Arlington Tankers Reports Loss in Q1

Thursday, April 24, 2008

Arlington Tankers Ltd. (ATB), a sea borne transporter of crude oil and petroleum products, announced first quarter financial results, reporting a net loss, reversing a profit in the year-ago quarter.
The , Bermuda-based company's first quarter non-GAAP net income declined to $4.64m or $0.30 per share from $4.93 million or $0.32 per share in the same quarter a year ago. On an average, four analysts polled by First Call/Thomson Financial estimated the company to earn $0.29 per share for the quarter.
Net loss for the quarter was $2.48 million or $0.16 per share, compared to net income of $3.85 million or $0.25 per share in the prior year quarter.
The company said its net income for the first quarter of 2008 declined by an unrealized loss of about $7.1 million, representing the change in the fair value of the company's interest rate swap arrangement pertaining to its secured credit facility with The Royal Bank of Scotland plc. As such, the company's net loss for the first quarter of 2008 was $2.5 million or $0.16 per share.
Revenues for the quarter were $17.56 million, up from $17.34 million last year. Wall Street analysts expected the company to post revenues of $17.63 million for the quarter.
Total operating expenses advanced to $9.64 million from $9.26 million in the prior year, while operating income declined to $7.92 million from $8.09 million in the comparable quarter a year ago.
The company's cash and cash equivalents were $15.87 million as of March 31, 2008, compared to $6.27 million as of December 31, 2007.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

Genting Acquires Crystal Cruises

Crystal Cruises has been sold for $550 million to the owner of Asia's largest cruise line and a major shareholder of Norwegian Cruise Line.    Crystal's parent company,

Africa Should Tap its Maritime Resources: IMO

The huge potential of the oceans and the maritime industry to assist in the development of the African continent has already been noted, International Maritime

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1134 sec (9 req/sec)