Safe Bulkers reports Q4 and FY 2012 results
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and twelve month period ended December 31, 2012.
Net revenue for the fourth quarter of 2012 increased by 8% to $46.4 million from $42.9 million, during the same period in 2011.
Net income for the fourth quarter of 2012 increased by 36% to $32.2 million from $23.6 million, during the same period in 2011. Adjusted net income for the fourth quarter of 2012 decreased by 15% to $20.5 million from $24.0 million, during the same period in 2011.
EBITDA 2 for the fourth quarter of 2012 increased by 39% to $43.9 million from $31.7 million during the same period in 2011.
Adjusted EBITDA for the fourth quarter of 2012 increased marginally at $32.2 million from $32.1 million during the same period in 2011.
Earnings per share (“EPS”) and Adjusted EPS for the fourth quarter of 2012 was $0.42 and $0.27, respectively, calculated on a weighted average number of shares of 76,665,956, compared to $0.33 and $0.34, respectively, during the fourth quarter of 2011, calculated on a weighted average number of shares of 70,894,420.
The company’s Board of Directors declared a dividend of $0.05 per share for the fourth quarter of 2012.