-- $19.2 million of Net income or $0.96 per share for the period on
revenue from operations of $43.2 million.
-- $29.9 million of EBITDA.
-- Declared a quarterly dividend of $0.20 per share for the third quarter
2007.
Nine Months 2007 Highlights:
-- $51.4 million of Net income or $2.58 per share for the period on
revenue from operations of $116.6 million.
-- $82.0 million of EBITDA.
-- Initiated a quarterly dividend payout policy of $0.20 per share.
Declared dividends in each quarter of 2007 aggregating $0.60 per share.
Recent Fleet Developments:
-- In July 2007 the Company entered into agreements to acquire two
Supramax bulk carriers expanding the fleet to 18 vessels with an aggregate
carrying capacity of 1,074,022 lowering its average fleet age to 12.9
years. As announced, Excel agreed to acquire the M/V July M, a 2005 built,
55,567 dwt vessel and the M/V Mairouli, a 2005 built, 53,206 dwt vessel,
both with expected delivery in the fourth quarter 2007.
-- During the third quarter 2007, the Company fixed four of its vessels
on long-term employment with first class charterers. Specifically, secured
the M/V Powerful, a 1994 built 70,083 dwt Panamax under a time charter for
a period of 23 to 25 months at $ 39,000 per day, the M/V Princess I, a 1994
built 38,858 dwt Handymax under a time charter for a period of 22 to 24
months at $ 30,000 per day, the M/V First Endeavor, a 1994 built 69,111 dwt
Panamax under a time charter for a period of 23 to 25 months at $45,000 per
day and the M/V Elinakos, a 1997 built 73,751 dwt Panamax under a time
charter for a period of 23 to 25 months at $58,000 per day
-- In October 2007, the Company fixed two of its vessels on short term
employment with first class charterers. Specifically, secured the M/V
Birthday, a 1993 built 71,504 dwt Panamax under a time charter consisting
of two "laden legs" with an approximate duration of 60 days at a daily rate
of $92,750 per day. Also secured, the M/V Marrybelle, a 1987 built 42,552
dwt Handymax under a time charter for a period of 5-7 months at $50,650 per
day.
-- Following the above time charter agreements, 66% of Excel's fleet
operating days for the fourth quarter 2007, 73% for the full year 2007 and
48% for the full year 2008 are fixed under medium-and long-term time
charters.
Convertible Senior Notes Offering
-- In October 2007, the Company announced the closing of its offering of
$150,000,000 aggregate principal amount of convertible Senior Notes due in
2027 with net proceeds to Excel Maritime of approximately $145.3 million.
CEO Christopher Georgakis commented: "We are pleased to report strong third
quarter 2007 operational and financial results as we continue to benefit
from the strong freight rate environment.
During this quarter, we expanded our fleet to 18 vessels through the
acquisition of the two Supramax vessels and secured profitable long term
employment for four of our vessels. We continued with our strategy of
selective fleet growth and of securing long term charters for our vessels
at opportune times, locking in strong and visible cash flows, while with
the remainder of our fleet we take advantage of the strength of the spot
market.
The $150 million of convertible senior notes which we closed in October,
enable the company to secure long term financing at very attractive terms.
They add significantly to our liquidity, optimize our capital structure and
enable us to pursue growth opportunities as they may arise.
We are also pleased to announce the declaration of our third consecutive
quarterly dividend of $0.20 per share."
Third Quarter 2007 Results:
Total revenues for the third quarter 2007 amounted to $43.2 million as
compared to $32.7 million for the same period in 2006. Net income for the
third quarter 2007 amounted to $19.2 million versus $9.9 million for the
same period in 2006.
Earnings per share for the third quarter 2007, calculated on 19,978,365
shares were $0.96 compared to $0.50 in the third quarter of 2006. The
average number of shares outstanding in the third quarter of 2006 was
19,949,644.
It should be noted that the third quarter 2007 figures include unrealized
losses of $0.7 million or $0.04 per share while third quarter 2006 figures
include unrealized losses of $0.9 million or $0.04 per share due to the
existence of interest rate swaps that do not qualify as hedge accounting.
The results of the third quarter 2007 include $0.4 million of income or
$0.02 per share due to Excel's participation in Oceanaut.
EBITDA for the third quarter 2007 was $ 29.9 million compared to $21.4
million during the third quarter 2006. Please refer to a subsequent section
of this Press Release for a reconciliation of EBITDA to Net Income.
