18.05.2016, 15:22
Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2016
OREANDA-NEWS. Diana Shipping Inc. (NYSE:DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $31.4 million and net loss attributed to common stockholders of $32.8 million for the first quarter of 2016, compared to a net loss of $10.8 million and net loss attributed to common stockholders of $12.2 million reported in the first quarter of 2015.
Time charter revenues were $30.8 million for the first quarter of 2016, compared to $42.0 million for the same period of 2015. The decrease in time charter revenues was due to decreased average time charter rates that we achieved for our vessels during the quarter and was partly offset by revenues due to the increase in ownership days resulting from the enlargement of our fleet.
| Fleet Employment Profile (As of May 18, 2016) | ||||||||||||
| Diana Shipping Inc.’s fleet is employed as follows: | ||||||||||||
| Vessel | Sister Ships* |
Gross Rate (USD Per Day) |
Com** | Charterers | Delivery Date to Charterers*** |
Redelivery Date to Owners**** | Notes | |||||
| BUILT DWT | ||||||||||||
| 23 Panamax Bulk Carriers | ||||||||||||
| 1 | DANAE | A | $ | 4,900 | 5.00 | % | Dampskibsselskabet Norden A/S, Copenhagen |
9-Dec-15 | 9-Nov-16 - 9-Mar-17 | |||
| 2001 75,106 | ||||||||||||
| 2 | DIONE | A | $ | 9,250 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
12-Sep-14 | 8-Jan-16 | 1 | ||
| $ | 4,350 | 5.00 | % | Nidera S.P.A., Roma | 4-Feb-16 | 20-Jan-17 - 4-May-17 | ||||||
| 2001 75,172 | ||||||||||||
| 3 | NIREFS | A | $ | 7,500 | 5.00 | % | Glencore Grain B.V., Rotterdam |
25-Dec-14 | 12-Jan-16 | |||
| $ | 4,600 | 5.00 | % | Transgrain Shipping B.V., Rotterdam |
15-Jan-16 | 15-Dec-16 - 30-Mar-17 | ||||||
| 2001 75,311 | ||||||||||||
| 4 | ALCYON | A | $ | 7,600 | 5.00 | % | Transgrain Shipping B.V., Rotterdam |
22-Aug-15 | 28-Apr-16 | |||
| $ | 5,000 | 5.00 | % | Dampskibsselskabet Norden A/S, Copenhagen |
4-May-16 | 4-May-17 - 4-Sep-17 | ||||||
| 2001 75,247 | ||||||||||||
| 5 | TRITON | A | $ | 6,800 | 5.00 | % | Glencore Grain B.V., Rotterdam |
28-Oct-15 | 13-Sep-16 - 28-Dec-16 | |||
| 2001 75,336 | ||||||||||||
| 6 | OCEANIS | A | $ | 7,200 | 5.00 | % | Glencore Grain B.V., Rotterdam |
11-May-15 | 12-Mar-16 | |||
| $ | 6,750 | 5.00 | % | Bunge S.A., Geneva | 13-Apr-16 | 5-Jun-16 | 2,3 | |||||
| 2001 75,211 | ||||||||||||
| 7 | THETIS | B | $ | 7,000 | 5.00 | % | Dampskibsselskabet Norden A/S, Copenhagen |
14-Jul-15 | 14-Jun-16 - 14-Sep-16 | |||
| 2004 73,583 | ||||||||||||
| 8 | PROTEFS | B | $ | 6,250 | 5.00 | % | Glencore Grain B.V., Rotterdam |
3-Apr-15 | 18-Feb-16 | 4 | ||
| $ | 4,500 | 5.00 | % | Transgrain Shipping B.V., Rotterdam |
23-Feb-16 | 8-Feb-17 - 23-Jun-17 | ||||||
| 2004 73,630 | ||||||||||||
| 9 | CALIPSO | B | $ | 6,000 | 5.00 | % | China Shipping Bulk Carrier Co., Ltd., Hong Kong |
9-Jun-15 | 8-Apr-16 | |||
| $ | 6,300 | 5.00 | % | Polaris Shipping Co., Ltd., Seoul |
8-Apr-16 | 7-Jul-16 | 5 | |||||
| 2005 73,691 | ||||||||||||
| 10 | CLIO | B | $ | 6,500 | 5.00 | % | Transgrain Shipping B.V., Rotterdam |
