MC Shipping Announces Second Quarter 2005 Results
August 02 2005 - 10:43AM
Business Wire
MC Shipping Inc. (AMEX: MCX) reported net income of $2,861,999 or
$0.33 per share on revenues (excluding interest income) of
$9,628,735 for the quarter that ended on June 30, 2005, compared to
a net income of $536,445 or $0.06 per share on gross revenue of
$7,881,660 for the quarter ended June 30, 2004 (see Appendix 1 for
the three months financial summary). The Company's earnings before
interest, taxes, depreciation, amortization and provision for
impairment loss (EBITDA) were approximately $ 6.6 million and the
ratio of EBITDA to interest expense was approximately 5.4 for the
quarter that ended on June 30, 2005. In the corresponding quarter
of 2004, EBITDA was approximately $ 3.1 million and the ratio of
EBITDA to interest expense was approximately 3.4. Vessel operating
expenses (inclusive of dry-dock amortization) were $3,922,463 in
the second quarter 2005 compared to $4,221,253 in the second
quarter 2004. As a percentage of revenue, vessel operating expenses
plus amortization of dry-docking costs decreased from 53.6% in the
second quarter of 2004 to 40.7% in the second quarter of 2005. Tony
Crawford, the CEO of the Company, commented on the second quarter
results, "Following the delivery of the new vessels, our second
quarter earnings have increased nicely and our policy of long term
growth with stability will allow steady quarterly increase of the
net income to continue, in line with our previous estimates". Mr.
Crawford added, "At the Company's most recent annual meeting, a
number of Shareholders asked for half yearly valuations of the
Company's fleet by independent brokers. Such a valuation in June
2005 appraised the fleet at approximately $43 million over its net
book value. This equates to $4.8 per share that, together with
current book values and deferred gains on vessels sales, translates
into net assets value of comfortably more than $10 per share." MC
Shipping Inc. fully or partially owns and operates a fleet of 16
vessels that includes 10 liquefied petroleum gas (LPG) carriers
from 3,000 to 78,000 m(3), 4 container vessels of 2,300 TEU
capacity and 2 small multipurpose/general cargo ships. This news
release contains forward-looking statements, within the meaning of
Section 21E of the Securities Exchange Act of 1934, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. One can generally identify these
forward-looking statements because they contain "expect",
"believe", "anticipate", "estimate", "confident" and other words
that convey a similar meaning. One can also identify these
statements as statements that do not relate strictly to historical
or current facts. One should understand that it is not possible to
predict or identify all factors that could cause actual results to
differ from the Company's forward-looking statements. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is based.
-0- *T Appendix 1 Three months financial summary for the period
ended June 30th, 2005 and 2004 (US$): 3 months 3 months ended 30-
ended 30- Jun-2005 Jun-2004 ____________ ____________ Charterhire
and Other Income $9,628,735 $7,881,660 Commission on Charterhire
(131,887) (196,756) Vessel Operating Expenses (3,756,246)
(3,866,093) Depreciation and dry-dock amortization (2,529,552)
(1,640,363) General and Administrative Expenses (550,664) (734,925)
____________ ____________ Operating Income 2,660,386 1,443,523
Interest Expense (1,217,768) (913,270) Interest Income 82,937
26,547 Recognized deferred gain on sale of vessels 1,187,572 -
Equity in income of associated companies 148,872 - Loss on
Repurchases of Notes - (20,355) --------------------------- Net
Income $2,861,999 $536,445 --------------------------- Net Income
per share $0.33 $0.06 Average Number of shares outstanding
8,785,950 8,724,021 Shareholders equity $34,540,750 $30,884,694
Reconciliation of EBITDA to Net Income Net Income $2,861,999
$536,445 Plus: interest expense 1,217,768 913,270 Plus:
depreciation and amortization 2,529,552 1,640,363
--------------------------- EBITDA $6,609,319 $3,090,078
--------------------------- Appendix 2 Six months financial summary
for the period ended June 30th, 2005 and 2004 (US$): 6 months 6
months ended 30- ended 30- Jun-2005 Jun-2004 ____________
____________ Charterhire and Other Income $15,867,221 $15,777,436
Net Income $4,908,754 $1,336,843 Net Income per share $0.56 $0.15
*T
M C Shipping (AMEX:MCX)
Historical Stock Chart
From Sep 2024 to Oct 2024
M C Shipping (AMEX:MCX)
Historical Stock Chart
From Oct 2023 to Oct 2024