On Monday, July 22, Scorpio Bulkers Inc. – which has its principle executive offices in Monaco – reported its results for the three months ended June 30, 2019, and declared a quarterly cash dividend of $0.02 per share on the company’s common shares.
For the second quarter of 2019, the company’s GAAP net income was $35.0 million, or $0.50 per diluted share, including: a non-cash gain of approximately $52.6 million and cash dividend income of $0.5 million, or $0.77 earnings per diluted share, primarily from the company’s equity investment in Scorpio Tankers Inc: a write-down of assets held for sale of approximately $5.2 million, or $0.08 per diluted share, related to the classification of two Ultramax vessels as held for sale, and the write-off of deferred financing costs on the credit facilities related to the SBI Electra and SBI Flamenco; and the write-off of deferred financing costs of approximately $2.7 million, or $0.04 per diluted share, related to the refinancing of existing debt, the company said.
Total vessel revenues for the second quarter of 2019 were $49.1 million, compared to $60.6 million for the same period in 2018. However, earnings before interest, taxes, depreciation and amortisation for the second quarters of 2019 and 2018 were $65.2 million and $28.1 million, respectively.
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For the second quarter of 2019, the company’s adjusted net income was $40.1 million, or $0.58 adjusted earnings per diluted share, which excludes the impact of the write-down of assets held for sale of $4.7 million and the write-off of deferred financing costs on the credit facilities relating to the SBI Electra and SBI Flamenco of $0.4 million. Adjusted EBITDA for the second quarter of 2019 was $70.0 million.
During May 2019, the company prepaid approximately $74.8 million of its $330.0 Million Credit Facility and wrote off approximately $1.2 million of deferred financing costs as part of the refinancing of the seven vessels now financed by the CMBFL Lease Financing.
During June and July 2019, the company prepaid approximately $29.1 million and $30.9 million, respectively, of its $330.0 Million Credit Facility and wrote off deferred financing costs of approximately $0.3 million and $0.4 million, respectively, as part of the refinancing of the six vessels now financed by the AVIC Lease Financing.
PHOTO: Scorpio Bulkers
