strong cargo
requirements and firm freight rates, and we look forward to continued
positive results.”
Ferdinand V. Lepere, Executive Vice President and Chief Financial Officer,
commented: “In furtherance of our growth business model, TBS increased the
Company’s shareholder equity by issuing 2 million Class A Shares at $51 per
share in May of 2008, bringing the total number of shares outstanding to
29,894,957. This capital infusion will enhance our ability to continue
expanding our fleet of owned vessels in response to the growth of our
business.
“In the second quarter of 2008, we continued with our drydocking and
maintenance program and drydocked eight vessels with 192 drydocking days
without significantly impacting our operational efficiency and
profitability.”
Second Quarter 2008 Results:
For the second quarter ended June 30, 2008, total revenues were $156.9
million, an increase of 104.6% compared to the $76.7 million for the same
period in 2007. Net income for the second quarter 2008 was $52.6 million,
an increase of 142.4% compared to $21.7 million for the same period in
2007. Earnings per diluted share was $1.82 in the second quarter of 2008
compared to $0.77 for the second quarter 2007. Net income and Earnings per
Share for the second quarter of 2007 include a gain of $6.0 million from
the sale and insurance recovery of the M.V. Huron Maiden following her
constructive total loss, or $0.21 per share. Before this gain net income
would have been $15.7 million or $0.56 per diluted share for second quarter
of 2007.
EBITDA, which is a non-GAAP measure, increased 125.4% to $72.8 million for
the second quarter 2008 from $32.3 million in 2007. Please see “Non-GAAP
Reconciliations – EBITDA” following the financial statements in this press
release for a reconciliation of EBITDA to net income.
Revenues:
Total revenues of $156.9 million for the second quarter 2008 include voyage
revenues of $128.7 million, time charter revenues of $25.3 million and
other revenues of $2.9 million.
An average of 39 vessels (excluding off-hire) were operated during the
second quarter 2008 compared to 31 vessels (excluding off-hire) during the
same period of 2007.
Voyage Revenues:
Voyage revenues in the second quarter 2008 were $128.7 million, an increase
of $68.3 million or 113.1% from the $60.4 million during the same period in
2007.
Cargo volume (excluding aggregates) increased 425,579 tons or 52.7% to
1,233,396 tons for the second quarter 2008 from 807,817 tons for the same
period in 2007. Reflecting stronger market conditions, freight rates
excluding aggregates increased $25.06 per ton or 37.6% to $91.79 per ton
for the second quarter 2008 from $66.73 per ton during the same period in
2007.
Average Daily Voyage Time Charter Equivalent, which is an industry standard
metric reflecting the daily net earnings of a voyage after deducting all
voyage expenses from voyage revenues, was $31,212 per day in the second
quarter 2008, an increase of 52.0% from the $20,538 during the same period
in 2007 and an increase of 10.3% from the $28,303 per day during the first
quarter 2008, indicative of the continued market strength in the industry.
Total cargo volume (including aggregates) increased 667,183 tons or 41.2%
to 2,287,725 tons for the second quarter 2008 from 1,620,542 for the same
period in 2007. The majority of the increase in the cargo volume is
attributed to the increase in aggregates carried as well as an increase in
the non-aggregate bulk cargo products carried.
Time Charter Revenues:
Time charter revenues increased by $9.2 million or 57.1% to $25.3 million
for the second quarter 2008 from $16.1 million for the same period in 2007.
Average Daily Time Charter Equivalent, which is an industry standard metric
reflecting time charter-out revenues during the period reduced by
commissions, was $30,563 per day in the second quarter 2008, an increase of
63.2% from the $18,727 during the same period of 2007. The key factor
driving the increase in the average charter hire rate per day is the upward
trend in the worldwide shipping spot market rates.
Expenses:
Total operating expenses for the second quarter 2008 increased by $41.6
million or 71% to $100.2 million from $58.6 million for the same period in
2007. However, as a percentage of revenue, total operating expenses
decreased by 12.5% to 63.9% for the second quarter of 2008 from 76.4% for
the same period of 2007.
Voyage expenses, which include fuel costs, commissions, port call charges
and stevedoring, increased by $24.6 million or 125.9% to $44.1 million for
the second quarter 2008. As a percentage of total revenue, they increased
by 2.6% as compared to the same period last year. The increase is due to an
increase in fuel expenses which were a result of higher average fuel costs
and higher fuel consumption due to an increased fleet; commission expense
as a result of higher voyage revenues, as well as port call expenses and
stevedore and other cargo-related expenses.
