Shares of DryShips (DRYS) Sink as Q2 Results Disappoint
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DryShips Inc. (NASDAQ: DRYS) announced Tuesday afternoon its unaudited financial operating results for the second quarter ended June 30, 2011.
The company posted a quarterly net loss of $114.1 million, or $0.33 per share. Excluding infrequently occurring and non-cash items, DryShips's net income amounted to $17.4 million or $0.04 per share. Operating income rose substantially from a loss of $45.01 million last year to $104.42 million.
Total revenue for the quarter rose slightly from $224.02 million in the same quarter last year to $224.24 million.
For the Drybulk Carrier segment, net voyage revenue fell from $108.8 million in the same period in 2010 to $87.7 million. For the Offshore Drilling segment, revenue from drilling contracts increased by $17.6 million to $126.6 million. The Tanker segment saw sales of $4.1 million.
Analysts on the Street were looking for second-quarter EPS of 18 cents on sales of $263.55 million.
Total vessel and rig operating expenses and total depreciation and amortization increased from $46.7 million and $48.3 million to $84.9 million and $65.1 million, respectively. Total general and administrative expenses increased from $16.8 million to $26.7 million.
Cash and cash equivalents totaled $367.67 million at the end of June 2011, down from $391.53 million at the end of December 2010.
"We are pleased to report on the progress made on initiatives that have been underway for several months. One of the most significant milestones was the commencement by Ocean Rig UDW on August 26, 2011 of its offer to exchange shares that have been registered with the US SEC for shares that were issued in a private Norwegian offering in 2010. On August 4, 2011, we also announced the partial spin off of Ocean Rig UDW by way of a dividend to our shareholders, this dividend is the first step in delivering value to our shareholders from our investment in the offshore deep water drilling sector. By mid-September we expect these shares will be tradable on a 'when issued' basis on the Nasdaq Global Select Market and to begin 'regular-way' trading in October under the symbol ‘ORIG’.”
Shares of DryShips are currently trading down about 10 percent in the after hours session. Notably, the stock is up almost 19 percent over the last five trading sessions.
The company posted a quarterly net loss of $114.1 million, or $0.33 per share. Excluding infrequently occurring and non-cash items, DryShips's net income amounted to $17.4 million or $0.04 per share. Operating income rose substantially from a loss of $45.01 million last year to $104.42 million.
Total revenue for the quarter rose slightly from $224.02 million in the same quarter last year to $224.24 million.
For the Drybulk Carrier segment, net voyage revenue fell from $108.8 million in the same period in 2010 to $87.7 million. For the Offshore Drilling segment, revenue from drilling contracts increased by $17.6 million to $126.6 million. The Tanker segment saw sales of $4.1 million.
Analysts on the Street were looking for second-quarter EPS of 18 cents on sales of $263.55 million.
Total vessel and rig operating expenses and total depreciation and amortization increased from $46.7 million and $48.3 million to $84.9 million and $65.1 million, respectively. Total general and administrative expenses increased from $16.8 million to $26.7 million.
Cash and cash equivalents totaled $367.67 million at the end of June 2011, down from $391.53 million at the end of December 2010.
"We are pleased to report on the progress made on initiatives that have been underway for several months. One of the most significant milestones was the commencement by Ocean Rig UDW on August 26, 2011 of its offer to exchange shares that have been registered with the US SEC for shares that were issued in a private Norwegian offering in 2010. On August 4, 2011, we also announced the partial spin off of Ocean Rig UDW by way of a dividend to our shareholders, this dividend is the first step in delivering value to our shareholders from our investment in the offshore deep water drilling sector. By mid-September we expect these shares will be tradable on a 'when issued' basis on the Nasdaq Global Select Market and to begin 'regular-way' trading in October under the symbol ‘ORIG’.”
Shares of DryShips are currently trading down about 10 percent in the after hours session. Notably, the stock is up almost 19 percent over the last five trading sessions.
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