An average of 16 vessels were operated during the third quarter 2007
earning a blended average time charter equivalent rate of $29,387 per day,
compared to an average of 17 vessels operated during the third quarter
2006 earning a blended average time charter equivalent rate of $19,971per
day.
Nine Month 2007 Results:
Total revenues for the nine months ended September 30, 2007 amounted to
$116.6 million as compared to $88.9 million for the same period in 2006.
Net income for the nine months ended September 30, 2007 amounted to $51.4
million versus $21.8 million for the same period in 2006.
Earnings per share for the nine months ended September 30, 2007, calculated
on 19,977,878 shares were $2.58 compared to $1.09 for the same period 2006.
The average number of shares outstanding in the nine months ended September
30, 2006, was 19,946,658.
The nine month 2007 figures include unrealized losses of $0.5 million or
$0.02 per share while the nine month 2006 figures include unrealized losses
of $0.9 million or $0.04 per share due to the existence of interest rate
swaps that do not qualify as hedge accounting.
The results of the nine months ended September 30, 2007 include $0.8
million of income or $0.04 per share due to Excel's participation in
Oceanaut.
EBITDA for the nine months ended September 30, 2007 was $ 82.0 million
compared to $54.0 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 nine months ended
September 30, 2007 earning a blended average time charter equivalent rate
of $25,601 per day, compared to an average of 17 vessels operated during
the same period 2006 earning a blended average time charter equivalent rate
of $18,628 per day.
Convertible Senior Notes Offering
In October 2007, the Company announced the closing of its offering of
$150,000,000 aggregate principal amount of Convertible Senior Notes due
2027 to qualified institutional buyers in accordance with Rule 144A under
the Securities Act of 1933.
If certain conditions are met, the notes will be convertible into cash,
shares of Excel Maritime's Class A common stock or a combination of cash
and Class A common stock, at Excel Maritime's option.
The notes will pay interest semiannually at a rate of 1.875% per annum. The
notes will be convertible at a base conversion rate of approximately
10.9529 shares of Class A common stock per $1,000 principal amount of
notes. The initial conversion price is set at $91.30 per share. There is
also an incremental share factor of 5.4765 shares of Class A common stock
per $1,000 principal amount of notes.
The net proceeds to Excel Maritime from the offering were approximately
$145.3 million, after deducting the initial purchaser's discount and
estimated offering expenses of approximately $4.7 million.
Quarterly Dividend:
On November 13, 2007, the Board of Directors for the company approved the
Company's quarterly dividend of $0.20 per share, payable on December 11,
2007 to shareholders of record as of November 30, 2007.
This is the third consecutive quarterly dividend declared since the Company
commenced a dividend policy beginning with the first quarter 2007. The
declaration of each quarterly dividend is anticipated to take place
concurrently with the announcement of the Company's earnings for that
period.
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), 0800-953-0329
(from the UK) or +44 (0)1452-542-301 (all other callers). Please quote
"Excel Maritime."
In case of any problem with the above numbers, please dial 1-866-223-0615
(from the US), 0800-694-1503 (from the UK) or +44 (0) 1452-586-513 (all
other callers). Quote "Excel Maritime."
A telephonic replay of the conference call will be available until November
21, 2007 by dialing 1-866-247-4222 (from the US), 0800-953-1533 (from the
UK) or +44 1452-550-000 (all other callers). Access Code: 1838801#
Slides and audio webcast:
There will also be a live -- and then archived -- webcast of the conference
call, through the Excel Maritime Carriers website (www.excelmaritime.com).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
Updated Fleet List:
The following table represents our fleet as of the date of this release.
This table takes into account the acquisition of the M/V July M and the M/V
Mairouli.
