Independent Tankers Corporation Limited Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
For the year, the company reported net loss of $6,547,000 or $0.09 basic earnings per share on total operating revenue of $69,810,000 compared to net profit of $3,504,000 or $0.05 basic earnings per share on total operating revenue of $67,615,000 for the same period a year ago. Operating income was $16,711,000 compared to $19,062,000 for the same period a year ago. Net cash provided by operating activities was $10,867,000 compared to net cash used in operating activities of $429,000 for the same period a year ago. The decrease in the profit is primarily due to the absence of a gain of $8.8 million which was recognized in the first quarter of 2011 on the termination of a funding agreement in the Golden State group and a $1.5 million reduction in the earnings from the two vessels operating in the spot market partially offset by a $0.3 million reduction in net interest expense.