-- $34.1 million of Net income or $1.71 per share based on 20,003,703
weighted average shares (diluted) for the quarter on revenue of $60.9
million.
-- $43.4 million of EBITDA. Please refer to a subsequent section of this
Press Release for a reconciliation of EBITDA to Net Income.
-- An average of 16.4 vessels were operated earning a blended average
time charter equivalent rate (TCE) of $38,539 per day. Please refer to a
subsequent section of this Press Release for a calculation of our TCE.
-- Declared a quarterly dividend of $0.20 per share for the fourth
quarter 2007.
Twelve Months 2007 Highlights
-- $84.9 million of Net income or $4.25 per share based on 19,965,676
weighted average shares (diluted) for the year on revenue of $177.5
million.
-- $124.6 million of EBITDA. Please refer to a subsequent section of this
Press Release for a reconciliation of EBITDA to Net Income.
-- An average of 16.5 vessels were operated earning a blended average
time charter equivalent rate (TCE) of $28,944 per day. Please refer to a
subsequent section of this Press Release for a calculation of our TCE.
-- Initiated a quarterly dividend payout policy of $0.20 per share.
Declared dividends for each quarter of 2007 aggregating $0.80 per share,
out of which $0.60 per share were paid during 2007.
Corporate Developments
Quintana Maritime Acquisition
In January 2008, Excel Maritime jointly announced with Quintana Maritime
Limited that it has agreed to acquire Quintana pursuant to a definitive
merger agreement whereby Quintana would become a wholly owned subsidiary of
Excel. The completion of the merger is subject to a number of conditions,
including approval of the merger agreement by Quintana's shareholders and a
financing condition. Quintana's shareholders are expected to vote to
authorize and approve the merger agreement on April 14, 2008. Excel has
entered into a commitment letter with a group of arrangers, dated December
27, 2007, led by Nordea Bank Finland PLC, London Branch with respect to a
senior secured credit facility under which Excel may borrow up to $1.4
billion, a portion of which would be used to pay for some or all of the
cash portion of the merger consideration. Excel expects to complete the
merger in April 2008.
Pursuant to the merger agreement, each share of outstanding Quintana common
stock will be exchanged for a combination of $13.00 in cash and 0.4048
Excel Class A common shares, subject to the adjustments discussed below.
In the event the average closing price of Excel Class A common shares
during the fifteen trading days immediately preceding the closing date of
the merger exceeds $45.00 per share, the 0.4084 exchange ratio will be
adjusted downward to equal the quotient of $18.38 divided by the average
closing price of Excel Class A common shares for the fifteen trading days
immediately preceding the closing date of the merger. In all cases, the
amount of the Class A common shares to be delivered per share of Quintana
common stock will be reduced to reflect any cash dividends paid by Quintana
prior to the closing date of the merger, including the $0.31 per share cash
dividend paid by Quintana on March 7, 2008.
The merger would create a combined company that would operate a fleet of
47 vessels with a total carrying capacity of 3.7 million DWT. The size of
the fleet is expected to increase to 48 vessels with a total carrying
capacity of 3.9 million DWT after the addition of a Capesize vessel which
is expected to be delivered in the fourth quarter of 2008. In addition,
Excel will also acquire Quintana's interests in seven joint venture
ship-owning companies, which have each contracted to purchase a Capesize
vessel. Quintana owns a 50% interest in six of these joint venture
companies and a 42.8% in the other. The seven new vessels are expected to
be delivered during 2010 and will have a total carrying capacity of
approximately 1.3 million DWT.
Oceanaut, Inc.
In February 2008, Oceanaut announced that it has mutually agreed with
companies associated with members of the Restis family to terminate the
definitive agreements pursuant to which Oceanaut would have purchased nine
dry bulk carriers for an aggregate purchase price of $700 million and
issued shares of its common stock in exchange for an aggregate investment
of $82.5 million by companies associated with members of the Restis family.
The management of Oceanaut is currently pursuing other business combination
opportunities.
