B+H Ocean Carriers, Ltd. announces unaudited results for the year
B+H Ocean Carriers Ltd. reported unaudited net income of $1.9 million, or $0.27 per share basic and $0.26 per share diluted for the three month period ending December 31, 2006, as compared to unaudited net income of $6.9 million or $0.97 per share basic and $0.94 diluted for the same period of 2005. EBITDA for the three months ending December 31, 2006 was $10.1 million as compared to $12.6 million for the three months ending December 31, 2005. Basic earnings per share calculations are based on weighted average shares outstanding of 6,965,745 and 7,129,094 respectively, for the three months ended December 31, 2006 and 2005. Diluted earnings per share calculations are based on weighted average shares outstanding of 7,155,400 and 7,364,490 respectively, for the three months ended December 31, 2006 and 2005. The unaudited financial information presented is subject to audit adjustments.
The Company also reported unaudited net income of $18.8 million or $2.68 per share basic and $2.60 per share diluted, for the twelve months ended December 31, 2006, compared to audited net income of $20.1 million, or $3.44 per share basic and $3.30 diluted, for the twelve months ended December 31, 2005. EBITDA for the twelve month period ending December 31, 2006 was $45.1 million as compared to $36.9 million for the comparable period of 2005. Basic earnings per share calculations are based on weighted average shares outstanding of 7,027,510 and 5,844,301 respectively, for the twelve months ended December 31, 2006 and 2005. Diluted earnings per share calculations are based on weighted average shares outstanding of 7,237,620 and 6,092,522 respectively, for the twelve months ended December 31, 2006 and 2005.
The Company also announced that it had completed the conversion of two of its six single hull medium range ("MR") product tankers to fully double hull, Marpol compliant vessels suitable for trading in petroleum products and vegetable oils. The Company said it intends to continue this conversion project one vessel at a time, with the completion of the sixth vessel expected in early 2008.
The Company also reported unaudited net income of $18.8 million or $2.68 per share basic and $2.60 per share diluted, for the twelve months ended December 31, 2006, compared to audited net income of $20.1 million, or $3.44 per share basic and $3.30 diluted, for the twelve months ended December 31, 2005. EBITDA for the twelve month period ending December 31, 2006 was $45.1 million as compared to $36.9 million for the comparable period of 2005. Basic earnings per share calculations are based on weighted average shares outstanding of 7,027,510 and 5,844,301 respectively, for the twelve months ended December 31, 2006 and 2005. Diluted earnings per share calculations are based on weighted average shares outstanding of 7,237,620 and 6,092,522 respectively, for the twelve months ended December 31, 2006 and 2005.
The Company also announced that it had completed the conversion of two of its six single hull medium range ("MR") product tankers to fully double hull, Marpol compliant vessels suitable for trading in petroleum products and vegetable oils. The Company said it intends to continue this conversion project one vessel at a time, with the completion of the sixth vessel expected in early 2008.