TBS International plc (NASDAQ: TBSI) announced today its financial
and operating results for the third quarter and nine months ended
September 30, 2011.
Third Quarter and Nine Months 2011
Highlights:
Metric Q3 2011 Q3 2010 9M 2011 9M 2010
---------- ---------- ---------- ----------
Revenue (thousands) $ 95,686 $ 99,754 $ 282,647 $ 311,063
Net loss attributable to
TBS International plc
(thousands) $ (21,188) $ (10,355) $ (52,296) $ (27,876)
Net loss per ordinary
share (basic and
diluted) $ (0.70) $ (0.34) $ (1.72) $ (0.92)
Weighted average
ordinary shares
outstanding (basic and
diluted) 30,577,381 30,519,326 30,482,293 30,139,778
EBITDA (thousands) (1) $ 7,379 $ 21,876 $ 32,129 $ 67,354
Drydock days 105 155 375 338
Freight Voyages
Average daily voyage TCE $ 10,825 $ 13,383 $ 11,050 $ 14,052
Freight voyage days 2,800 3,024 8,449 8,384
Revenue tons carried for
all cargoes (thousands) 2,768 2,540 8,653 7,588
Average freight rate for
all cargoes $ 26.10 $ 29.60 $ 25.15 $ 29.02
Average freight rate for
other than aggregate
cargoes $ 48.25 $ 53.64 $ 48.95 $ 54.41
Time Charter Out Voyages
Average daily time
charter TCE $ 11,101 $ 17,260 $ 11,585 $ 17,498
Time charter days 1,879 1,262 5,059 4,437
(1) EBITDA is a non-GAAP financial measure. Please refer to
"Non-GAAP Reconciliations-EBITDA" following the financial
statements included in this press release for a reconciliation of
EBITDA to Net Loss and Net Cash Provided by Operating
activities.
Management Commentary: Ferdinand V.
Lepere, Senior Executive Vice President and Chief Financial
Officer, commented:
"TBS' results for the third quarter 2011 reflect the weakness in
the global marketplace for the transportation of dry bulk cargo,
along with the over-supply of dry bulk vessels which continues to
have an adverse effect on freight rates and the continued high cost
of fuel. During the third quarter 2011, revenues decreased by 4.1%,
compared to the same period in 2010.
"The Company was not in compliance with all financial covenants
relating to its debt at September 30, 2011. We have classified the
entire amount of outstanding debt as a current liability in the
consolidated balance sheet at September 30, 2011, in accordance
with U.S. GAAP.
"As previously announced, on September 7, 2011, we entered into
Forbearance Agreements with all lenders under our various credit
facilities. The Forbearance Agreements terminate on the earlier of:
(i) December 15, 2011 or (ii) the date that the Company fails to
comply with any of the terms or undertakings of the Forbearance
Agreements and the related credit agreements, as amended, including
events of default not identified above. During this negotiation
period, we will continue to operate our business as usual, although
we did not make the principal payments due September 30, 2011 on
such facilities.
"During this forbearance period, the Company and its lenders
have been discussing a variety of matters, including the
restructuring of our indebtedness and the sale of certain vessels.
While our discussions with our lenders have not reached the stage
where the terms of a restructuring have been agreed upon, we
believe that the lenders would not accept that our common equity
has any value and, therefore, would not agree to a restructuring in
which any value were attributed to our common equity.
"Even if the Company is successful in restructuring scheduled
principal amounts or the Forbearance Agreements are extended, the
Company will still need to raise additional funds to facilitate
principal repayments subsequent to December 15, 2011, and to remain
in compliance with the minimum cash liquidity covenant or other
covenants under its credit facilities. As a result, there continues
to be substantial doubt about the Company's ability to continue as
a going concern.
"On October 19, 2011, we entered into agreements to sell two
vessels for an aggregate net sales price of $11.2 million. On
October 31, 2011, we agreed to sell an additional vessel for a net
sales price of $4.8 million. Proceeds from these sales will be
utilized to reduce the Company's debt obligations.
"During the third quarter 2011, we continued our drydocking
program and drydocked three vessels, including two vessels which
entered into drydock during the second quarter of 2011, for a total
of 105 days."
