DryShips Inc. Reports Financial and Operating Results for the First Quarter 2013

DryShips Inc. Reports Financial and Operating Results for the First Quarter 2013 
ATHENS, GREECE -- (Marketwired) -- 05/22/13 --  DryShips Inc.
(NASDAQ: DRYS), or DryShips or the Company, an international provider
of marine transportation services for drybulk and petroleum cargoes,
and through its majority owned subsidiary, Ocean Rig UDW Inc., or
Ocean Rig, of offshore deepwater drilling services, today announced
its unaudited financial and operating results for the first quarter
ended March 31, 2013. 
First Quarter 2013 Financial Highlights 


 
--  For the first quarter of 2013, the Company reported a net loss of
    $116.6 million, or $0.30 basic and diluted loss per share.
    
    
    Included in the first quarter 2013 results are:
    
    
    -- Losses on the sale of four newbuilding drybulk vessels, of $75.3
    million, or $0.20 per share.
    
    
    Excluding the above items, the Company's net results would have
    amounted to a net loss of $41.3 million, or $0.10 per share.(1)
    
    
--  The Company reported Adjusted EBITDA of $112.0 million for the first
    quarter of 2013, as compared to $104.1 million for the first quarter
    of 2012.(2)

  
Recent Events 
-- In March 2013 and April 2013, the Company sold its newbuilding
Capesize bulk carriers Hull 1241 and 1242, to an unaffiliated third
party and its newbuilding Very Large Ore Carriers Hulls 1239 and
1240, to an entity related to Mr. George Economou. These four vessels
had remaining yard installments of approximately $178 million against
which the Company had no committed debt. Under the terms of the sale
agreements, the Company will make payments of only $29 million, thus
eliminating approximately $149 million in capital expenditures.  
-- On February 28, 2013, Ocean Rig signed definitive documentation
for a $1.35 billion syndicated secured term loan facility to
partially finance the construction costs of the newbuilding
drillships Ocean Rig Mylos, Ocean Rig Skyros and Ocean Rig Athena,
scheduled for delivery in August 2013, October 2013 and November
2013, respectively. The facility has a five-year term and a repayment
profile of approximately 11 years and bears interest at LIBOR plus a
margin.  
-- On February 14, 2013, the Company completed a public offering of
an aggregate of 7,500,000 common shares of Ocean Rig owned by
DryShips. The Company received approximately $123.1 million of net
proceeds from the public offering.  
(1) The net result is adjusted for the minority interests of 41% of
Ocean Rig not owned by Dryships Inc. common shareholders as of March
31, 2013. 
(2) Adjusted EBITDA is a non-GAAP measure; please see later in this
press release for reconciliation to net income. 
George Economou, Chairman and Chief Executive Officer of the Company,
commented: 
"During the first quarter of 2013, we entered into agreements to sell
four of our bulk carriers under construction in China. We did not
have any bank financing in place for these vessels. Under the terms
of the sale agreements, we will make payments of only $29 million,
effectively eliminating $149 million in capital expenditures. We have
now reduced our newbuilding program to six bulk carriers, two of
which are scheduled for delivery in 2013, for which we have time
charters and bank financing in place, and four of which are scheduled
for delivery in 2014, for which we are considering our options. 
Now that our unfunded capital expenditures have been reduced
significantly, we are in discussions with our lenders to lower our
debt service requirement. These developments are expected to reduce
our cash outflow and lower our cash breakeven levels. 
Even though there has been a recent spike in some drybulk charter
rates, we continue to be defensive about the short-term prospects of
the shipping markets. Asset prices seem to be holding up but we do
not expect any positive sustainable development in charter rates this
year.  
We are a pure shipping company with spot market exposure and a
shareholding in Ocean Rig. Ocean Rig's capital and resources are
completely separated from those of DryShips. We continue to be
bullish about the prospects for Ocean Rig, whose contract backlog
currently stands at approximately $4.9 billion over three years."  
Financial Review: 2013 First Quarter 
The Company recorded a net loss of $116.6 million, or $0.30 basic and
diluted loss per share, for the three-month period ended March 31,
2013, as compared to a net loss of $47.5 million, or $0.12 basic and
diluted earnings per share, for the three-month period ended March
31, 2012. Adjusted EBITDA was $112.0 million for the first quarter of
2013, as compared to $104.1 million for the same period in 2012.(3) 
For the drybulk carrier segment, net voyage revenues (voyage revenues
minus voyage expenses) amounted to $36.9 million for the three-month
period ended March 31, 2013, as compared to $72.4 million for the
three-month period ended March 31, 2012. For the tanker segment, net
voyage revenues amounted to $10.8 million for the three-month period
ended March 31, 2013, as compared to $7.2 million for the same period
in 2012. For the offshore drilling segment, revenues from drilling
contracts increased by $83.4 million to $246.4 million for the
three-month period ended March 31, 2013, as compared to $163.0
million for the same period in 2012.  
Total vessels', drilling rigs' and drillships' operating expenses and
total depreciation and amortization increased to $144.9 million and
$82.7 million, respectively, for the three-month period ended March
31, 2013, from $106.9 million and $82.0 million, respectively, for
the three-month period ended March 31, 2012. Total general and
administrative expenses increased to $36.2 million in the first
quarter of 2013, from $34.0 million during the comparative period in
2012.  
Interest and finance costs, net of interest income, amounted to $56.9
million for the three-month period ended March 31, 2013, compared to
$50.8 million for the three-month period ended March 31, 2012.  
(3) Adjusted EBITDA is a non-GAAP measure; please see later in this
press release for a reconciliation to net income. 
Fleet List 
 The table below describes our fleet profile as of May
17, 2013: 


