Safe Bulkers, Inc. Reports Second Quarter and First Half 2011 Results and Declares Quarterly Dividend
News Release
Safe Bulkers, Inc.
July 22, 2011
Athens, Greece – July 21, 2011 -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an
international provider of marine drybulk transportation services, announced today its
unaudited financial results for the three and six months periods ended June 30, 2011. The
Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the
second quarter of 2011.
Summary of Second Quarter 2011 Results
? Net revenue for the second quarter of 2011 increased by 1% to $41.2 million from $40.6
million during the same period in 2010.
? Net income for the second quarter of 2011 decreased by 22% to $19.1 million from $24.4
million during the same period in 2010. Adjusted net income1 for the second quarter of
2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010.
? EBITDA2 for the second quarter of 2011 decreased by 14% to $25.5 million from $29.8
million during the same period in 2010. Adjusted EBITDA1 for the second quarter of 2011
decreased by 3% to $31.9 million from $32.9 million during the same period in 2010.
? Earnings per share (“EPS”) for the second quarter of 2011 of $0.27, calculated based on a
weighted average number of shares of 70,116,022, compared to $0.37 in the second
quarter of 2010, calculated based on a weighted average number of shares of 65,870,573.
Adjusted EPS1 for the second quarter of 2011 of $0.36, calculated based on a weighted
average number of shares of 70,116,022, compared to $0.42 in the second quarter of 2010,
calculated based on a weighted average number of shares of 65,870,573.
? The Company’s Board of Directors declared a dividend of $0.15 per share for the second
quarter of 2011.
Summary of First Half 2011 Results
? Net revenue for the first half of 2011 increased by 11% to $83.5 million from $74.9
million during the same period in 2010.
? Net income for the first half of 2011 decreased by 18% to $46.4 million from $56.5
million during the same period in 2010. Adjusted net income for the first half of 2011
increased by 6% to $52.9 million from $50.1 million during the same period in 2010.
1 Please see "Reconciliation of Adjusted Net Income, EPS and EBITDA" on page 9.
2 EBITDA represents net income plus interest expense, tax, depreciation and amortization.
? EBITDA for the first half of 2011 decreased by 10% to $59.9 million from $66.9 million
during the same period in 2010. Adjusted EBITDA for the first half of 2011 increased by
10% to $66.4 million from $60.5 million during the same period in 2010.
? EPS for the first half of 2011 of $0.68, calculated based on a weighted average number of
shares of 68,010,508, compared to $0.93 in the first half of 2010, calculated based on a
weighted average number of shares of 60,681,831. Adjusted EPS for the first half of 2011
of $0.78, calculated based on a weighted average number of shares of 68,010,508,
compared to $0.83 in the first half of 2010, calculated based on a weighted average
number of shares of 60,681,831.
international provider of marine drybulk transportation services, announced today its
unaudited financial results for the three and six months periods ended June 30, 2011. The
Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the
second quarter of 2011.
Summary of Second Quarter 2011 Results
? Net revenue for the second quarter of 2011 increased by 1% to $41.2 million from $40.6
million during the same period in 2010.
? Net income for the second quarter of 2011 decreased by 22% to $19.1 million from $24.4
million during the same period in 2010. Adjusted net income1 for the second quarter of
2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010.
? EBITDA2 for the second quarter of 2011 decreased by 14% to $25.5 million from $29.8
million during the same period in 2010. Adjusted EBITDA1 for the second quarter of 2011
decreased by 3% to $31.9 million from $32.9 million during the same period in 2010.
? Earnings per share (“EPS”) for the second quarter of 2011 of $0.27, calculated based on a
weighted average number of shares of 70,116,022, compared to $0.37 in the second
quarter of 2010, calculated based on a weighted average number of shares of 65,870,573.
Adjusted EPS1 for the second quarter of 2011 of $0.36, calculated based on a weighted
average number of shares of 70,116,022, compared to $0.42 in the second quarter of 2010,
calculated based on a weighted average number of shares of 65,870,573.
? The Company’s Board of Directors declared a dividend of $0.15 per share for the second
quarter of 2011.
Summary of First Half 2011 Results
? Net revenue for the first half of 2011 increased by 11% to $83.5 million from $74.9
million during the same period in 2010.
? Net income for the first half of 2011 decreased by 18% to $46.4 million from $56.5
million during the same period in 2010. Adjusted net income for the first half of 2011
increased by 6% to $52.9 million from $50.1 million during the same period in 2010.
1 Please see "Reconciliation of Adjusted Net Income, EPS and EBITDA" on page 9.
2 EBITDA represents net income plus interest expense, tax, depreciation and amortization.
? EBITDA for the first half of 2011 decreased by 10% to $59.9 million from $66.9 million
during the same period in 2010. Adjusted EBITDA for the first half of 2011 increased by
10% to $66.4 million from $60.5 million during the same period in 2010.
? EPS for the first half of 2011 of $0.68, calculated based on a weighted average number of
shares of 68,010,508, compared to $0.93 in the first half of 2010, calculated based on a
weighted average number of shares of 60,681,831. Adjusted EPS for the first half of 2011
of $0.78, calculated based on a weighted average number of shares of 68,010,508,
compared to $0.83 in the first half of 2010, calculated based on a weighted average
number of shares of 60,681,831.