Dryships Inc. Reports Q4 2010

March 30, 2011, Athens, Greece. DryShips Inc. (NASDAQ: DRYS), or the Company, a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, today announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2010.

Fourth quarter 2010 Financial Highlights

*  For the fourth quarter of 2010, the Company reported net income of $99.7 million, or $0.31 basic and $0.29 diluted earnings per share. Included in the fourth quarter 2010 results are various items, totaling $16.7 million, or $0.06 per share which are described below. Excluding these items, net income would have amounted to $83.0 million or $0.25 basic and $0.24 diluted earnings per share.  

*  Included in the fourth quarter 2010 results are non-cash amortization of debt issuance costs, including those relating to our convertible senior notes, totaling $10.2 million, or $0.03 per share.

*  Included in the fourth quarter 2010 results are gains incurred on our interest rate swaps, amounting to $26.9 million, or $0.09 per share.

*  Basic earnings per share for the fourth quarter of 2010 includes a reduction to net income amounting to $3.8 million relating to the cumulative payment-in-kind dividends on the Series A Convertible Preferred Stock, which reduces the income available to common shareholders. 

*  The Company reported adjusted EBITDA of $129.3 million for the fourth quarter of 2010.
 
Source: Dryships Inc.