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
--------- --------- -------------
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 16 965,249 14.5
--------- --------- -------------
Additional Vessels to be delivered within the
fourth quarter 2007
July M Supramax 55,567 2005
--------- --------- -------------
Mairouli Supramax 53,206 2005
--------- --------- -------------
Total Supramax 2 108,773
--------- --------- -------------
Grand Total 18 1,074,022 Avg. Age:12.9
--------- --------- -------------
Summary Fleet Data:
Third Quarter Third Quarter
2007 2006
----------- -----------
FLEET DATA
----------- -----------
Average number of vessels (1) 16 17
----------- -----------
Available days for fleet (2) 1,370 1,528
----------- -----------
Calendar days for fleet (3) 1,472 1,564
----------- -----------
Fleet utilization (4) 93% 98%
----------- -----------
----------- -----------
AVERAGE DAILY RESULTS
----------- -----------
Time charter equivalent (5) $ 29,387 $ 19,971
----------- -----------
Vessel operating expenses (6) $ 5,657 $ 4,742
----------- -----------
General and administrative expenses (7) $ 1,844 $ 1,248
----------- -----------
Total vessel operating expenses (8) $ 7,501 $ 5,990
----------- -----------
Nine Month Nine Month
Period Ended Period Ended
September 30, September 30,
2007 2006
-------------- --------------
FLEET DATA
-------------- --------------
Average number of vessels (1) 16.5 17
-------------- --------------
Available days for fleet (2) 4,187 4,414
-------------- --------------
Calendar days for fleet (3) 4,497 4,641
-------------- --------------
Fleet utilization (4) 93% 95%
-------------- --------------
-------------- --------------
AVERAGE DAILY RESULTS
-------------- --------------
Time charter equivalent (5) $ 25,601 $ 18,628
-------------- --------------
Vessel operating expenses (6) $ 5,526 $ 4,867
-------------- --------------
General and administrative expenses (7) $ 1,789 $ 1,278
-------------- --------------
Total vessel operating expenses (8) $ 7,315 $ 6,145
-------------- --------------
(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. 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.
Time Charter Equivalent Reconciliation
(In thousands of Dollars)
Third Quarter Third Quarter
2007 2006
-------------- --------------
Voyage Revenues $ 43,008 $ 32,541
minus Voyage Expenses $ 2,209 $ 1,621
minus Commission from a Related Party $ 536 $ 404
Total Revenue, net of voyage expenses $ 40,263 $ 30,516
Total Available days 1,370 1,528
Time Charter Equivalent $ 29,387 $ 19,971
Nine Month Nine Month
Period Ended Period Ended
September 30, September 30,
2007 2006
-------------- --------------
Voyage Revenues $ 115,999 $ 88,469
minus Voyage Expenses $ 7,355 $ 5,147
minus Commission from a Related Party $ 1,449 $ 1,096
Total Revenue, net of voyage expenses $ 107,195 $ 82,226
Total Available days 4,187 4,414
Time Charter Equivalent $ 25,601 $ 18,628
(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 calculated by dividing TVOE by fleet calendar days for
the relevant time period.
Time Charter Equivalent (TCE) Results by Type of Vessel & Employment
Third Quarter Third Quarter
2007 2006
-------------- --------------
Panamax spot TCE ($) $ 42,905 $ 18,635
Number of available days 136 91
-------------- --------------
Panamax period TCE ($) $ 26,805 $ 23,138
Number of available days 682 829
-------------- --------------
Handymax spot TCE ($) $ 32,045 $ 18,465
Number of available days 276 356
-------------- --------------
Handymax period TCE ($) $ 26,424 $ 12,149
Number of available days 276 252
-------------- --------------
Total fleet spot TCE ($) $ 35,638 $ 18,500
Number of available days 412 447
-------------- --------------
Total fleet period TCE ($) $ 26,695 $ 20,579
Number of available days 958 1,081
-------------- --------------
Nine Month Nine Month
Period Ended Period Ended
September 30, September 30,
2007 2006
-------------- --------------
Panamax spot TCE ($) $ 42,245 $ 17,142
Number of available days 151 625
-------------- --------------
Panamax period TCE ($) $ 25,609 $ 22,907
Number of available days 2,379 2,031
-------------- --------------
Handymax spot TCE ($) $ 25,092 $ 14,254
Number of available days 970 1,228
-------------- --------------
Handymax period TCE ($) $ 22,649 $ 14,122
Number of available days 687 531
-------------- --------------
Total fleet spot TCE ($) $ 27,396 $ 15,228
Number of available days 1,121 1,853
-------------- --------------
Total fleet period TCE ($) $ 24,945 $ 21,088
Number of available days 3,066 2,561
-------------- --------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
Condensed Statement of Cash Flows
(In thousands of Dollars)
Nine Month Nine Month
Period Ended Period Ended
September 30, September 30,
2007 2006
