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reported a loss for the first quarter on Monday.
The Athens, Greece-based company reported a quarterly loss of $6 million, or $0.11 per share, compared to net income of $11.2 million, or $0.13 per share, in the year-ago period. Excluding one-time items, the company lost $0.10 per share, versus earnings of 0.09 per share.
Its revenue slipped 22 percent year-over-year to $32.1 million from $41.3 million. However, analysts were expecting a loss of $0.02 per share on revenue of $37.47 million.
The average estimate among 6 Estimize users was for earnings of $0.17 per share and revenue of $49.29 million.
Its EBITDA for the first quarter shrank 68 percent to $7.6 million from $23.7 million, while adjusted EBITDA dropped 57 percent to $9.1 million from $21.1 million.
The company's board declared a dividend of $0.01 per share for the first quarter.
As of March 31, 2015, Safe Bulkers had liquidity of $430.7 million.
Dr. Loukas Barmparis, President of the Company, said, "We have reduced our quarterly dividend to $0.01 per common share in line with the present weak charter market conditions, which have now lasted for more than one year. We have a strong balance sheet and lean operations targeting to preserve our liquidity throughout the adverse part of the shipping cycle."
Safe Bulkers shares gained 1.15 percent to close at $3.51 during regular trading hours.
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