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Nordic American Tanker (NAT) Posts Wider Than Expected Q4 Loss On Higher Expenses

 February 11, 2013 07:43 AM

(By Balaseshan) Nordic American Tanker Ltd. (NYSE: NAT), an international tanker company, reported a wider quarterly loss due to higher voyage expenses as well as an increase in operating expenses. Results missed Street's expectations.

Net loss for the fourth quarter was $32.53 million or $0.61 per share, wider than last year's loss of $17.65 million or $0.37 per share. Excluding impairment charges, loss per share widened to $0.39 from $0.37.

Net voyage revenue decreased to $17.53 million from $19.26 million.

Analysts, on average, polled by Thomson Reuters had expected a loss of $0.36 per share on revenue of $18.10 million for the fourth quarter.

[Related -Dividend Roundup: WHR, JBL, PEG, SWK, NAT, TLP]

Voyage revenue jumped 81.4% to $44.67 million. Voyage expense rose to $27.14 million from $5.37 million.

Operating expenses increased to $47.81 million from $37.22 million. Operating loss widened to $30.28 million from $17.96 million.

The company's operating cash flow was negative $1.1 million for 4Q-2012, compared with negative $3.2 million for 3Q-2012 and break-even in 4Q-2011. Operating cash earnings per share were negative $0.02 in 4Q, negative $0.06 in 3Q and break-even in last year.

As of December 31, 2012, the company has net debt of about $7.8 million per vessel. The company has in place a new non-amortizing credit facility of $430 million, of which $250 million has been drawn at this time. Cash on hand is about $56 million.

NAT closed Friday's regular session at $8.76. The stock has been trading between $8.15 and $16.04 for the past 52 weeks.

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