Box Ships Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, net revenues were $11,451,000 compared to $17,881,000 for the same period of last year. Operating income was $489,000 compared to $6,950,000 for the same period of last year. Net income was $5,649,000 compared to $4,843,000 for the same period of last year. Diluted earnings per share were $0.17 compared to $0.10 for the same period of last year. Adjusted net income available was $716,000 or $0.01 per diluted share compared to $7,042,000 or $0.26 per diluted share a year ago. Adjusted EBITDA was $6,306,000 compared to $12,910,000 a year ago.

For the nine months, net revenues were $38,169,000 compared to $52,946,000 for the same period of last year. Operating income was $2,693,000 compared to $18,623,000 for the same period of last year. Net income was $4,805,000 compared to $12,291,000 for the same period of last year. Diluted earnings per share were $0.11 compared to $0.36 for the same period of last year. Adjusted net income was $3,352,000 or $0.06 per diluted share compared to $18,617,000 or $0.65 per diluted share a year ago. Adjusted EBITDA was $20,136,000 compared to $36,257,000 a year ago. Net cash from operating activities was $15,915,000 compared to $30,352,000 a year ago.