Excel Reports Earnings

Thursday, August 04, 2005
Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its un-audited results for the second quarter 2005 and the first half of 2005 ended June 30th.

Total revenues for the second quarter 2005 amounted to $31.9 million, an increase of 138% when compared to the $13.4 million earned during the second quarter of 2004. Net income amounted to $14.6 million versus $8.6 million in the second quarter of 2004, an increase of 70%. Earnings per share for the quarter were $0.73 compared to $0.74 in the second quarter of 2004. The second quarter results include a profit of $1.7 million realized from the sale of the M/V "Lucky Lady."

For the first half of 2005, total revenues amounted to $49.2 million, an increase of 86% from the $26.5 million earned in the first half of 2004. Net income increased by 36% to $23.4 million from $17.2 million in the first half of 2004. Earnings per share for the first half of 2005 amounted to $1.36 compared to $1.49 for the first half of 2004. The results of the first half 2005 include a profit of $ 5.6 million realized from the sale of M/V "Petalis" and M/V "Lucky Lady." The first half 2005 results include a non cash charge of $5.2 million reflecting the effect of the management termination agreement dated March 2nd 2005, between Excel Maritime Carriers Ltd and its previous technical manager, Excel Management Ltd. Excluding the contract termination expense, net income and earnings per share for the first half 2005 would have amounted to $28.6 and $1.66 respectively. The company intended to report this first quarter related charge in the second quarter 2005 after the finalization of its valuation and accounting treatment.

Instead, the company concluded to report this charge in an adjustment to first quarter earnings. Therefore, net income for the first quarter is adjusted from $14.0 million to $8.8 million and earnings per share for the same period are adjusted from $0.96 to $0.61.

CEO Christopher Georgakis said "We are delighted to be reporting strong earnings for the second quarter 2005, with revenues up 138% over the same period last year. We believe that our fleet deployment strategy of period charters has enabled us to manage effectively volatile market conditions and realize firm time charter earnings.

"Having taken physical delivery of ten vessels during the second quarter 2005, together with an eleventh vessel early in the third quarter, we have completed successfully the first phase of our fleet renewal and expansion plans.

"With an 18-vessel fleet in place, and 50% of our revenues from the new acquisitions fixed for the remainder of 2005, we believe we have positioned the company for future growth." CFO Eleftherios Papatrifion commented: "I am pleased to be reporting that by the end of the second quarter 2005, we have fully utilized the proceeds from the March 2005 secondary offering. Our Balance Sheet remains strong, as evidenced by the net debt to total capitalization ratio of 41% as of 30th June 2005."

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