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Aries Maritime Transport Limited Announces Fourth Quarter and Full Year 2007 Financial Results
ATHENS, Greece, April 22 /PRNewswire-FirstCall/ -- Aries Maritime Transport Limited NASDAQ: RAMS today reported its financial results for the three months and year ended December 31, 2007. The following financial review discusses the results for the three months ended December 31, 2007 compared with the three months ended September 30, 2007 to provide a more meaningful comparison. It also refers to the results for the three months ended December 31, 2007 compared with the results for the three months ended December 31, 2006 as well as results for the twelve months ended December 31, 2007 compared with the results for the twelve months ended December 31, 2006. Sequential Quarterly Results Revenues of $25.5 million were recorded for the three months ended December 31, 2007, compared to revenues of $23.2 million recorded for the three months ended September 30, 2007. The increase in revenues is primarily due to less off-hire time for certain vessels during the three months ended December 31, 2007 compared to the three month period ended September 30, 2007. As of December 31, 2007, the fleet comprised ten products tankers and five container ships, which is the same number of vessels as of September 30, 2007. During the three months ended December 31, 2007, vessel operating days totaled 1,380, compared to total vessel operating days of 1,380 for the three months ended September 30, 2007. Actual revenue days for the three month period ended December 31, 2007 were 1,340 days, which includes 60 days of loss-of-hire insurance proceeds in respect to the Ostria, compared with 1,230 days for the three month period ended September 30, 2007. Net loss for the three months ended December 31, 2007 was $7.0 million or $0.25 per basic and diluted common share, compared to net loss of $6.5 million or $0.23 per basic and diluted common share recorded for the three months ended September 30, 2007. Results for the three month period ended December 31, 2007 include an unrealized loss of $2.5 million from the change in the fair value of derivatives, which are interest rate swaps entered into to hedge the Company's exposure to US$ interest rates on its debt and do not represent results from operations. Excluding this non-cash unrealized loss, the net loss for the three month period ended December 31, 2007, was $4.5 million, or $0.16 per basic and diluted common share. Results for the three month period ended September 30, 2007 include an unrealized loss of $3.3 million from the change in the value of the same derivatives. Excluding this non-cash unrealized loss, net loss was $3.1 million, or $0.11 per basic and diluted common share. Adjusted EBITDA for the three months ended December 31, 2007 was $9.8 million compared to $10.8 million for the three months ended September 30, 2007. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.) Mons S. Bolin, President and Chief Executive Officer, commented, "During 2007 and into 2008, Aries took active measures to optimize its future commercial performance and support its long-term dividend objectives. Specifically, we further implemented our period charter strategy by signing new contracts for three vessels at attractive rates with an average minimum duration of 22 months. Second, we engaged alternative ship management for all 12 vessels managed by our main ship management service provider. Third, we entered into agreements to sell three of our oldest ships, a 1986-built products tanker and two container vessels, at favorable prices. During a time when we continue the exploration of strategic alternatives, we remain committed to resuming the distribution of quarterly dividends beginning with the first quarter of 2008." Year-Over-Year Fourth Quarter Results Revenues of $25.5 million were recorded for the three months ended December 31, 2007, compared to revenues of $27.1 million recorded for the three months ended December 31, 2006. The decrease in revenues is primarily attributable to higher revenues earned by certain ships during the three months ended December 31, 2006 compared to the three month period ended December 31, 2007. Net loss was $7.0 million or $0.25 per basic and diluted common share for the three months ended December 31, 2007, compared to net income of $1.5 million or $0.05 per basic and diluted common share recorded for the three months ended December 31, 2006. Results for the three month period ended December 31, 2007, included an unrealized loss of $2.5 million from the change in the fair value of derivatives. Excluding this non-cash unrealized loss, the net loss for the three month period ended December 31, 2007, was $4.5 million, or $0.16 per basic and diluted common share. Results for the three month period ended December 31, 2006 include an unrealized gain of $0.1 million from the aforementioned derivatives. Excluding this non-cash unrealized gain, the net income for the three month period ended December 31, 2006, was $1.4 million, or $0.05 per basic and diluted common share. Adjusted EBITDA for the three months ended December 31, 2007 was $9.8 million compared to $12.4 million for the three months ended December 31, 2006. