Globus Maritime Limited (NASDAQ: GLBS), a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the three-month period ended March 31, 2011.
The Company also declared a quarterly cash dividend of $0.16 per share for the three-month period ended March 31, 2011. This is the third quarterly cash dividend declared by the Company’s Board of Directors since the listing of its common shares on the NASDAQ Global Market in November 2010. Prior to listing on the NASDAQ, the Company’s shares traded on the Alternative Investment Market of the London Stock Exchange from June 2007 to November 2010.
Summary results of the first quarter 2011 (“Q1-11”) versus the first quarter 2010 (“Q1-10”)
* Revenue of $8.5 million versus $5.8 million, an increase of 47%;
* Net Revenue of $7.5 million versus $5.3 million, an increase of 42%;
* Adjusted EBITDA of $4.9 million versus $3.2 million, an increase of 53%; adjusted EBITDA is further defined below and is not in accordance with generally accepted accounting principles (“GAAP”) measure. See “Selected Consolidated Financial & Operating Data” below for a reconciliation of non-GAAP financial measures;
* Total comprehensive income of $2.2 million versus $0.5 million, an increase of 340%;
* Basic earnings per share of $0.30, calculated on 7,289,688 weighted average number of shares compared to $0.06, calculated on 7,239,264 weighted average number of shares;
* An average of 5.0 vessels were owned and operated during Q1-11 compared to 3.0 vessels owned and operated during Q1-10. Average Time Charter Equivalent (“TCE”) for Q1-11 was $18,012 per day compared to $19,429 per day for Q1-10; and
* Fleet utilization was 99.5% versus 96.7%; fleet utilization is further defined below.