Safe Bulkers (SB) reports 2nd quarter 2011 financial results

Safe Bulkers (SB) announced its 2nd quarter 2011 financial results earlier today.  The earnings miss will probably drop the stock price a bit, but that is good news for those of us who want to buy below $7.00 per share.  The dividend is still safe.  I haven't examined the balance sheet yet for changes.

 

Here are the highlights from the beginning of the press release:

press release

July 21, 2011, 4:05 p.m. EDT

Safe Bulkers, Inc. Reports Second Quarter and First Half 2011 Results and Declares Quarterly Dividend

ATHENS, GREECE, Jul 21, 2011 (MARKETWIRE via COMTEX) -- Safe Bulkers, Inc. (the "Company") /quotes/zigman/512899/quotes/nls/sb SB -1.18% , an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and six months periods ended June 30, 2011. The Company's Board of Directors also declared a quarterly dividend of $0.15 per share for the second quarter of 2011.

Summary of Second Quarter 2011 Results

-- Net revenue for the second quarter of 2011 increased by 1% to $41.2 million from $40.6 million during the same period in 2010.
-- Net income for the second quarter of 2011 decreased by 22% to $19.1million from $24.4 million during the same period in 2010. Adjusted net income(1) for the second quarter of 2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010.
-- EBITDA(2) for the second quarter of 2011 decreased by 14% to $25.5 million from $29.8 million during the same period in 2010. Adjusted EBITDA(1) for the second quarter of 2011 decreased by 3% to $31.9 million from $32.9 million during the same period in 2010.
-- Earnings per share ("EPS") for the second quarter of 2011 of $0.27, calculated based on a weighted average number of shares of 70,116,022, compared to $0.37 in the second quarter of 2010, calculated based on a weighted average number of shares of 65,870,573. Adjusted EPS(1) for the second quarter of 2011 of $0.36, calculated based on a weighted average number of shares of 70,116,022, compared to $0.42 in the second quarter of 2010, calculated based on a weighted average number of shares of 65,870,573.
-- The Company's Board of Directors declared a dividend of $0.15 per share for the second quarter of 2011.

You can read the full press release here: http://bit.ly/SB2Q2011report 

I will perform some analysis on these results soon, but nothing shocking is in the highlights.

 

Disclosure: I don't own Safe Bulkers, but I would like to purchase it below $7.00 per share.

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