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Bright and early this morning, shipping firm DryShips (NASDAQ: DRYS) reported fourth-quarter earnings, and it is in the midst of suffering from the report.
The firm reported a fourth-quarter loss of $1.02 billion compared to a profit a year ago. The loss was attributed to revenue that fell 6.6%. The per-share loss checked in at $18.42, compared to earnings of $5.35 per share a year ago. Expectations called for a loss of 56 cents per share for the quarter. Revenue dropped to $217.9 million from $233.4 million.
Taking "a number of special items" out of the mix, DRYS earned 43 cents per share. Outstanding shares (which is the only thing outstanding about this report) checked in at 55.2 million, an increase of 52%.
The shipping company stated that it remained in talks with some lenders on current breaches of loan covenants, as it has reached agreements with certain lenders. Depending on the results of those talks, DRYS has reclassified roughly $1.8 billion of its current debt as short-term.
The stock was down more than 10% mid-morning following its earnings report, but this price action is just a continuation of the struggles plaguing DRYS since the middle of last year. In late May 2008, DRYS was trading near the $120 region. A share of the firm will now run you roughly $5 -- talk about your massive drops. Is there any hope for the shares to ascend to their position from a year ago? It is going to take a lot of work, and a lot of news far better than today's earnings announcement to get the stock to double, much less triple digits.
The shipping company stated that it remained in talks with some lenders on current breaches of loan covenants, as it has reached agreements with certain lenders. Depending on the results of those talks, DRYS has reclassified roughly $1.8 billion of its current debt as short-term.
The stock was down more than 10% mid-morning following its earnings report, but this price action is just a continuation of the struggles plaguing DRYS since the middle of last year. In late May 2008, DRYS was trading near the $120 region. A share of the firm will now run you roughly $5 -- talk about your massive drops. Is there any hope for the shares to ascend to their position from a year ago? It is going to take a lot of work, and a lot of news far better than today's earnings announcement to get the stock to double, much less triple digits.
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