Diana Containerships reports EPS in-line, beats on revs; Co reduces quarterly dividend 67% to $0.05/share
Reports Q1 (Mar) earnings of $0.01 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.01; revenues fell 10.6% year/year to $13.5 mln vs the $12.99 mln consensus.
The co has declared a cash dividend on its common stock of $0.05 per share, down from the prior dividend of $0.15/share, with respect to the first quarter of 2014. The cash dividend will be payable on or around June 11, 2014 to all shareholders of record as at May 28, 2014. The Company has 36,505,605 shares of common stock outstanding.
"After carefully considering the current containership charter market and vessel acquisition opportunities, management believes the Board's decision to reduce the cash dividend payable with respect to the first quarter is in the best interests of the Company and its shareholders and is consistent with the long-term strategy of maintaining a strong balance sheet and pursuing attractive vessel purchase opportunities as they arise."
"In taking this action, the Co expects to deploy its available cash to purchase additional containership vessels at currently attractive prices that will further enhance the Co's position to capitalize on the eventual recovery in the container market. The Co believes this action enhances long-term shareholder value and will evaluate future dividend decisions in light of then prevailing market conditions."
- Co reported Time charter equivalent (TCE) rate of $17,337/day, above last year's rate of $16,203/day. Daily vessel operating expenses were reported at $8,598/day, below last year's rate of $8,987/day.
The co has declared a cash dividend on its common stock of $0.05 per share, down from the prior dividend of $0.15/share, with respect to the first quarter of 2014. The cash dividend will be payable on or around June 11, 2014 to all shareholders of record as at May 28, 2014. The Company has 36,505,605 shares of common stock outstanding.
"After carefully considering the current containership charter market and vessel acquisition opportunities, management believes the Board's decision to reduce the cash dividend payable with respect to the first quarter is in the best interests of the Company and its shareholders and is consistent with the long-term strategy of maintaining a strong balance sheet and pursuing attractive vessel purchase opportunities as they arise."
"In taking this action, the Co expects to deploy its available cash to purchase additional containership vessels at currently attractive prices that will further enhance the Co's position to capitalize on the eventual recovery in the container market. The Co believes this action enhances long-term shareholder value and will evaluate future dividend decisions in light of then prevailing market conditions."