Third Quarter 2011 Results: For the third
quarter ended September 30, 2011, total revenues were $95.7
million, a decrease of $4.1 million, or 4.1%, compared to $99.8
million for the same period in 2010. Net loss for the third quarter
2011 was $21.2 million, after loss attributable to non-controlling
interests, which is an increase of $10.8 million compared to $10.4
million loss for the same period in 2010. Loss per share on a basic
and diluted basis were $0.70 in the third quarter of 2011,
calculated based on 30,577,381 shares, compared to a loss of $0.34
for the third quarter of 2010, calculated based on 30,519,326
shares.
EBITDA, which is a non-GAAP measure, decreased to $7.4 million
for the quarter ended September 30, 2011 from $21.9 million for the
same period in 2010. Please see "Non-GAAP Reconciliations - EBITDA"
following the financial statements in this press release for a
reconciliation of EBITDA to net loss.
Revenues: Total revenues for the third
quarter of 2011 were $95.7 million and include voyage revenues of
$72.3 million, time charter revenues of $23.0 million and logistics
and other revenues of $0.4 million.
An average of 52 vessels (excluding off-hire) were operated
during the third quarter 2011 compared to 47 vessels (excluding
off-hire) during the same period in 2010.
Voyage Revenues: Voyage revenues for the
quarter ended September 30, 2011 were $72.3 million, a decrease of
$2.9 million, or 3.9% from $75.2 million for the same period in
2010.
Total cargo volume (including aggregates) increased 228,000 tons
or 9.0% to 2,768,000 tons for the quarter ended September 30, 2011,
from 2,540,000 tons for the same period in 2010. Aggregates carried
for the three months ended September 30, 2011 increased by
approximately 149,000 tons as compared to 2010, due to an increase
in the number of aggregates voyages in 2011. The increase in
non-aggregate revenue tons carried by 79,000 tons was led primarily
by higher bulk cargo.
Average freight rates for all cargoes decreased $3.50 per ton,
or 11.8%, to $26.10 per ton for the three months ended September
30, 2011, as compared to $29.60 per ton in 2010. Average freight
rates for aggregate cargoes decreased $1.04 per ton, or 12.7%, to
$7.18 per ton for the three months ended September 30, 2011, as
compared to $8.22 per ton in 2010. Average freight rates for
non-aggregate cargoes decreased $5.39 per ton, or 10.0%, to $48.25
per ton for third quarter of 2011, as compared to $53.64 per ton
for the third quarter of 2010.
Average Daily Voyage Time Charter Equivalent, which is an
industry standard metric reflecting the daily net earnings of a
voyage after deducting all voyage expenses from voyage revenues,
was $10,825 per day for the third quarter of 2011, a decrease of
19.1% from $13,383 per day during the third quarter of 2010.
Time Charter Revenues: Time charter
revenues increased by $0.3 million, or 1.4%, to $23.0 million for
the quarter ended September 30, 2011 from $22.7 million for the
quarter ended September 30, 2010. The increase in time charter
revenue was primarily due to more time-charter out days which
increased 617 days, or 48.9%, to 1,879 days for the three months
ended September 30, 2011 from 1,262 days in 2010.
Average Daily Time Charter Equivalent, which is an industry
standard metric reflecting time charter-out revenues during the
period reduced by commissions, was $11,101 per day for the third
quarter of 2011, a decrease of $6,159 from $17,260 per day during
the same period in 2010. Decreases in the average charter hire rate
per day are reflective of the continued over-supply of freight
vessels and weakness of the worldwide economy.
Expenses: Total operating expenses for the
quarter ended September 30, 2011 increased by $5.2 million or 5.0%
to $109.3 million from $104.1 million for the same period in
2010.
Voyage expenses, which include fuel costs, commissions, port
call charges, stevedoring and other cargo-related expenses,
increased by $7.4 million, or 21.3%, to $42.2 million for the
quarter ended September 30, 2011. The rise was primarily due to an
increase in fuel expense, port call expense, and miscellaneous
voyage expense, partially offset by a decrease in commission and
stevedoring expense.