Vessel expenses which consist of operating expenses relating to owned and
controlled vessels, such as crewing, stores, repairs and maintenance,
insurance and charter hire fees for vessels that are chartered-in,
increased by $1.4 million or 6.1% to $24.3 million for the second quarter
2008 as compared to $22.9 million for the same period in 2007. Owned vessel
expenses increased by $8.3 million due to an increase in the average number
of owned vessels (42 compared to 33) and higher daily operating expenses.
Chartered-in vessel expenses decreased $6.9 million due to a decrease in
chartered-in vessel days. However, as a percentage of total revenue,
vessel expenses decreased by 14.4% as compared to the same period last
year.
General and administrative expenses increased by $7.6 million or 99.6% to
$15.3 million in the second quarter 2008 due to a higher bonus accrual, an
increase in staff levels due to the growth of TBS business and stock-based
compensation costs.
Net interest expense for the second quarter 2008 increased by $1.5 million
as compared to the same period last year. This is primarily due to higher
debt levels and higher fees partially offset by lower borrowing costs.
Results for the Six Months ended June 30, 2008:
For the six months ended June 30, 2008, total revenues were $288.5 million,
an increase of 96.3% compared to the $147.0 million for the same period
2007. Net income for the six months 2008 was $98.0 million, an increase of
171.5% compared to $36.1 million for the same period 2007. Earnings per
share on a diluted basis was $3.44 for the six months of 2008, calculated
on 28,476,436 shares, compared to $1.29 for the six months of 2007,
calculated on 28,048,295 shares.
Net income and earnings per share for the six months of 2008 include $2.3
million for the loss on extinguishment of debt, or $0.08 per share. Net
income and earnings per share for the six months of 2007 include a gain of
$6.0 million from the sale and insurance recovery of the M.V. Huron Maiden
and a loss of $800 thousand from the sale of the M.V. Maya Princess, or
$0.19 per share. Before these items, net income would have been $100.3
million or $3.52 per diluted share for the six months of 2008 and $30.9
million or $1.10 per diluted share for the six months of 2007.
EBITDA, which is a non-GAAP measure, increased 137.6% to $137.1 million for
the six months ended June 30, 2008 from $57.7 million in 2007. Please see
“Non-GAAP Reconciliations – EBITDA” following the financial statements
included in this press release for a reconciliation of EBITDA to net
income.
An average of 38 vessels (excluding off-hire) were operated during the six
months 2008 compared to 32 vessels (excluding off-hire) during the same
period of 2007.
Total revenues of $288.5 million for the six months 2008 include voyage
revenues of $226.8 million, time charter revenues of $58.0 million and
other revenues of $3.7 million.
Recent Fleet Developments:
On June 5, 2008, the Company entered into an agreement to acquire the M.V.
Desert Explorer, to be renamed the M.V. Fox Maiden, a 1985 built, 40,902
dwt handymax bulk carrier for $35.3 million charter free. TBS expects to
take delivery of this vessel within the next 30 days.
On June 17, 2008, TBS took delivery of the M.V. Canarsie Princess, formerly
known as the M.V. Athinoula, an acquisition the Company announced in
February 2008. TBS had agreed to acquire the vessel charter free for $30.3
million.
On June 18, 2008, TBS took delivery of the M.V. Houma Belle, previously
known as the M.V. North Star, an acquisition the Company announced in April
2008. TBS had agreed to acquire the vessel for $34.0 million charter free.
On June 23, 2008, the Company entered into an agreement to acquire the M.V.
Ken Blossom, to be renamed the M.V. Tupi Maiden, a 1992 built, 38,852 dwt
handymax bulk carrier charter free for $44.0 million. TBS expects to take
delivery of this vessel within the next 30 days.
TBS’s current fleet consists of 44 multipurpose tweendeckers, handymax and
handysize vessels. TBS expects to take delivery of two handymax bulk
carriers (the M.V. Fox Maiden and M.V. Tupi Maiden) within the next 30
days. Once these deliveries are concluded, the TBS fleet will be comprised
of 46 vessels, with an aggregate of 1,390,473 dwt, including 23
multipurpose tweendeckers and a combination of 23 handysize and handymax
bulk carriers.
Fleet Expansion and Newbuilding Program:
The previously announced TBS Newbuilding Program to construct six
multipurpose vessels with retractable tweendecks is proceeding with the
laying of the keel of the first vessel in March 2008. We expect delivery
of two vessels in 2009 and four vessels in 2010.
TBS entered into a $150 million term loan credit agreement with a syndicate
of lenders led by The Royal Bank of Scotland to finance the building and
purchase of these six new multipurpose vessels.
