2008 Results News

Star Bulk Carriers Corp. (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the fourth quarter and the year ended December 31, 2009. Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased to report that the Company completed its 2009 financial year, a challenging year, in a strong financial condition. As we look forward into 2010, our approach will be one of conservative growth by seeking value-enhancing assets, while maintaining the strength of our balance sheet. In this context, we believe that the recently announced acquisition of the capesize vessel…

SEACOR Holdings Inc. (NYSE: CKH) announced its results for the fourth quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2009 was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share. For the preceding quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc. was $26.3 million, or $1.23 per diluted share, on operating revenues of $446.1 million. For the twelve months ended December 31, 2009, net income attributable to SEACOR Holdings Inc.

Northrop Grumman Corporation (NYSE: NOC) reported Q4 2009 net earnings of $413 million, or $1.31 per diluted share, and 2009 net earnings of $1.7 billion, or $5.21 per diluted share. In 2008, the company reported a fourth quarter net loss of $2.5 billion, or $7.75 per diluted share, and a net loss for the year of $1.3 billion, or $3.77 per diluted share. 2008 fourth quarter and full year results were significantly impacted by a goodwill impairment charge. In December 2009, the company completed the sale of TASC, Inc. (TASC), its advisory services business, for $1.65 billion in cash and a net gain of $0.05 per share. TASC's operating results are accounted for as discontinued operations, and results for all periods presented in this release have been adjusted for the divestiture.

Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $7.6 million, or $0.09 per diluted share, on revenues of $183.7 million for the second quarter 2009, excluding the effects of non-recurring items, compared with income from continuing operations of $20.0 million, or $0.22 per diluted share, on revenues of $270.1 million for the second quarter 2008, also excluding non-recurring items. When including the effect of non-recurring items, the Company reported a loss from continuing operations of $11.8 million, or $0.13 per diluted share for the second quarter 2009, compared with income from continuing operations of $16.4 million, or $0.18 per diluted share for the second quarter 2008.

Conrad Industries, Inc. (Pink Sheets: CNRD) announced its fourth quarter and twelve months 2008 results. For the quarter ended December 31, 2008, Conrad had net income of $7.1m and earnings per diluted share of $1.09 compared to net income of $6.3m and earnings per diluted share of $0.86 during the fourth quarter of 2007. The Company had net income of $23m and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008 compared to net income of $19.2m and earnings per diluted share of $2.63 for the twelve months ended December 31, 2007. The diluted shares for the quarters ended December 31, 2008 and 2007 and for the twelve months ended December 31, 2008 and 2007, are 6.5 million, 7.3 million, 7.0 million and 7.3 million, respectively.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its fourth quarter and twelve months 2008 results. For the quarter ended December 31, 2008, Conrad had net income of $7.1m and earnings per diluted share of $1.09 compared to net income of $6.3m and earnings per diluted share of $0.86 during the fourth quarter of 2007. The Company had net income of $23m and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008 compared to net income of $19.2m and earnings per diluted share of $2.63 for the twelve months ended December 31, 2007. The diluted shares for the quarters ended December 31, 2008 and 2007 and for the twelve months ended December 31, 2008 and 2007, are 6.5 million, 7.3 million, 7.0 million and 7.3 million, respectively.

Tognum, a specialist for propulsion and power solutions, reported its 2008 results and 2009 outlook. In the financial year 2009, the financial and economic crisis will also have a negative impact on Tognum’s markets and its business performance. However, the company does expect to see a return to sustained growth rates in the medium term resulting once again in double-digit EBIT margins on average. “In 2009, our successful business model will face completely new challenges,” stated Volker Heuer, chairman of Tognum AG’s Executive Board. “In terms of our revenues for 2009, we anticipate scenarios of 2 minus 10 to minus 20 percent compared with 2008.

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2008. Financial Highlights: For the fourth quarter of 2008, the company reported a loss of $1.02 billion or $18.42 per share. Included in the fourth quarter results are a non-cash loss of $700.5 million or $12.68 per share related to the impairment of goodwill associated with the acquisition of Ocean Rig ASA, a loss related to contract termination fees and forfeiture of vessel deposits of $160.0 million or $2.90 per share, a non cash loss of $177.0 million or $3.20 per share associated with the valuation of the Company’s interest rate swaps…

Wilson Sons Limited announced its consolidated results for the Fourth Quarter (4Q08) and Full Year 2008 (FY08). The company, through its subsidiaries, is one of Brazil's largest providers of integrated port and maritime logistics and supply chain solutions. With a business track record of over 170 years, the company has developed an extensive national network and provides a comprehensive set of services related to domestic and international trade, as well as to the oil and gas industry. Its principal operating activities are divided into the following business segments: (i) Port Terminals, (ii) Towage, (iii) Logistics, (iv) Shipping Agency, (v) Offshore, and also into (vi) Non-Segmented Activities. Wilson, Sons' consolidated net revenues improved both in 4Q08 and in FY08.

