Scorpio Bulker Incurs A Quarterly Loss of $45.1 Million

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Scorpio Bulkers Inc. Announces Financial Results for the Second Quarter of 2020
and Declares a Quarterly Cash Dividend in its official website.

A more detailed picture of the report is as follows.

Quarterly Loss

For the second quarter of 2020, the Company’s GAAP net loss was $45.1 million, or $5.73 per diluted share, including:

  • a loss of approximately $13.9 million and cash dividend income of $0.2 million, or $1.74 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.
  • a write-off of approximately $0.4 million, or $0.05 per diluted share, of deferred financing costs on the credit facilities related to the SBI Jaguar, SBI Taurus and SBI Bolero, all of which were sold in the second quarter of 2020.

Total vessel revenues

Total vessel revenues for the second quarter of 2020 were $26.2 million, compared to $50.7 million for the same period in 2019.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the second quarter of 2020 was a loss of $20.6 million and EBITDA for the second quarter of 2019 was $65.2 million.

For the first half of 2020, the Company’s GAAP net loss was $169.8 million, or $23.01 per diluted share, including:

  • a loss of approximately $103.0 million and cash dividend income of $0.7 million, or $13.87 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.;
  • a write-down of assets held for sale of approximately $17.0 million, or $2.31 per diluted share, related to the classification of the SBI Jaguar, SBI Taurus and SBI Bolero as held for sale in the first quarter of 2020 (the sales of all three vessels were completed in the
    second quarter of 2020); and
  • a write-off of approximately $0.4 million, or $0.05 per diluted share, of deferred financing costs on the credit facilities related to those three vessels.

First half of 2019

For the first half of 2019, the Company’s GAAP net income was $31.5 million, or $4.55 per diluted share.

These results include a non-cash gain of approximately $67.6 million and cash dividend income of $1.0 million, or $9.92 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., a write-down of assets held for sale and write-off of related deferred financing costs totaling approximately $12.7 million, or $1.84 per diluted share, and the write-off of deferred financing costs of approximately $2.7 million, or $0.39 per diluted share.

Total vessel revenues for the first half of 2020 were $67.0 million, compared to $101.1 million for the same period in 2019. EBITDA for the first half of 2020 was a loss of $120.7 million and EBITDA for the first half of 2019 was $90.6 million (see Non-GAAP Financial Measures below).

Company’s adjusted net loss

For the first half of 2020, the Company’s adjusted net loss was $152.4 million, or $20.65 adjusted per diluted share, which excludes the impact of the write-down of assets held for sale of $17.0 million and the write-off of deferred financing costs on the related credit facilities of $0.4 million.

Adjusted EBITDA for the first half of 2020 was a loss of $103.7 million (see Non-GAAP Financial Measures below).

Company’s adjusted net income

For the first half of 2019, the Company’s adjusted net income was $44.2 million, or $6.39 adjusted per diluted share, which excludes the impact of the write-down of assets either sold or held for sale of $12.2 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 first half of 2019 was $102.8 million (see Non-GAAP Financial Measures below).

Liquidity

As of July 31, 2020, the Company had total liquidity of approximately $132.4 million (comprised of approximately $41.6 million in cash and cash equivalents and approximately $90.8 million in available and undrawn capacity under its revolving credit facilities).

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Source: Scorpio Bulkers

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