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Being Filed Pursuant to Rule 901 (d) of Regulation S-T
 

FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2003    

OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934.
For the period from_______________________ to _______________________  
 
Commission File Number
                             001-14135        

OMI CORPORATION
(Exact name of registrant as specified in its charter)
 

Marshall Islands 
 52-2098714 

(State or other jurisdiction  incorporation or organization)

(I.R.S. Employer  Identification No.)


One Station Place, Stamford, CT 

 06902 

 (Address of principal executive offices)

 (Zip Code) 

    
 
Registrant's telephone number, including area code (203) 602-6700

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
YES X    NO__
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
 
YES X   NO__

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of November 10, 2003 :

Common Stock, par value $0.50 per share 79,813,312 shares
 
 
     
 
 



OMI CORPORATION AND SUBSIDIARIES
INDEX


PART I:
FINANCIAL INFORMATION
Page
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
Condensed Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2003 and 2002
3
 
 
 
 
Condensed Consolidated Balance Sheets-September 30, 2003 (unaudited) and December 31, 2002
4
 
 
 
 
 
 
 
Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) for the nine months ended September 30, 2003
5
 
 
 
 
Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2003 and 2002
6
 
 
 
 
Notes to Condensed Consolidated Financial Statements (unaudited)
7
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
16
 
 
 
Item 3.
Quantitative and Qualitative Disclosures about Market Risks
43
 
 
 
Item 4.
Controls and Procedures
44
 
 
 
PART II:
OTHER INFORMATION
46
 
 
 
SIGNATURES
 
47
 
 
 




 
  2  
 
 


PART I:  FINANCIAL INFORMATION

Item 1. Financial Statements


OMI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)


 
  
FOR THE THREE
MONTHS ENDED
SEPTEMBER 30,
FOR THE NINE
MONTHS ENDED
SEPTEMBER 30,
 
    
2003
   
2002
   
2003
   
2002
 
   
 
 
 
 
Revenues:
   
 
    
 
    
 
    
 
  
Voyage revenue
 
$
37,842
 
$
22,182
 
$
146,526
 
$
71,116
 
Time charter revenue
   
34,354
   
24,481
   
87,264
   
68,033
 
   
 
   
   
 
Subtotal
   
72,196
   
46,663
   
233,790
   
139,149
 
Voyage expense
   
12,368
   
8,698
   
36,102
   
24,810
 
   
 
 
 
 
Time charter equivalent revenue
   
59,828
   
37,965
   
197,688
   
114,339
 
Other revenue
   
8
   
45
   
125
   
94
 
   
 
 
 
 
    
 
    
 
    
 
    
 
  
       Time charter equivalent and other revenues
   
59,836
   
38,010
   
197,813
   
114,433
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Operating Expenses:
   
 
    
 
    
 
    
 
  
Vessel
   
14,345
   
11,104
   
42,424
   
38,335
 
Charter hire
   
5,335
   
4,288
   
16,373
   
12,210
 
Depreciation and amortization
   
13,524
   
11,074
   
37,958
   
31,714
 
General and administrative
   
3,387
   
3,701
   
11,914
   
10,280
 
Loss on writedown/disposal of assets
   
7,558
   
—
   
10,773
   
289
 
   
 
 
 
 
Total operating expenses
   
44,149
   
30,167
   
119,442
   
92,828
 
   
 
 
 
 
Operating Income
   
15,687
   
7,843
   
78,371
   
21,605
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Other (Expense) Income:
   
 
    
 
    
 
    
 
  
Gain (loss) on disposal of investments-net
   
618
   
¾ 
    
618
   
(547
)
Interest expense
   
(5,613
)
 
(6,417
)
 
(17,315
)
 
(18,150
)
Interest income
   
80
   
129
   
266
   
549
 
   
 
 
 
 
Net Other Expense
   
(4,915
)
 
(6,288
)
 
(16,431
)
 
(18,148
)
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Income before Income Taxes
   
10,772
   
1,555
   
61,940
   
3,457
 
 
    
 
    
 
    
 
    
 
  
Benefit for Income Taxes
   
¾ 
    
1,099
   
¾ 
    
1,406
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Net Income
 
$
10,772
 
$
2,654
 
$
61,940
 
$
4,863
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Basic Earnings Per Share
 
$
0.14
 
$
0.04
 
$
0.80
 
$
0.07
 
 
    
 
    
 
    
 
    
 
  
Diluted Earnings Per Share
 
$
0.14
 
$
0.04
 
$
0.80
 
$
0.07
 
 
    
 
    
 
    
 
    
 
  
Weighted Average Shares Outstanding:
   
 
    
 
    
 
    
 
  
Basic
   
78,151
   
70,279
   
77,283
   
70,269
 
Diluted
   
78,445
   
70,475
   
77,778
   
70,475
 


 
See notes to condensed consolidated financial statements.


 
  3  
 
 



OMI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

 
    

SEPTEMBER 30, 

        
DECEMBER 31,
 
 
  

 2003

 
 
2002
 
 

(UNAUDITED)

 
 
  
 
  
ASSETS