Vessel expenses, which consist of operating expenses relating to
owned and controlled vessels, such as crewing, stores, repairs and
maintenance, insurance and charter hire fees for vessels that are
chartered-in, increased by $4.9 million, or 15.8%, to $36.0 million
for the third quarter 2011 as compared to the third quarter of
2010. Owned vessel expense for the three months ended September 30,
2011 were $28.7 million, an increase of $0.8 million, or 2.7%,
versus the same period in 2010. The average operating expense day
rate for the 52 non-Brazilian flagged vessels in the fleet was
$5,482 per day for the three months ending September 30, 2011
compared to $5,861 per day during the same period in 2010. Average
operating expense day rates decreased principally due to cost
cutting measures.
Depreciation and amortization for three months ended September
30, 2011 decreased by $5.4 million, or 21.1%, to $20.2 million,
versus 2010. The decrease was due to lower vessel depreciable
values resulting from a $201.7 million impairment charge recorded
at December 31, 2010.
General and administrative expenses were $10.6 million for the
three months ended September 30, 2011, a decrease of $0.6 million,
or 5.0%, versus 2010. This reduction emanated from our continuing
efforts to cut overhead expenses.
Interest expenses for the three months ended September 30, 2011
were $8.3 million, an increase of $1.7 million, or 26.0%, versus
2010. The increase was due to the inclusion of interest on
borrowings related to three new ships that was previously
capitalized while the ships were under construction.
Results for the Nine Months ended September 30,
2011: For the nine months ended September 30, 2011, total
revenues were $282.6 million, a decrease of 9.1% compared to the
$311.1 million for the same period in 2010. Net loss for the nine
months 2011 was $52.3 million, after loss attributable to the
non-controlling interests, an increase of 87.6% compared to $27.9
million loss for the same period 2010. Loss per share on a basic
and diluted basis were $1.72 for the nine months ended September
30, 2011, calculated based on 30,482,293 shares, compared to a loss
of $0.92 for the same period of 2010, calculated based on
30,139,778 shares.
EBITDA, which is a non-GAAP measure, decreased to $32.1 million
for the nine months ended September 30, 2011 from $67.4 million in
the same period of 2010. Please see "Non-GAAP Reconciliations -
EBITDA" following the financial statements included in this press
release for a reconciliation of EBITDA to net loss.
An average of 51 vessels (excluding off-hire) were operated
during the nine months 2011 compared to 47 vessels (excluding
off-hire) during the same period of 2010.
Total revenues of $282.6 million for the nine months 2011
include voyage revenues of $217.6 million, time charter revenues of
$62.8 million and logistic and other revenues of $2.2 million.
Forbearance Agreements: As previously
announced on September 7, 2011, TBS entered into Forbearance
Agreements with all lenders participating in the various credit
facilities. As a result, TBS did not make the principal payments
due September 30, 2011 on such facilities. In accordance with the
terms of the Forbearance Agreements, the lenders have agreed to
forbear from exercising their rights and remedies against the
Company for events of default under the various credit agreements
related to the Company's failure to pay the scheduled principal
amount due to the lenders on September 30, 2011, to comply with the
Minimum Consolidated Interest Charges Coverage Ratio and the
Maximum Consolidated Leverage Ratio as defined in the various
credit agreements, and to maintain a Loan Value equal to or in
excess of the Total Outstandings, as defined in the various credit
agreements. The Forbearance Agreements terminate on the earlier of
December 15, 2011 or the date that the Company fails to comply with
any of the terms or undertakings of the Forbearance Agreements and
the related credit agreements, as amended, including events of
default not identified above.
TBS Fleet: TBS successfully concluded its
newbuilding program with the delivery of the last of six newbuild
Roymar Class multipurpose vessels with retractable tweendecks.
During 2011, three of those vessels, the Omaha Belle, Comanche
Maiden and the Maya Princess were delivered in January, February
and May, respectively.
On October 19, 2011, TBS entered into agreements to sell two
vessels to an independent party for an aggregate net sales price of
$11.2 million. On October 31, 2011, we agreed to sell an additional
vessel for a net sales price of $4.8 million. Proceeds from these
sales will be utilized to reduce the Company's debt obligations.
Excluding these vessels, TBS' fleet comprises 49 vessels with an
aggregate of 1.5 million dwt tons, consisting of 28 tweendeckers
and 21 handysize/handymax bulk carriers.