We are actively pursuing opportunities to build additional Roymar Class
ships in China for delivery through 2011, and we are engaged in discussions
with our banks to determine the feasibility of financing their
construction.
TBS 2008 Drydock Program:
For 2008, TBS plans to drydock 17 vessels for an aggregate of approximately
800 drydocking days with a steel renewal of about 3,600 metric tons at a
total cost of approximately $27 million.
Our 2008 drydocking schedule is as follows:
-- During the three months ended March 31, 2008, TBS drydocked one vessel
that entered into drydock during the fourth quarter of 2007 and continued
its drydocking for 15 days in the first quarter of 2008. Additionally, four
vessels entered drydock requiring 827 metric tons of steel for a total of
132 drydock days.
-- During the second quarter 2008, three vessels that entered into
drydock during the first quarter of 2008 continued their drydocking for 48
days. In addition, five vessels entered drydock requiring 1,099 metric tons
of steel and 144 drydock days.
-- Third quarter 2008, we anticipate four vessels requiring about 600
metric tons of steel and about 220 drydock days.
-- Fourth quarter 2008, we anticipate four vessels, requiring about 1,100
metric tons of steel will be drydocked for about 230 drydock days.
Conference call and webcast:
On Thursday, August 7, 2008 at 10:00 a.m. EDT, the company’s management
will host a conference call to discuss the results.
Conference call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1-888-713-4215 (from the US) or 1-617-213-4867
(International Dial In). Participant Passcode: 64411579. The conference
call will also be webcast live on the company’s website: www.tbsship.com by
clicking on the webcast link. Participants may pre-register for the call at
https://www.theconferencingservice.com/prereg/key.process?key=PX3GKK97R.
Pre-registrants will be issued a PIN number to use when dialing into the
live call which will provide quick access to the conference by bypassing
the operator upon connection.
Webcast:
There will also be a live — and then archived — slides and audio webcast
of the conference call on the company’s website www.tbsship.com, which can
be accessed by clicking on the webcast link. As soon as practicable, the
webcast and the corresponding slides will be archived and will also be
accessible on our website.
Replay:
A telephonic replay of the conference call will be available from 12:00
p.m. EDT on Thursday, August 7, 2008 until Thursday, August 14, 2008 by
dialing 1-888-286-8010 (from the US) or 1-617-801-6888 (International Dial
In). Access Code: 55267081. A replay of the webcast will be available soon
after the completion of the call.
Consolidated Statements of Income
For the Second Quarter and Six Months
Ended June 30, 2008 and 2007
(In thousands, except per share amounts and outstanding shares)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenue:
Voyage revenue $ 128,696 $ 60,384 $ 226,856 $ 112,323
Time charter revenue 25,258 16,122 57,984 34,190
Other revenue 2,993 155 3,683 474
---------- ---------- ---------- ----------
Total revenue 156,947 76,661 288,523 146,987
---------- ---------- ---------- ----------
Operating expenses:
Voyage 44,122 19,534 76,540 38,715
Vessel 24,315 22,941 47,749 40,498
Depreciation and
amortization of vessels
and other fixed assets 16,515 8,423 30,008 16,837
General and
Administrative 15,296 7,663 27,063 14,843
Loss from sale
of vessel (1) - 35 - 814
---------- ---------- ---------- ----------
Total operating expenses 100,248 58,596 181,360 111,707
---------- ---------- ---------- ----------
Income from operations 56,699 18,065 107,163 35,280
---------- ---------- ---------- ----------
Other (expenses) and income:
Interest expense (3,840) (2,397) (7,277) (5,169)
Loss on extinguishment of
debt (2) - - (2,318) -
Gain on sale and
insurance recovery of
vessel (3) - 6,034 - 6,034
Interest and other income
(expense) (218) (15) 451 (54)
---------- ---------- ---------- ----------
Total other (expenses)
and income, net (4,058) 3,622 (9,144) 811
---------- ---------- ---------- ----------
Net income $ 52,641 $ 21,687 $ 98,019 $ 36,091
========== ========== ========== ==========
Earnings per share:
Net income per common share:
Basic $ 1.83 $ 0.77 $ 3.45 $ 1.29
Diluted $ 1.82 $ 0.77 $ 3.44 $ 1.29
Weighted average common
shares outstanding:
Basic (4) 28,778,769 28,014,925 28,411,539 28,014,122
Diluted 28,873,395 28,064,954 28,476,436 28,048,295
Operating Data for the Three and Six Months Ended June 30, 2008 and 2007
Three Six
Months Ended Months Ended
June 30, June 30,
2008 2007 2008 2007
Other Operating Data:
44 33 44 33
Controlled vessels
(at end of period) (5)
Chartered vessels (at end of
period) (6) - 3 - 3
Freight Voyage days (7) 2,758 2,009 5,133 3,907
Vessel days (8) 3,896 3,316 7,635 6,502
Tons of cargo shipped (9) 2,288 1,621 4,332 3,123
Revenue per ton (10) $ 56.25 $ 37.26 $ 52.37 $ 35.97
Tons of cargo shipped, excluding
aggregates (9) (11) 1,233 808 2,227 1,649
Revenue per ton, excluding
aggregates (10) (11) $ 91.79 $ 66.73 $ 89.35 $ 60.84
Chartered-out days 777 839 1,807 1,833
Chartered-out rate per day $ 32,506 $ 19,215 $ 32,088 $ 18,653
TCE per day - Freight Voyages (12) $ 31,212 $ 20,538 $ 29,866 $ 19,213
TCE per day - Time Charters-Out (13) $ 30,563 $ 18,727 $ 30,437 $ 17,858
(1) The 2007 loss on sale of vessel represents the loss on the sale of the
Maya Princess of $0.8 million.