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.) Twelve-Month Results Revenues of $99.4 million were recorded for the twelve months ended December 31, 2007, compared to revenues of $94.2 million recorded for the twelve months ended December 31, 2006. The increase in revenues is primarily due to an increase in operating days. During the twelve months ended December 31, 2007 vessel operating days totaled 5,475 compared to total vessel operating days of 5,265 for the twelve months ended December 31, 2006. Net loss was $8.7 million or $0.31 per basic and diluted common share for the twelve months ended December 31, 2007, compared to net income of $2.2 million or $0.08 per basic and diluted common share recorded for the twelve months ended December 31, 2006. Results for the twelve month period ended December 31, 2007 include an unrealized loss of $4.1 million from the change in the fair value of derivatives. Excluding this non-cash unrealized loss, the net loss for the twelve month period ended December 31, 2007, was $4.6 million, or $0.16 per basic and diluted common share. Results for the twelve month period ended December 31, 2006 include an unrealized loss of $1.8 million from derivatives. Excluding this non-cash unrealized loss, net income for the twelve month period ended December 31, 2006, was $4 million, or $0.14 per basic and diluted common share. Adjusted EBITDA for the twelve months ended December 31, 2007 was $48.8 million compared to $43.5 million for the twelve months ended December 31, 2006. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.) Fleet Report Aries currently operates a fleet of ten double-hull products tankers and five container ships. In March 2008, the Company announced agreements for the sale of the Arius, a 1986-built double-hull products tanker, as well as the Energy 1, a 1989-built container vessel, and its sister ship, the MSC Oslo, for a net price totaling approximately $61.8 million. These transactions are expected to realize a book profit totaling approximately $17 million upon delivery of the three vessels during the second quarter of 2008. The Company will use the proceeds to reduce outstanding borrowings under its fully revolving credit facility. Fleet Deployment Currently, 11 of Aries' 15 vessels are deployed on period charters with established international charterers and state-owned entities. The charters have remaining periods ranging from approximately 0.1 to 2.4 years. On January 13, 2008, the Ostria, a 2000-built products tanker, returned to service in the spot market following the completion of previously announced repairs and preventative maintenance works. Aries received an initial payment of approximately $850,000 in respect to its claim under repairs insurance and $1.2 million in full settlement of its claim under loss-of-hire insurance. Both claims were recognized in the fourth quarter of 2007. The Company expects to recognize further payments from repairs insurance during the first quarter ended March 31, 2008. In respect to the Energy 1, this vessel is currently undergoing previously announced repairs and is expected to return to service in May of 2008. Aries intends to submit insurance claims with respect to both out-of-service time and engine repairs related to this vessel. The charterer has exercised its option to redeliver the Energy 1 due to the vessel exceeding the maximum off- hire time allowed under the contract. Aries expects to deliver the Energy 1 under the aforementioned sale agreement upon the completion of repairs to the vessel. In March 2008, the period charter for the High Rider, a 1991-built double- hull products tanker, expired. The vessel is currently operating in the spot market as the Company seeks long-term period charter opportunities. The initial voyage charter for the High Rider is expected to generate a TCE equivalent of approximately $21,000 per day. On March 7, 2008, Aries announced that its Board of Directors initiated a review to evaluate strategic alternatives to enhance shareholder value. These alternatives may include, but are not limited to the sale or merger of the Company, other strategic transactions, potential capital raises, and the continued execution of the Company's operating plan. The Company has retained Merrill Lynch & Co. as an advisor in connection with the evaluation process. There can be no assurance that the exploration of strategic alternatives will result in any transaction and it undertakes no obligation to make any further announcements regarding the exploration of strategic alternatives until the outcome of the process is completed or until there are material developments.
