box ships inc (TEU) Key Developments
Box Ships Inc. Enters into an Agreement with the Last Remaining Lender in the company's Successful Efforts to Amend the Terms of Its Loan Agreements
Dec 19 14
Box Ships Inc. announced that it has entered into an agreement with the last remaining lender in the company's successful efforts to amend the terms of its loan agreements. The company agreed with the lender to waive certain covenants and amend the repayment profile of the loan through its maturity. In return for paying the next four installments up front, the bank has agreed to defer the following four installments so that no additional principal payments will be made until 2017. In addition, the bank has agreed to waive or remove certain financial covenants for as long as the company have similar agreements in place with other lenders. With this agreement in place, the company has now completed the exercise of amending its loans, and has significantly improved its liquidity position during this prolonged downturn.
Box Ships Inc. Receives Non-Compliance Notice From NYSE
Dec 19 14
Box Ships Inc. announced that on December 2, 2014, it received notice from the New York Stock Exchange, Inc. (NYSE) indicating that the company is no longer in compliance with the NYSE's continued listing standards because the average closing price of the company's common stock over a consecutive 30 trading-day period was less than $1.00 per share. Subject to the NYSE's rules, the company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The company can regain compliance at any time during the six-month cure period if the company's shares of common stock have a closing share price of at least $1.00 on the last trading day of any calendar month during the six-month cure period and also has an average closing price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Alternatively, if the company must take an action requiring approval of the company's shareholders to cure the price condition (as would be the case for a reverse stock split), such approval must be obtained at the company's next annual meeting of shareholders and the company must implement the action promptly thereafter. The company has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe. During this time, the company's common stock will continue to be listed and trade on the NYSE. The company's business operations are not affected by the receipt of this NYSE notice.
Box Ships Inc. Declares Cash Payment on 9.00% Series C Cumulative Redeemable Perpetual Preferred Shares for the Period from October 1, 2014 Through December 31, 2014, Payable on January 2, 2015
Dec 15 14
Box Ships Inc. announced that its Board of Directors declared cash payment of $0.5625 per share on its 9.00% Series C Cumulative Redeemable Perpetual Preferred Shares (the Series C Preferred Shares) for the period from October 1, 2014 through December 31, 2014. The payment will be made on January 2, 2015 to all holders of Series C Preferred Shares of record as of December 31, 2014.
Box Ships Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 5 14
Box Ships Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, net revenues were $11,451,000 compared to $17,881,000 for the same period of last year. Operating income was $489,000 compared to $6,950,000 for the same period of last year. Net income was $5,649,000 compared to $4,843,000 for the same period of last year. Diluted earnings per share were $0.17 compared to $0.10 for the same period of last year. Adjusted net income available was $716,000 or $0.01 per diluted share compared to $7,042,000 or $0.26 per diluted share a year ago. Adjusted EBITDA was $6,306,000 compared to $12,910,000 a year ago.
For the nine months, net revenues were $38,169,000 compared to $52,946,000 for the same period of last year. Operating income was $2,693,000 compared to $18,623,000 for the same period of last year. Net income was $4,805,000 compared to $12,291,000 for the same period of last year. Diluted earnings per share were $0.11 compared to $0.36 for the same period of last year. Adjusted net income was $3,352,000 or $0.06 per diluted share compared to $18,617,000 or $0.65 per diluted share a year ago. Adjusted EBITDA was $20,136,000 compared to $36,257,000 a year ago. Net cash from operating activities was $15,915,000 compared to $30,352,000 a year ago.
Box Ships Inc. to Report Q3, 2014 Results on Nov 05, 2014
Oct 28 14
Box Ships Inc. announced that they will report Q3, 2014 results at 5:00 PM, GTB Standard Time on Nov 05, 2014