Bühler GmbHPort of South LouisianaViganSailors SocietyCimbriaCleveland Cascades Ltd
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Scorpio profit boost

(Posted on 31/07/19)

Scorpio Bulkers has seen second-quarter profits rise as it reports results for the three months ended June 30, 2019.

The Company also announced that, its Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common shares.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities and has an operating fleet of 56 vessels consisting of 54 wholly-owned or finance leased drybulk vessels. The Company’s owned and finance leased fleet has a total carrying capacity of approximately 3.7 million dwt and all of the Company’s owned vessels have carrying capacities of greater than 60,000 dwt.

For the second quarter of 2019, the Company’s GAAP net income was $35.0 million, or $0.50 per diluted share, including:

a non?cash gain of approximately $52.6 million and cash dividend income of $0.5 million, or $0.77 earnings per diluted share, primarily from the

Company’s equity investment in Scorpio Tankers Inc.;

a write?down of assets held for sale of approximately $5.2 million, or $0.08 per diluted share, related to the classification of two Ultramax

vessels as held for sale, and the write?off of deferred financing costs on the credit facilities related to the SBI Electra and SBI Flamenco; and

the write?off of deferred financing costs of approximately $2.7 million, or $0.04 per diluted share, related to the refinancing of existing debt.

For the same period in 2018, the Company’s GAAP net income was $0.8 million, or $0.01 per diluted share.

Total vessel revenues for the second quarter of 2019 were $49.1 million, compared to $60.6 million for the same period in 2018. Earnings before

interest, taxes, depreciation and amortization (“EBITDA”) for the second quarters of 2019 and 2018 were $65.2 million and $28.1 million,

respectively (see Non?GAAP Financial Measures below).

For the second quarter of 2019, the Company’s adjusted net income was $40.1 million, or $0.58 adjusted earnings per diluted share, which

excludes the impact of the write?down of assets held for sale of $4.7 million and the write?off of deferred financing costs on the credit facilities

relating to the SBI Electra and SBI Flamenco of $0.4 million. Adjusted EBITDA for the second quarter of 2019 was $70.0 million.

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