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.