Now at 12.2 million tons, the volume of goods carried between the Port of Hamburg and the hinterland by inland waterway vessel in 2008 exceeded all previous levels. This marked a 1.5 percent increase on the operating results of the previous year. In Germany as a whole, the shipment of goods by inland waterway vessel in 2008 dropped by 1.6 percent. The most important goods categories were mineral oil products, gases, coal and agricultural and forestry products. The latter chalked up the highest rate of growth last year, followed by chemical products, fertilizers and finished and semi-finished goods, which are generally carried by container. Container transport is of special importance for the Port of Hamburg.

SpecTec Group aggregated results (the sum of all revenues of all companies in the Group) have reached $47.8m, compared to $42.6m in 2007, with a growth of 12.16%. In the same period, consolidated revenues have grown by 12.9%. SpecTec’s growth in revenue has been of 53.7% since the acquisition from Xantic in 2005. The group closed 2006, 2007 and 2008 with profit. In the period 2005 to 2008, the company equity grew 28 %. During 2008, the company has been cash flow positive and has not had to use any corporate bank overdraft facility, even considering the heavy investment due to the creation of the new suite of products, AMOS2. AMOS sales have grown by 26.5%compared to 2007, and by 41% compared to 2006. All companies in the SpecTec Group are audited by Deloitte.

Danaos Corporation (NYSE: DAC), international owner of containerships, reported unaudited results for the fourth quarter and the full year ended December 31, 2008. •    Net earnings on a comparable basis1 from continuing operations of $25.5 million or $0.47 per share and $118.7 million or $2.18 per share for the quarter and the year ended December 31, 2008, respectively, compared to $25.5 million or $0.47 per share and $107.2 million or $1.96 per share for the respective periods of 2007. •    Net earnings on a reported basis from continuing operations of $23.8 million or $0.44 per share and $117.1 million or $2.15 for the quarter and the year ended December 31…

On Feb. 25, General Maritime Corporation (NYSE:GMR) reported its financial results for the three months and full year ended December 31, 2008. Excluding the $3.2m of other gain and $34m in compensation accruals in connection with the company's executive transition plan as well as litigation costs in connection with the Genmar Defiance, the company recorded net income of $19.3m or $0.47 basic and $0.45 diluted earnings per share for the three months ended December 31, 2008. Net loss was $11.5m or $0.28 basic and $0.28 diluted loss per share, for the three months ended December 31, 2008, compared to net income of $5.2m, or $0.13 basic and $0.13 diluted earnings per share, for the three months ended December 31, 2007.

Transocean Ltd. (NYSE:RIG) reported net income for the three months ended December 31, 2008 of $800m, or $2.50 per diluted share. Revenues for the fourth quarter 2008 totaled a record $3.3b. The results compare to net income of $1.05b, or $4.17 per diluted share, for the three months ended December 31, 2007. For the three months ended December 31, 2007, revenues were $2.1b. •    $17m of write-offs for uncollectible accounts receivable associated with the Sedco 712 rig contract after the operator announced it had been placed into administration (a form of bankruptcy protection under U.K. •    Partially offset by $21m of income related to the sales contract termination fee on the Transocean Nordic and income from the TODCO tax sharing agreement.

On Feb. 10, Hercules Offshore, Inc. (NASDAQ:HERO) reported income from continuing operations of $37.4m, or $0.42 per diluted share, on revenues of $313.5m for the fourth quarter 2008, excluding the effects of non-recurring items, compared with income from continuing operations of $32.8m, or $0.37 per diluted share, on revenues of $244.2m for the fourth quarter 2007. Income from continuing operations for the twelve months ended December 31, 2008, was $95.7m, or $1.08 per diluted share, on revenues of $1.1b, excluding the effects of non-recurring items, compared to income from continuing operations of $139m, or $2.33 per diluted share, on revenues of $726.3m for the twelve months ended December 31, 2007, excluding the effects of non-recurring items.

