Eagle Bulk Shipping Inc. (NASDAQ:EGLE) earlier this week reported a higher profit for the fourth quarter, driven mainly by a sharp increase in revenue.
The company�s net income rose to $3.03 million or $0.05 per share from $2.19 million or $0.04 per share in the fourth quarter of previous year. The company�s net revenues surged 72% to $72.35 million from $42.02 million in the comparable quarter a year ago. The net revenues included non-cash amortization of the fair value below contract value of time charters acquired of $1.33 million as compared with $0.070 million recorded in the 2009 quarter. The brokerage commissions incurred on gross revenues earned were $3.28 million and $2.22 million in the fourth quarters of 2010 and 2009, respectively. The adjusted EBITDA increased by 31% to $32. 92 million for the fourth quarter of 2010, compared with $25.18 for the fourth quarter of 2009.
For the full year the company reported net income of $26.84million, or $0.43 per share as compared to a net income of $33.28 million, or $0.60 per share for the previous year. The gross revenues were $278.47 million, an increase of 38% from $202.49 million recorded in the comparable period in 2009, primarily due to the operation of a larger fleet. The net revenues increased 38% to $265.03 million from $192.57 million in the comparable period in 2009. The net revenues include non-cash amortization of the fair value below contract value of time charters acquired of $4.75million as compared with $2.64 million recorded in the corresponding period in 2009. The adjusted EBITDA increased by 23% to $148.66 million as compared with $121.23 million for the same period in 2009. The company kept the fleet utilization rate of 99.6%.
Eagle Bulk Shipping stock is currently trading at $4.10. The stock is down 0.55% from its previous close. Eagle Bulk Shipping shares touched the high of $4.15 and lowest price in today�s session is $4.06.
The company stock traded in the range of $3.91 and $6.08 during the past 52 weeks. The company�s market cap is $255.08 million.
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