Scorpio Bulkers Inc. (NYSE: SALT) today reported its results for the three months ended December 31, 2018.
The Company also announced that on January 25, 2019, its Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common shares.
For the fourth quarter of 2018, the Monaco-based Company’s GAAP net loss was $7.4 million, or $0.11 loss per diluted share. These results include a non-cash loss of $7.7 million and cash dividend income of $0.5 million, or $0.10 loss per diluted share from the Company’s equity investment in Scorpio Tankers Inc. and a writeoff of deferred financing costs of $1.7 million, or $0.03 loss per diluted share, related to the refinancing of existing debt.
For the same period in 2017, the Company’s GAAP net loss was $1.1 million, or $0.01 loss per diluted share. Total vessel revenues for the fourth quarter of 2018 were $65.2 million, compared to $51.1 million for the same period in 2017.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the fourth quarters of 2018 and 2017 were $23.3 million and $22.9 million, respectively
Scorpio Bulkers is a provider of marine transportation of dry bulk commodities. Scorpio has an operating fleet of 57 vessels consisting of 56 wholly-owned or finance leased dry bulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel.
Shares sank 56 cents, or 10.5%, to $4.76
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