FreeSeas Inc. (Nasdaq: FREE) Trading at $1.40, Up $0.30. Today announced that it has obtained covenant waiver agreements from each of its bank lenders and has refinanced the existing credit facility for the Free Maverick.
Mr. Ion Varouxakis, President and CEO of FreeSeas, stated, ``These modifications to our loan agreements, coupled with recent charter announcements, have provided FreeSeas with a greater level of operational and financial flexibility. We closely worked with our commercial lenders in negotiating these waivers, and the process involved extensive due diligence on their part. We feel that their willingness to work with us reflects the quality of FreeSeas' fleet and charter agreements, the outlook for our business model, and the positive changes in the dry bulk market over the past few weeks. To a lesser extent, we believe these waivers position us for growth as we see unprecedented opportunities for acquisitions at current market prices.''
What They Do: FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. Currently, it has a fleet of seven Handysize vessels and two Handymax vessels.
Focus Media Holding Limited (Nasdaq: FMCN) Trading at $6.59, Up $0.86. Announced yesterday after market close its unaudited financial results for the fourth quarter and full year ended December 31, 2008. For the fourth quarter of 2008, Total Company net revenue was $192.1 million, a 15% decline compared to $224.8 million for the third quarter of 2008.
Total Company Non-GAAP gross profit for the fourth quarter of 2008 was $87.9 million, representing a 24% decline from $116.2 million for the third quarter of 2008, mainly attributable to 15% sequential decline in revenue. Non-GAAP net income for the fourth quarter of 2008 was $50.0 million, compared to $71.4 million for the third quarter of 2008.
As of December 31, 2008, the Company had repurchased approximately 2.6 million Focus Media ADRs with about $48 million in the open market under our previously announced share repurchase program.
What They Do: Focus Media Holding Limited is China's leading multi- platform digital media company, operating the largest out-of-home advertising network in China using audiovisual digital displays, based on the number of locations and number of flat-panel television displays in its network.
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