Management Change
In February 2008, Excel announced that it appointed Mr. Gabriel
Panayotides, Excel's Chairman, as acting Chief Executive Officer pending
the consummation of its proposed acquisition of Quintana, after which Mr.
Stamatis Molaris, the current Chief Executive Officer and President of
Quintana, will be appointed Chief Executive Officer of Excel.
Recent Fleet Developments
In December 2007, the Company announced that it took delivery of the M/V
July M, a 2005 built, 55,567 dwt vessel and the M/V Mairouli, a 2005 built,
53,206 dwt vessel, two Supramax bulk carriers the Company had agreed to
acquire in July 2007 for $63 million each. These deliveries expanded
Excel's fleet to 18 vessels with an aggregate carrying capacity of
1,074,022 dwt and lowered its average age to approximately 14.0 years.
Excel has currently secured under medium and long-term time charters 61% of
its fleet operating days for the full year 2008 51% and 15% for the full
year 2009.
Convertible Senior Notes Offering
In October 2007, Excel issued $150,000,000 aggregate principle amount of
convertible Senior Notes due 2027.
Chairman and Acting CEO Gabriel Panayotides commented: "We are pleased to
report that our fourth quarter 2007 results were the strongest operational
and financial results Excel has achieved.
"We believe this is a direct result of our proactive fleet deployment
strategy according to which we seek to secure the majority of our vessels
under long term time charters, enhancing our operating cash flow
visibility, while at the same time also maintaining exposure to the spot
market with the remainder of our fleet, which allows us to take advantage
of continued strength in the shipping market. During the fourth quarter we
also took delivery of two Supramax vessels, acquired in the second quarter
2007. We have also declared a quarterly dividend of $0.20 per share for the
fourth quarter, for an aggregate of $0.80 dividends per share for the year.
"Our overall objective over the past few years has been the disciplined
approach of expanding our asset base. The recent announcement of the
potential Quintana acquisition signifies an important step towards
achieving our goal of becoming one of the world's premier full service dry
bulk shipping companies, with a diverse and modern asset base from Handymax
to Capesize vessels. The proposed merger would increase our flexibility and
our ability to service our customers' needs. In addition, we believe that
the combination of the two entities will create one of the most experienced
management teams in dry bulk sector."
Fourth Quarter 2007 Results
Total revenues for the fourth quarter 2007 amounted to $60.9 million as
compared to $35.2 million for the same period in 2006. Net income for the
fourth quarter 2007 amounted to $34.1 million versus $9.3 million for the
same period in 2006.
Earnings per share for the fourth quarter 2007, calculated based on
20,003,703 weighted average shares (diluted) were $1.71 compared to $0.47
in the fourth quarter of 2006. The average number of shares outstanding in
the fourth quarter of 2006 was 19,949,644.
Fourth quarter 2007 figures include unrealized losses of $0.2 million or
$0.01 per share while the fourth quarter 2006 figures include unrealized
gains of $0.2 million or $0.01 per share both due to the existence of
interest rate swaps that do not qualify as hedge accounting.
EBITDA for the fourth quarter 2007 was $43.4 million compared to $20.2
million during the fourth quarter 2006. Please refer to a subsequent
section of this Press Release for a reconciliation of EBITDA to Net Income.
An average of 16.4 vessels were operated during the fourth quarter 2007
earning a blended average time charter equivalent rate of $38,539 per day,
compared to an average of 17 vessels operated during the fourth quarter
2006 earning a blended average time charter equivalent rate of $20,849 per
day. Please refer to a subsequent section of this Press Release for a
calculation of our TCE.
Twelve Month 2007 Results
Total revenues for the year ended December 31, 2007 amounted to $177.5
million as compared to $124.1 million for the same period in 2006. Net
income for the twelve months ended December 31, 2007 amounted to $84.9
million versus $31.1 million for the same period in 2006.
Earnings per share for the twelve months ended December 31, 2007,
calculated based on 19,965,676 weighted average shares (diluted) were $4.25
compared to $1.56 for the same period 2006. The average number of shares
outstanding in the twelve months ended December 31, 2006, was 19,947,411.
