Financial Statements for Excel Maritime Carriers Ltd

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Excel Maritime Carriers Ltd financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31	3 months ending 2011-09-30
Revenue	64.10	65.04	82.80	83.15
Other Revenue, Total	-	-	-	-
Total Revenue	64.10	65.04	82.80	83.15
Cost of Revenue, Total	38.33	35.81	48.31	50.15
Gross Profit	25.77	29.23	34.49	33.01
Selling/General/Admin. Expenses, Total	8.61	6.10	7.86	10.66
Research & Development	-	-	-	-
Depreciation/Amortization	31.82	31.87	32.10	32.32
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	0.00	146.73	-5.16
Other Operating Expenses, Total	3.72	8.62	4.64	4.41
Total Operating Expense	82.48	82.39	239.64	92.37
Operating Income	-18.38	-17.35	-156.85	-9.22
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	0.69	-0.24	0.29	0.33
Income Before Tax	-33.02	-36.05	-167.29	-26.45
Income After Tax	-33.15	-36.23	-167.45	-26.49
Minority Interest	-0.28	-0.35	-0.35	-0.29
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-33.43	-36.59	-167.79	-26.78
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-33.43	-36.59	-167.79	-26.78
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-33.43	-36.59	-167.79	-26.78
Income Available to Common Incl. Extra Items	-33.43	-36.59	-167.79	-26.78
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	89.47	87.98	85.93	84.93
Diluted EPS Excluding Extraordinary Items	-0.37	-0.42	-1.95	-0.32
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-0.37	-0.42	-0.84	-0.35

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	356.89	685.65	756.60	696.06
Other Revenue, Total	-	-	-	-
Total Revenue	356.89	685.65	756.60	696.06
Cost of Revenue, Total	201.06	190.23	177.56	153.28
Gross Profit	155.82	495.42	579.04	542.78
Selling/General/Admin. Expenses, Total	35.58	35.75	42.99	32.92
Research & Development	-	-	-	-
Depreciation/Amortization	128.09	125.28	123.41	98.75
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	146.73	0.00	3.71	353.27
Other Operating Expenses, Total	13.33	11.24	11.38	13.51
Total Operating Expense	524.79	362.50	359.05	651.74
Operating Income	-167.91	323.15	397.55	44.32
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	6.43	0.00	0.06	-
Other, Net	0.84	0.24	0.41	1.58
Income Before Tax	-209.69	259.60	340.29	-44.80
Income After Tax	-210.40	258.83	339.63	-45.58
Minority Interest	-1.20	-1.00	0.15	0.14
Equity In Affiliates	-	0.00	0.00	-10.48
Net Income Before Extra. Items	-211.59	257.83	339.78	-55.91
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-211.59	257.83	339.78	-55.91
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-211.59	257.83	339.78	-56.54
Income Available to Common Incl. Extra Items	-211.59	257.83	339.78	-56.54
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	84.46	83.10	70.00	37.00
Diluted EPS Excluding Extraordinary Items	-2.51	3.10	4.85	-1.53
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	1.20
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-1.43	3.10	4.91	4.68

In Millions of USD (except for per share items)	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31	As of 2011-09-30
Cash & Equivalents	27.23	30.95	53.75	70.29
Short Term Investments	-	-	0.17	-
Cash and Short Term Investments	27.23	30.95	53.92	70.29
Accounts Receivable - Trade, Net	4.22	8.74	7.00	8.37
Receivables - Other	-	-	-	-
Total Receivables, Net	4.22	8.74	11.30	8.37
Total Inventory	-	-	8.85	-
Prepaid Expenses	-	-	3.08	-
Other Current Assets, Total	22.90	22.19	5.70	17.79
Total Current Assets	54.36	61.88	82.84	96.45
Property/Plant/Equipment, Total - Gross	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-
Goodwill, Net	-	-	-	-
Intangibles, Net	1.26	1.18	1.11	154.49
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	58.25	57.75	57.75	57.75
Total Assets	2,630.45	2,669.21	2,721.93	2,920.99
Accounts Payable	12.03	14.34	12.55	13.07
Accrued Expenses	-	-	16.70	-
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	56.51	32.00	104.88	103.73
Other Current liabilities, Total	53.70	58.39	33.38	55.80
Total Current Liabilities	122.24	104.72	167.50	172.60
Long Term Debt	974.85	998.93	952.72	976.96
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	974.85	998.93	952.72	976.96
Total Debt	1,031.36	1,030.92	1,057.60	1,080.69
Deferred Income Tax	-	-	-	-
Minority Interest	12.21	11.93	11.58	11.32
Other Liabilities, Total	32.57	35.89	41.15	46.01
Total Liabilities	1,141.87	1,151.48	1,172.95	1,206.90
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	0.00	0.00	0.00	0.00
Common Stock, Total	0.93	0.89	0.89	0.86
Additional Paid-In Capital	1,080.80	1,076.99	1,071.26	1,069.05
Retained Earnings (Accumulated Deficit)	410.07	443.49	480.08	647.87
Treasury Stock - Common	0.00	-0.19	-0.19	-0.19
Other Equity, Total	-3.21	-3.45	-3.06	-3.50
Total Equity	1,488.59	1,517.74	1,548.98	1,714.09
Total Liabilities & Shareholders' Equity	2,630.45	2,669.21	2,721.93	2,920.99
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	93.23	89.14	89.14	85.13