(2) In 2008 the loss on extinguishment of debt represents the write-off of
unamortized deferred finance costs in connection with the March 2008
refinancing of the Bank of America credit facility.
(3) For the three months and six months ended June 30, 2007, the Company
had a gain on the sale and insurance recovery of the Huron Maiden. The
vessel was severely damaged in a grounding accident on an uncharted rock
while on passage near Indonesia on March 9, 2007. On April 4, 2007, the
vessel was declared a constructive total loss. Accordingly, TBS received a
net amount of $8.0 million from the Hull & Machinery/ Increased Value
insurances after a scrap value credit of $2.0 million. The Company retained
the proceeds on the sale of the vessel for scrap, which was sold and
delivered to the buyer on May 4, 2007 for $2.8 million. After expenses in
connection with the accident and the sale of the vessel of approximately
$1.2 million, TBS realized a gain on the casualty and sale of the vessel of
approximately $6.0 million.
(4) Diluted weighted average common shares outstanding for the three and
six months ended June 30, 2008 and 2007, includes 94,626, 50,029, 64,897
and 34,173 weighted average common shares, respectively, relating to the
restricted Class A common shares granted to our employees and independent
directors.
(5) Controlled vessels are vessels that are owned or chartered-in with an
option to purchase. As of June 30, 2008, two vessels in the controlled
fleet were chartered-in with an option to purchase.
(6) Represents vessels that were both chartered-in under short-term
charters (less than one year at the start of the charter) and chartered in
under long-term charters without an option to purchase.
(7) Represents the number of days controlled and time-chartered vessels
were operated by the Company performing freight voyages. Freight voyage
days exclude both off-hire days and time chartered out days.
(8) Represents the number of days that relate to vessel expense for
controlled and time-chartered vessels. Vessel expense relating to
controlled vessels is based on a 365-day year. Vessel expense relating to
chartered-in vessels is based on the actual number of days the vessel is
operated, excluding off-hire days.
(9) In thousands.
(10) Revenue per ton is a measurement unit for cargo carried that is
dependent upon the weight of the cargo, and has been calculated using
number of tons on which revenue is calculated, excluding time charter
revenue.
(11) Aggregates represent high-volume, low-freighted cargo, which can
overstate the amount of tons that is carried on a regular basis and
accordingly reduces the revenue per ton. TBS believes that the exclusion of
aggregates better reflects their cargo shipping and revenue per ton data
for their principal services.
(12) Time Charter Equivalent or “TCE” rates are defined as voyage revenue
less voyage expenses during the period divided by the number of available
freight voyage days during the period. Voyage expenses include the
following expenses: fuel, port call, commissions, stevedore and other cargo
related and miscellaneous voyage expenses. No deduction is made for vessel
or general and administrative expenses. TCE is an industry standard for
measuring and analyzing fluctuations between financial periods and as a
method of equating TCE revenue generated from a voyage charter to time
charter revenue.