The full year results include a gain of $6.2 million or $0.31 per share
realized from the sale of the M/V "Goldmar" during the year.
The twelve month 2007 figures include unrealized losses of $0.7 million or
$0.04 per share while the twelve month 2006 figures include unrealized
losses of $0.8 million or $0.04 per share both due to the existence of
interest rate swaps that do not qualify as hedge accounting.
The results of the twelve months ended December 31, 2007 include $0.9
million of income or $0.04 per share due to Excel's participation in
Oceanaut.
EBITDA for the twelve months ended December 31, 2007 was $124.6 million
compared to $74.1 million during the same period 2006. Please refer to a
subsequent section of this Press Release for a reconciliation of EBITDA to
Net Income.
An average of 16.5 vessels were operated during the twelve months ended
December 31, 2007 earning a blended average time charter equivalent rate of
$28,944 per day, compared to an average of 17 vessels operated during the
same period 2006 earning a blended average time charter equivalent rate of
$19,197 per day. Please refer to a subsequent section of this Press Release
for a calculation of our TCE.
Quarterly Dividend:
On March 17, 2008, the Board of Directors approved the Company's quarterly
dividend of $0.20 per share, payable on April 11, 2008 to shareholders of
record as of March 31, 2008.
This is the fourth consecutive quarterly dividend declared since the
Company commenced a dividend policy beginning with the first quarter 2007.
The Company's policy is to declare any dividend for a quarter concurrently
with the announcement of the Company's earnings for that period.
Updated Fleet List:
The following table represents our fleet as of December 31, 2007.
Name Type Dwt Year Built
------------- ------------- -------------
Panamax
------------- ------------- -------------
Isminaki Panamax 74,577 1998
------------- ------------- -------------
Angela Star Panamax 73,798 1998
------------- ------------- -------------
Elinakos Panamax 73,751 1997
------------- ------------- -------------
Happy Day Panamax 71,694 1997
------------- ------------- -------------
Powerful Panamax 70,083 1994
------------- ------------- -------------
First Endeavour Panamax 69,111 1994
------------- ------------- -------------
Rodon Panamax 73,670 1993
------------- ------------- -------------
Birthday Panamax 71,504 1993
------------- ------------- -------------
Renuar Panamax 70,128 1993
------------- ------------- -------------
Forteza Panamax 69,634 1993
------------- ------------- -------------
Total Panamax 10 717,950
------------- ------------- -------------
------------- ------------- -------------
Supramax
------------- ------------- -------------
July M Supramax 55,567 2005
------------- ------------- -------------
Mairouli Supramax 53,206 2005
------------- ------------- -------------
Total Supramax 2 108,773
------------- ------------- -------------
------------- ------------- -------------
Handymax
------------- ------------- -------------
Emerald Handymax 45,588 1998
------------- ------------- -------------
Princess I Handymax 38,858 1994
------------- ------------- -------------
Marybelle Handymax 42,552 1987
------------- ------------- -------------
Attractive Handymax 41,524 1985
------------- ------------- -------------
Lady Handymax 41,090 1985
------------- ------------- -------------
Swift Handymax 37,687 1984
------------- ------------- -------------
Total Handymax 6 247,299
------------- ------------- -------------
Grand Total 18 1,074,022 Avg. Age:13.9
------------- ------------- -------------
Summary Fleet Data:
Fourth Fourth
Quarter Quarter
2007 2006
------------ ------------
FLEET DATA
------------ ------------
Average number of vessels (1) 16.4 17
------------ ------------
Available days for fleet (2) 1,459 1,520
------------ ------------
Calendar days for fleet (3) 1,510 1,564
------------ ------------
Fleet utilization (4) 97% 97%
------------ ------------
------------ ------------
AVERAGE DAILY RESULTS
------------ ------------
Time charter equivalent (5) $ 38,539 $ 20,849
------------ ------------
Vessel operating expenses (6) $ 5,818 $ 5,004
------------ ------------
General and administrative expenses (7) $ 2,797 $ 2,534
------------ ------------
Total vessel operating expenses (8) $ 8,615 $ 7,538
------------ ------------
Year Ended Year Ended
December 31, December 31,
2007 2006
------------ ------------
FLEET DATA
------------ ------------
Average number of vessels (1) 16.5 17
------------ ------------
Available days for fleet (2) 5,646 5,934
------------ ------------
Calendar days for fleet (3) 6,007 6,205
------------ ------------
Fleet utilization (4) 94% 96%
------------ ------------
------------ ------------
AVERAGE DAILY RESULTS
------------ ------------
Time charter equivalent (5) $ 28,944 $ 19,197
------------ ------------
Vessel operating expenses (6) $ 5,600 $ 4,902
------------ ------------
General and administrative expenses (7) $ 2,156 $ 1,619
------------ ------------
Total vessel operating expenses (8) $ 7,756 $ 6,521
------------ ------------
(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
calendar days each vessel was a part of our fleet during the period divided
by the number of calendar days in that period.
