Box Ships Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Box Ships Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net revenues of $11,695,000 compared to $16,891,000 a year ago. Operating loss was $727,000 compared to operating income of $5,008,000 a year ago. Net loss was $2,182,000 or $0.09 basic and diluted per share compared to net income of $3,016,000 or $0.10 diluted per share a year ago. Adjusted EBITDA was $5,085,000 compared to $10,952,000 a year ago. Adjusted net loss was $330,000 or $0.03 basic and diluted per share compared to adjusted net income of $5,160,000 or $0.19 basic and diluted per share a year ago. EBITDA was $3,233,000 against $8,808,000 a year ago. The company reported net revenues for the fourth quarter of 2014 of $11.7 million, a decrease of 31% compared to $16.9 million in the fourth quarter of 2013. This decrease is mainly due to the re-chartering of Box Queen, CMA CGM Kingfish, CMA CGM Marlin and MSC Emma in 2014 at lower rates compared to 2013.
For the year, the company reported net revenues of $49,865,000 compared to $69,836,000 a year ago. Operating income was $1,967,000 compared to $23,631,000 a year ago. Net income was $2,623,000 or $0.02 diluted per share compared to $15,308,000 or $0.46 diluted per share a year ago. Adjusted EBITDA was $25,220,000 compared to $47,209,000 a year ago. Adjusted net income was $3,022,000 or $0.03 per diluted share compared to $23,778,000 or $0.84 per diluted share a year ago. Net cash from operating activities was $19,822,000 compared to $38,197,000 a year ago. EBITDA was $24,821,000 against $38,739,000 a year ago.