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	53.75	65.92	100.10	109.79
Short Term Investments	0.17	0.12	0.00	-
Cash and Short Term Investments	53.92	66.03	100.10	109.79
Accounts Receivable - Trade, Net	7.00	7.96	3.78	6.22
Receivables - Other	-	-	-	-
Total Receivables, Net	11.30	12.51	6.02	10.47
Total Inventory	8.85	8.19	4.48	4.71
Prepaid Expenses	3.08	3.75	3.08	2.02
Other Current Assets, Total	5.70	6.72	34.43	0.05
Total Current Assets	82.84	97.20	148.10	127.05
Property/Plant/Equipment, Total - Gross	3,110.51	3,115.46	3,022.61	3,061.89
Accumulated Depreciation, Total	-530.28	-415.10	-289.82	-166.55
Goodwill, Net	-	-	-	-
Intangibles, Net	1.11	184.37	224.31	264.26
Long Term Investments	-	-	0.00	5.21
Other Long Term Assets, Total	57.75	49.89	24.97	24.95
Total Assets	2,721.93	3,031.82	3,130.18	3,316.81
Accounts Payable	12.55	11.93	5.60	7.08
Accrued Expenses	16.70	13.61	18.67	33.36
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	104.88	107.37	134.68	220.41
Other Current liabilities, Total	33.38	39.83	58.22	54.05
Total Current Liabilities	167.50	172.74	217.17	314.90
Long Term Debt	952.72	1,046.67	1,121.77	1,256.71
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	952.72	1,046.67	1,121.77	1,256.71
Total Debt	1,057.60	1,154.04	1,256.45	1,477.12
Deferred Income Tax	-	-	-	-
Minority Interest	11.58	10.47	5.30	14.93
Other Liabilities, Total	41.15	48.26	304.97	691.80
Total Liabilities	1,172.95	1,278.14	1,649.21	2,278.34
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.89	0.85	0.80	0.46
Additional Paid-In Capital	1,071.26	1,061.13	1,046.61	944.21
Retained Earnings (Accumulated Deficit)	480.08	691.67	433.85	94.06
Treasury Stock - Common	-0.19	-0.19	-0.19	-0.19
Other Equity, Total	-3.06	0.21	-0.09	-0.07
Total Equity	1,548.98	1,753.68	1,480.98	1,038.47
Total Liabilities & Shareholders' Equity	2,721.93	3,031.82	3,130.18	3,316.81
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	89.14	85.13	79.92	46.23

In Millions of USD (except for per share items)	6 months ending 2012-06-30	3 months ending 2012-03-31	12 months ending 2011-12-31
Net Income/Starting Line	-69.38	-36.23	-210.40
Depreciation/Depletion	-	-	128.09
Amortization	-	-	-
Deferred Taxes	-	-	-
Non-Cash Items	69.33	36.43	185.69
Changes in Working Capital	4.26	4.12	0.96
Cash from Operating Activities	4.20	4.32	104.35
Capital Expenditures	-0.06	-0.05	-18.61
Other Investing Cash Flow Items, Total	0.00	0.00	17.09
Cash from Investing Activities	-0.06	-0.05	-1.52
Financing Cash Flow Items	-4.18	-0.17	-8.65
Total Cash Dividends Paid	-	-	-
Issuance (Retirement) of Stock, Net	3.08	-	0.00
Issuance (Retirement) of Debt, Net	-29.54	-26.91	-106.35
Cash from Financing Activities	-30.65	-27.07	-115.00
Foreign Exchange Effects	-	-	-
Net Change in Cash	-26.51	-22.80	-12.17
Cash Interest Paid, Supplemental	15.57	6.98	22.63
Cash Taxes Paid, Supplemental	0.39	-	0.65

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Net Income/Starting Line	-210.40	258.83	339.63	-56.05
Depreciation/Depletion	128.09	125.28	123.41	98.75
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	185.69	-204.40	-318.20	202.53
Changes in Working Capital	0.96	-21.21	2.41	18.67
Cash from Operating Activities	104.35	158.50	147.25	263.90
Capital Expenditures	-18.61	-92.85	-9.64	-85.61
Other Investing Cash Flow Items, Total	17.09	0.00	7.36	-699.67
Cash from Investing Activities	-1.52	-92.85	-2.28	-785.28
Financing Cash Flow Items	-8.65	7.08	12.14	-24.68
Total Cash Dividends Paid	-	0.00	-	-48.51
Issuance (Retirement) of Stock, Net	0.00	4.93	44.98	0.00
Issuance (Retirement) of Debt, Net	-106.35	-111.85	-211.78	460.70
Cash from Financing Activities	-115.00	-99.83	-154.66	387.50
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	-12.17	-34.18	-9.69	-133.88
Cash Interest Paid, Supplemental	22.63	31.95	56.16	35.59
Cash Taxes Paid, Supplemental	0.65	0.87	0.74	0.86