DryShips Inc. today announced its unaudited financial and operating results for the quarter ended December 31, 2017. The company reported a net income of USD 11.5 million, or USD 0.11 basic and diluted earnings per share in the fourth quarter.
Dryships’ net income associated with “mark-to-market” accounting of the Company’s 49.0% ownership in Heidmar Holdings LLC, was USD 9.7 million, or USD 0.09 per share. The company made a profit of USD 4.4 million, or USD 0.04 per share through the sale of 2001 built Panamax vessel, the Ecola, to an unaffiliated buyer.
Excluding the above, the company’s net results would have amounted to a net loss of USD 2.6 million, or USD 0.02 per share. Dryships reported adjusted EBITDA of USD 9.9 million for the fourth quarter of 2017.
Key Information as of February 26, 2018
- Cash and cash equivalents: approximately USD 41.0 million (or USD 0.39 per share)
- Book value of vessels: approximately USD 821.7 million (or USD 7.88 per share)
- Debt outstanding balance: approximately USD 237.0 million (or USD 2.27 per share)
- Number of Shares Outstanding: 104,274,708
Drawdown of previously announced New Secured Credit Facility:
On January 26, 2018, the previously announced USD 90.0 million secured credit facility with a commercial lender was fully drawdown. The USD 90.0 million secured credit facility is secured by the Company’s four tanker vessels, has a tenor of five years, bears an interest rate of LIBOR plus margin, is repayable in quarterly installments and has customary financial covenants.
Sea News, February 28