(Unaudited) (Unaudited)
------------- -------------
Cash and cash equivalents, beginning of year 86,289 58,492
Provided by (Used in):
Operating Activities 68,135 41,589
Investing Activities (21,344) (488)
Financing Activities (34,460) (18,442)
Net increase in cash and cash equivalents 12, 331 22,659
Cash and cash equivalents, end of period 98,620 81,151
EBITDA Reconciliation (1)
(In thousands of Dollars)
Third Quarter Third Quarter
Ended Ended
September 30, September 30,
2007 2006
-------------- --------------
Net Income 19,231 9,898
plus Net Interest Expense 2,555 4,074
Plus Depreciation 6,793 7,062
Plus Amortization 1,050 288
Plus Taxes 247 35
EBITDA 29,876 21,357
EBITDA Reconciliation (1)
(In thousands of Dollars)
Nine Months Nine Months
Ended Ended
September 30, September 30,
2007 2006
-------------- --------------
Net Income 51,448 21,766
plus Net Interest Expense 6,673 10,164
Plus Depreciation 20,868 21,187
Plus Amortization 2,605 552
Plus Taxes 359 313
EBITDA 81,953 53,982
(1) Excel Maritime considers EBITDA to represent net income plus net
interest expense and depreciation and amortization. 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 by 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 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 SEPTEMBER 30, 2007 AND SEPTEMBER 30, 2006
(In thousands of Dollars, except per share data)
Third Quarter Third Quarter
2007 2006
Unaudited Unaudited
------------- -------------
REVENUES
Voyage Revenues 43,008 32,541
Revenue from managing vessels 227 139
------------- -------------
Revenue from Operations 43,235 32,680
------------- -------------
EXPENSES
Voyage expenses 2,209 1,621
Voyage expenses - Related party 536 404
Vessel operating expenses 8,328 7,417
Depreciation expense 6,793 7,062
Amortization for drydocking and special
survey 1,050 288
General and administrative expenses 2,715 1,952
------------- -------------
21,631 18,744
------------- -------------
------------- -------------
------------- -------------
Income from operations 21,604 13,936
------------- -------------
OTHER INCOME (EXPENSES):
Interest and finance costs (4,009) (5,045)
Interest Income 1,454 971
Other, net 79 65
------------- -------------
Total other income (expenses), net (2,476) (4,009)
------------- -------------
============= =============
Net Income from Operations 19,128 9,927
------------- -------------
US Source Income Taxes (247) (35)
------------- -------------
Net Income, after taxes and before
minority interest 18,881 9,892
Minority interest - 6
Income from Investment in affiliate 350 -
------------- -------------
Net income $ 19,231 $ 9,898
------------- -------------
------------- -------------
Earnings per common share, basic $ 0.96 $ 0.50
Weighted average number of shares basic 19,949,644 19,949,644
Earnings per common share, diluted $ 0.96 $ 0.50
Weighted average number of shares diluted 19,978,365 19,949,644
------------- -------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007 AND SEPTEMBER 30, 2006
(In thousands of Dollars, except per share data)
Nine Months Nine Months
2007 2006
Unaudited Unaudited
------------- -------------
REVENUES
Voyage Revenues 115,999 88,469
Revenue from managing vessels 592 419
------------- -------------
Revenue from Operations 116,590 88,888
------------- -------------
EXPENSES
Voyage expenses 7,355 5,147
Voyage expenses - Related party 1,449 1,096
Vessel operating expenses 24,851 22,588
Depreciation expense 20,868 21,187
Amortization for drydocking and special
survey 2,605 552
General and administrative expenses 8,046 5,930
------------- -------------
65,174 56,500
------------- -------------
------------- -------------
GAIN ON SALE OF VESSELS 6,194 -
------------- -------------
------------- -------------
Income from operations 57,611 32,388
------------- -------------
OTHER INCOME (EXPENSES):
Interest and finance costs (10,712) (12,985)
Interest Income 4,039 2,821
Other, net 55 (155)
------------- -------------
Total other income (expenses), net (6,618) (10,319)
------------- -------------
============= =============
Net Income from Operations 50,993 22,069
------------- -------------
US Source Income Taxes (359) (313)
------------- -------------
Net Income, after taxes and before
minority interest 50,634 21,756
Minority interest 2 10
Income from Investment in affiliate 813 -
------------- -------------
Net income 51,448 21,766
------------- -------------
------------- -------------
Earnings per common share, basic $ 2.58 $ 1.09
Weighted average number of shares basic 19,949,644 19,946,658
Earnings per common share, diluted $ 2.58 $ 1.09
Weighted average number of shares diluted 19,977,878 19,946,658
------------- -------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT SEPTEMBER 30, 2007 (UNAUDITED) AND DECEMBER 31, 2006 (AUDITED)