 
                      Year                    Gross rate Redelivery         
                      Built    DWT     Type   Per day    Earliest    Latest 
                     ------ -------- -------- ---------- ---------- --------
Drybulk fleet                                                               
--------------------                                                        
                                                                            
Capesize:                                                                   
Fakarava              2012  206,000  Capesize $25,000    Sept-15    Sept-20 
Mystic                2008  170,040  Capesize $52,310    Aug-18     Dec-18  
Robusto               2006  173,949  Capesize $26,000    Aug-14     Apr-18  
Cohiba                2006  174,234  Capesize $26,250    Oct-14     Jun-19  
Montecristo           2005  180,263  Capesize $23,500    May-14     Feb-19  
Flecha                2004  170,012  Capesize $55,000    Jul-18     Nov-18  
Manasota              2004  171,061  Capesize $30,000    Jan-18     Aug-18  
Partagas              2004  173,880  Capesize $10,000    Jun-13     Aug-13  
Alameda               2001  170,662  Capesize $27,500    Nov-15     Jan-16  
Capri                 2001  172,579  Capesize $10,000    Nov-13     Mar-14  
                                                                            
Panamax:                                                                    
Raraka                2012  76,037   Panamax  $7,500     Jan-15     Mar-15  
Woolloomooloo         2012  76,064   Panamax  $7,500     Dec-14     Feb-15  
Amalfi                2009  75,206   Panamax  $39,750    Jul- 13    Sep- 13 
Rapallo               2009  75,123   Panamax  Spot       N/A        N/A     
Catalina              2005  74,432   Panamax  $40,000    Jun-13     Aug-13  
Majorca               2005  74,477   Panamax  Spot       N/A        N/A     
Ligari                2004  75,583   Panamax  $9,250     Sep-13     Nov-13  
Saldanha              2004  75,707   Panamax  Spot       N/A        N/A     
Sorrento              2004  76,633   Panamax  $24,500    Aug-21     Dec-21  
Mendocino             2002  76,623   Panamax  Spot       N/A        N/A     
Bargara               2002  74,832   Panamax  Spot       N/A        N/A     
Oregon                2002  74,204   Panamax  $9,650     Sept-13    Nov-13  
Ecola                 2001  73,931   Panamax  Spot       N/A        N/A     
Samatan               2001  74,823   Panamax  Spot       N/A        N/A     
Sonoma                2001  74,786   Panamax  Spot       N/A        N/A     
Capitola              2001  74,816   Panamax  Spot       N/A        N/A     
Levanto               2001  73,925   Panamax  Spot       N/A        N/A     
Maganari              2001  75,941   Panamax  Spot       N/A        N/A     
Coronado              2000  75,706   Panamax  Spot       N/A        N/A     
Marbella              2000  72,561   Panamax  Spot       N/A        N/A     
Redondo               2000  74,716   Panamax  $9,250     Sept-13    Nov-13  
Topeka                2000  74,716   Panamax  $8,450     Sept-13    Nov-13  
Ocean Crystal         1999  73,688   Panamax  Spot       N/A        N/A     
Helena                1999  73,744   Panamax  Spot       N/A        N/A     
                                                                            
