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Box Ships Inc. Announces Revision Of Calculation Of Earnings Per Common Share For The Third Quarter And Nine Months Ended



Box Ships Inc. Announces Revision Of Calculation Of Earnings Per Common Share
        For The Third Quarter And Nine Months Ended September 30, 2012

PR Newswire

ATHENS, Greece, Feb. 8, 2013

ATHENS, Greece, Feb. 8, 2013 /PRNewswire/ -- Box Ships Inc. (NYSE: TEU) (the
"Company"), a global shipping company specializing in the seaborne
transportation of containers, announced today that it has revised its
calculation of earnings per common share (EPS) for the third quarter and nine
months ended September 30, 2012. The revision relates to the redemption of
692,641 Series B Preferred Shares that took place in July 2012. This
correction reflects application of U.S. Securities and Exchange Commission
guidance that any premium paid on redemption represents a return similar to a
dividend to the preferred shareholders which should be deducted from net
income to arrive at income available to common shareholders in the EPS
calculation. For the three months ended September 30, 2012, the Company
reported basic and diluted EPS of $0.16 per common share. After applying the
above guidance, basic and diluted EPS for the three months ended September 30,
2012, is revised to $0.07. For the nine months ended September 30, 2012, the
Company reported basic and diluted EPS of $0.54 per common share. After
applying the above guidance, basic and diluted EPS for the nine months ended
September 30, 2012, is revised to $0.44 per common share.

There is no effect on the Company's previously-announced Adjusted EPS due to
the one-time nature of this redemption.  The application of the SEC guidance
referred to above also has no effect on the Company's net income for the third
quarter and nine months ended September 30, 2012, which was $3,654,227 and
$10,302,601, respectively.

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 8.0 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.

 

Contacts:

Box Ships Inc.
Robert Perri, CFA
Chief Financial Officer
Tel. +30 (210) 8914600
E-mail: ir@box-ships.com

Investor Relations / Media
Allen & Caron Inc.
Michael Mason (Investors)
Tel. +1 (212) 691-8087
E-mail: michaelm@allencaron.com

Len Hall (Media)
Tel. +1 (949) 474-4300
E-mail: len@allencaron.com

SOURCE Box Ships Inc.
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