While TBS remains committed to expanding its fleet, pending a
significant change in global economic conditions, the Company has
temporarily suspended any further acquisitions of secondhand
vessels.
TBS 2011 Drydock Program and Vessel Upgrade
Program: For 2011, TBS' plan is to drydock 13 vessels,
including one vessel that entered into drydocking during the fourth
quarter of 2010, for approximately 472 drydocking days with a steel
renewal of about 940 metric tons at a total cost of approximately
$13.4 million.
Our anticipated 2011 drydocking schedule is as follows:
- During the first quarter 2011, one vessel that entered into
drydock during the fourth quarter of 2010 continued its drydock for
89 days into the first quarter of 2011, and four additional vessels
entered into drydock for 98 days. These vessels required about 328
metric tons of steel.
- During the second quarter 2011, two vessels that entered into
drydock during the first quarter of 2011 continued its drydock for
38 days into the second quarter of 2011, and three additional
vessels entered into drydock for 45 days. These vessels required
about 217 metric tons of steel.
- During the third quarter 2011, two vessels that entered into
drydock during the second quarter of 2011 continued its drydock for
69 days into the third quarter of 2011, and one additional vessel
entered into drydock for 36 days. These vessels will require about
125 metric tons of steel.
- In the fourth quarter 2011, TBS plans to drydock four vessels,
requiring about 270 metric tons of steel and about 97 drydock
days.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine months ended
September 30, September 30,
------------------------ ------------------------
2011 2010 2011 2010
----------- ----------- ----------- -----------
Revenue
Voyage revenue $ 72,262 $ 75,196 $ 217,577 $ 220,194
Time charter revenue 22,984 22,656 62,779 83,217
Logistics Revenue (1) 212 1,655 770 7,238
Other revenue 228 247 1,521 414
----------- ----------- ----------- -----------
Total Revenue 95,686 99,754 282,647 311,063
----------- ----------- ----------- -----------
Operating expenses
Voyage 42,248 34,840 123,324 106,888
Logistics (1) 174 1,347 370 4,972
Vessel 35,998 31,081 99,129 90,520
Depreciation and
amortization of
vessels and other
fixed assets 20,221 25,623 59,657 76,853
General and
administrative 10,626 11,182 30,709 37,585
Net loss on vessel
held for sale - - - 5,154
----------- ----------- ----------- -----------
Total Operating
expenses 109,267 104,073 313,189 321,972
----------- ----------- ----------- -----------
Loss from operations (13,581) (4,319) (30,542) (10,909)
Other (expenses) and
income
Interest expense, net (8,346) (6,623) (23,665) (18,191)
Loss on extinguishment
of debt (2) - - (1,103) (200)
Other income expense (121) 57 144 81
----------- ----------- ----------- -----------
Total other expenses (8,467) (6,566) (24,624) (18,310)
----------- ----------- ----------- -----------
Net loss (22,048) (10,885) (55,166) (29,219)
=========== =========== =========== ===========
Less: Net loss
attributable to
noncontrolling interest
(3) (860) (530) (2,870) (1,343)
----------- ----------- ----------- -----------
Net loss attributable to
TBS International plc $ (21,188) $ (10,355) $ (52,296) $ (27,876)
=========== =========== =========== ===========
Net loss per ordinary
share:
Basic and Diluted $ (0.70) $ (0.34) $ (1.72) $ (0.92)
Weighted average
ordinary shares
outstanding
Basic and Diluted 30,577,381 30,519,326 30,482,293 30,139,778
Three Months Ended Nine months ended
September 30, September 30,
------------------------- -------------------------
2011 2010 2011 2010
------------ ------------ ------------ ------------
Other Operating Data:
Controlled vessels (at
end of period) (4) 52 49 52 49
Chartered vessels (at
end of period) (5) 4 4 4 4
Freight Voyage days (6) 2,800 3,024 8,449 8,384
Vessel days (7) 5,237 4,650 15,143 13,634
Revenue tons carried for
all cargoes (in
thousands) (8) 2,768 2,540 8,653 7,588
Freight rates for all
cargoes (9) $ 26.10 $ 29.60 $ 25.15 $ 29.02
Revenue tons carried
other than aggregate
cargoes (8) (10) 1,275 1,196 3,776 3,516
Freight rates for other
than aggregate cargoes
(9) (10) $ 48.25 $ 53.64 $ 48.95 $ 54.41
Time Charter days 1,879 1,262 5,059 4,437
Daily charter hire rates $ 12,232 $ 17,953 $ 12,409 $ 18,756
TCE per day-Freight
Voyages (11) $ 10,825 $ 13,383 $ 11,050 $ 14,052
TCE per day-Time
Charter-Out (12) $ 11,101 $ 17,260 $ 11,585 $ 17,498
(1) TBS Logistics represents revenue and related costs for cargo
and transportation management services.