The following table details Aries' fleet deployment:
Year Charterer/ Expiration Charterhire
Vessels Size Built Subcharterer of Charter (net per day)
Products Tankers
Altius 73,400 dwt 2004 Deiulemar/Enel Through 6/09 $14,860
Fortius 73,400 dwt 2004 Deiulemar/Enel Through 8/09 $14,860
Nordanvind 38,701 dwt 2001 PDVSA Through 11/08 $19,988
Ostria 38,701 dwt 2000 Spot market
High Land 41,450 dwt 1992 Trafigura Through 05/08 $16,575
High Rider 41,502 dwt 1991 Spot market
Arius 83,970 dwt 1986 Spot market
Stena 72,750 dwt 2006 Stena Group Through 8/08 Bareboat charter
Compass at rate of
$18,700 + 30%
index linked
profit sharing
Stena 72,750 dwt 2006 Stena Group Through 12/08 Bareboat charter
Compassion at rate of
$18,700 + 30%
index linked
profit sharing
Chinook 38,701 dwt 2001 Stena Group Through 8/08 $17,062 + 50%
of profits
over and above
$17,500
Container Vessels
Saronikos 2,917 TEU 1990 CMA CGM Through 5/10 $20,400
Bridge (ex
CMA CGM
Makassar)
CMA CGM 2,917 TEU 1990 CMA CGM Through 9/10 $20,400
Seine
Energy 1 2,438 TEU 1989 -
MSC Oslo 2,438 TEU 1989 MSC Through 3/09 $15,000
Ocean Hope 1,799 TEU 1989 China Shipping Through 6/09 $13,300
Container
Lines
Summary of Selected Data
Three Months Ended
December 31, September 30,
2007 2007
ADJUSTED EBITDA RECONCILIATION (1)
(All amounts in US$000's unless otherwise stated)
NET LOSS (7,046) (6,460)
PLUS : NET INTEREST EXPENSE 5,786 5,430
PLUS : DEPRECIATION AND AMORTIZATION 8,582 8,508
PLUS: CHANGE IN FAIR VALUE OF DERIVATIVES 2,455 3,336
ADJUSTED EBITDA 9,777 10,814
FLEET DATA
NUMBER OF VESSELS 15 15
NUMBER OF VESSELS ON PERIOD CHARTER 13 13
WEIGHTED AVERAGE AGE OF FLEET 11.7 11.5
OPERATING DAYS (2) 1,380 1,380
AVERAGE DAILY RESULTS
TIME CHARTER EQUIVALENT RATE (3) 19,233 17,600
TOTAL VESSEL OPERATING EXPENSES (4) 9,966 8,432
ADJUSTED EBITDA (5) 7,085 7,836
Three Months Ended
December 31, December 31,
2007 2006
ADJUSTED EBITDA RECONCILIATION (1)
(All amounts in US$000's unless otherwise stated)
NET LOSS (INCOME) (7,046) 1,488
PLUS : NET INTEREST EXPENSE 5,786 5,386
PLUS : DEPRECIATION AND AMORTIZATION 8,582 5,623
PLUS: CHANGE IN FAIR VALUE OF DERIVATIVES 2,455 (146)
ADJUSTED EBITDA 9,777 12,351
FLEET DATA
NUMBER OF VESSELS 15 15
NUMBER OF VESSELS ON PERIOD CHARTER 13 13
WEIGHTED AVERAGE AGE OF FLEET 11.7 10.7
OPERATING DAYS (2) 1,380 1,380
AVERAGE DAILY RESULTS
TIME CHARTER EQUIVALENT RATE (3) 19,233 20,402
TOTAL VESSEL OPERATING EXPENSES (4) 9,966 7,690
ADJUSTED EBITDA (5) 7,085 8,950
Twelve Months Ended
December 31, December 31,
2007 2006
ADJUSTED EBITDA RECONCILIATION (1)
(All amounts in US$000's unless otherwise stated)
NET (LOSS)/INCOME (8,733) 2,199
PLUS : NET INTEREST EXPENSE 22,217 18,204
PLUS : DEPRECIATION AND AMORTIZATION 31,257 21,326
PLUS: CHANGE IN FAIR VALUE OF DERIVATIVES 4,060 1,788
ADJUSTED EBITDA 48,801 43,517
FLEET DATA
NUMBER OF VESSELS 15 15
NUMBER OF VESSELS ON PERIOD CHARTER 13 13
WEIGHTED AVERAGE AGE OF FLEET 11.7 10.7
OPERATING DAYS (2) 5,475 5,265
AVERAGE DAILY RESULTS
TIME CHARTER EQUIVALENT RATE (3) 18,933 18,464
TOTAL VESSEL OPERATING EXPENSES (4) 8,275 6,871
ADJUSTED EBITDA (5) 8,913 8,265
(1) Aries considers Adjusted EBITDA to represent the aggregate of net
income, net interest expense, depreciation, amortization and change in
the fair value of derivatives. The Company's management uses Adjusted
EBITDA as a performance measure. The Company believes that Adjusted
EBITDA is useful to investors, because the shipping industry is
capital intensive and may involve significant financing costs.
