BHO Announces Results for 9 Months ended September 30, 2004.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- B+H Ocean Carriers B+H Ocean Carriers (OSE: BHOC, AMEX: BHO) is an international shipping company that operates seven bulk ships, seven product tankers and two chemical tankers. Based in Hamilton, Bermuda it also has offices in Oslo, Singapore, Bristol and New York. Ltd. (AMEX AMEX See: American Stock Exchange : BHO BHO Browser Helper Object BHO Bundeshaushaltsordnung BHO Barack Hussein Obama BHO Bhopal, India (airport code) BHO British History Online BHO Banjo Hangout (website) BHO Battle Handover ) reported unaudited net income of $697,000 or $.18 per share basic and $.16 per share diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , for the nine months ended September September: see month. 30, 2004, compared to a loss of $13,075,000 or ($3.32) per share basic and ($2.92) per share diluted, for the nine months ended September 30, 2003. Income from vessel VESSEL, mar. law. A ship, brig, sloop or other craft used in navigation. 1 Boul. Paty, tit. 1, p. 100. See sup. 2. By an act of congress, approved July 29, 1850, it is provided that any person, not being an owner, who shall on the high seas, willfully, with. operations was $1,620,000 for the nine months ended September 30, 2004, as compared to a loss of $18,598,000 for the same period of 2003. Income from vessel operations included revenues of $36,140,000 and losses from vessel sales of $4,085,000 for the nine months ended September 30, 2004 and revenues of $44,592,000 and losses from vessel sales of $16,505,000 for the nine months ended September 30, 2003. Vessel operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. included $1,907,000 for drydocking of two ships Two Ships is a single by the folk duet, The Sallyangie, released in 1969. Track listing
The Company generated cash from operations of $9,332,000 for the nine months ended September 30, 2004 as compared to $5,487,000 for the nine months ended September 30, 2003. The Company currently has seven vessels Vessels are a post-rock band from Leeds, UK. Vessels were born from the ashes of A Day Left in September 2005. In 2006 they self-released a 5 track eponymous ep, and played many gigs including the unsigned stage at Leeds Festival. on long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. time charters and two vessels operating on spot voyages. The Company expects the market to remain strong and revenue to continue at its current level for the balance of the year. The Company also expects to complete another drydocking in November November: see month. . On April 29, 2004, the Company, through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , acquired "SACHUEST", a 98,000 DWT DWT abbr. 1. deadweight tonnage 2. deadweight tons OBO OBO Or Best Offer (used in for sale ads) OBO On Behalf Of OBO Oboe (music scores) OBO Observation (UK) OBO One By One (animal rescue) (Ore/Bulk/Oil), a combination tanker/bulk carrier built in 1986, for $20,350,000. The vessel is on timecharter until March, 2006, plus or minus one month, at $27,000 per day. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the acquisition, the Company amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and restated its existing floating rate loan facility, which was increased to $36,000,000 on that date, inclusive of inclusive of prep. Taking into consideration or account; including. $19,000,000 borrowed to finance the acquisition. On May 25, 2004, the Company, through a wholly owned subsidiary, sold the vessel M/T M/T Me Too M/T Metric Ton M/T Motor Transport M/T Military Transport M/T measurement ton (US DoD) SKOWHEGAN for $3,800,000. The book value of the vessel exceeded the sales proceeds by $4,085,000 million, which amount is reflected as a loss on sale of vessels for the nine months ended September 30, 2004. On September 16, 2004, the Company, through a wholly owned subsidiary, agreed to sell the M/T ACOAXET for $5,700,000. The book value of the vessel exceeded the sales proceeds by $748,000, which amount is expected to be reflected as a loss on sale of vessels in the quarter ending December December: see month. 31, 2004. The closing is scheduled for November, 2004. The Company noted that for the months of May through August, following the acquisition of "SACHUEST", it has generated an average of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2 million monthly in earnings before interest, depreciation and amortization. September was negatively affected by the docking docking tail amputation. See dock1. of "SACHUEST" and related days offhire, and November will also be negatively affected by the scheduled drydocking of the vessel M/T ALGONQUIN Algonquin (ălgŏng`kwĭn, -kĭn), small group of Native North Americans. The name of the Algonquian branch of the Algonquian-Wakashan linguistic stock (to which they belonged) is derived from their name (see Native American languages). . The Company is engaged in the business of acquiring, investing in, owning, operating and selling product tankers and bulk carriers. The Company currently owns a fleet of eight Medium Range product tankers and one OBO (Ore/Bulk/Oil). Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements contained in this press release, including, without limitation, statements containing the words "believes," "anticipates," "expects," and words of similar import, constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases, regarding the Company's financial and business prospects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Such factors include, but are not limited to, those set forth in the Company's Annual Report and filings with the Securities and Exchange Committee. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any of the forward-looking statements contained or incorporation by reference The method of making one document of any kind become a part of another separate document by alluding to the former in the latter and declaring that the former shall be taken and considered as a part of the latter the same as if it were completely set out therein. herein to reflect future events or developments. For further information, access the Company's website: www.bhocean.com