Supramax:                                                                   
Byron                 2003  51,118   Supramax Spot       N/A        N/A     
Galveston             2002  51,201   Supramax Spot       N/A        N/A     
                                                                            
                                                                            
                                                                            
                      Year                    Gross rate Redelivery         
                      Built    DWT     Type   Per day    Earliest    Latest 
                     ------ -------- -------- ---------- ---------- --------
Newbuildings                                                                
Capesize:                                                                   
Newbuilding VLOC #2   2013  206,000  Capesize 23,000     Apr-18     Nov-23  
Newbuilding VLOC #3   2013  206,000  Capesize 21,500     Apr-20     Mar-28  
Panamax:                                                                    
Newbuilding Ice                                                             
-class Panamax 1      2014  75,900   Panamax  Spot       N/A        N/A     
Newbuilding Ice                                                             
-class Panamax 2      2014  75,900   Panamax  Spot       N/A        N/A     
Newbuilding Ice                                                             
-class Panamax 3      2014  75,900   Panamax  Spot       N/A        N/A     
Newbuilding Ice                                                             
-class Panamax 4      2014  75,900   Panamax  Spot       N/A        N/A     
Tanker fleet                                                                
--------------------                                                        
Suezmax:                                                                    
Bordeira              2013  158,300  Suezmax  Spot       N/A        N/A     
Petalidi              2012  158,300  Suezmax  Spot       N/A        N/A     
Lipari                2012  158,300  Suezmax  Spot       N/A        N/A     
Vilamoura             2011  158,300  Suezmax  Spot       N/A        N/A     
Aframax:                                                                    
Alicante              2013  115,200  Aframax  Spot       N/A        N/A     
Mareta                2013  115,200  Aframax  Spot       N/A        N/A     
Calida                2012  115,200  Aframax  Spot       N/A        N/A     
Saga                  2011  115,200  Aframax  Spot       N/A        N/A     
Daytona               2011  115,200  Aframax  Spot       N/A        N/A     
Belmar                2011  115,200  Aframax  Spot       N/A        N/A     

 
Drilling Rigs/Drillships: 


 
                     Year                                                   
Unit                 built     Redelivery   Operating area      Backlog ($m)
                                                                            
Leiv Eiriksson       2001      Q2 - 16      Norway                  $572    
Eirik Raude          2002      Q3 - 13      Ireland                  $74    
Eirik Raude          2002      Q3 - 14      Sierra Leone, Ivory             
                                            Coast                   $217    
Ocean Rig Corcovado  2011      Q2 - 15      Brazil                  $332    
Ocean Rig Olympia    2011      Q3 - 15      Gabon, Angola           $473    
Ocean Rig Poseidon   2011      Q2 - 16      Angola                  $770    
Ocean Rig Mykonos    2011      Q1 - 15      Brazil                  $305    
Newbuildings                                                                
                                                                            
                                                                            
Ocean Rig Mylos      2013      Q3 - 16      Brazil                  $677    
Ocean Rig Skyros     2013      N/A          N/A                      N/A    
Ocean Rig Athena     2013      Q1 - 17      Angola                  $750    
Ocean Rig Apollo     2015      Q1 - 18      Congo                  $680(1)  
Total                                                              $4,850   

