Box Ships Inc. Announces Revision Of Calculation Of Earnings Per Common Share For The Third Quarter And Nine Months Ended September 30, 2012
by PR Newswire
ATHENS, Greece, Feb. 8, 2013 /PRNewswire/ -- Box Ships Inc. (NYSE: TEU) (the "Company"), a global shipping company specializing in the seaborne transportation of containers, announced today that it has revised its calculation of earnings per common share (EPS) for the third quarter and nine months ended September 30, 2012. The revision relates to the redemption of 692,641 Series B Preferred Shares that took place in July 2012. This correction reflects application of U.S. Securities and Exchange Commission guidance that any premium paid on redemption represents a return similar to a dividend to the preferred shareholders which should be deducted from net income to arrive at income available to common shareholders in the EPS calculation. For the three months ended September 30, 2012, the Company reported basic and diluted EPS of $0.16 per common share. After applying the above guidance, basic and diluted EPS for the three months ended September 30, 2012, is revised to $0.07. For the nine months ended September 30, 2012, the Company reported basic and diluted EPS of $0.54 per common share. After applying the above guidance, basic and diluted EPS for the nine months ended September 30, 2012, is revised to $0.44 per common share.
There is no effect on the Company's previously-announced Adjusted EPS due to the one-time nature of this redemption. The application of the SEC guidance referred to above also has no effect on the Company's net income for the third quarter and nine months ended September 30, 2012, which was $3,654,227 and $10,302,601, respectively.
About Box Ships Inc.
Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted average age of 8.0 years. The Company's shares trade on the New York Stock Exchange under the symbol "TEU."
Cautionary Statement Regarding Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
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, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe 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, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other 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 fluctuations in charter rates and vessel values, changes in demand for container shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Box Ships Inc.
Robert Perri, CFA
Chief Financial Officer
Tel. +30 (210) 8914600
Investor Relations / Media
Allen & Caron Inc.
Michael Mason (Investors)
Tel. +1 (212) 691-8087
Len Hall (Media)
Tel. +1 (949) 474-4300
SOURCE Box Ships Inc.