MC Shipping Announces Year End Results

Wednesday, March 17, 2004
MC Shipping Inc. said net income for the year ended December 31, 2003 was a record $3,091,155 or $0.37 per share, compared to a net income of $2,241,906 or $0.27 per share in 2002. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $20.1 million and the ratio of EBITDA to interest expense was approximately 4.1 for the year ended December 31, 2003. In 2002, EBITDA was approximately $20.0 million and the ratio of EBITDA to interest expense was approximately 3.1. EBITDA is defined by the Company as Net Income before income taxes, interest, depreciation and amortization and provision for impairment loss. Total revenues (excluding interest income) in 2003 were $35,797,522 compared to $41,858,999 in 2002. Vessel operating expenses were $17,875,984 for the year 2003 compared to $19,547,436 in 2002. Operating expenses were approximately 50.0% of revenues as compared to 46.7% in the prior year. The fleet on-hire performance was 95.1% in 2003 down from 97.6% in 2002. For the quarter ended December 31, 2003, net income was $742,744 or $0.09 per share, compared to a net income of $600,621 or $0.07 per share in the same quarter of 2002. Revenues for the quarter were $7,688,106, compared to $10,507,773 posted in the same quarter of 2002. In light of the continued profitable operations, the Company's Board of Directors has decided to distribute a stock dividend of 1 share for every 20 shares owned. A separate press release will outline the details of the dividend distribution. In January 2004, the Company received appraisals for its fleet from recognized independent shipping brokers. The average current market value of the company fleet was approximately $61.8 million. This value is approximately equal to the book value of the vessels.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Finance

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.2198 sec (5 req/sec)