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Very good strategy!
Float is low on MTPR...could easily pass .01 .02
I'm still holding most of my shares... its getting hit by broad market today
MTPR nice!
Holding my shares as it consolidates around 2.
It's not going sub 1. I know you are cheering it down, but that sounds ridiculous imo.
So IRE should be trading .50-.75 ?
FDA approval still a possibility here with BMTI...
shorts will probably help take it lower in near term on low volume... will present a definite buy opportunity
Nice entry imo on TLB
2011 First Quarter Conference Presentation
$FREE
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9OTY1NDB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
FreeSeas Reports 2011 First Quarter Financial Results
See full article from DailyFinance: http://srph.it/lg1mio
Company to host quarterly conference call at 12:00 p.m. ET with accompanying slide presentation
PIRAEUS, Greece, June 7, 2011 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEZ) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today financial results for its first quarter ended March 31, 2011.
Recent Developments - Sale of M/V Free Envoy
In line with the Company's fleet renewal commitment, on April 14, 2011, FreeSeas entered into an agreement to sell the M/V Free Envoy, a 1984-built, 26,318 dwt Handysize dry bulk carrier, for a sale price of $4.2 million. The vessel was delivered to the buyers in May 2011. An estimated gain of approximately $1.5 million will be realized in the second quarter of 2011.
Comments from Management
Mr. Ion G. Varouxakis, Chairman and CEO, stated, "The first quarter of the year saw record low charter rates for all segments of the dry-bulk market. A number of factors affected the rate environment during the quarter. Floods in Australia, and subsequent closing of port facilities, which afflicted Capesize vessels in particular; transportation demand out of China which was restrained; and the Japanese tsunami can be listed as demand driven causes for such a negative rate environment. Supply side pressures worsened the equation further, with Handysize vessels maintaining a healthier income outlook due to more favorable supply fundamentals than other asset classes. We expect Handysizes to continue to outperform other asset classes because of the limited orderbook, increased scrapping of over-age Handysize vessels, and stable demand of transportation for commodities in decreased parcel sizes. Factors such as the reconstruction of ravaged Japan and rebuilding of inventories are expected to bring a boost for the transportation of Handysize-transported commodities later in the year, while we expect that solid demand from emerging markets such as China, India and Africa will provide stable growth."
"Under this challenging market environment, the operational performance of the spot exposed FreeSeas fleet was negatively affected. We continued our fleet renewal program by selling the M/V Free Envoy, our oldest vessel. FreeSeas is well positioned to take advantage these conditions and expects to benefit from future rate increases."
Mr. Alexandros Mylonas, CFO, added, "During the first quarter, we continued to successfully implement our cost reduction initiatives, achieving a 10% reduction year-over-year of our total operating and general administrative expenses. Our bottom line was greatly impacted by the very weak charter rate environment we operated in during the first quarter of 2011. In regards to our balance sheet, the Company's net debt as of March 31, 2011 stands at $111 million reflecting a net debt to capital ratio of 45% (net debt over total liabilities and shareholders' equity). From the sale of M/V Free Envoy, we applied $3.7 million as a loan prepayment, further reducing our total indebtedness. We will continue working on improving our cost base and enhancing our liquidity."
First Quarter 2011 Financial Review
Operating revenues for the first quarter of 2011 were $8.5 million, as compared to $15.7 million reported during the same period of the prior year. The decrease is primarily due to the weak spot charter market and to a lesser degree a decrease of the average number of vessels in the Company's fleet to nine from ten in the prior year period.
Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, for the first quarter of 2011 were $4.0 million as compared to $4.7 million for the same period of the prior year. The decrease was primarily due to the ownership of nine vessels versus ten during the same period of the prior year and the intensification of the cost cutting initiatives initiated in the fourth quarter of 2010.
Net loss for the period was $3.1 million, or $0.49 loss per share based on 6.4 million basic and diluted weighted average number of shares, as compared to net income of $2.7 million, or $0.43 earnings per share based on 6.3 million basic and diluted weighted average number of shares, for the first quarter of 2010.
Adjusted net loss, which excludes (1) vessel impairment loss of $768,000, (2) bad debt provision of $128,000, (3) stock-based compensation expense of $68,000 and (4) unrealized swap gains of $142,000, for the first quarter of 2011 was $2.3 million, or $0.36 diluted loss per share, as compared to adjusted net income of $2.9 million, or $0.46 diluted earnings per share, for the first quarter of 2010. A table reconciling adjusted net (loss)/ income to net (loss)/ income can be found in footnote (1) to this release.
Adjusted EBITDA for the quarter was $2.1 million compared to $8.2 million in the prior year's quarter. A table reconciling adjusted EBITDA to net (loss)/ income can be found in footnote (2) to this release.
See full article from DailyFinance: http://srph.it/lg1mio
FreeSeas reports adjusted Q1 EPS (36c) vs. consensus (42c)
Reports revenue $8.5M vs. consensus $8.4M. :theflyonthewall.com
Yep, IRE could definitely trade around a dollar in the near term. Wish I shorted as well.
TLB will bounce...always seems to have bounces off of heavy selloffs...mind you this one is worse than ever...
RSI <18
JHTXQ .065
.062 x .065 JHTXQ
Psychological level 7 now... looks iffy
you were right!
I wouldn't short BMTI at this level
not worth the risk
Buyers may step in
Good call again!
Needs to hold around 7.25, where it bounced last time
EXPH volume today
JHTX someone is accumulating heavily the past couple days around 5c....will see a move on this fresh BK play imo
It's not obvious, it is ambiguous. Couple that with yesterday's action, and logic will prevail as to what has happened.
"lasting until June of 2011".
The research I did stated June 2011, not specifically June 15. The dilution is happening right now.
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=33070
What happens on June 15th?
FREE earnings Tuesday...could make a big move after DRYS
DRL golden cross alert...broad market turnaround story
JHTXQ low float fresh BK play, being accumlated at .05
JHTXQ Jackson Hewitt accumulation at .05 will run hard with momo. Fresh BK play.
JHTXQ - BK low float stock with accumulation at .05
JHTXQ - someone's accumulating the .05s....
Low S/S
JHTXQ someone is accumulating at .05
company must be diluting this... no one who bought in the past 2-3 weeks is making money
Bottom in?
With big blocks on Ask... it may hit .001s here?? Has to be a buy there?
Where is the bottom???