Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and twelve month period ended December 31, 2015.
Summary of Fourth Quarter 2015 Results:
Net revenue for the fourth quarter of 2015 decreased by 24% to $29.9 million from $39.1 million during the same period in 2014.
Net loss for the fourth quarter of 2015 was $29.9 million as compared to $0.1 million, during the same period in 2014. Adjusted net loss 1 for the fourth quarter of 2015 was $7.7 million as compared to Adjusted net income 1 of $4.7 million, during the same period in 2014.
EBITDA 2 for the fourth quarter of 2015 decrease d to $13.1 million loss as compared to earnings of $13.4 million during the same period in 2014. Adjusted EBITDA 3 for the fourth quarter of 2015 decreased by 50% to $9.1 million from $18.3 million during the same period in 2014.
Loss per share 4 and Adjusted loss per share 4 for the fourth quarter of 2015 were $0.40 and $0.13, respectively, calculated on a weighted average number of shares of 83,504,266, as compared to a Loss per share of $0.04 and Adjusted earnings per share of $0.01 during the same period in 2014, calculated on a weighted average number of shares of 83,454,102.
Summary of Twelve Months Ended December 31, 2015 Results:
Net revenues for the twelve months of 2015 decreased by 17% to $127.3 million as compared to $154.1 million during the same period in 2014.
Net loss for the twelve months of 2015 was $47.9 million from net income of $14.6 million during the same period in 2014. Adjusted net loss for the twelve months of 2015 was $22.4 million as compared to Adjusted net income of $17.5 million, during the same period in 2014.
EBITDA for the twelve months of 2015 decreased by 80% to $13.5 million as compared to $66.7 million during the same period in 2014. Adjusted EBITDA for the twelve months of 2015 decreased by 44% to $39.1 million as compared to $69.6 million during the same period in 2014.
Loss per share and Adjusted Loss per share for the twelve months of 2015 were $0.74 and $0.44, respectively, calculated on a weighted average number of shares of 83,479,636, as compared to Earnings per share 4 (“EPS”) of $0.06 and Adjusted EPS 4 of $0.10 during the same period in 2014, calculated on a weighted average number of shares of 83,446,970.