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 March 31, 2005
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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299 Park Avenue, 2nd Floor, New York, NY |
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10171 |
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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 MAY 6, 2004:
Common Stock, par value $0.01 per share 38,262,495 shares
GENERAL MARITIME CORPORATION AND SUBSIDIARIES
INDEX
2
Item 1. Financial Statements
GENERAL MARITIME CORPORATION AND SUBSIDIARIES
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
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MARCH 31, |
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DECEMBER 31, |
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(UNAUDITED) |
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ASSETS |
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CURRENT ASSETS: |
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Cash |
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$ |
98,260 |
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$ |
46,921 |
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Due from charterers, net |
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46,709 |
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73,883 |
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||
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Prepaid expenses and other current assets |
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31,721 |
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31,341 |
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Total current assets |
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176,690 |
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152,145 |
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NONCURRENT ASSETS: |
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Vessels, net of accumulated depreciation of $300,680 and $280,215, respectively |
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1,119,129 |
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1,139,594 |
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Vessel construction in progress |
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78,695 |
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77,909 |
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Other fixed assets, net |
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5,305 |
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3,849 |
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Deferred drydock costs, net |
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24,703 |
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23,101 |
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Deferred financing costs, net |
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11,956 |
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11,860 |
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Other assets |
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13,050 |
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13,050 |
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Goodwill |
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5,753 |
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5,753 |
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Total noncurrent assets |
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1,258,591 |
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1,275,116 |
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TOTAL ASSETS |
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$ |
1,435,281 |
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$ |
1,427,261 |
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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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$ |
31,230 |
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$ |
36,799 |
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Accrued interest |
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1,060 |
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7,321 |
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Current portion of long-term debt |
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40,000 |
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40,000 |
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Total current liabilities |
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72,290 |
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84,120 |
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NONCURRENT LIABILITIES: |
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Deferred voyage revenue |
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845 |
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5,558 |
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Long-term debt |
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401,664 |
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446,597 |
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Derivative liability for cash flow hedge |
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215 |
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560 |
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Total noncurrent liabilities |
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402,724 |
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452,715 |
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TOTAL LIABILITIES |
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475,014 |
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536,835 |
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COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY: |
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Common stock, $0.01 par value per share; authorized 75,000,000 shares; issued and outstanding 37,961,995 and 37,895,870 shares at March 31, 2005 and December 31, 2004, respectively |
|
379 |
|
379 |
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Paid-in capital |
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438,743 |
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424,021 |
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Restricted stock |
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(17,348 |
) |
(3,646 |
) |
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Retained earnings |
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538,708 |
|
470,217 |
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Accumulated other comprehensive loss |
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(215 |
) |
(545 |
) |
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Total shareholders’ equity |
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960,267 |
|
890,426 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
1,435,281 |
|
$ |
1,427,261 |
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See notes to consolidated financial statements.
3
GENERAL MARITIME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
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FOR THE THREE MONTHS |
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2005 |
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2004 |
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VOYAGE REVENUES: |
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Voyage revenues |
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$ |
161,642 |
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$ |
171,588 |
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OPERATING EXPENSES: |
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Voyage expenses |
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28,286 |
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24,883 |
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Direct vessel expenses |
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20,747 |
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26,513 |
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General and administrative |
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11,273 |
|
6,510 |
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Depreciation and amortization |
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24,960 |
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25,701 |
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Total operating expenses |
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85,266 |
|
83,607 |
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OPERATING INCOME |
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76,376 |
|
87,981 |
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OTHER EXPENSE: |
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Interest expense- net |
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(7,900 |
) |
(9,707 |
) |
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Other income |
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15 |
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— |
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Total other expense |
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(7,885 |
) |
(9,707 |
) |
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Net income |
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$ |
68,491 |
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