Safe Bulkers Squeeze One Percent More Revenue Out of 2013

MarineLink February 26, 2014

Image courtesy of Safe Bulkers

Greece's Safe Bulkers, Inc. reports Fourth Quarter & Twelve Months 2013 results and declares quarterly dividend on common stock of $0.06 per share for the fourth quarter of 2013.

Summary of Results for the Twelve-Month Period Ended December 31, 2013

Net revenue for the twelve-month period ended December 31, 2013 increased by 1% to $186.7 million from $184.3 million during the same period in 2012.
Net income for the twelve-month period ended December 31, 2013 decreased by 13% to $83.3 million from $96.1 million. Adjusted net income1 for the twelve-month period ended December 31, 2013 decreased by 16% to $75.4 million from $89.8 million, during the same period in 2012.
EBITDA2 for the twelve-month period ended December 31, 2013 decreased by 5% to $130.0 million from $137.5 million during the same period in 2012. Adjusted EBITDA1 for the twelve-month period ended December 31, 2013 decreased by 7% to $122.2 million from $131.2 million during the same period in 2012.
EPS and Adjusted EPS1 for the twelve-month period ended December 31, 2013 were $1.05 and $0.95 respectively, calculated on a weighted average number of shares of 77,495,029, compared to $1.27 and $1.19 for the same period in 2012, calculated on a weighted average number of shares of 75,468,465.

Dr. Loukas Barmparis, President of the Company, said: “As many of our long duration time charters expired, we have substantial and increasing exposure to the spot market. We believe our ongoing efforts to renew and gradually expand our fleet has positioned us well this early stage of the forthcoming shipping cycle’’.