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Last $0.75 USD
Change Today +0.024 / 3.29%
Volume 1.7M
DRYS On Other Exchanges
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As of 8:10 PM 06/2/15 All times are local (Market data is delayed by at least 15 minutes).

dryships inc (DRYS) Key Developments

DryShips, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Impairment Charge for the First Quarter Ended March 31, 2015; Expects to Increase its Fleet in 2015

DryShips, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $492.1 million compared with revenue was $457.5 million a year ago. Loss before income taxes was $23.200 million against $26.337 million a year ago. Net loss attributable to the company was $59.157 million or $0.09 per basic and diluted share compared with $34.551 million or $0.08 per basic and diluted share a year ago. Adjusted net loss was $2.6 million or $0.04 per share. The main reasons for this result are positive contributions to the bottom line from company's drilling rig and Tanker segments, as offset by losses from the Drybulk segment. Adjusted EBITDA was approximately $0.25 billion. Net cash provided by operating activities was $35.048 million against $35.417 million a year ago. Operating income was $64,897,000 against $90,793,000 a year ago. The company made payments of $39.4 million for advances for vessels and drilling units under construction and $452.2 million for vessels, drilling rigs and drill ships acquisitions and improvements. Drilling rigs acquisitions, improvements and other fixed assets was $452,208,000 against $404,829,000 a year ago. Advances for vessel acquisitions/drill ships under construction was $39,411,000 against $9,301,000 a year ago. For the quarter, the company reported one-time impairment charge on the sale of company's entire Tanker segment of $56.631 million. More specifically, the Capesize fleet is expected to increase by 3.5% in 2015, with Panamax and Supramax fleets increasing by 3.2% and 6.7%, respectively. Total Drybulk fleet compound annual growth rate is estimated to increase by approximately 4% year-on-year during 2015. Suezmax fleet expected to increase by just 0.8% during 2015 and the Aframax fleet expected to increase by only 3% over the same period.

DryShips, Inc. to Report Q1, 2015 Results on May 11, 2015

DryShips, Inc. announced that they will report Q1, 2015 results After-Market on May 11, 2015

DryShips, Inc., Q1 2015 Earnings Call, May 12, 2015

DryShips, Inc., Q1 2015 Earnings Call, May 12, 2015

Dryships Inc. Announces Receipt of NASDAQ Notice

DryShips Inc. announced it has received written notification from The Nasdaq Stock Market ("Nasdaq") dated April 13, 2015, indicating that because the closing bid price of the Company's common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meets the minimum bid price requirement for the Nasdaq Global Select Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until October 12, 2015. The Company intends to monitor the closing bid price of its common stock between now and October 12, 2015 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Global Select Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period if it transfers to the Nasdaq Capital Market. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on the Nasdaq Global Select Market. The Company's business operations are not affected by the receipt of the notification.

DryShips, Inc. Auditor Raises 'Going Concern' Doubt

DryShips, Inc. filed its 20-F on Mar 10, 2015 for the period ending Dec 31, 2014. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

 

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