Star Bulk Carriers Corp. (SBLK: Quote) reported first-quarter net income of $94,000 or $0.001 per share, down from $1.7 million or $0.03 per share in the same period last year.
Excluding non-cash items, net income for the first quarter of 2012 was $6.0 million or $0.08 per share, compared to $1.3 million or $0.02 per share in the first quarter of 2011
Voyage revenues for the quarter declined to $27.9 million from $29.5 million in the year-ago quarter, affected by the vessel's Star Polaris grounding which resulted in a $0.7 million decline in revenue.
The board of directors of the company declared a cash dividend of $0.015 per share of the company's common stock for the quarter ended March 31, payable on or about June 20 to shareholders of record on June 13.
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by RTT Staff Writer
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