Poseidon Concepts Corp. Reports Consolidated Earnings Results for the Second Quarter and Six months Ended June 30, 2012; Maintains Earnings Guidance for the Year 2012
For the six moths, the company reported revenue of $107.004 million against $20.974 million a year ago. EBITDA was $89.711 million or $1.11 per diluted share against EBITDA of $16.083 million or $0.27 per diluted share a year ago. Net income from continuing operations was $60.822 million or $0.75 per diluted share against net income from continuing operations of $11,062 million or $0.19 per diluted share a year ago.
The company continues to forecast for the year 2012 EBITDA of $210 million and growth in the tank fleet to 500 units at the end of the third quarter. The company announced that 2012 EBITDA forecast of $210 million is expected to result in approximately $170 million in after-tax cash flow from operations, which in conjunction with existing bank lines to fund ongoing working capital requirements.