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Box Ships Inc. Message Board

  • paleoboy1967 paleoboy1967 Feb 8, 2013 9:23 PM Flag

    Surprise

    Earnings just got dumped out and revised

    Sentiment: Buy

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    • ATHENS, Greece, Feb. 8, 2013 /PRNewswire/ -- Box Ships Inc. (TEU) (the "Company"), a global shipping company specializing in the seaborne transportation of containers, announced today that it has revised its calculation of earnings per common share (EPS) for the third quarter and nine months ended September 30, 2012. The revision relates to the redemption of 692,641 Series B Preferred Shares that took place in July 2012. This correction reflects application of U.S. Securities and Exchange Commission guidance that any premium paid on redemption represents a return similar to a dividend to the preferred shareholders which should be deducted from net income to arrive at income available to common shareholders in the EPS calculation. For the three months ended September 30, 2012, the Company reported basic and diluted EPS of $0.16 per common share. After applying the above guidance, basic and diluted EPS for the three months ended September 30, 2012, is revised to $0.07. For the nine months ended September 30, 2012, the Company reported basic and diluted EPS of $0.54 per common share. After applying the above guidance, basic and diluted EPS for the nine months ended September 30, 2012, is revised to $0.44 per common share.
      There is no effect on the Company's previously-announced Adjusted EPS due to the one-time nature of this redemption. The application of the SEC guidance referred to above also has no effect on the Company's net income for the third quarter and nine months ended September 30, 2012, which was $3,654,227 and $10,302,601, respectively.

 
TEU
1.79-0.04(-2.19%)Apr 17 4:00 PMEDT

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