(2) Available days for fleet are the total calendar days the vessels were
in our possession for the relevant period after subtracting for off hire
days associated with major repairs, drydocks or special or intermediate
surveys.
(3) Calendar days are the total days the Company possessed the vessels in
our fleet for the relevant period including off hire days associated with
major repairs, drydockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating available days, and is determined by
dividing available 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 revenue generated from voyage charters net of voyage expenses by
available 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. Time charter equivalent revenue and TCE
are not measures of financial performance under U.S. GAAP and may not be
comparable to similarly titled measures of other companies. TCE is 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 voyage charters, time
charters and bareboat charters) under which the vessels may be employed
between the periods. The following table reflects the calculation of our
TCE rate for the fourth quarter of 2007 and 2006 and for the year ended
December 31, 2007 and 2006 (amounts in thousands of U.S.Dollars, except for
TCE rate, which is expressed in U.S. Dollars, and available days):
Time Charter Equivalent Reconciliation
Fourth Fourth
Quarter Quarter
2007 2006
------------- -------------
Voyage Revenues $ 60,690 $ 35,082
------------- -------------
minus Voyage Expenses $ 3,722 $ 2,962
------------- -------------
minus Commission from a Related Party $ 755 $ 440
------------- -------------
Total Revenue, net of voyage expenses $ 56,213 $ 31,680
------------- -------------
Total Available days 1,459 1,520
------------- -------------
Time Charter Equivalent $ 38,539 $ 20,849
------------- -------------
Year Ended Year Ended
December 31, December 31,
2007 2006
------------ -------------
Voyage Revenues $ 176,689 $ 123,551
------------- -------------
minus Voyage Expenses $ 11,077 $ 8,109
------------- -------------
minus Commission from a Related Party $ 2,204 $ 1,536
------------- -------------
Total Revenue, net of voyage expenses $ 163,408 $ 113,906
------------- -------------
Total Available days 5,646 5,934
------------- -------------
Time Charter Equivalent $ 28,944 $ 19,197
------------- -------------
(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.
(7) Daily general and administrative expense is calculated by dividing
general and administrative expense by fleet calendar days for the relevant
time period.
(8) Total vessel operating expenses, or TVOE, is a measurement of our total
expenses associated with operating our vessels. TVOE is the sum of vessel
operating expenses and general and administrative expenses. Daily TVOE is
the sum of daily vessel operating expenses and daily general and
administrative expenses.
