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.