NewLead Holdings Q4 Operating Revenues Up
For the fourth quarter of 2010, the company posted a net loss of $38.35m, compared to $39.88m for the same period in 2009. Loss from continuing operations was $38.7m, compared to $36.95m for the same period in 2009.
Net operating loss from continuing operations was $24.18m for the fourth quarter of 2010, compared to $16.64m for the same period in 2009. Interest income was $0.03m, compared to $0.24m for the same period in 2009.
For the full year ended December31, 2010, the company posted operating revenues of $102.73m, compared to $47.66m for the same period in 2009. Net loss was $94.85m, compared to $163.64m for the same period in 2009. Loss from continuing operations was $97.62m, compared to $131.31m for the same period in 2009.
Net operating loss from continuing operations was $53.3m for the full year of 2010, compared to $102.24m for the same period in 2009. Interest income was $0.55m, compared to $0.25m for the same period in 2009.
Adjusted EBITDA increased by 290.3 percent in the fourth quarter of 2010 to $12.1m, compared to $3.1m for the equivalent period of 2009. This growth in adjusted EBITDA was primarily attributable to the increased operational contribution from revenues related to the aforementioned 49.1 ercent operating fleet growth and 16.1 percent reduction in daily vessel operating expenses relative to the fourth quarter of 2009.
Michael Zolotas, president and CEO of NewLead, said: â€œ2010 was a successful year for NewLead, illustrated by the company's remarkable transformation. This turnaround reflects the acquisition of 14 vessels, including five new buildings, the divestiture of all underperforming vessels, including five non-core product tanker and two container vessels, as well as the integration of commercial and operational management.
â€œWe worked hard in achieving 70 percent fleet growth while executing on our restructuring strategy and delivering on our commitments. We continue to be opportunistic and are monitoring market conditions closely to capture opportunities that will support NewLead's further growth.â€
Will the firm further improve operating revenues in Q1?
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