Dryships Reports 3Q Results

Wednesday, November 07, 2007
DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2007. For the third quarter ended September 30, 2007, Time charter equivalent revenues (Voyage revenues less voyage expenses) amounted to $140.5m as compared to $56.2m for the third quarter ended September 30, 2006. Operating Income was $118.2m for the quarter ended September 30, 2007, as compared to $15.7m for the quarter ended September 30, 2006. Net Income for the third quarter ended September 30, 2007 was $103.5m or $2.92 earnings per share calculated on 35.49m weighted average basic and diluted shares outstanding as compared to $3.5m or $0.11 earnings per share calculated on 33.23 million weighted average basic and diluted shares outstanding for the quarter ended September 30, 2006. EBITDA for the third quarter of 2007 was $136.5m as compared to $35.8m in the quarter ended September 30, 2006. An average of 33.7 vessels were owned and operated during the third quarter of 2007, earning an average Time Charter Equivalent, or TCE, rate of $45,525 per day as compared to an average of 29.8 vessels owned and operated during the third quarter of 2006 earning an average TCE rate of $20,808 per day.
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