General Maritime 4Q and 2008 Results
On Feb. 25, General Maritime Corporation (NYSE:GMR) reported its financial results for the three months and full year ended December 31, 2008. Excluding the $3.2m of other gain and $34m in compensation accruals in connection with the company's executive transition plan as well as litigation costs in connection with the Genmar Defiance, the company recorded net income of $19.3m or $0.47 basic and $0.45 diluted earnings per share for the three months ended December 31, 2008. Net loss was $11.5m or $0.28 basic and $0.28 diluted loss per share, for the three months ended December 31, 2008, compared to net income of $5.2m, or $0.13 basic and $0.13 diluted earnings per share, for the three months ended December 31, 2007.
GMR Combines with Arlington Tankers
General Maritime Corporation (GMR) announced that Historic General Maritime and Arlington Tankers Ltd. have completed their combination to form public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation). In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime. Arlington shareholders are entitled to receive one share of General Maritime common stock for each share of Arlington common stock they held immediately prior to the effective time of the combinationā¦
