MC Shipping Announces Third Quarter 2005 Results and Changes in Management Structure
2005年11月11日 - 2:10AM
ビジネスワイヤ(英語)
MC Shipping Inc. (AMEX: MCX) reported net income of $2,921,619 or
$0.33 per share on gross revenues (excluding interest income) of
$9,796,898 for the quarter that ended on September 30, 2005,
compared to net income of $359,482 or $0.04 per share on gross
revenue of $8,127,173 for the quarter ended September 30, 2004 (see
Appendix 1 for the three months financial summary). The Company's
earnings before interest, taxes, depreciation and amortization
(EBITDA) were approximately $ 6.8 million and the ratio of EBITDA
to interest expense was approximately 5.4 for the quarter that
ended on September 30, 2005. In the corresponding quarter of 2004,
EBITDA was approximately $ 2.9 million and the ratio of EBITDA to
interest expense was approximately 3.1. Vessel operating expenses
(inclusive of dry-dock amortization) were $3,835,790 in the third
quarter 2005 compared to $4,463,744 in the third quarter 2004. As a
percentage of revenue, vessel operating expenses plus amortization
of dry-docking costs decreased from 54.9% in the third quarter of
2004 to 39.2% in the third quarter of 2005. Commenting on the third
quarter results, Tony Crawford, the CEO of the Company, observed,
"the Company's net results in the last quarter were in line with
our estimates but we did suffer an increase in vessel operating
expenses that mostly related to general rise in the crew wages and
the price of lube oils. Nevertheless, the consistent
quarter-on-quarter improvements keep steadily forming solid
foundation for further growth. The Company commenced the process of
negotiating new contracts for the vessels whose charters expire in
the near term and continues to be optimistic about its prospects."
On November 7, 2005, the Board of Directors of the Company reviewed
the management structure of the Company. Since V.Ships is no longer
a major shareholder of the Company, the Board decided it was
appropriate to terminate the service agreement with V.Investments
Limited, whereby Mr. Crawford was seconded by V.Ships to MC
Shipping. Furthermore, because of the Board's strong desire to grow
the Company, Mr. Crawford was asked to accept the position as full
time Chief Executive Officer of MC Shipping and should further
select suitable supporting officers and staff to ensure the Company
develops in line with the Board's requirements. MC Shipping Inc.
fully or partially owns and operates a fleet of 16 vessels that
includes 10 liquefied petroleum gas (LPG) carriers from 3,000 to
78,000 m3, 4 container vessels of 2,300 TEU capacity and 2 small
multipurpose/general cargo ships. This news release contains
forward-looking statements, within the meaning of Section 21E of
the Securities Exchange Act of 1934, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. One can generally identify these forward-looking
statements because they contain "expect", "believe", "anticipate",
"estimate", "confident" and other words that convey a similar
meaning. One can also identify these statements as statements that
do not relate strictly to historical or current facts. One should
understand that it is not possible to predict or identify all
factors that could cause actual results to differ from the
Company's forward-looking statements. The Company expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or
circumstances on which any such statement is based. -0- *T Appendix
1 Three months financial summary for the period ended September
30th, 2005 and 2004 (US$): 3 months ended 3 months ended
30-Sep-2005 30-Sep-2004 -------------- -------------- Charterhire
and Other Income $9,796,898 $8,127,173 Commission on Charterhire
(121,415) (186,890) Vessel Operating Expenses (3,659,226)
(4,129,633) Depreciation and dry-dock amortization (2,649,480)
(1,619,125) General and Administrative Expenses (469,745) (857,011)
-------------- -------------- Operating Income 2,897,032 1,334,514
Interest Expense (1,255,384) (965,152) Interest Income 111,852
30,241 Recognized deferred gain on sale of vessels 1,189,597 -
Equity in income of associated companies (21,478) - Loss on
Repurchases of Notes - (40,121) -------------- -------------- Net
Income $2,921,619 $359,482 ============== ============== Net Income
per share $0.33 $0.04 Average Number of shares outstanding
8,913,658 8,736,197 Shareholders equity $37,856,608 $31,559,617
Reconciliation of EBITDA to Net Income Net Income $2,921,619
$359,482 Plus: interest expense 1,255,384 965,152 Plus:
depreciation and amortization 2,649,480 1,619,125 --------------
-------------- EBITDA $6,826,483 $2,943,759 ==============
============== *T -0- *T Appendix 2 Nine months financial summary
for the period ended September 30th, 2005 and 2004 (US$): 9 months
ended 9 months ended 30-Sep-2005 30-Sep-2004 ---------------
--------------- Charterhire and Other Income $25,664,119
$23,904,609 Net Income $7,830,373 $1,696,325 Net Income per share
$0.89 $0.19 *T
M C Shipping (AMEX:MCX)
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