Adjusted EBITDA is not an item recognized by GAAP and should not be
considered as an alternative to net income, operating income or any
other indicator of a company's operating performance required by GAAP.
The Company's definition of Adjusted EBITDA may not be the same as
that used by other companies in the shipping or other industries.
(2) Operating days are defined as the total days the vessels were in the
Company's possession for the relevant period.
(3) Adjusted to reflect that the Stena Compass and the Stena Compassion
were each employed on a bareboat charter; an assumed TCE of $24,500
per day has been included in respect of (a) the 92 operating days of
the vessels during the three month period ended September 30, 2007 (b)
the 92 operating days of the vessels during the three month period
ended December 31, 2007 and ( c ) the 365 operating days of the
vessels during the twelve month period ended December 31, 2007.
(4) Total Vessel Operating Expenses are defined as the sum of the vessel
operating expenses, amortization of dry-docking and special survey
expense and management fees. Adjusted to exclude the following
operating days with respect to the Stena Compass and the Stena
Compassion, which were employed on bareboat charters:
(a) the 92 operating days of the vessels during the three month period
ended September 30, 2007 (b) the 92 operating days of the vessels
during the three month period ended December 31, 2007 and ( c ) the
365 operating days of the vessels during the twelve month period ended
December 31, 2007.
(5) Average Adjusted EBITDA per day is calculated by dividing the
Adjusted EBITDA by the Operating days.
Credit Facility On March 25, 2008, the Company announced it received consent from its lenders to a relaxation of the interest coverage covenant contained in its fully revolving credit facility from December 31, 2007 through September 30, 2008. The Company also voluntarily agreed to reduce the commitment under its fully revolving credit facility to $290 million. 2007 Dividend Aries' Board of Directors declared and paid an aggregate dividend of $0.56 per share for three quarters of 2007. The Company temporarily suspended payment of its quarterly dividend for the fourth quarter of 2007. The Company expects to resume the distribution of quarterly dividends, as determined by its Board of Directors and consistent with its dividend policy, beginning with the dividend for the first quarter of 2008. Aries expects to declare a first quarter dividend for the three-month period ended March 31, 2008 on May 13, 2008. Aries' policy is to pay a quarterly dividend in March, May, August and November of each year, in an amount equal to the charter hire received by Aries during the preceding quarter less cash expenses for that quarter (principally vessel operating expenses, debt service and administrative expenses) and any reserves our Board of Directors determines we should maintain. The payment of dividends is at the discretion of the Board. Conference Call and Webcast Information The Company announced that it will hold a conference call on Tuesday, April 22, 2008, at 10:00 a.m. Eastern Time to discuss results for the fourth quarter of 2007. To access the conference call, dial (877) 741-4253 for domestic callers, or (719) 325-4799 for international callers, and use the reservation number 2706746. Following the teleconference, a replay of the call may be accessed by dialing (888) 203-1112 for domestic callers, or (719) 457-0820 for international callers, and using the reservation number 2706746. The replay will be available through May 6, 2008. The conference call will also be webcast live on the Company's website: www.ariesmaritime.com . A replay of the webcast will be available following the call through May 6, 2008. About Aries Maritime Transport Limited Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. All of the Company's products tanker vessels are double-hulled with an average age of 7.3 years, which excludes the Arius. Upon completing the sale of the Arius, the Company's products tanker fleet will consist of five MR tankers and four Panamax tankers. The Company also owns a fleet of three container vessels, which excludes the Energy 1 and the MSC Oslo, that have an average age of 18.4 years and range in capacity from 1,799 to 2,917 TEU. Currently, 11 of the Company's 15 vessels have period charter coverage. Charters for 30% of the Company's products tanker fleet currently have profit sharing components. