DryShips (DRYS) Misses Q4 EPS Views

March 25, 2009 7:10 AM EDT

DryShips (Nasdaq: DRYS) reports Q4 earnings of $0.43 per share, ex-items, below the consensus of $0.66. Revenues came in at $217.9 million, versus the consensus of $209.6 million. The loss before items for the quarter was $1.02 billion.

CEO George Economou said, "Since the collapse of the world economy in the latter part of 2008 we have taken a pro-active approach implementing innovative steps to address the current market environment. DryShips has dramatically reduced its capital expenditures while minimizing the use of cash. The cancellation of 17 contracts associated with vessels previously announced worth $2 billion have dramatically reduced remaining CAPEX in 2009 to $149.6 million excluding payments associated with our newbuilding drillships. We have shored up the balance sheet by raising significant amounts of fresh equity for DryShips in an extremely difficult environment enhancing our liquidity position. These actions have garnered the support of our bankers as demonstrated by the waiver obtained by our three main lenders on the Primelead facility. These three lenders, acting as agents or direct lenders, represent 75% of the total loans outstanding."

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UPDATE: Click here for some highlights from the company's Q4 conference call.

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