Time Charter Equivalent (TCE) Results by Type of Vessel & Employment
Fourth Quarter Fourth Quarter
2007 2006
-------------- --------------
Panamax spot TCE ($) $ 85,394 N/A
Number of available days 147 N/A
-------------- --------------
Panamax period TCE ($) $ 31,780 $ 23,455
Number of available days 766 887
-------------- --------------
Handymax spot TCE ($) $ 35,512 $ 16,973
Number of available days 178 448
-------------- --------------
Handymax period TCE ($) $ 35,311 $ 17,933
Number of available days 368 184
-------------- --------------
Total fleet spot TCE ($) $ 58,097 $ 16,886
Number of available days 325 448
-------------- --------------
Total fleet period TCE ($) $ 32,926 $ 22,506
Number of available days 1,134 1,071
-------------- --------------
Year Ended Year Ended
December 31, December 31,
2007 2006
-------------- --------------
Panamax spot TCE ($) $ 63,564 $ 17,080
Number of available days 298 625
-------------- --------------
Panamax period TCE ($) $ 27,112 $ 23,074
Number of available days 3,145 2,918
-------------- --------------
Handymax spot TCE ($) $ 26,705 $ 14,981
Number of available days 1,148 1,676
-------------- --------------
Handymax period TCE ($) $ 27,064 $ 15,104
Number of available days 1,055 715
-------------- --------------
Total fleet spot TCE ($) $ 34,293 $ 15,551
Number of available days 1,445 2,301
-------------- --------------
Total fleet period TCE ($) $ 27,100 $ 21,506
Number of available days 4,201 3,633
-------------- --------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
Condensed Statement of Cash Flows
(In thousands of U.S Dollars)
Year Ended
December 31, Year Ended
2007 December 31,
(Unaudited) 2006
------------ ------------
Cash and cash equivalents, beginning of year 86,289 58,492
------------ ------------
Provided by (Used in):
------------ ------------
Operating Activities 108,733 58,344
------------ ------------
Investing Activities (123,609) (662)
------------ ------------
Financing Activities 172,259 (29,885)
------------ ------------
Net increase in cash and cash equivalents 157,383 27,797
------------ ------------
Cash and cash equivalents, end of period 243,672 86,289
------------ ------------
EBITDA Reconciliation (1)
(In thousands of U.S Dollars)
Fourth Fourth
Quarter Ended Quarter Ended
December 31, December 31,
2007 2006
------------- -------------
Net Income 34,130 9,341
------------- -------------
plus Net Interest Expense 817 2,453
------------- -------------
Plus Depreciation 6,996 7,266
------------- -------------
Plus Amortization 1,299 995
------------- -------------
Plus Taxes 127 113
------------- -------------
EBITDA 43,369 20,168
------------- -------------
EBITDA Reconciliation (1)
(In thousands of U.S Dollars)
Year Ended Year Ended
December 31, December 31,
2007 2006
------------- -------------
Net Income 84,895 31,106
------------- -------------
plus Net Interest Expense 7,490 12,617
------------- -------------
Plus Depreciation 27,864 28,453
------------- -------------
Plus Amortization 3,904 1,547
------------- -------------
Plus Taxes 486 426
------------- -------------
EBITDA 124,639 74,149
------------- -------------
(1) Excel Maritime considers EBITDA to represent net income plus net
interest expense, depreciation,amortization and taxes. The Company's
Management uses EBITDA as a performance measure. The Company believes that
EBITDA is useful to investors, because the shipping industry is capital
intensive and may involve significant financing costs. EBITDA is not an
item recognized under U.S. GAAP and should not be considered as an
alternative to net income, operating income or any other indicator of a
Company's operating performance required by U.S. GAAP. The Company's
definition of EBITDA may not be the same as that used by other companies in
the shipping or other industries.