(13) Time Charter Equivalent or “TCE” rates for vessels that are time
chartered out, are defined as time charter revenue during the period
reduced by commissions divided by the number of available time charter days
during the period. Commissions for vessels that are time chartered out for
the three months ended June 30, 2008 and June 30, 2007 were $1.5 million
and $0.4 million, respectively. Commission for vessels that are time
chartered out for the six months ended June 30, 2008 and June 30, 2007 were
$3.0 million and $1.5 million, respectively. No deduction is made for
vessel or general and administrative expenses. TCE is an industry standard
for measuring and analyzing fluctuations between financial periods and as a
method of equating TCE revenue generated from a voyage charter to time
charter revenue. No voyage expenses are deducted because they are not
applicable.
Balance Sheet Data
Please find below TBS' selected balance sheet data:
June 30, December 31,
2008 2007
------------ ------------
Balance Sheet Data (In thousands):
Cash and cash equivalents $ 127,042 $ 30,498
Working capital 59,901 1,744
Total assets 936,131 559,113
Long-term debt, including current portion 351,358 180,166
Total shareholders' equity 516,300 319,563
Non-GAAP Reconciliations
Please find below TBS' EBITDA reconciliation for the three and six months
ended June 30, 2008 and 2007.
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
EBITDA Reconciliation (In
thousands):
Net Income $ 52,641 $ 21,687 $ 98,019 $ 36,091
Net interest expenses 3,650 2,194 9,079 4,795
Depreciation and Amortization 16,515 8,423 30,008 16,837
--------- --------- --------- ---------
EBITDA $ 72,806 $ 32,304 $ 137,106 $ 57,723
========= ========= ========= =========
Reconciliation of Net Income to Income before non-recurring items for the
three and six months ended June 30, 2008 and 2007:
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
Income before non-recurring
items:
Reconciliation (In thousands)
Net Income $ 52,641 $ 21,687 $ 98,019 $ 36,091
Loss on extinguishment of
debt - - 2,318 -
Loss on sale of vessel - - - 814
Gain on sale and insurance
recovery of vessel - (6,034) - (6,034)
----------- ---------- ----------- ----------
Income before loss on sale
of vessel and other
non-recurring items $ 52,641 $ 15,653 $ 100,337 $ 30,871
=========== ========== =========== ==========
Earning per share (before
loss on sale of vessel and
other non-recurring items)
Basic $ 1.83 $ 0.56 $ 3.53 $ 1.10
Diluted $ 1.82 $ 0.56 $ 3.52 $ 1.10
Weighted average common
shares outstanding
Basic 28,778,769 28,014,925 28,411,539 28,014,122
Diluted 28,873,395 28,064,954 28,476,436 28,048,295
Forward Looking Statements “Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management’s current
expectations and observations.
Included among the factors that, in the company’s view, could cause actual
results to differ materially from the forward looking statements contained
in this press release are the following:
-- changes in demand for the company's services;
-- a material decline or prolonged weakness in rates in the shipping
market;
-- changes in rules and regulations applicable to the shipping industry,
including, without limitation, legislation adopted by international
organizations such as the International Maritime Organization and the
European Union or by individual countries;
-- actions taken by regulatory authorities;
-- changes in trading patterns significantly impacting overall vessel
tonnage requirements;
-- changes in the typical seasonal variations in charter rates;
-- increases in costs, including changes in production of or demand for
oil and petroleum products, crew wages, insurance, provisions, repairs and
maintenance, generally or in particular regions;
-- changes in general domestic and international political conditions;
-- changes in the condition of the company's vessels or applicable
maintenance or regulatory standards, which may affect, among other things,
the company's anticipated drydocking or maintenance and repair costs;
-- increase in the cost of our drydocking program or delays in our
anticipated drydocking schedule;
-- China Communications Construction Company Ltd./ Nantong Yahua
Shipbuilding Co., Ltd.'s ability to complete and deliver the vessels on the
anticipated schedule and the ability of the parties to satisfy the
conditions in the shipbuilding agreements; and
-- other factors listed from time to time in the company's filings with
the Securities and Exchange Commission, including, without limitation, its
Annual Report on Form 10-K for the period ended December 31, 2007 and its
subsequent reports on Form 10-Q and Form 8-K.
About TBS International Limited:
TBS is an ocean transportation services company that offers worldwide
shipping solutions through liner, parcel and bulk services, and vessel
chartering. TBS has developed its business around key trade routes between
Latin America and China, Japan and South Korea, as well as select ports in
North America, Africa and the Caribbean. TBS provides frequent regularly
scheduled voyages in its network, as well as cargo scheduling, loading and
discharge for its customers.
Visit our website at www.tbsship.com
| For more information, please contact: Company Contact: Ferdinand V. Lepere Executive Vice President and Chief Financial Officer TBS International Limited Tel. 914-961-1000 [email protected] Investor Relations / Media: |
|
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions
