Seanergy Maritime Q1 Profit Surges On One-time Gain - Quick Facts

(RTTNews) - Seanergy Maritime Holdings Corp. (SHIP) reported that its net income for the first quarter of 2014 surged to $83.5 million or $6.98 per share, from $1.1 million or $0.09 per share in the same quarter of 2013.

EBITDA was $84.7 million for the first quarter of 2014, as compared to EBITDA of $3.8 million for the first quarter of 2013.

The significant increase in EBITDA and in net income quarter-on-quarter, was largely attributable to the gain of $85.5 million that was realized on the sale of the Company's last four vessels in the first quarter of 2014.

Net revenues in the first quarter of 2014 were equal to $2.0 million, compared to $5.6 million in the same quarter in 2013, a reduction of 64%. The decrease in net revenues reflects the operation of a smaller fleet, as an average of 3.0 vessels were owned in the first quarter of 2014, compared to 9.3 vessels in the corresponding quarter of 2013.