Box Ships Inc. Reports Third Quarter And Nine Months Ended September 30, 2012
Results And Declares Quarterly Dividend Of $0.22 Per Common Share
ATHENS, Greece, Nov. 7, 2012
ATHENS, Greece, Nov. 7, 2012 /PRNewswire/ --Box Ships Inc. (NYSE: TEU) (the
"Company"), a global shipping company specializing in the seaborne
transportation of containers, announced today its results for the third
quarter and nine months ended September 30, 2012.
Three Months Ended September
30, For the period
Financial from April 14, Nine Months
Highlights 2011^1 to Ended
2011 2012 September 30, September 30,
(Expressed in 2011 2012
Time charter $15,326,056 $17,738,239 $22,551,885 $49,262,388
above/below 396,498 1,304,665 557,548 2,321,611
revenues, $15,722,554 $19,042,904 $23,109,433 $51,583,999
EBITDA^3 $10,113,764 $10,076,468 $14,698,949 $27,427,074
Adjusted EBITDA^3 $10,609,650 $11,933,063 $15,428,476 $30,858,954
Net Income $5,120,358 $3,654,227 $7,379,328 $10,302,601
Adjusted Net $5,616,244 $5,510,822 $8,108,855 $13,734,481
common share $0.32 $0.16 $0.48 $0.54
per common $0.35 $0.25 $0.53 $0.74
^1 Date of the initial public offering of our common shares (the "Initial
^2 Time charter revenues, adjusted, is not a recognized measurement under
generally accepted accounting principles in the United States of America
("U.S. GAAP" or "GAAP"). We believe that the presentation of Time charter
revenues, adjusted is useful to investors because it presents the charter
revenues recognized in the relevant period based on the contracted charter
rates, excluding the amortization of above/below market time charters attached
to vessels acquired. Please refer to the definition and reconciliation of this
measurement to the most directly comparable financial measure calculated and
presented in accordance with U.S. GAAP at the back of this release.
^3 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per
common share ("Adjusted EPS") are not recognized measurements under GAAP.
Please refer to the definitions and reconciliation of these measurements to
the most directly comparable financial measures calculated and presented in
accordance with U.S. GAAP at the back of this release.
To access the full press release, including the financial tables, please click
on the following link, or type this address into your internet browser:
If you would like a copy of the release mailed or faxed, please contact Allen
& Caron Investor Relations at 212-691-8087.
Conference Call and Webcast details:
The Company's management will host a conference call to discuss its third
quarter and nine months ended September 30, 2012 results on November 7, 2012
at 10:00 am ET.
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1-877-317-6789 (USA) or +1-412-317-6789
A replay of the conference call will be available until November 14, 2012 and
can be accessed by dialing 1-877-344-7529 (domestic) and +1-412-317-0088
(international) and using passcode 10020300.
There will also be a simultaneous live webcast over the Internet, through the
Company's website (www.box-ships.com). Participants in the live webcast should
register on the website approximately 15 minutes prior to the start of the
About Box Ships Inc.:
Box Ships Inc. is an Athens, Greece-based international shipping company
specializing in the transportation of containers. The Company's current fleet
consists of nine containerships with a total carrying capacity of 43,925 TEU
and a TEU weighted average age of 7.8 years. The Company's shares trade on the
New York Stock Exchange under the symbol "TEU."
Cautionary Statement Regarding Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for container shipping capacity, changes
in our operating expenses, including bunker prices, drydocking and insurance
costs, the market for our vessels, availability of financing and refinancing,
charter counterparty performance, ability to obtain financing and comply with
covenants in such financing arrangements, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability
from pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due to accidents
or political events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and uncertainties.
Box Ships Inc.
Robert Perri, CFA
Chief Financial Officer
Tel. +30 (210) 8914600
Investor Relations / Media
Allen & Caron Inc.
Michael Mason (Investors)
Tel. +1 (212) 691-8087
Len Hall (Media)
Tel. +1 (949) 474-4300
SOURCE Box Ships Inc.
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