FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES AND EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2004
OR
o 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
GENERAL MARITIME CORPORATION
(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) |
Registrant’s telephone number, including area code (212) 763-5600
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 by check mark whether registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER’S CLASSES OF COMMON STOCK, AS OF NOVEMBER 4, 2004:
Common Stock, par value $0.01 per share 37,692,745 shares
GENERAL MARITIME CORPORATION AND SUBSIDIARIES
INDEX
2
Item 1. Financial Statements
GENERAL MARITIME CORPORATION AND SUBSIDIARIES
(IN THOUSANDS, EXCEPT SHARE DATA)
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SEPTEMBER 30, |
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DECEMBER 31, |
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(UNAUDITED) |
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ASSETS |
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CURRENT ASSETS: |
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Cash |
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$ |
42,548 |
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$ |
38,905 |
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Due from charterers, net |
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41,639 |
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36,209 |
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Vessel held for sale |
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20,397 |
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10,388 |
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Prepaid expenses and other current assets |
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26,044 |
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16,971 |
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Total current assets |
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130,628 |
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102,473 |
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NONCURRENT ASSETS: |
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Vessels, net of accumulated depreciation of $259,927 and $217,228, respectively |
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1,178,270 |
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1,114,978 |
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Vessel construction in progress |
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55,841 |
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— |
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Other fixed assets, net |
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3,263 |
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2,069 |
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Deferred drydock costs, net |
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18,992 |
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22,620 |
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Deferred financing costs, net |
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12,345 |
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15,685 |
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Other assets |
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10,018 |
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— |
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Goodwill |
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8,545 |
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5,753 |
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Total noncurrent assets |
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1,287,274 |
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1,161,105 |
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TOTAL ASSETS |
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$ |
1,417,902 |
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$ |
1,263,578 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: |
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Accounts payable and accrued expenses |
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$ |
31,430 |
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$ |
22,418 |
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Accrued interest |
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1,082 |
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7,800 |
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Current portion of long-term debt |
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40,000 |
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59,553 |
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Total current liabilities |
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72,512 |
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89,771 |
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NONCURRENT LIABILITIES: |
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Deferred voyage revenue |
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5,539 |
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6,330 |
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Long-term debt |
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591,531 |
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596,117 |
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Derivative liability for cash flow hedge |
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1,005 |
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2,480 |
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Total noncurrent liabilities |
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598,075 |
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604,927 |
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Total liabilities |
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670,587 |
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694,698 |
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COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY: |
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Common stock, $0.01 par value per share; authorized 75,000,000 shares; issued and outstanding 37,677,645 and 37,614,145 shares at September 30, 2004 and December 31, 2003, respectively |
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377 |
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376 |
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Paid-in capital |
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422,079 |
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420,989 |
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Restricted stock |
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(3,860 |
) |
(5,113 |
) |
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Retained earnings |
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329,689 |
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155,108 |
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Accumulated other comprehensive loss |
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(970 |
) |
(2,480 |
) |
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Total shareholders’ equity |
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747,315 |
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568,880 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
1,417,902 |
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$ |
1,263,578 |
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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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2004 |
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2003 |
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2004 |
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2003 |
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VOYAGE REVENUES: |
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Voyage revenues |
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$ |
156,261 |
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$ |
109,848 |
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$ |
468,078 |
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$ |
327,589 |
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OPERATING EXPENSES: |
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Voyage expenses |
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32,789 |
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35,331 |
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88,607 |
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87,476 |
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Direct vessel expenses |
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22,808 |
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27,556 |
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72,837 |
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63,966 |
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General and administrative |
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9,965 |
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5,795 |
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24,292 |
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15,598 |
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Depreciation and amortization |
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24,782 |
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23,583 |
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76,983 |
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59,477 |
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Gain on sale of vessels |
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