Diana Containerships Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2011; Declares Cash Dividend of $0.15 per Share for the Third Quarter
ATHENS, GREECE, November 22, 2011 - Diana Containerships Inc. (NASDAQ:DCIX), a global shipping company specializing in the transportation of containers, today reported net income of $2.7 million for the third quarter of 2011, compared to a net loss of $0.1 million for the same period of 2010.
Time charter revenues were $9.7 million for the third quarter of 2011, compared to $2.4 million for the same period of 2010, mainly due to the increase in the number of vessels in the fleet following the delivery of the Maersk Merlion, Maersk Malacca and Maersk Madrid in June 2011, as well as the increase in average time charter revenues.
Net income to Diana Containerships Inc., for the nine months ended September 30, 2011 amounted to $2.3 million, compared to a net loss of $2.0 million for the period from January 7, 2010 (inception date) to September 30, 2010. Time charter revenues were $17.2 million for the nine months ended September 30, 2011, compared to $2.4 million for the same period in 2010.
The Company has declared a cash dividend on its common stock of $0.15 per share. The cash dividend will be payable on December 14, 2011 to all shareholders of record as at December 2, 2011. The Company has 23,076,161 shares of common stock outstanding.
Chairman and Chief Executive Officer's Comments
"We are pleased to report solid performance by Diana Containerships Inc. for the third quarter of 2011. This quarter represents the first time that we have operated for the entire period with our full fleet of five container vessels - the last three of which were delivered in June 2011. Therefore, as compared with prior periods, our results for this quarter are more indicative of our potential to generate revenue, cash flow and to provide dividends for shareholders. It is also important to note that the Company has a substantial pool of capital remaining from the June 2011 public offering to further expand the fleet. We continue to seek to identify suitable vessel acquisition opportunities that fit our fleet profile and that we believe will increase our potential to deliver shareholder value," said Simeon Palios, Chairman and Chief Executive Officer of Diana Containerships Inc...