Dryships Misses Earnings, Will Undergo Another Stock Split To Remain On Nasdaq
After hours shares of Dryships Inc. (NASDAQ: DRYS) are down over 20 percent following the company's Q2 earnings report. For Q2, the company reported earnings per share of $(0.34) and sales of $13.17 million. Earnings are not comparable as the company reported a 1-for-25 reverse split effective February 16, 2016.
Average vessels fells to 20 from a prior level of 39. Fleet utilization declined to 95.4 percent from a prior level of 97.4 percent.
During the second quarter, Dryships rotated 4,635 of the 5,000 Series C Convertible Preferred stock into 12,719,431 common shares as of August 7.
Dryships also said current Executive Vice President Anthony Kandylidis has assumed the duties of CFO as of today.
The company will also undergo a 1-for-4 reverse split effective August 15, 2016 in an effort to remain Nasdaq compliant when it comes to having a closing bid price below $1 for 30 consecutive days. Shares of Dryships closed Monday's regular session up $0.058 or 14.24 percent to $0.465.
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