Independent Tankers Corporation Limited Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012
Independent Tankers Corporation Limited reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported total operating revenues of $17,438,000 compared to $15,758,000 a year ago. Operating income was $4,288,000 compared to $3,735,000 a year ago. Net loss was $1,396,000 or $0.02 basic and diluted per share compared to $2,341,000 or $0.03 basic and diluted per share a year ago. Net cash provided by operating activities was $265,000 compared to net cash used in operating activities of $11,834,000 a year ago. The increase in the loss is primarily due to a decrease in the earnings from the two vessels operating in the spot market.
For the nine months period, the company reported total operating revenues of $52,194,000 compared to $54,010,000 a year ago. Operating income was $14,996,000 compared to $12,843,000 a year ago. Net income was $5,781,000 or $0.08 basic and diluted per share compared to net loss of $4,685,000 or $0.06 basic and diluted per share a year ago. Net cash used in operating activities was $10,364,000 compared to $228,000 a year ago.