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. All statements in this document that are not statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as future operating or financial results; statements about planned, pending or recent acquisitions, business strategy, future dividend payments and expected capital spending or operating expenses, including drydocking and insurance costs; statements about trends in the container vessel and products tanker shipping markets, including charter rates and factors affecting supply and demand; our ability to obtain additional financing; expectations regarding the availability of vessel acquisitions; and anticipated developments with respect to pending litigation. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Aries Maritime Transport Limited believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Aries Maritime Transport Limited cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward looking statements contained in this press release. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, inability to procure acquisition financing, default by one or more charterers of our ships, changes in demand for oil and oil products, the effect of changes in OPEC's petroleum production levels, worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in Aries Maritime Transport Limited's voyage and operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, international hostilities and political events or acts by terrorists and other factors discussed in Aries Maritime Transport Limited's filings with the U.S. Securities and Exchange Commission from time to time. When used in this document, the words "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should," and "expect" reflect forward-looking statements. ARIES MARITIME TRANSPORT LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTH PERIODS ENDED DECEMBER 31, 2007 AND SEPTEMBER 30, 2007
(All amounts expressed in thousands of U.S. Dollars, except share and per
share amounts)
(Unaudited) (Unaudited)
Three month Three month
period ended period ended
December 31, 2007 September 30, 2007
REVENUES:
Revenue from voyages 25,474 23,221
EXPENSES:
Commissions (513) (526)
Voyage expenses (1,784) (1,043)
Vessel operating expenses (10,005) (8,356)
General and administrative expenses (2,536) (1,559)
Depreciation (7,681) (7,670)
Amortization of dry-docking and special
survey expense (1,356) (1,213)
Management fees (631) (516)
(24,506) (20,883)
Net operating income 968 2,338
OTHER INCOME (EXPENSES):
Interest expense (5,698) (5,646)
Interest received 172 217
Other expenses, net (33) (33)
Change in fair value of derivatives (2,455) (3,336)
Total other expenses, net (8,013) (8,798)
NET LOSS (7,046) (6,460)
Earnings per share:
Basic and diluted ($0.25) ($0.23)
Weighted average number of shares:
Basic and diluted 28,478,959 28,439,818
Other Financial Data
Three month Three month
(All amounts in thousands of U.S. period ended period ended
dollars) December 31, 2007 September 30, 2007
Net cash provided by operating activities 2,887 4,122
Net cash used in investing activities (51) (314)
Net cash used in financing activities (3,244) (5,386)
ARIES MARITIME TRANSPORT LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTH PERIODS ENDED DECEMBER 31, 2007 AND DECEMBER 31, 2006
(All amounts expressed in thousands of U.S. Dollars, except share and per
share amounts)
(Unaudited) (Unaudited)
Three month Three month
period ended period ended
December 31, 2007 December 31, 2006
REVENUES:
Revenue from voyages 25,474 27,087
EXPENSES:
Commissions (513) (400)
Voyage expenses (1,784) (2,164)