4-Aug-15 | 20-May-16 |
6 |
||
| $ | 5,350 | 5.00 | % | 20-May-16 | 20-Apr-17 - 20-Jul-17 | |||||||
| 2005 73,691 | ||||||||||||
| 11 | NAIAS | B | $ | 6,800 | 4.75 | % | Cargill International S.A., Geneva |
12-Jul-15 | 23-May-16 | 7,8 | ||
| 2006 73,546 | ||||||||||||
| 12 | ARETHUSA | B | $ | 7,100 | 5.00 | % | Glencore Grain B.V., Rotterdam |
5-Mar-15 | 21-May-16 | 9 | ||
| 2007 73,593 | ||||||||||||
| 13 | ERATO | C | $ | 7,100 | 5.00 | % | Glencore Grain B.V., Rotterdam |
9-Mar-15 | 26-Mar-16 | |||
| $ | 4,650 | 5.00 | % | 26-Mar-16 | 11-Feb-17 - 26-May-17 | |||||||
| 2004 74,444 | ||||||||||||
| 14 | CORONIS | C | $ | 6,500 | 5.00 | % | Sandgate Maritime Ltd |
3-Jul-15 | 19-Mar-16 | 10 | ||
| $ | 4,750 | 5.00 | % | Narina Maritime Ltd | 19-Mar-16 | 19-Feb-17 - 19-May-17 | ||||||
| 2006 74,381 | ||||||||||||
| 15 | MELITE | D | $ | 7,250 | 4.75 | % | Cargill International S.A., Geneva |
13-Oct-15 | 13-Sep-16 - 13-Dec-16 | |||
| 2004 76,436 | ||||||||||||
| 16 | MELIA | D | $ | 7,200 | 5.00 | % | Nidera S.P.A., Roma | 24-Oct-15 | 24-Nov-16 - 24-Feb-17 | |||
| 2005 76,225 | ||||||||||||
| 17 | ARTEMIS | $ | 7,500 | 5.00 | % | China Shipping Bulk Carrier Co., Ltd., Hong Kong |
16-Aug-15 | 23-May-16 - 2-Jun-16 | 8 | |||
| 2006 76,942 | ||||||||||||
| 18 | LETO | $ | 7,100 | 4.75 | % | Cargill International S.A., Geneva |
19-Jun-15 | 4-Sep-16 - 3-Jan-17 | ||||
| 2010 81,297 | ||||||||||||
| 19 | SELINA | E | $ | 5,800 | 5.00 | % | Dampskibsselskabet Norden A/S, Copenhagen |
24-Mar-16 | 15-Oct-16 - 15-Feb-17 | |||
| 2010 75,700 | ||||||||||||
| 20 | MAERA | E | $ | 4,500 | 5.00 | % | United Bulk Carriers International S.A., Luxembourg |
10-May-16 | 28-Dec-16 - 28-Apr-17 | |||
| 2013 75,403 | ||||||||||||
| 21 | INFINITY 9 | $ | 7,825 | 5.00 | % | Glencore Grain B.V., Rotterdam |
21-Mar-16 | 24-Jun-16 - 24-Oct-16 | ||||
| (tbr. ISMENE) | ||||||||||||
| 2013 77,901 | ||||||||||||
| 22 | CRYSTALIA | F | $ | 9,000 | 5.00 | % | Glencore Grain B.V., Rotterdam |
29-Aug-15 | 29-Jun-16 - 29-Sep-16 | |||
| 2014 77,525 | ||||||||||||
| 23 | ATALANDI | F | $ | 8,000 | 5.00 | % | Glencore Grain B.V., Rotterdam |
21-May-15 | 21-Mar-16 | |||
| $ | 5,300 | 5.00 | % | 26-Mar-16 | 26-Nov-17 - 26-Apr-18 | |||||||
| 2014 77,529 | ||||||||||||
| 4 Kamsarmax Bulk Carriers | ||||||||||||
| 24 | MAIA | G | $ | 7,500 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
13-Nov-15 | 13-Apr-17 - 13-Jul-17 | |||
| 2009 82,193 | ||||||||||||
| 25 | MYRSINI | G | $ | 8,250 | 4.75 | % | Clearlake Shipping Pte. Ltd., Singapore |
18-Feb-15 | 9-Mar-16 | 11 | ||
| $ | 5,550 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
9-Mar-16 | 9-Mar-17 - 24-Jun-17 | ||||||
| 2010 82,117 | ||||||||||||
| 26 | MEDUSA | G | $ | 7,450 | 4.75 | % | Clearlake Shipping Pte. Ltd., Singapore |
2-Jun-15 | 7-Apr-16 | 11 | ||
| $ | 6,300 | 5.00 | % | Quadra Commodities S.A., Geneva |
7-Apr-16 | 15-Mar-17 - 30-Jul-17 | ||||||
| 2010 82,194 | ||||||||||||
| 27 | MYRTO | G | $ | 6,000 | 4.75 | % | Cargill International S.A., Geneva |
24-Dec-15 | 24-Oct-16 - 8-Feb-17 | |||
| 2013 82,131 | ||||||||||||
