Last $5.26 USD
Change Today -0.01 / -0.19%
Volume 558.1K
SB On Other Exchanges
Symbol
Exchange
New York
Stuttgart
As of 8:04 PM 11/21/14 All times are local (Market data is delayed by at least 15 minutes).

safe bulkers inc (SB) Key Developments

Safe Bulkers, Inc. Declares Cash Dividend for the Third Quarter of 2014, Payable on or About December 5, 2014; Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014

Safe Bulkers, Inc. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company’s net revenue was $36,516,000 against $41,880,000 a year ago. Operating income was $3,214,000 against $15,445,000 a year ago. Net income was $1,478,000 against $11,595,000 a year ago. Net loss available to common shareholders was $2,072,000 or 0.02 per share against net income of $10,777,000 or $0.14 per share a year ago. Adjusted net income was $955,000 against $13,078,000 a year ago. Adjusted EBITDA was $13,902,000 against $24,841,000 a year ago. Adjusted loss per share was $0.03 against earnings per share of $0.16 a year ago. For the nine months, net revenue was $115,037,000 against $127,549,000 a year ago. Operating income was $23,103,000 against $58,968,000 a year ago. Net income was $14,782,000 against $52,239,000 a year ago. Net income available to common shareholders was $8,942,000 or 0.11 per share against $51,270,000 or $0.67 per share a year ago. Adjusted net income was $12,799,000 against $44,109,000 a year ago. Adjusted EBITDA was $51,305,000 against $78,854,000 a year ago. Adjusted earnings per share were $0.08 against $0.56 a year ago. For the quarter, the company reported fleet utilization of 99.1% compared to 99.3% a year ago. Average number of vessels in the period was 31.05 compared to 27.43 a year ago. Time charter equivalent rate was $10,736 compared to $15,264 a year ago. For the nine months, the company reported fleet utilization of 99.0% compared to 98.8% a year ago. Average number of vessels in the period was 30.64 compared to 26.14 a year ago. Time charter equivalent rate was $12,062 compared to $16,769 a year ago. The board of directors of company declared a cash dividend on the company's common stock of $0.04 per share payable on or about December 5, 2014 to shareholders of record at the close of trading of the company's common stock on the New York Stock Exchange on November 21, 2014.

Safe Bulkers, Inc., Q3 2014 Earnings Call, Nov 06, 2014

Safe Bulkers, Inc., Q3 2014 Earnings Call, Nov 06, 2014

Safe Bulkers, Inc. to Report Q3, 2014 Results on Nov 05, 2014

Safe Bulkers, Inc. announced that they will report Q3, 2014 results After-Market on Nov 05, 2014

Safe Bulkers, Inc. Declares Quarterly Preferred Dividend for the Period from July 30, 2014 to October 29, 2014, Payable on October 30, 2014

Safe Bulkers, Inc. announced that the company's Board of Directors has declared: a cash dividend of $0.50 per share on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares for the period from July 30, 2014 to October 29, 2014; a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares for the period from July 30, 2014 to October 29, 2014 and a cash dividend of $0.66667 per share on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares for the period from June 30, 2014 to October 29, 2014. Each dividend will be paid on October 30, 2014 to all shareholders of record as of October 24, 2014 of the Series B Preferred Shares of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.

Safe Bulkers, Inc. Enters into $210.0 Million Reducing Revolving Credit Facility Agreement with DNB Bank ASA

Safe Bulkers, Inc. announced that it has entered into a $210.0 million, six-year, reducing revolving credit facility agreement with DNB Bank ASA, secured by ten vessels. Under the agreement, the Company will be subject to the following financial covenants which will be measured on a consolidated basis: The total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85%. The ratio of the Company's EBITDA1 to its interest expense must be less than 2.0:1 on a trailing 12 month basis. The consolidated net worth of the Company (total consolidated assets less total consolidated liabilities) must not be less than $150.0 million. The new credit facility will be used to finance the acquisition of two previously contracted newbuild vessels, scheduled to be delivered to the Company in 2015, and to replace and prolong an existing credit facility with the same lender, presently secured by eight existing vessels. The Company intends to finance its newbuild program with cash on hand and bank financing. With this reducing revolving credit facility and the other committed credit facilities, the Company has secured bank financing for twelve out of thirteen newbuild vessels on order.

 

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SB Competitors

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Company Last Change
Diana Shipping Inc $7.79 USD -0.05
Eagle Bulk Shipping Inc $14.75 USD +0.48
Golden Ocean Group Ltd 6.66 NOK -0.415
Knightsbridge Shipping Ltd $6.41 USD -0.73
Scorpio Bulkers Inc $3.65 USD +0.03
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SB

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Valuation SB Industry Range
Price/Earnings 11.1x
Price/Sales 2.5x
Price/Book 0.6x
Price/Cash Flow 5.0x
TEV/Sales NM Not Meaningful
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