B+H OCEAN CARRIERS LTD
UNAUDITED CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
September 30, December 31,
2004 2003
------------- ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 9,326,786 $ 2,908,824
Trade accounts receivable, net 1,546,017 1,824,008
Inventories 604,900 907,947
Prepaid expenses and other assets 794,963 893,433
------------ ------------
Total current assets 12,272,666 6,534,212
VESSELS AND IMPROVEMENTS AT COST :
Vessels and capital improvements 104,026,448 97,148,430
Less - accumulated depreciation (33,580,115) (33,285,112)
------------ ------------
70,446,333 63,863,318
INVESTMENTS AND OTHER ASSETS 628,283 432,682
------------ ------------
TOTAL ASSETS $ 83,347,282 $ 70,830,212
------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,349,309 $ 7,446,879
Accrued expenses 3,480,598 1,764,877
Accrued interest payable 304,058 188,869
Other liabilities 45,588 94,442
Mortgage Payable-Short Term 10,800,000 6,799,312
Deferred income 1,143,656 730,255
------------ ------------
Total current liabilities 19,123,209 17,024,634
MORTGAGE PAYABLE 22,465,472 12,365,988
DUE TO RELATED PARTY 566,518 944,686
------------ ------------
Total liabilities 42,155,199 30,335,308
SHAREHOLDERS' EQUITY:
Preferred Stock, $.01 par value;
5,000,000
shares authorized and no shares
issued - -
Common Stock, $.01 par value;
30,000,000
shares authorized; 4,313,916
shares issued and
outstanding as of September 30,
2004 43,140 43,140
Common Stock, $1.00 par value;
2,500 shares
authorized; 2,500 shares issued
and outstanding - -
Paid-in capital 38,142,343 38,142,343
Treasury stock (3,073,858) (3,073,858)
Retained Earnings 6,080,458 5,383,279
------------ ------------
Total shareholders' equity 41,192,083 40,494,904
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 83,347,282 $ 70,830,212
------------ ------------
B+H OCEAN CARRIERS LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
----------------------------------------------------------------------
For the nine For the nine
months months
ended ended
Sept. 30, Sept. 30,
2004 2003
------------ ------------
REVENUES:
Voyage and time charter revenues $35,140,444 $ 44,592,071
Other income 1,000,000
----------- ------------
36,140,444 44,592,071
OPERATING EXPENSES:
Voyage expenses 6,565,174 16,323,165
Vessel operating expenses, including
drydocking 15,365,193 20,344,335
Depreciation and amortization 6,102,402 7,174,192
Loss on sale of vessel 4,085,165 16,505,394
General and administrative 2,402,207 2,842,720
----------- ------------
Total operating expenses 34,520,141 63,189,806
Income (loss) from vessel operations 1,620,303 (18,597,735)
GAIN ON RETIREMENT OF MORTGAGE NOTES - 6,803,965
INTEREST EXPENSE, NET (923,124) (1,304,784)
INCOME TO MINORITY INTEREST IN SUBSIDIARY - 23,866
-
----------- ------------
(923,124) 5,523,047
----------- ------------
NET INCOME (LOSS) $ 697,179 $(13,074,688)
----------- ------------
Basic earnings (loss) per share $ 0.18 $ (3.32)
----------- ------------
Diluted earnings (loss) per share $ 0.16 $ (2.92)
----------- ------------
Weighted average number of shares
outstanding
Basic 3,839,242 3,934,504
Diluted 4,411,625 4,482,495
B+H OCEAN CARRIERS LTD
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
----------------------------------------------------------------------
For the nine For the nine
months months
ended ended
Sept. 30, Sept. 30,
2004 2003
------------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 697,179 $(13,074,688)
Adjustments to reconcile net income to
net cash provided from
operating activities:
Depreciation and amortization 6,102,402 7,174,192
Loss on sale of vessel 4,085,165 16,505,394
Income to minority interest in
subsidiary - (23,866)
Gain on retirement of mortgage notes - (6,803,965)
Changes in assets and liabilities:
Decrease in trade accounts receivable 277,991 2,158,623
Decrease in inventories 303,047 841,197
Increase in prepaid expenses and other
assets (231,213) (745,204)
(Decrease) increase in accounts payable (4,097,571) 624,960
Increase in accrued expenses 1,715,721 667,863
Increase (decrease) in accrued interest 115,189 (1,194,005)
Increase (decrease) in deferred income 413,401 (302,333)
Decrease in other liabilities (48,854) (341,002)
------------ ------------
Total adjustments 8,635,278 18,561,854
------------ ------------
Net cash provided from operating
activities 9,332,457 5,487,166
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in vessels (20,350,000) -
Proceeds from sale of vessel 3,713,500 10,401,375
------------ ------------
Net cash (used in) provided by
investing activities (16,636,500) 10,401,375
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment for debt issuance costs - (71,894)
Contribution from minority shareholder - 93,990
Retirement of first preferred ship
mortgage notes - (5,075,971)
Purchase of treasury stock - (69,743)
Payment of mortgage (4,899,828) (22,328,170)
Mortgage proceeds 19,000,000 4,995,298
(Reduction in) proceeds from related
party loan (378,167) 1,050,000
------------ ------------
Net cash provided by (used in)
financing activities 13,722,005 (21,406,490)
------------ ------------
Net increase (decrease) in cash and cash
equivalents 6,417,962 (5,517,949)
Cash and cash equivalents:
Beginning of the period 2,908,824 7,587,259
------------ ------------
End of the period $ 9,326,786 $ 2,069,310
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