Excel Maritime Carriers Ltd. (EXM), a global dry bulk carrier, declared second-quarter 2010 financial results. Quarterly adjusted (excluding one-time special gains) EPS was just 4 cents per share compared with the Zacks Consensus Estimate of 16 cents per share. This was primarily due to escalating operating expenses.
 
GAAP net income in the second quarter 2010 was $78.9 million or 95 cents per share compared with a net income of $78 million or $1.05 per share.
 
Quarterly total revenue was a little over $198 million compared with $173.9 million in the prior-year quarter. Voyage revenue, in the second quarter 2010, was slightly above $107 million, an improvement of 8.7% year over year and also better than the Zacks Consensus Estimate of $101 million. In the reported quarter, Time Charter Equivalent (TCE) per day was $24,062 compared with $22,148 in the prior-year quarter.
 
Quarterly total operating expenses were nearly $95 million, up 6.7% year over year. This was mainly due to a 42.9% increase in Voyage expense and 83.9% increase in Dry-docking and special survey costs. Quarterly adjusted EBITDA was $60.1 million, up 4.9% year over year.
 
An average of 47.7 vessels operated during the second quarter 2010 compared with 47 in the year-ago quarter. Management announced that the company secured under time charter employment 63.1% of its operating days for the rest of 2010 and 18.2% for the next fiscal ending December 31, 2011.
 
During the first half of fiscal 2010, Excel Maritime generated $88.2 million of cash from operations compared with $69.4 million in the year-ago period. Free cash flow (cash flow from operations less capital expenditure) in the same period was $28.2 million compared with $60.8 million in the prior-year quarter.
 
At the end of the second quarter 2010, Excel Maritime had $106.6 of cash & cash equivalents compared with $100.1 million at the end of fiscal 2009. Total debt, at the end of the reported quarter, was $1,211.95 million compared with $1,256.45 million at the end of fiscal 2009. At the end of the second quarter 2010, debt-to-capitalization ratio was 0.40 compared with 0.43 at the end of fiscal 2009.
 
EXCEL MARITIME (EXM): Free Stock Analysis Report
 
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