| 3 Post-Panamax Bulk Carriers | ||||||||||||
| 28 | ALCMENE | $ | 6,750 | 5.00 | % | ADM International Sarl, Rolle, Switzerland |
13-May-15 | 13-Feb-17 - 2-Jun-17 | ||||
| 2010 93,193 | ||||||||||||
| 29 | AMPHITRITE | H | $ | 7,700 | 5.00 | % | Bunge S.A., Geneva | 15-Jul-15 | 30-Apr-17 - 30-Aug-17 | |||
| 2012 98,697 | ||||||||||||
| 30 | POLYMNIA | H | $ | 5,650 | 4.75 | % | Cargill International S.A., Geneva |
15-Dec-15 | 30-Nov-16 - 15-Mar-17 | |||
| 2012 98,704 | ||||||||||||
| 14 Capesize Bulk Carriers | ||||||||||||
| 31 | NORFOLK | $ | 10,250 | 4.75 | % | Clearlake Shipping Pte. Ltd., Singapore |
4-Mar-15 | 28-Mar-16 | 11,12 | |||
| $ | 4,350 | 5.00 | % | SwissMarine Services S.A., Geneva |
28-Mar-16 | 28-Dec-16 - 28-Mar-17 | ||||||
| 2002 164,218 | ||||||||||||
| 32 | ALIKI | $ | 26,500 | 5.00 | % | Minmetals Logistics Group Co. Ltd., Beijing |
1-Mar-11 | 16-Jan-16 | 13 | |||
| $ | 5,300 | 5.00 | % | SwissMarine Services S.A., Geneva |
16-Jan-16 | 16-Dec-16 - 16-Mar-17 | ||||||
| 2005 180,235 | ||||||||||||
| 33 | BALTIMORE | $ | 15,000 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
8-Jul-13 | 8-Jul-16 - 8-Jan-17 | ||||
| 2005 177,243 | ||||||||||||
| 34 | SALT LAKE CITY | BCI 4TCs AVG + 3.5% |
5.00 | % | K Noble Hong Kong Ltd., Hong Kong |
7-Feb-15 | 7-Nov-16 - 7-Feb-17 | |||||
| 2005 171,810 | ||||||||||||
| 35 | SIDERIS GS | I | $ | 6,500 | 5.00 | % | Rio Tinto Shipping (Asia) Pte., Ltd., Singapore |
22-Dec-15 | 22-Jan-17 - 7-Jul-17 | |||
| 2006 174,186 | ||||||||||||
| 36 | SEMIRIO | I | $ | 10,000 | 5.00 | % | Rio Tinto Shipping (Asia) Pte., Ltd., Singapore |
20-Feb-15 | 6-Feb-16 | 14 | ||
| $ | 4,800 | 5.00 | % | SwissMarine Services S.A., Geneva |
6-Feb-16 | 6-Jan-17 - 6-May-17 | ||||||
| 2007 174,261 | ||||||||||||
| 37 | BOSTON | I | $ | 13,000 | 4.75 | % | Clearlake Shipping Pte. Ltd., Singapore |
9-Aug-15 | 25-May-17 - 24-Oct-17 | 11 | ||
| 2007 177,828 | ||||||||||||
| 38 | HOUSTON | I | $ | 12,750 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
4-Jan-15 | 29-Jan-16 | |||
| $ | 5,150 | 5.00 | % | SwissMarine Services S.A., Geneva |
29-Jan-16 | 29-Dec-16 - 29-Mar-17 | ||||||
| 2009 177,729 | ||||||||||||
| 39 | NEW YORK | I | $ | 12,850 | 4.75 | % | Clearlake Shipping Pte. Ltd., Singapore |
17-Dec-14 | 3-Feb-16 | 11,15 | ||
| $ | 5,200 | 5.00 | % | Rio Tinto Shipping (Asia) Pte., Ltd., Singapore |
3-Feb-16 | 3-Jan-17 - 18-May-17 | ||||||
| 2010 177,773 | ||||||||||||
| 40 | SEATTLE | J | $ | 7,300 | 4.75 | % | SwissMarine Services S.A., Geneva |
9-Dec-15 | 25-Oct-16 - 9-Feb-17 | |||
| 2011 179,362 | ||||||||||||
| 41 | P. S. PALIOS | J | $ | 13,000 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
18-Sep-15 | 31-Dec-16 - 31-Mar-17 | |||
| 2013 179,134 | ||||||||||||
| 42 | G. P. ZAFIRAKIS | K | $ | 25,250 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
23-Aug-14 | 14-Feb-16 | |||
| $ | 6,500 | 5.00 | % | 14-Feb-16 | 14-May-17 - 14-Aug-17 | |||||||
| 2014 179,492 | ||||||||||||
| 43 | SANTA BARBARA | K | $ | 7,500 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
18-Dec-15 | 18-Dec-16 - 18-Mar-17 | |||
