Safe Bulkers, Inc. (SB) saw its loss widen to $17.78 million, or $0.25 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.25 million, or $0.07 a share. On the other hand, adjusted net loss for the quarter widened to $14.37 million, or $0.21 a share from a loss of $3.43 million or $0.07 a share, a year ago.
Revenue during the quarter dropped 25.89 percent to $24.70 million from $33.33 million in the previous year period. Operating margin for the quarter stood at negative 39.56 percent as compared to a positive 7.39 percent for the previous year period.
Operating loss for the quarter was $9.77 million, compared with an operating income of $2.46 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $3.76 million compared with $15.17 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3031 basis points in the quarter to 15.22 percent from 45.53 percent in the last year period.
Dr. Loukas Barmparis, president of the Company, commented: "Our net revenues increased by 35% reflecting the improved market conditions during the first quarter of 2017, resulting in a substantial decrease of our net loss compared to the same period last year. As our liquidity position has improved, we completed an exchange offer in April for approximately $27.7 million in face value of our 8% Series B Preferred Shares, reducing our future financial obligations with respect to preferred dividend payments."
Operating cash flow turns negative
Safe Bulkers, Inc. has spent $1.80 million cash to meet operating activities during the quarter as against cash inflow of $10.20 million in the last year period.
Cash flow from investing activities was $45.60 million for the quarter as against cash outgo of $7.40 million in the last year period.
The company has spent $58.40 million cash to carry out financing activities during the quarter as against cash inflow of $15.40 million in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