 
(1) Letter of Award is subject to definitive documentation.  
Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited) 
(Dollars in thousands, except average daily results) 


 
                                                        Three Months Ended  
Drybulk                                                      March 31,      
                                                       -------------------- 
                                                          2012       2013   
                                                       ---------  --------- 
Average number of vessels(1)                                36.1       36.0 
Total voyage days for vessels(2)                           3,281      3,240 
Total calendar days for vessels(3)                         3,285      3,240 
Fleet utilization(4)                                        99.9%     100.0%
Time charter equivalent(5)                             $  22,060  $  11,396 
Vessel operating expenses (daily)(6)                   $   5,542  $   5,051 
                                                                            
                                                                            
                                                                            
                                                        Three Months Ended  
Tanker                                                       March 31,      
                                                       -------------------- 
                                                          2012       2013   
                                                       ---------  --------- 
Average number of vessels(1)                                 5.0        9.4 
Total voyage days for vessels(2)                             453        848 
Total calendar days for vessels(3)                           453        848 
Fleet utilization(4)                                       100.0%     100.0%
Time charter equivalent(5)                             $  15,916  $  12,792 
Vessel operating expenses (daily)(6)                   $   7,372  $   9,134 

 
(1) Average number of vessels is the number of vessels that
constituted our fleet for the relevant period, as measured by the sum
of the number of days each vessel was a part of our fleet during the
period divided by the number of calendar days in that period. 
 (2)
Total voyage days for fleet are the total days the vessels were in
our possession for the relevant period net of dry-docking days.
 (3)
Calendar days are the total number of days the vessels were in our
possession for the relevant period including dry-docking days. 
 (4)
Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by fleet calendar days for the relevant period. 
(5) Time charter equivalent, or TCE, is a measure of the average
daily revenue performance of a vessel on a per voyage basis. Our
method of calculating TCE is consistent with industry standards and
is determined by dividing voyage revenues (net of voyage expenses) by
voyage days for the relevant time period. Voyage expenses primarily
consist of port, canal and fuel costs that are unique to a particular
voyage, which would otherwise be paid by the charterer under a time
charter contract, as well as commissions. TCE revenues, a non-U.S.
GAAP measure, provides additional meaningful information in
conjunction with revenues from our vessels, the most directly
comparable U.S. GAAP measure, because it assists our management in
making decisions regarding the deployment and use of its vessels and
in evaluating their financial performance. TCE is also a standard
shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance despite
changes in the mix of charter types (i.e., spot charters, time
charters and bareboat charters) under which the vessels may be
employed between the periods. Please see below for a reconciliation
of TCE rates to voyage revenues.
 (6) Daily vessel operating
expenses, which includes crew costs, provisions, deck and engine
stores, lubricating oil, insurance, maintenance and repairs is
calculated by dividing vessel operating expenses by fleet calendar
days for the relevant time period. 
(In thousands of U.S. dollars, except for TCE rate, which is
expressed in Dollars, and voyage days) 


 
                                                                            
                                                        Three Months Ended  
Drybulk                                                      March 31,      
                                                       -------------------- 
                                                          2012       2013   
                                                       ---------  --------- 
Voyage revenues                                        $  77,021  $  45,482 
Voyage expenses                                           (4,642)    (8,558)
                                                       ---------  --------- 
Time charter equivalent revenues                       $  72,379  $  36,924 
                                                       ---------  --------- 
Total voyage days for fleet                                3,281      3,240 
Time charter equivalent (TCE) rate                     $  22,060  $  11,396 
                                                                            
                                                                            
                                                        Three Months Ended  
Tanker                                                       March 31,      
                                                       -------------------- 
                                                          2012       2013   
                                                       ---------  --------- 
Voyage revenues                                        $   7,476  $  27,787 
Voyage expenses                                             (266)   (16,939)
                                                       ---------  --------- 
Time charter equivalent revenues                       $   7,210  $  10,848 
                                                       ---------  --------- 
Total voyage days for fleet                                  453        848 
Time charter equivalent (TCE) rate                     $  15,916  $  12,792 
                                                                            
