Excel Maritime Carriers Ltd. (EXM) posted fourth-quarter 2011 net loss attributable to the company of $167.8 million or $1.95 per share compared with a profit of $63.6 million or $0.76 per share in the prior year. The company said the recent quarter results include a non-cash unrealized gain on derivative financial instruments of $5.4 million versus a non-cash unrealized gain on derivative financial instruments of $10.8 million in the 2010 period.
On an adjusted basis, loss per share was $0.24, as against a profit of $0.14 in the previous year. On average, 9 analysts polled by Thomson Reuters expected loss per share of $0.24 for the quarter. Analysts' estimates typically exclude one-time items.
Excel reported voyage revenues of $81.9 million for the 2011 fourth quarter, nearly 23.5% lower than last year's $107.0 million, with revenue from operations declining to $82.80 million from $158.02 million a year earlier. Four analysts estimated revenues of $74.37 million for the quarter.
by RTT Staff Writer
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