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(In thousands of U.S. Dollars, except for share and per share data)
Fourth Fourth
Quarter Quarter
2007 2006
---------- ----------
REVENUES
Voyage Revenues 60,690 35,082
Revenue from managing vessels 226 139
---------- ----------
Revenue from Operations 60,916 35,221
---------- ----------
EXPENSES
Voyage expenses 3,722 2,962
Voyage expenses - Related party 755 440
Vessel operating expenses 8,786 7,826
Depreciation expense 6,996 7,266
Amortization for drydocking and special survey 1,299 995
General and administrative expenses 4,223 3,964
---------- ----------
25,781 23,453
---------- ----------
---------- ----------
Income from operations 35,135 11,768
---------- ----------
OTHER INCOME (EXPENSES):
Interest and finance costs (4,263) (3,766)
Interest Income 3,446 1,313
Other, net (121) 145
---------- ----------
Total other income (expenses), net (938) (2,308)
---------- ----------
========== ==========
Net Income from Operations 34,197 9,460
---------- ----------
US Source Income Taxes (127) (113)
---------- ----------
Net Income, after taxes and before minority
interest 34,070 9,347
Minority interest - (7)
Income from Investment in affiliate 60 -
---------- ----------
Net income $ 34,130 $ 9,340
---------- ----------
---------- ----------
Earnings per common share, basic $ 1.71 $ 0.47
Weighted average number of shares basic 19,949,644 19,949,644
Earnings per common share, diluted $ 1.71 $ 0.47
Weighted average number of shares diluted 20,003,703 19,949,644
---------- ----------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2007 (UNAUDITED)
AND DECEMBER 31, 2006
(In thousands of U.S. Dollars, except for share and per share data)
Year Ended Year Ended
December 31, December 31,
2007 2006
------------- -------------
REVENUES
Voyage Revenues 176,689 123,551
Revenue from managing vessels 818 558
------------- -------------
Revenue from Operations 177,507 124,109
------------- -------------
EXPENSES
Voyage expenses 11,077 8,109
Voyage expenses - Related party 2,204 1,536
Vessel operating expenses 33,637 30,414
Depreciation expense 27,864 28,453
Amortization for drydocking and special
survey 3,904 1,547
General and administrative expenses 12,953 10,049
------------- -------------
91,639 80,108
------------- -------------
------------- -------------
GAIN ON SALE OF VESSELS 6,194 -
------------- -------------
------------- -------------
Income from operations 92,062 44,001
------------- -------------
OTHER INCOME (EXPENSES):
Interest and finance costs (14,975) (16,751)
Interest Income 7,485 4,134
Other, net (66) 145
------------- -------------
Total other income (expenses), net (7,556) (12,472)
------------- -------------
============= =============
Net Income from Operations 84,506 31,529
------------- -------------
US Source Income Taxes (486) (426)
------------- -------------
Net Income, after taxes and before
minority interest 84,020 31,103
Minority interest 2 3
Income from Investment in affiliate 873 -
------------- -------------
Net income 84,895 31,106
------------- -------------
------------- -------------
Earnings per common share, basic $ 4.26 $ 1.56
Weighted average number of shares basic 19,949,644 19,947,411
Earnings per common share, diluted $ 4.25 $ 1.56
Weighted average number of shares diluted 19,965,676 19,947,411
------------- -------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2007 (UNAUDITED) AND DECEMBER 31, 2006
(In thousands of U.S. Dollars, except per share data)
December 31, December 31,
2007 2006
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 243,672 86,289
Restricted cash 3,175 4,534
Accounts receivable 1,506 2,646
Other Current Assets 4,380 2,319
------------- -------------
Total Current Assets 252,733 95,788
------------- -------------
FIXED ASSETS:
Vessels, net 527,164 437,418
Office furniture & equipments, net 1,466 983
------------- -------------
Total fixed assets 528,630 438,401
------------- -------------
OTHER NON CURRENT ASSETS:
Investment in affiliate 15,688 -
Other Non Current Assets 15,520 4,696
Restricted cash 11,825 10,466
------------- -------------
Total Assets 824,396 549,351
------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt, net of
deferred financing fees 39,179 32,452
Accounts payable 4,688 3,344
Other current liabilities 10,067 7,089
Financial Instruments 2,056 834
------------- -------------
Total Current Liabilities 55,990 43,719
LONG-TERM DEBT, net of current portion and
net of deferred financing fees 368,586 185,467
------------- -------------
Minority interest - 4
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.1 par value: 5,000,000
shares authorized, none issued - -
Common Stock, $0.01 par value; 100,000,000
Class A shares and 1,000,000 Class B shares
authorized; 19,595,153 Class A shares and
135,326 Class B shares, issued and