Kirby Corporation (NYSE:KEX) announced record net earnings for the fourth quarter ended December 31, 2008 of $38.4m, or $.72 per share, compared with net earnings of $34.4m, or $.64 per share, for the 2007 fourth quarter. The 2008 fourth quarter net earnings included a $6m before taxes, or $.07 per share, increase in Kirby's allowance for doubtful accounts. Consolidated revenues for the 2008 fourth quarter were a record $326.7m, an increase of 6% over the $307.9m reported for the 2007 fourth quarter. "While our fourth quarter results mark the 20th consecutive quarter that our net earnings exceeded the same quarter of the previous year…

Teekay Tankers Ltd. - an interest rate swap agreement under the Statement of Financial Accounting Standards No. - two vessels acquired from Teekay Corporation (Teekay) subsequent to the company's December 2007 initial public offering, whereby the company's financial statements have been retroactively adjusted to include the historical results of the vessels from the date they were originally acquired by Teekay and began operating, as more fully discussed below under "Changes to Accounting for Dropdown Transactions". Subsequent to the release of its results for the second quarter of 2008 on August 7, 2008, the company determined that it would be required to restate its previously reported financial results.

Star Bulk Carriers Corp. (Nasdaq: SBLK), a global shipping company focusing on transportation of dry bulk cargoes, announced its operating results for the third quarter and nine months ended September 30, 2008. •    The Company reported net income of $35.24 million for the third quarter of 2008 compared to net income of $0.94 million for the third quarter of 2007. •    Voyage and time charter revenues were $65.18 million for the third quarter of 2008. This figure includes revenues of $16.89 million attributable to the amortization of the fair value of below/above market acquired time charters. •    Earnings per share, basic and diluted for the third quarter of 2008 were $0.63 and $0.62, respectively.

Conrad Industries, Inc. (Pink Sheets: CNRD) announced its third quarter and nine months 2008 results and the termination of its stock repurchase program. For the quarter ended September 30, 2008, Conrad had net income of $4.5 million and earnings per diluted share of $0.64 compared to net income of $5.0 million and earnings per diluted share of $0.69 during the third quarter of 2007. The Company had net income of $15.9 million and earnings per diluted share of $2.22 for the nine months ended September 30, 2008 compared to net income of $12.9 million and earnings per diluted share of $1.77 for the nine months ended September 30, 2007. Conrad's backlog was $74.8 million at September 30, 2008 compared to $80.9 million at December 31, 2007 and $93.4 million at September 30, 2007.

Joseph E. Royce, Chairman and Chief Executive Officer and President of TBS International Limited, stated: "We attribute these record results to the efforts of our worldwide team of shipping professionals delivering our TBS Five Star Service (Ocean Transportation, Logistics, Portside Services, Operations and Strategic Planning) to our global customer base. TBS owns its vessels, deals directly with our clients and presently does not have vessels on long term time charters. "We are in unprecedented times for the global economy and dry cargo shipping industry. The stagnation caused by the crisis in the financial community has interrupted normal trade and reduced cargo movement.

For the three months ended September 30, 2008, Rowan Companies, Inc. (NYSE: RDC) generated net income of $114.1m or $1.00 per share, compared to $130.8m or $1.16 per share in the third quarter of 2007 and $120.6m or $1.06 per share in the second quarter of 2008. Revenues were $527.1m in the third quarter of 2008, compared to $502.2m in the third quarter of 2007 and $587.1m in the second quarter of 2008. The third quarter 2008 results included $21.4m, or $0.12 per share, of gains on asset sales, compared to $1.1m, or less than $0.01 per share, in the third quarter of 2007 and $1.5m, or $0.01 per share, in the second quarter of 2008. Rowan's offshore rig utilization was 95% during the third quarter of 2008…

Conrad Industries, Inc. announced its first quarter 2008 results and net new business of $21m, including the signing of contracts for the construction of eight barges and a drydock and cancellation of two barges of a four barge contract previously announced. This brings the current backlog to approximately $102.0 million compared to $96.4 million at March 31, 2008 and $81.7 million at March 31, 2007. For the quarter ended March 31, 2008, Conrad achieved net income of $4.5 million and earnings per diluted share of $0.62 compared to net income of $3.3 million and earnings per diluted share of $0.45 during the first quarter of 2007 and net income of $6.3 million and earnings per diluted share of $0.86 during the fourth quarter of 2008.

Attica Holdings has concluded the sale and delivery of its ice-class RoRo vessel Marin to Compagnie Maritime Marfret. The delivery of Marin to her new owners took place yesterday in Patras, Greece. The total sale proceeds of Marin of Euro 8.52mln generate for Attica Group additional cash of approximately Euro 5.90mln and capital gains of approximately Euro 2.33mln, which will appear in the Group’s first quarter 2008 results.