Scorpio Bulkers releases financial results

Results for the three and six months ended 30 June 2018 and 2017

For the second quarter of 2018, the company’s GAAP net income was US$0.8 million, or US$0.01 per diluted share. For the same period in 2017, the company’s GAAP net loss was US$13.4 million, or US$0.19 loss per diluted share. Total vessel revenues for the second quarter of 2018 were US$60.6 million, compared to US$37.7 million for the same period in 2017. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter of 2018 and 2017 were US$28.1 million and US$10.8 million, respectively.

For the six months ended 30 June 2018, the company’s GAAP net loss was US$5.0 million or US$0.07 loss per diluted share. For the same period in 2017, the company’s GAAP net loss was US$48.0 million, or US$0.67 loss per diluted share. Total vessel revenues for the first half of 2018 were US$114.9 million, compared to US$72.5 million for the same period in 2017. EBITDA for the six months ended June 30, 2018 and 2017 were US$48.4 million and a loss of less than US$0.1 million, respectively.

While the first half of 2018 included no non-GAAP adjustments to net income, the company’s first half of 2017 net income included a loss/write-off of vessels and assets held for sale of US$17.7 million and the write-off of deferred financing costs on the credit facility related to those specific vessels of US$0.5 million. Excluding these items, the company’s first half of 2017 adjusted net loss was US$29.8 million, or US$0.41 adjusted loss per diluted share. Adjusted EBITDA for the first half of 2017 was US$17.7 million.

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