outstanding at December 31, 2006; 19,893,556
Class A and 135,326 Class B shares, issued
and outstanding at December 31, 2007 200 197
Additional paid-in capital 193,897 182,410
Shares to be issued - 6,853
Accumulated Other Comprehensive Loss (66) (79)
Due from related party - (2,024)
Retained earnings 205,978 132,993
Less: Treasury stock (78,650 A Class shares
and 588 B Class shares) at December 31, 2006
and December 31, 2007 (189) (189)
------------- -------------
Total stockholders' equity 399,820 320,161
------------- -------------
Total Liabilities & Stockholders' Equity 824,396 549,351
------------- -------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2007 (UNAUDITED) AND DECEMBER 31, 2006
(In thousands of U.S. Dollars)
December 31, December 31,
2007 2006
------------ ------------
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income for the period, after taxes 84,895 31,106
Adjustments to reconcile net income to net
cash provided by operating activities
Depreciation & Amortization 32,279 30,487
Gain on sale of vessels (6,194) -
Other non cash expenses 1,561 1,675
Income from Investment in affiliate (873) -
Increase/Decrease in:
Current Assets (423) (1,153)
Increase/Decrease in:
Current Liabilities 4,322 468
Payments for dry docking & special survey (6,834) (4,239)
============ ============
a. Net cash from Operating Activities 108,733 58,344
------------ ------------
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Additions to vessel cost (126,068) -
Proceeds from sale of vessels 15,740 -
Investment (11,004) -
Payment of Business acquisition cost (1,522) -
Office furniture & equipments (755) (662)
============ ============
b.Net cash from (used in) Investing
Activities (123,609) (662)
------------ ------------
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from long-term debt 225,600 -
Payment principal of loan (35,876) (45,384)
Payments from a related party 2,024 -
Minority Interest (2) 4
Issuance of common stock, net of related
issuance costs - 225
Dividend paid (11,910) -
Payment of financing costs (7,577) -
Increase in restricted cash - 15,270
============ ============
c.Net cash from (used in) Financing
Activities 172,259 (29,885)
------------ ------------
Net increase (decrease) in cash & cash
equivalents 157,383 27,797
Cash & cash equivalents at beginning of
period 86,289 58,492
Cash & cash equivalents at end of the period 243,672 86,289
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest payments 14,489 14,224
US Source Income Taxes 489 748
About Excel Maritime Carriers Ltd
The Company is an owner and operator of dry bulk carriers and a provider of
worldwide seaborne transportation services for dry bulk cargoes, such as
iron ore, coal and grains, as well as bauxite, fertilizers and steel
products. The Company's current fleet consists of 18 vessels (ten Panamax,
two Supramax and six Handymax vessels) with a total carrying capacity of
approximately 1,074,022 dwt. The Company was incorporated under the laws
of Liberia in 1988. Excel Class A common shares have traded September 15,
2005 on the New York Stock Exchange (NYSE) under the symbol "EXM" and prior
to that date, traded on the American Stock Exchange (AMEX) since 1998. For
more information about the Company, please go to our corporate website
www.excelmaritime.com.
Forward-Looking Statement
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and the Company's growth strategy and measures to implement such strategy;
including the proposed acquisition of Quintana Maritime Limited.and
expected vessel acquisitions. Words such as "expects," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations of such
words and similar expressions are intended to identify forward-looking
statements. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the control of
the Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to, Quintana's
ability to obtain shareholder approval of its proposed acquisition by the
Company, the Company's ability to obtain financing for the proposed
acquisition of Quintana, changes in the demand for dry bulk vessels,
competitive factors in the market in which the Company operates; risks
associated with operations outside the United States; and other factors
listed from time to time in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company's expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact Information: Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue - Suite 1536 New York, NY 10160, USA Tel: (212) 661-7566 Fax: (212) 661-7526 E-Mail: nbornozis@capitallink.com www.capitallink.com Company: Lefteris Papatrifon Chief Financial Officer Excel Maritime Carriers Ltd. c/o 17th Km National Road Athens-Lamia & Finikos Street 145 64 Nea Kifisia Athens, Greece Tel: 011-30-210-62-09-520 Fax: 011-30-210-62-09-528 E-Mail: info@excelmaritime.com www.excelmaritime.com