Safe Bulkers, Inc. Reports Q1 2011 Results

Press Release
Wednesday, May 04, 2011

Athens, Greece – May 3, 2011 -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the first quarter ended March 31, 2011. The Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the first quarter of 2011.

Summary of First Quarter 2011 Results

Net revenue for the first quarter of 2011 increased by 23% to $42.3 million from $34.3 million during the same period in 2010.

* Net income for the first quarter of 2011 decreased by 15% to $27.3 million from $32.1 million, which includes $15.2 million gain on sale of a vessel, during the same period in 2010.
* EBITDA1 for the first quarter of 2011 decreased by 7% to $34.4 million from $37.1 million during the same period in 2010.
* Earnings per share for the first quarter of 2011 of $0.41, calculated on a weighted average number of shares of 65,881,600, compared to $0.58 in the first quarter 2010, calculated on a weighted average number of shares of 55,435,436.
* The Company’s Board of Directors declared a dividend of $0.15 per share for the first quarter of 2011.
 

Source: http://www.safebulkers.com

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