Safe Bulkers Reports $44.2 Million Revenue, 1Q13 Results

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the quarter ended March 31, 2013. The Company’s Board of Directors also declared a quarterly dividend of $0.05 per share for the first quarter of 2013.

Summary of First Quarter 2013 Results

Net revenue for the first quarter of 2013 remained almost unchanged at $44.2 million from $44.1 million during the same period in 2012.

Net income for the first quarter of 2013 decreased by 25% to $16.1 million from $21.6 million during the same period in 2012. Adjusted net income 1 for the first quarter of 2013 decreased by 30% to $16.0 million from $22.9 million during the same period in 2012.

EBITDA 2 for the first quarter of 2013 decreased by 10% to $27.5 million from $30.7 million during the same period in 2012. Adjusted EBITDA 1 for the first quarter of 2013 decreased by 14% to $27.4 million from $31.9 million during the same period in 2012.

Earnings per share (“EPS”) and Adjusted EPS 1 for the first quarter of 2013 were $0.21 and $0.21, respectively, calculated on a weighted average number of shares of 76,673,484, compared to $0.30 and $0.32, respectively, in the first quarter 2012, calculated on a weighted average number of shares of 71,868,950.

The Company’s Board of Directors declared a dividend of $0.05 per share for the first quarter of 2013.

SafeBulker's full report can be viewed online here.

www.safebulkers.com