(In thousands of U.S. Dollars, except per share data)
September 30, December 31,
2007 2006
Unaudited Audited
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 98,620 86,289
Restricted cash 4,688 4,534
Accounts receivable 1,138 2,646
Other Current Assets 2,318 2,319
------------- -------------
Total Current Assets 106,764 95,788
------------- -------------
FIXED ASSETS:
Vessels', net 433,416 437,418
Office furniture & equipments, net 1,472 983
------------- -------------
Total fixed assets 434,888 438,401
------------- -------------
OTHER NON CURRENT ASSETS:
Investment in affiliate 11,817 -
Other Non Current Assets 7,644 4,696
Restricted cash 10,312 10,466
------------- -------------
Total Assets 571,424 549,351
------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt, net of
deferred financing fees 29,027 32,452
Accounts payable 7,078 3,178
Other Current Liabilities 6,871 7,255
Financial Instruments 1,316 834
------------- -------------
Total Current Liabilities 44,291 43,719
LONG-TERM DEBT, net of current portion and
net of deferred financing fees 160,650 185,467
------------- -------------
Minority interest - 4
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.01 par value: 5,000,000
shares authorized, none issued
Common Stock, $0.10 par value: 49,000,000
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 shares and 135,326 Class B shares,
issued and outstanding at September 30, 2007 200 197
Additional paid-in capital 190,030 182,410
Shares to be issued - 6,853
Accumulated Other Comprehensive Loss (79) (79)
Due from related party - (2,024)
Retained earnings 176,521 132,993
Less: Treasury stock (78,650 A Class shares
and 588 B Class shares) at December 31, 2006
and June 30, 2007 (189) (189)
------------- -------------
Total stockholders' equity 366,483 320,161
------------- -------------
Total Liabilities & Stockholders' Equity 571,424 549,351
------------- -------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED SEPTEMBER 30, 2007 (UNAUDITED) AND SEPTEMBER 30,
2006 (UNAUDITED)
(In thousands of Dollars)
September 30, September 30,
2007 2006
Unaudited Unaudited
------------- -------------
CASH FLOWS FROM (USED IN) OPERATING
ACTIVITIES
Net income for the period, after taxes 51,448 21,765
Adjustments to reconcile net income to net
cash provided by operating activities
Depreciation & Amortization 23,755 22,125
Gain on sale of vessels (6,194) 0
Other non cash expenses 1,267 690
Income from Investment in affiliate (816) 0
Increase/Decrease in:
Current Assets 1,509 (174)
Increase/Decrease in:
Current Liabilities 3,517 258
Payments for dry docking & special survey (6,351) (3,075)
============= =============
a.Net cash from Operating Activities 68,135 41,589
------------- -------------
CASH FLOWS FROM (USED IN) INVESTING
ACTIVITIES
Advances for vessel acquisition (25,401) 0
Proceeds from sale of vessels 15,740 0
Investment (11,000) 0
Office furniture & equipments (683) (488)
============= =============
b.Net cash from (used in) Investing
Activities (21,344) (488)
------------- -------------
CASH FLOWS FROM (USED IN) FINANCING
ACTIVITIES
Proceeds from long-term debt 0 0
Payment principal of loan (28,545) (36,360)
Minority Interest (4) 0
Issuance of common stock, net of related
issuance costs 2,009 225
Dividend paid (7,920) 0
Increase in restricted cash 0 17,693
============= =============
c.Net cash from (used in) Financing
Activities (34,460) (18,442)
------------- -------------
Net increase(decrease) in cash & cash
equivalents 12,331 22,659
Cash & cash equivalents at beginning of
period 86,289 58,492
Cash & cash equivalents at end of the
period 98,620 81,151
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest payments 10,136 11,599
US Source Income Taxes 237 661
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 16 vessels (ten Panamax
and six Handymax vessels) with a total carrying capacity of 965,249 dwt. In
addition, the company has agreed to acquire two Supramax vessels, expected
to be delivered to the Company within the fourth quarter 2007. Upon
delivery of the vessels the Company will have a fleet of 18 vessels (ten
Panamax, two Supramax and six Handymax vessels) with a total carrying
capacity of 1,074,022 deadweight tons. The Company was incorporated in 1988
and its common stock had been listed on the American Stock Exchange (AMEX)
since 1998. As of September 15, 2005 Excel Maritime is listed on the New
York Stock Exchange (NYSE), trading under the symbol EXM. 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 expected vessel acquisitions and entering into further time
charters. 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 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: Christopher Georgakis Chief Executive 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