Diana Containerships (DCIX) Reports Q2 Loss Per Share of 88c and Suspends Dividend

Diana Containerships (NASDAQ: DCIX) reported Q2 EPS of ($0.88), $0.29 worse than the analyst estimate of ($0.59). Revenue for the quarter came in at $8 million versus the consensus estimate of $10.76 million.

Suspension of Cash Dividend

The Company’s board of directors has determined that, based on the current container vessel charter market, it will suspend the quarterly cash dividend on its common shares effective with the quarter ended June 30, 2016. While the Company’s historical annual cash dividend since the second quarter of 2014 has amounted to $0.01 per common share (or $0.08 per common share adjusted to give effect to the 1 for 8 reverse stock split that became effective on June 9, 2016), the decision to suspend the dividend reflects the board’s determination that it is in the best long term interest of the Company and its shareholders to aggressively preserve liquidity to manage current market conditions and be in a position to benefit from an eventual sector recovery.

For earnings history and earnings-related data on Diana Containerships (DCIX) click here.

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