Box Ships Inc (TEUFF)

[Blizzld]

Box Ships Financial Statements 12/31/15

See pages 101-104 of the PDF

Link is below.

Please note that while they lost money , most of the loss was an impairment loss or writedown of the value of the ships (about 21 million of the 26 million dollar loss (this is on the income statement

The cash flow statement shows net cash flow from operations of 13 million. Which means its operations were still cash flow positive last year which was a bad year.

You can see year by year comparisons on the income decline as well.

While the 1st half of 2016 is anyone's guess my own research seems to show that it was still difficult including a bounce period and a possible period of downtime as shown on page 33 of the pdf which is a table of where their ships were as of the date that report was issued in April. 2 ships were idle including their Maule ship which gets the most revenue.

This leads me to believe 1st half will still show a struggle.

However since the 1st half ended things in the industry seem to be looking up. That might breathe life into this. The sale of two ships with most of the money going to the banks should help them stay going until the bank deal expires next year..

Here is the PDF link Annual Report Box Ships Inc 2015