Star Bulk Carriers (Nasdaq: SBLK) Closed at $1.82. Announced Monday after market close its operating results for the fourth quarter and the year ended December 31, 2008.
Net income was $50.2 million for the fourth quarter of 2008 compared to net income of $1.6 million for the fourth quarter of 2007. -- Voyage and time charter revenues were $72.8 million for the fourth quarter of 2008. This figure includes revenues of $28.7 million attributable to the amortization of the fair value of below/above market acquired time charters. -- Earnings per share, basic and diluted for the fourth quarter of 2008 were $0.89 based on a weighted average of 56,278,511 shares outstanding, basic and diluted in the fourth quarter of 2008. -- Earnings per share, basic and diluted for the fourth quarter of 2008 were $0.41, excluding amortization of fair value of below/above market acquired time charters of $28.7 million and the expenses of $1.3 million relating to the amortization of stock based compensation -- EBITDA for the fourth quarter of 2008 was $ 70.3 million. Adjusted EBITDA for the same period excluding all the above point items was $42.9 million.
Net income was $133.7 million for the year ended December 31, 2008 compared to net income of $3.4 million for the year ended December 31, 2007. Star Bulk Carriers has been added to the "Focus Stock" list at SmallCapReview.com.
What They Do: Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and is headquartered in Athens, Greece. Its common stock and warrants trade on the Nasdaq Global Market under the symbols "SBLK" and "SBLKW" respectively. Currently, Star Bulk has an operating fleet of twelve dry bulk carriers. The total fleet consists of four Capesize, and eight Supramax dry bulk vessels with an average age of approximately 9.9 years and a combined cargo carrying capacity of 1,106,250 deadweight tons.
Nokia (NYSE: NOK) Closed at $11.35. Today announced further actions it is taking in Devices and Markets units as well as in its Corporate Development Office and global support functions. Nokia plans to scale sales, marketing and technology management to match the pruned portfolio and global consumer demand; address the marketing and other activities that will no longer be integral following the Symbian acquisition; streamline the Devices R&D organization; and increase efficiency in certain global support functions.
Altogether these plans will affect approximately 1,700 employees globally. Where applicable, Nokia will start consultations with employee representatives about these plans.
What They Do: Nokia is the world's number one manufacturer of mobile devices by market share and a leader in the converging Internet and communications industries.
I-Flow Corporation (Nasdaq: IFLO) Closed at $2.71. Today announced that its Board of Directors has authorized the repurchase of up to an additional two million shares of the Company's common stock under the Company's previously announced stock repurchase program, for a total of up to four million shares authorized for repurchase under the program.
The stock repurchase program was also extended to February 28, 2010, unless terminated sooner by the Board of Directors. As of March 16, 2009, the Company had repurchased approximately 1,036,000 shares under the program, which was initially announced on February 26, 2008.
What They Do: I-Flow Corporation is improving surgical outcomes by designing, developing and marketing technically advanced, low-cost drug delivery systems and innovative surgical products for post-surgical pain relief and surgical site care.
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