Insweb Corp (NYSE: INSW) reported Q2 EPS of ($0.40), $0.55 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $71.96 million versus the consensus estimate of $73 million.

Highlights

• Time charter equivalent (TCE) revenues(A) for the second quarter were $69.3 million, compared to $101.0 million in the second quarter of 2016.
• Net loss for the second quarter, reflecting $15.0 million of costs associated with the refinancing of the Company’s debt facilities, was $11.6 million, or $(0.40) per diluted share, compared to net income of $30.5 million, or $1.05 per diluted share, in the second quarter of 2016.
• Adjusted EBITDA(B) for the second quarter was $31.8 million, compared to $62.3 million in the same period of 2016.
• Cash was $121.2 million as of June 30, 2017.
• Closed on a new $50 million revolving credit facility and $500 million term loan facility in June 2017; subsequent to quarter’s end, the term loan facility was upsized to $550 million.
• Acquired two 2017-built Suezmax tanker newbuildings, the Seaways Hatteras and the Seaways Montauk, constructed at Hyundai Samho Heavy Industries shipyard, which were delivered to the Company in July 2017.
• Entered into an agreement to sell a 2001-built MR, expected to close during the third quarter.
• Signed two five-year contracts for our FSO joint ventures which are expected to generate in excess of $180 million of EBITDA for the Company over the five-year contract period.

For earnings history and earnings-related data on Insweb Corp (INSW) click here.