                                                                            
                                                                            
                               Dryships Inc.                                
                                                                            
                            Financial Statements                            
         Unaudited Condensed Consolidated Statements of Operations          
                                                                            
 (Expressed in Thousands of U.S. Dollars              Three Months Ended    
except for share and per share data)                      March 31,         
                                                 ---------------------------
                                                     2012          2013     
                                                 ------------  ------------ 
                                                                            
REVENUES:                                                                   
Voyage revenues                                  $     84,497  $     73,269 
Revenues from drilling contracts                      162,999       246,444 
                                                 ------------  ------------ 
                                                      247,496       319,713 
                                                                            
EXPENSES:                                                                   
Voyage expenses                                         4,908        25,497 
Vessel operating expenses                              21,545        24,110 
Drilling rigs operating expenses                       85,340       120,759 
Depreciation and amortization                          81,955        82,660 
Vessel impairments and other, net                       1,488        75,340 
General and administrative expenses                    33,974        36,247 
Legal settlements and other                             5,820           (15)
                                                 ------------  ------------ 
                                                                            
Operating income/(loss)                                12,466       (44,885)
                                                                 
           
OTHER INCOME / (EXPENSES):                                                  
Interest and finance costs, net of interest                                 
 income                                               (50,778)      (56,862)
Gain/(loss) on interest rate swaps                     (8,750)          396 
Other, net                                             (2,248)          678 
Income taxes                                          (10,032)      (14,164)
                                                 ------------  ------------ 
Total other expenses                                  (71,808)      (69,952)
                                                 ------------  ------------ 
                                                                            
Net loss                                              (59,342)     (114,837)
                                                                            
Net income/(loss) attributable to Non                                       
 controlling interests                                 11,886        (1,798)
                                                 ------------  ------------ 
                                                                            
Net loss attributable to Dryships Inc.           $    (47,456) $   (116,635)
                                                 ============  ============ 
                                                                            
Loss per common share, basic and diluted         $      (0.12) $      (0.30)
Weighted average number of shares, basic and                                
 diluted                                          380,152,244   382,657,244 
                                                                            
                                                                            
                                                                            
                                Dryships Inc.                               
                                                                            
               Unaudited Condensed Consolidated Balance Sheets              
                                                                            
                                                  December 31,   March 31,  
 (Expressed in Thousands of U.S. Dollars)             2012         2013     
                                                  ------------ -------------
                                                                            
ASSETS                                                                      
                                                                            
  Cash and restricted cash (current and non-                                
   current)                                      $     720,458 $     744,256
  Other current assets                                 338,446       372,894
  Advances for vessels and rigs under                                       
   construction and acquisitions                     1,201,807     1,094,037
  Vessels, net                                       2,059,570     2,231,432
  Drilling rigs, drillships, machinery and                                  
   equipment, net                                    4,446,730     4,451,920
  Other non-current assets                             111,480       146,772
                                                 ------------- -------------
  Total assets                                       8,878,491     9,041,311
                                                 ============= =============
                                                                            
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
                                                                            
                                                                            
  Total debt                                         4,386,715     4,424,227
  Total other liabilities                              623,757       735,126
  Total stockholders' equity                         3,868,019     3,881,958
                                                 ------------- -------------
  Total liabilities and stockholders' equity     $   8,878,491 $   9,041,311
                                                 ============= =============

 
Adjusted EBITDA Reconciliation
 Adjusted EBITDA represents net income
before interest, taxes, depreciation and amortization, vessel
impairments, and gains or losses on interest rate swaps. Adjusted
EBITDA does not represent and should not be considered as an
alternative to net income or cash flow from operations, as determined
by United States generally accepted accounting principles, or U.S.
GAAP, and our calculation of adjusted EBITDA may not be comparable to
that reported by other companies. Adjusted EBITDA is included herein
because it is a basis upon which the Company measures its operations
and efficiency. Adjusted EBITDA is also used by our lenders as a
measure of our compliance with certain covenants contained in our
loan agreements and because the Company believes that it presents
useful information to investors regarding a company's ability to
service and/or incur indebtedness.  
The following table reconciles net income to Adjusted EBITDA: 


