MC Shipping Announces Second Quarter 2007 Results and Acquisition of LPG Vessel
08 8월 2007 - 1:55AM
Business Wire
MC Shipping Inc. (AMEX: MCX) (the �Company�), an international
liquefied petroleum gas (LPG) maritime carrier, today reported its
financial and operating results for the second quarter and the
first six months of 2007. Second Quarter Results For the quarter
ended June 30, 2007, gross revenues (excluding interest income)
were $16.4 million, compared to $9.9 million for the quarter ended
June 30, 2006. The Company's earnings before interest, taxes,
depreciation and amortization (EBITDA) were approximately $11.6
million in the second quarter 2007 ($6.5 million in the second
quarter 2006), and the ratio of EBITDA to interest expense was
approximately 3.7 for the quarter ended June 30, 2007 compared to 5
for the same period in 2006. Net income for the first quarter 2007
was $2.4 million or $0.26 per share, compared to net income of $2
million or $0.21 per share or the same period in 2006 (see Appendix
1 for the three months financial summary). Vessel operating
expenses (including dry-dock amortization) were $6 million in the
second quarter 2007 compared to $5.2 million in the second quarter
2006. As a percentage of revenue, vessel operating expenses plus
amortization of dry-docking costs decreased from 52.3% in the
second quarter 2006 to 36.4% in the second quarter 2007. Tony
Crawford, the Company�s President and CEO commented on the second
quarter results, �We are pleased to note a substantial increase in
revenues reflecting the larger fleet and higher charter rates.� �We
expect a continued revenue and EBITDA growth in the third quarter
2007 as we take delivery of three new LPG vessels acquired from the
Komaya Group, as previously announced. We also expect a positive
contribution from the Kew Bridge once she returns to service in
August and improved earnings on the La Forge as the freight market
for VLGC tankers improves�, concluded Crawford. Acquisition of LPG
Vessel The Company also announced that it has agreed to acquire
another LPG vessel from a subsidiary of Vitol SA, a major
international oil and gas trading company. The vessel, Kendal is a
sister ship to the m/v Keswick that the Company contracted to
acquire a month ago. The Kendal is also built in 2003 and has a
capacity of 11,000 cbm. The vessel is expected to be delivered at
the end of 2008. Simultaneously with the purchase, she will be
time-chartered back to Vitol SA for a minimum period of three
years. The Company expects to finance the acquisition with a
combination of bank debt and internal cash resources. The Company
will not be paying any of the purchase price until third quarter
2008. �Maintaining our strategic focus on the LPG shipping, we are
pleased to invest in this second modern vessel that will further
improve our fleet�s age profile as we continue expanding our
presence in the mid-size LPG sector. Similarly to the Keswick, this
vessel is expected to generate approximately $4.6 million in
additional revenues and $3.3 million in EBITDA per year�, commented
CEO Tony Crawford. ABOUT MC SHIPPING INC. MC Shipping Inc. is an
international shipping company focused on maritime transportation
of liquefied petroleum gas (LPG), with headquarters in Monaco and
offices in London and Singapore. MC Shipping fully or partially
owns and operates a fleet of 19 vessels and has contracted to
purchase five additional vessels that serve the world�s major oil,
gas, shipping and trading companies. On July 30, 2007, MC Shipping
Inc. and Bear Stearns Merchant Banking (�BSMB�) announced the
signing of a merger agreement providing for the Company to be
acquired by a newly-formed entity controlled by BSMB, as detailed
in the Company�s Form 8-K filed on July 31, 2007. FORWARD-LOOKING
STATEMENTS Except for the historical information contained herein,
the matters discussed in this press release could contain
�forward-looking statements� that are based on current expectations
and assumptions that involve risks and uncertainties, which could
cause actual results to differ materially from those predicted. For
example, (i) MC Shipping Inc. may be unable to obtain the
shareholder approval required for the merger and (ii) conditions to
the closing may not be satisfied. In addition, additional factors
that could affect MC Shipping�s results, levels of activity,
performance or achievements and cause them to materially differ
from those contained in the forward looking statements can be found
in MC Shipping�s filings with the U.S. Securities and Exchange
Commission, including MC Shipping�s annual report on Form 10-K,
current reports on Form 8-K and quarterly reports on Form 10-Q. MC
Shipping Inc. undertakes no obligation to update any
forward-looking statement to conform to actual results or changes
in the Company�s expectations, whether as a result of new
information, future events, or otherwise. ADDITIONAL INFORMATION
AND WHERE TO FIND IT In connection with the proposed merger, MC
Shipping Inc. will make a proxy statement available to all
shareholders. INVESTORS ARE URGED TO READ THE PROXY STATEMENT
CAREFULLY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN
IMPORTANT INFORMATION ABOUT MC SHIPPING AND THE PROPOSED MERGER.
Investors will be able to obtain free copies of the proxy statement
and white proxy card (when available) at the MC Shipping Web site
at www.mcshipping.com. Appendix 1 � Three months financial summary
for the period ended June 30th (US$): � 2007 � 2006 � Charterhire
and Other Income $16,395,174 $9,940,984 Commission on Charterhire
(184,109 ) (131,694 ) Vessel Operating Expenses (5,439,900 )
(4,721,267 ) Depreciation and dry-dock amortization (6,059,372 )
(3,174,671 ) General and Administrative Expenses (880,623 )
(673,185 ) Income From Vessel Operations 3,831,170 1,240,167 �
Profit on sale of vessels - 1,028,693 Recognized deferred gain on
sale of vessels 1,187,572 1,187,572 Equity in income / (losses) of
associated companies 386,537 � (247,741 ) Operating Income
5,405,279 3,208,691 � Interest Expense (3,113,800 ) (1,301,278 )
Interest Income 133,979 � 115,452 � Net Income $2,425,458 �
$2,022,865 � � Net Income per share (basic) $0.26 $0.21 � Average
Number of shares outstanding 9,510,017 9,499,086 Shareholders
equity $52,935,832 $47,684,169 � Reconciliation of EBITDA to Net
Income Net Income $2,425,458 � $2,022,865 � Plus: interest expense
3,113,800 1,301,278 Plus: depreciation and amortization 6,059,372 �
3,174,671 � EBITDA $11,598,630 � $6,498,814 � Appendix 2 � Six
months financial highlights for the period ended June 30th (US$): �
2007 2006 Charterhire and Other Income $31,899,340 $20,048,239 �
Operating Income 11,060,186 7,897,677 � Net Income $5,121,528
$5,734,764 � Net Income per share (basic) $0.54 $0.61
M C Shipping (AMEX:MCX)
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M C Shipping (AMEX:MCX)
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