(2) The loss on extinguishment of debt in 2011 and 2010
represents the write-off of unamortized deferred finance costs for
the Bank of America Revolving Credit Facility in connection with
the January 2011 restructuring and March 2010 loan amendments and
waivers to our credit facilities.
(3) Represents a 30% noncontrolling interest held by Log-In
Logistica Intermodal S.A.
(4) Controlled vessels are vessels that are owned or
chartered-in with an option to purchase. As of September 30, 2011,
two vessels in the controlled fleet were chartered-in with an
option to purchase.
(5) Represents vessels that were both chartered-in under
short-term charters (less than one year at the start of the
charter) and chartered in under long-term charters without an
option to purchase. Chartered-in vessels include three Brazilian
flagged vessels chartered-in under a bareboat charter through our
joint venture LOG.STAR NAVEGACAO S.A.
(6) Represents the number of days controlled and time-chartered
vessels were operated by the Company performing freight voyages.
Freight voyage days exclude both off-hire days and time
chartered-out days.
(7) Represents the number of days that we operated our
controlled and time-chartered vessels. Vessel expense relating to
controlled vessels is based on a 365-day year. Vessel expense
relating to chartered-in vessels is based on the actual number of
days the vessel is operated, excluding off-hire days.
(8) Revenue tons is a measurement on which shipments are
freighted. Cargoes are rated as weight (based on metric tons) or
measure (based on cubic meters), whichever produces the higher
revenue will be considered the revenue ton.
(9) Freight rates per revenue ton.
(10) Aggregates represent high-volume, low-freighted cargo,
which can overstate the amount of tons that are carried on a
regular basis and accordingly, reduces the revenue per ton. TBS
believes that the exclusion of aggregates service better reflects
revenue tons carried and revenue per ton data for its principal
services.
(11) Daily Time Charter Equivalent or "TCE" rates are defined as
voyage revenue less voyage expenses during the period divided by
the number of available freight voyage days during the period.
Voyage expenses include: fuel, port call, commissions, stevedore
and other cargo related and miscellaneous voyage expenses. No
deduction is made for vessel or general and administrative
expenses. TCE includes the full amount of any probable losses on
voyages at the time such losses can be estimated. TCE is a standard
industry metric for measuring and analyzing fluctuations between
financial periods and as a method of equating TCE revenue generated
from a voyage charter to time charter revenue.
(12) Daily Time Charter Equivalent or "TCE" rates for vessels
that are time chartered-out are defined as time charter revenue
during the period reduced principally by commissions and certain
voyage costs (for which TBS is responsible under some time
charters) divided by the number of available time charter days
during the period. Voyage costs incurred under some time charters
were $1.2 million and $(0.1) million for the three months ended
September 30, 2011 and 2010, respectively. Voyage costs in 2010
relate to port costs incurred in connection with the time charter
out of vessels in the Brazilian coastal trade. No deduction is made
for vessel or general and administrative expenses. Commissions for
vessels that were time chartered out for the three months ended
September 30, 2011 and 2010 were $0.9 million and $1.0 million,
respectively.