 
                                                                            
                                                    Three         Three     
                                                 Months Ended  Months Ended 
                                                   March 31,     March 31,  
(Dollars in thousands)                               2012          2013     
                                                 ------------  ------------ 
                                                                            
Net loss                                         $    (47,456) $   (116,635)
                                                                            
Add: Net interest expense                              50,778        56,862 
Add: Depreciation and amortization                     81,955        82,660 
Add: Impairment losses and other                            -        75,340 
Add: Income taxes                                      10,032        14,164 
Add: Gain/(loss) on interest rate swaps                 8,750          (396)
                                                 ------------  ------------ 
Adjusted EBITDA                                  $    104,059  $    111,995 
                                                 ============  ============ 

 
Conference Call and Webcast: May 23, 2013 
As announced, the Company's management team will host a conference
call, on Thursday, May 23, 2013 at 9:00 a.m. Eastern Daylight Time to
discuss the Company's financial results. 
Conference Call Details 
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from the
US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from
outside the US). Please quote "DryShips." 
A replay of the conference call will be available until May 30, 2013.
The United States replay number is 1(866) 247- 4222; from the UK
0(800) 953-1533; the standard international replay number is (+44)
(0) 1452 55 00 00 and the access code required for the replay is:
2133051#. 
A replay of the conference call will also be available on the
Company's website at www.dryships.com under the Investor Relations
section. 
Slides and Audio Webcast 
There will also be a simultaneous live webcast over the Internet,
through the DryShips Inc. website (www.dryships.com). Participants to 
the live webcast should register on the website approximately 10
minutes prior to the start of the webcast. 
About DryShips Inc. 
DryShips Inc. is an owner of drybulk carriers and tankers that
operate worldwide. Through its majority owned subsidiary, Ocean Rig
UDW Inc., DryShips owns and operates 10 offshore ultra deepwater
drilling units, comprising of 2 ultra deepwater semisubmersible
drilling rigs and 8 ultra deepwater drillships, 3 of which are
scheduled to be delivered to Ocean Rig during 2013 and 1 of which is
scheduled to be delivered during 2015. DryShips owns a fleet of 42
drybulk carriers (including newbuildings), comprising 10 Capesize, 28
Panamax, 2 Supramax and 2 newbuilding Very Large Ore Carriers (VLOC)
with a combined deadweight tonnage of approximately 4.4 million tons,
and 10 tankers, comprising 4 Suezmax and 6 Aframax, with a combined
deadweight tonnage of over 1.3 million tons. 
DryShips' common stock is listed on the NASDAQ Global Select Market
where it trades under the symbol "DRYS." 
Visit the Company's website at www.dryships.com 
Forward-Looking Statement 
Matters discussed in this release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. 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. 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 such safe harbor legislation.  
Forward-looking statements reflect our current views with respect to
future events and financial performance and may 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 forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, 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 it will achieve or
accomplish these expectations, beliefs or projections. 
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 changes in charterhire and
drilling dayrates and drybulk vessel, drilling rig and drillship
values, failure of a seller to deliver one or more drilling rigs,
drillships or drybulk vessels, failure of a buyer to accept delivery
of a drilling rig, drillship, or vessel, inability to procure
acquisition financing, default by one or more charterers of our
ships, changes in demand for drybulk commodities or oil, changes in
demand that may affect attitudes of time charterers and customer
drilling programs, scheduled and unscheduled drydockings and
upgrades, changes in our operating expenses, including bunker prices,
drydocking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping
routes due to accidents and political events or acts by terrorists. 
Risks and uncertainties are further described in reports filed by
DryShips Inc. with the U.S. Securities and Exchange Commission. 
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com 
 
 
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