Safe Bulkers (SB) Reports In-Line Q3 Loss; No Dividend Declared

October 31, 2016 7:42 AM EDT
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Safe Bulkers (NYSE: SB) reported Q3 EPS of ($0.15), in-line with the analyst estimate of ($0.15). Revenue for the quarter came in at $27.1 million versus the consensus estimate of $26.98 million.

Dividend Policy

The Board of Directors of the Company has not declared a dividend for the third quarter of 2016. The Company has 83,611,628 shares of common stock issued and outstanding as of October 31, 2016.

The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company's growth strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company's existing and future debt instruments; and (v) global economic and financial conditions.

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: "During the first nine months of 2016 in the worst part of the shipping cycle we maintained positive cash flows from operations covering our daily vessel operating expenses(5) including dry docking cost and initial supplies expenses, daily general and administrative expenses(5) and interest expense. We have worked over the past year to reduce debt maturities for the following years. We have also substantially reduced our capital expenditures by novating or reselling past relatively expensive new-build contracts. We have partially financed the purchase of the one new-build through the issuance of preferred stock and have arranged a sales and lease back financing for the other. These steps have strengthened the company's liquidity position."

For earnings history and earnings-related data on Safe Bulkers (SB) click here.

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