DryShips (DRYS) Reports Second Quarter Results

DryShips (NASDAQ:DRYS), a diversified owner and operator of ocean going cargo vessels, today announced its unaudited financial and operating results for the quarter ended June 30, 2018.

Second Quarter 2018 Financial Highlights

  • For the second quarter of 2018, the Company reported net income of $3.6 million, or $0.04 basic and diluted earnings per share.
  • Included in the second quarter of 2018 results are the following:
    • Vessel dry-docking costs of $3.3 million, or $0.03 per share.
    • Gain of $5.1 million, or $0.05 per share, on the sale of the Company’s 2001 built Panamax vessel, the Maganari, to an unaffiliated buyer.

Excluding the above, the Company’s net results would have amounted to a net income of $1.8 million, or $0.02 per share.

  • The Company reported Adjusted EBITDA of $13.3 million for the second quarter of 2018. (1)

Adjusted EBITDA is a non-U.S. GAAP measure; please see later in this press release for reconciliation to net income/ (loss).

Updated Key Information as of July 30, 2018

  • Cash and cash equivalents: approximately $155.4 million (or $1.57 per share)
  • Book value of vessels: approximately $893.2 million (or $9.05 per share)
  • Debt outstanding balance: approximately $434.1 million (or $4.40 per share)
  • Number of Shares Outstanding:  98,708,716

Recent Developments

  • $50.0 million Common Stock Repurchase Program

As of July 31, 2018, the Company has repurchased a total of 5,565,992 shares of its common stock for an aggregate amount of $23.1 million, including commissions, pursuant to its previously announced stock repurchase program under which the Company may repurchase up to $50.0 million of its outstanding common stock until February 28, 2019. The current number of the Company’s outstanding common stock is 98,708,716.

  • Suspension of Cash Dividend

While announcing the results of its common stock repurchase program under which the Company has repurchased a total of 5,565,992 shares, the Company’s Board of Directors has decided to suspend the Company’s previously announced cash dividend policy until further notice. As previously noted, both the dividend policy and common stock repurchase program are subject to the discretion of the Company’s Board of Directors and may be suspended or amended at any time without notice.

  • Vessel Deliveries

On July 18 and July 24, 2018, the Company’s Panamax vessels Redondo and Marbella, respectively, were delivered to their new owners according to the terms of the previously announced Memoranda of Agreement with unaffiliated buyers.

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