> On Nov 4, 11:45 am, Abz <resource.exp...@gmail.com> wrote:

> > Any analysis on earnings??  Early guesses?- Hide quoted text -

> - Show quoted text -

> Ahoy shippers,
> Eagle did not "beat" the analyst’s expectations.  The consensus
> estimate was 0.03 and they recorded 0.01 “missing” the street.  The
> company & media are using adjusted earnings of 0.06 after a lender
> agreed to 3.9 million in concessions.  Think about that.

> Let us say you had a checking account with a bank that charged you $10
> per month for the service. You went to the bank and pressed them for
> free checking, citing other banks offering the service for free.  The
> bank manager not wanting to loose your business agrees with you and
> declares your account will be free.  Can you go home and add that $10
> monthly savings back to your balance?  No.  Over the course of the
> next year your “bottom line” will be positively affected by the
> savings of $120, but you would not add that money back in as a
> deposit.  Below is text from eagle’s website.

> * “Net Income, as adjusted for one-time, non-cash charge relating
>    to the amendment to the Company's credit facility, of
>    $3.9 million or $0.06 per share (based on a weighted average of
>    62.0 million shares).  Net Income for the quarter without this
>    adjustment was $0.5 million or $0.01 per share”.

> “All of the Company's revenues were earned from time charters. Gross
> time charter revenues in the quarter ended September 30, 2009 were
> $43,688,025 compared to $54,169,749 recorded in the comparable quarter
> in 2008”.http://www.eagleships.com/phoenix.zhtml?c=189576&p=irol-newsArticle&I...

> This is how eagle makes money and it produced 19.3% less with more
> vessels.  Not good.  But we need consider the average t/c rates
> declined precipitously in a year over year comparison.  On Sep. 28th
> 2008 the average t/c rate for >48K<59K tonnage vessels was recorded by
> Cotzias at $34,629 per day.  On Sep. 25th 2009 the same tonnage t/c
> rate had dropped to $19,469 per day.  That is a 43% drop in average
> revenue generating rates.  This is how long term chartering saved
> eagle’s rear end for the time being.  As of Oct. 30th 2009 rates have
> firmed to $21,267 with some bright spots on the horizon (see below)
> and a more favorable exit price may be achieved.

> The new build delivery schedule resulting in an oversupply of tonnage
> remains a growing storm the public fleets may not weather without
> continual dilutions.  Water Transportation equities are presently
> considered better candidates for attentive momentum investors,
> compared to a more traditional long term hold of 1 year or more.

> Good Fortunes
> Ski

> •     “the U.S. Department of Agriculture is projecting a corn
> harvest
> around 13 billion bushels — which would be the second-largest crop in
> the nation's history — and a 100 million-bushel jump in corn exports,
> while domestic ethanol production is expected to increase
> significantly and DDG exports to China are forecasted to rise 18-fold
> vs. 2008;
> •     South American regions that produce soybeans, predominantly in
> Argentina, experienced a severe drought earlier this year, and Asian
> consumers are improving their diets by increasing fat and oil intake,
> presenting a golden opportunity for soybean exports into next year;
> and
> •     wheat volumes are expected to be about equal to or slightly
> better
> than last year despite sluggish domestic demand, high prices in
> worldwide markets and the nation's role as a residual global
> supplier”.http://www.progressiverailroading.com/pr/article.asp?id=21675