Rochester, NY 7/15/2009 3:44:22 AM
ONAV - Omega Navigation Enterprises, Inc. Reports First Quarter 2009 Results
Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc., ONAV
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Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced today its financial and operational results for the first quarter ended March 31, 2009. For the quarter ended March 31, 2009, Omega Navigation reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.
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