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UNAUDITED QUARTERLY RESULTS OF OPERATIONS
 12 Months Ended
Dec. 31, 2016
UNAUDITED QUARTERLY RESULTS OF OPERATIONS  
UNAUDITED QUARTERLY RESULTS OF OPERATIONS

27 - UNAUDITED QUARTERLY RESULTS OF OPERATIONS

 

In the opinion of the Company’s management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included on a quarterly basis.  On July 7, 2016, the Company completed a one-for-ten reverse stock split of its common stock which is reflected in the quarterly information provided below.  In the third quarter of 2015, the Successor Company had a material impairment of investment of $32,536.  See Note 2 – Summary of Significant Accounting Policies for additional information.  As a result, all share and per share information included for all periods presented reflect the reverse stock split.  Refer to Note 7 — Net Loss per Common Share and Note 23 — Stock-Based Compensation. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

Successor

 

 

 

Quarter Ended (2)

 

(In thousands, except share and per share amounts)

    

March 31, 

    

June 30, 

    

September 30, 

    

December 31, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voyage Revenues

 

$
20,131

 

$
31,460

 

$
37,871

 

$
43,785

 

Operating loss

 

 
(46,960)

 

 
(100,766)

 

 
(20,115)

 

 
(18,634)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 
(54,483)

 

 
(110,653)

 

 
(27,514)

 

 
(25,104)

 

Net loss attributable to noncontrolling interest

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Net loss attributable to Genco Shipping & Trading Limited

 

 
(54,483)

 

 
(110,653)

 

 
(27,514)

 

 
(25,104)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic (1)

 

$
(7.55)

 

$
(15.32)

 

$
(3.80)

 

$
(3.43)

 

Net loss per share - diluted (1)

 

$
(7.55)

 

$
(15.32)

 

$
(3.80)

 

$
(3.43)

 

Weighted average common shares outstanding - basic

 

 
7,218,795

 

 
7,221,735

 

 
7,245,268

 

 
7,318,452

 

Weighted average common shares outstanding - diluted

 

 
7,218,795

 

 
7,221,735

 

 
7,245,268

 

 
7,318,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

Successor

 

 

 

Quarter Ended (2)

 

(In thousands, except share and per share amounts)

 

March 31, 

 

June 30, 

 

September 30, 

 

December 31, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voyage Revenues

 

$
33,609

 

$
33,772

 

$
49,167

 

$
34,236

 

Operating loss

 

 
(73,763)

 

 
(46,194)

 

 
(35,294)

 

 
(37,616)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 
(79,115)

 

 
(51,952)

 

 
(73,803)

 

 
(49,498)

 

Net loss attributable to noncontrolling interest

 

 
(40,673)

 

 
(11,620)

 

 
(7,178)

 

 

 —

 

Net loss attributable to Genco Shipping & Trading Limited

 

 
(38,442)

 

 
(40,332)

 

 
(66,625)

 

 
(49,498)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic (1)

 

$
(6.36)

 

$
(6.67)

 

$
(9.54)

 

$
(6.86)

 

Net loss per share - diluted (1)

 

$
(6.36)

 

$
(6.67)

 

$
(9.54)

 

$
(6.86)

 

Weighted average common shares outstanding - basic

 

 
6,043,078

 

 
6,048,719

 

 
6,982,434

 

 
7,217,404

 

Weighted average common shares outstanding - diluted

 

 
6,043,078

 

 
6,048,719

 

 
6,982,434

 

 
7,217,404

 

(1)

Amounts may not total to annual loss because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period.

 

(2)

Amounts may not total to annual amountsfor the years ended December 31, 2016 and 2015 as reported in the Consolidated Statements of Operations due to rounding.