Balance Sheet Data
Please find below TBS' selected balance sheet data:
September 30, December 31,
2011 2010
------------- -------------
Balance Sheet Data (In thousands):
Cash and cash equivalents $ 12,013 $ 18,976
Restricted cash - 6,737
Working capital (deficit) (321,725) (299,616)
Total assets 659,285 686,321
Total debt 335,263 332,259
Total shareholders' equity 249,508 296,874
Non-GAAP Reconciliations We use EBITDA as
a liquidity measure. The following schedule reconciles EBITDA and
Adjusted EBITDA to Net Cash Provided by Operating Activities for
the three and nine months ended September 30, 2011 and 2010 (in
thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2011 2010 2011 2010
--------- --------- --------- ---------
Net loss $ (22,048) $ (10,885) $ (55,166) $ (29,219)
Net loss attributable to
noncontrolling interest 860 529 2,870 1,343
Interest expense and
extinguishment losses 8,346 6,609 24,768 18,377
Depreciation and amortization 20,221 25,623 59,657 76,853
--------- --------- --------- ---------
EBITDA 7,379 21,876 32,129 67,354
Stock based compensation 503 689 1,999 5,187
Loss on vessel held for sale 0 - 5,154
--------- --------- --------- ---------
Adjusted EBITDA 7,882 22,565 34,128 77,695
Net changes in operating assets
and liabilities 3,671 (5,962) 3,818 (4,818)
Drydocking expenses (1,311) (2,330) (7,864) (8,450)
Net interest expense, exclusive
of amortization of financing
costs, non-cash changes in
value of swap contracts and
non-cash interest (7,409) (4,560) (19,755) (13,748)
Income from nonconsolidated
joint ventures - - - (56)
Net loss attributable to
noncontrolling interest (860) (529) (2,870) (1,343)
--------- --------- --------- ---------
Net Cash Provided by Operating
Activities $ 1,973 $ 9,184 $ 7,457 $ 49,280
========= ========= ========= =========
Cash Used for Investing
Activities $ (2,393) $ (21,276) $ (25,085) $ (55,856)
========= ========= ========= =========
Cash Provided by (Used for)
Financing Activities $ (1,142) $ (2,633) $ 10,059 $ (28,997)
========= ========= ========= =========
Forward-Looking Statements "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations.
Included among the factors that, in the Company's view, could
cause actual results to differ materially from the forward-looking
statements contained in this press release are the following:
- the effects of severe and rapid declines in industry conditions
that have required the Company to restructure its outstanding
indebtedness;
- the Company's ability to manage and repay its substantial
indebtedness;
- the Company's ability to maintain financial ratios and comply
with the financial covenants in its credit facilities;
- the Company's ability to continue to operate as a going
concern;
- the Company's ability to effectively operate its business and
manage its growth while complying with operating covenants in its
credit facilities;
- the Company's ability to generate the significant amounts of
cash necessary to service its debt obligations;
- very high volatility in the Company's revenues and costs,
including volatility caused by increasing oil prices;
- excess supplies of dry bulk vessels in all classes and
resulting heavy pressure on freight rates;
- adverse weather conditions that may significantly decrease the
volume of many dry bulk cargoes;
- the stability and continued growth of the Asian and Latin
American economies and rising inflation in China;
- the Company's vessels exceeding their economic useful lives and
the risk associated with operating older vessels;
- the Company's ability to grow its vessel fleet and effectively
manage its growth;
- impairments of the Company's long-lived assets;
- compliance with both new and existing environmental laws and
regulations; and
- other factors that are described in the "Risk Factors" sections
of the Company's reports filed with the Securities and Exchange
Commission.
About TBS International plc TBS provides
worldwide shipping solutions to a diverse client base of industrial
shippers through its Five Star Service: ocean transportation,
projects, operations, port services and strategic planning. The TBS
shipping network operates liner, parcel and dry bulk services,
supported by a fleet of multipurpose tweendeckers and
handysize/handymax bulk carriers, including specialized heavy-lift
vessels and newbuild tonnage. TBS has developed its franchise
around key trade routes between Latin America and China, Japan and
South Korea, as well as select ports in North America, Africa, the
Caribbean and the Middle East. Visit our website at
www.tbsship.com
For more information, please contact: Company Contact: Ferdinand
V. Lepere Senior Executive Vice President and Chief Financial
Officer TBS International plc Tel. 914-961-1000
InvestorRequest@tbsship.com Investor Relations / Media: Nicolas
Bornozis Capital Link, Inc. New York Tel. 212-661-7566 E-mail:
tbs@capitallink.com
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