Vessel operating expenses (10,005) (7,837)
General and administrative expenses (2,536) (1,151)
Depreciation (7,681) (7,671)
Amortization of dry-docking and special
survey expense (1,356) (896)
Management fees (631) (520)
(24,506) (20,639)
Net operating income 968 6,448
OTHER INCOME (EXPENSES):
Interest expense (5,698) (5,572)
Interest received 172 186
Other income (expenses), net (33) 280
Change in fair value of derivatives (2,455) 146
Total other expenses, net (8,013) (4,960)
NET LOSS (INCOME) (7,046) 1,488
Earnings per share:
Basic and diluted ($0.25) $0.05
Weighted average number of shares:
Basic and diluted 28,478,959 28,416,877
Other Financial Data
Three month Three month
(All amounts in thousands of U.S. period ended period ended
dollars) December 31, 2007 December 31, 2006
Net cash provided by / used in
operating activities 2,887 (2,315)
Net cash used in /provided by
investing activities (51) 8,042
Net cash used in financing activities (3,244) (5,864)
ARIES MARITIME TRANSPORT LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2007 AND DECEMBER 31, 2006
(All amounts expressed in thousands of U.S. Dollars, except share and per
share amounts)
(Unaudited) (Audited)
Year ended Year ended
December 31, 2007 December 31, 2006
REVENUES:
Revenue from voyages 99,423 94,199
EXPENSES:
Commissions (1,999) (1,403)
Voyage expenses (5,082) (4,076)
Vessel operating expenses (32,073) (27,091)
General & administrative expenses (5,666) (4,226)
Depreciation (30,653) (29,431)
Amortization of dry-docking and special
survey expense (5,094) (3,568)
Management fees (2,171) (1,999)
(82,738) (71,794)
Net operating income 16,685 22,405
OTHER EXPENSES:
Interest expense (21,875) (19,135)
Interest received 762 931
Other expenses, net (245) (214)
Change in fair value of derivatives (4,060) (1,788)
Total other expenses, net (25,418) (20,206)
NET LOSS/ (INCOME) (8,733) 2,199
Earnings per share:
Basic and diluted ($0.31) $0.08
Weighted average number of shares:
Basic and diluted 28,478,959 28,416,877
Other Financial Data
(All amounts in thousands of U.S. Year ended Year ended
dollars) December 31, 2007 December 31, 2006
Net cash provided by operating activities 17,581 24,215
Net cash used in investing activities (436) (101,815)
Net cash used in/ provided by
financing activities (16,313) 69,964
ARIES MARITIME TRANSPORT LIMITED
CONSOLIDATED BALANCE SHEETS
(All amounts expressed in thousands of U.S. Dollars)
(Unaudited)
December 31, 2007 December 31, 2006*
ASSETS
Current assets
Cash and cash equivalents 12,444 11,612
Restricted cash 39 3,242
Trade receivables, net 2,219 1,960
Other receivables 1,033 172
Derivative financial instruments - 671
Inventories 1,969 1,496
Prepaid expenses 1,681 338
Due from managing agent 814 444
Due from related parties - 2,495
Total current assets 20,199 22,430
Vessels and other fixed assets, net 400,838 431,396
Deferred charges, net 2,906 4,214
Restricted cash 1,548 -
Total non-current assets 405,292 435,610
Total assets 425,491 458,040
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt 84,800 -
Accounts payable, trade 8,423 11,828
Accrued liabilities 5,297 7,289
Deferred income 2,291 1,947
Derivative financial instruments 5,936 2,547
Deferred revenue 4,656 6,011
Due to related parties 594 -
Total current liabilities 111,997 29,622
Long-term debt, net of current portion 200,000 284,800
Deferred revenue 6,375 11,030
Total liabilities 318,372 325,452
Commitments and contingencies
Stockholders' equity
Preferred Stock, $0.01 par value,
30 million shares authorized, none issued.
Common Stock, $0.01 par value, 100 million
shares authorized, 28.6 million shares
issued and outstanding at December 31,
2007 (2006: 28.4 million shares) 286 284
Additional paid-in capital 115,566 132,304
Deficit (8,733) -
Total stockholders' equity 107,119 132,588
Total liabilities and stockholders' equity 425,491 458,040
*The amounts in this column have been extracted from audited financial statements Website: http://www.ariesmaritime.com/ |
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