FORM 10-Q
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES AND EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2002
OR
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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
001-16531
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GENERAL MARITIME CORPORATION |
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(Exact name of registrant as specified in its charter) |
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Republic of the Marshall Islands |
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06-159-7083 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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35 West 56th Street New York, NY |
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10019 |
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(Address of principal |
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(Zip Code) |
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Registrant’s telephone number, including area code (212) 763-5600 |
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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 ý No o
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER’S CLASSES OF COMMON STOCK, AS OF NOVEMBER 13, 2002:
Common Stock, par value $0.01 per share 36,964,770 shares
GENERAL MARITIME
CORPORATION AND SUBSIDIARIES
INDEX
2
GENERAL MARITIME CORPORATION AND SUBSIDIARIES
(IN THOUSANDS)
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SEPTEMBER
30, |
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DECEMBER
31, |
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(UNAUDITED) |
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ASSETS |
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CURRENT ASSETS: |
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Cash |
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$ |
4,320 |
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$ |
17,186 |
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Due from charterers |
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15,257 |
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18,958 |
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Prepaid expenses and other current assets |
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4,471 |
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7,108 |
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Total current assets |
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24,048 |
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43,252 |
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NONCURRENT ASSETS: |
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Vessel, net of accumulated depreciation of $139,982 and $98,947, respectively |
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739,042 |
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784,596 |
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Other fixed assets, net |
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932 |
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1,022 |
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Deferred drydock costs |
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13,828 |
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6,349 |
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Deferred financing costs |
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4,937 |
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5,934 |
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Due from charterers |
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509 |
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756 |
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Goodwill |
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5,753 |
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5,806 |
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Total noncurrent assets |
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765,001 |
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804,463 |
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TOTAL ASSETS |
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$ |
789,049 |
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$ |
847,715 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable and accrued expenses |
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$ |
4,885 |
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$ |
7,744 |
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Derivative liability for cash flow hedge |
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4,512 |
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1,338 |
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Accrued interest |
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369 |
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420 |
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Current portion of long-term debt |
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67,750 |
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73,000 |
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Total current liabilities |
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77,516 |
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82,502 |
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NONCURRENT LIABILITIES: |
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Deferred voyage revenue |
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1,252 |
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2,923 |
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Long-term debt |
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227,100 |
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266,600 |
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Total noncurrent liabilities |
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228,352 |
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269,523 |
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Total liabilities |
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305,868 |
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352,025 |
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COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: |
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Common stock, $0.01 par value per share Authorized 75,000,000; Issued and outstanding 36,964,770 and 37,000,000 shares at September 30, 2002 and December 31, 2001, respectively |
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370 |
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370 |
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Paid-in capital |
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414,994 |
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416,095 |
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Retained earnings |
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72,329 |
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80,332 |
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Accumulated other comprehensive loss |
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(4,512 |
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(1,107 |
) |
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Total shareholders' equity |
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483,181 |
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495,690 |
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
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$ |
789,049 |
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$ |
847,715 |
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See notes to consolidated financial statements.
3
GENERAL MARITIME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
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FOR
THE THREE MONTHS |
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FOR
THE NINE MONTHS |
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2002 |
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2001 |
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2002 |
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2001 |
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VOYAGE REVENUES: |
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Voyage revenues |
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$ |
54,960 |
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$ |
61,932 |
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$ |
162,478 |
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$ |
150,812 |
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OPERATING EXPENSES: |
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Voyage expenses |
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21,764 |
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17,506 |
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59,344 |
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32,877 |
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Direct vessel expenses |
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14,046 |
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13,285 |
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41,582 |
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27,200 |
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General and administrative |
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3,175 |
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2,534 |
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8,553 |
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5,670 |
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Depreciation and amortization |
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15,885 |
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