| 2015 179,426 | ||||||||||||
| 44 | NEW ORLEANS | $ | 11,650 | 5.00 | % | SwissMarine Services S.A., Geneva |
11-Nov-15 | 11-Oct-16 - 26-Feb-17 | ||||
| 2015 180,960 | ||||||||||||
| 2 Newcastlemax Bulk Carriers | ||||||||||||
| 45 | LOS ANGELES | L | $ | 7,750 | 5.00 | % | SwissMarine Services S.A., Geneva |
9-Dec-15 | 24-Nov-16 - 24-Mar-17 | |||
| 2012 206,104 | ||||||||||||
| 46 | PHILADELPHIA | L | $ | 18,000 | 5.00 | % | EDF Trading Limited, UK |
17-May-12 | 20-Jan-16 | 16 | ||
| $ | 6,450 | 5.00 | % | RWE Supply & Trading GmbH, Essen |
20-Jan-16 | 20-Dec-16 - 20-Mar-17 | ||||||
| 2012 206,040 | ||||||||||||
| 3 Vessels Under Construction | ||||||||||||
| 47 | HULL No. DY6006 | - | - | - | - | - - - | 17 | |||||
| (tbn. PHAIDRA) | ||||||||||||
| 2016 82,000 | ||||||||||||
| 48 | HULL No. H2548 | M | - | - | - | - | - - - | 17 | ||||
| (tbn. SAN FRANCISCO) | ||||||||||||
| 2016 208,500 | ||||||||||||
| 49 | HULL No. H2549 | M | - | - | - | - | - - - | 17 | ||||
| (tbn. NEWPORT NEWS) | ||||||||||||
| 2016 208,500 | ||||||||||||
| * Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter. | ||||||||||||
| ** Total commission percentage paid to third parties. | ||||||||||||
| *** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company. | ||||||||||||
| **** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty. | ||||||||||||
| 1 Vessel was on scheduled drydocking from January 8, 2016 to February 4, 2016. | ||||||||||||
| 2 Redelivery date based on an estimated time charter trip duration of about 52 days. | ||||||||||||
| 3 Charter includes a one time gross ballast bonus payment of US$175,000. | ||||||||||||
| 4 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, March 3, 2016. | ||||||||||||
| 5 Redelivery date based on an estimated time charter trip duration of about 90 days. | ||||||||||||
| 6 Estimated date. | ||||||||||||
| 7 During the first quarter of 2016, the vessel was off-hire for drydocking for approximately 24 days. | ||||||||||||
| 8 Based on latest information. | ||||||||||||
| 9 It was agreed the current charterparty to be extended from May 5, 2016 until May 21, 2016. | ||||||||||||
| 10 Sandgate Maritime Ltd has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, April 3, 2016. | ||||||||||||
| 11 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group. | ||||||||||||
| 12 Clearlake Shipping Pte. Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, April 4, 2016. | ||||||||||||
| 13 Minmetals Logistics Group Co. Ltd., Beijing has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 1, 2016. | ||||||||||||
| 14 Rio Tinto Shipping (Asia) Pte., Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 20, 2016. | ||||||||||||
| 15 Clearlake Shipping Pte. Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 17, 2016. | ||||||||||||
| 16 As per relevant charterparty, EDF Trading Limited, UK has agreed to pay US$18,000 per day until the minimum agreed redelivery date, January 17, 2016. The gross charter rate was amended to US$8,500 per day until January 20, 2016 (approximately three days). | ||||||||||||
| 17 Year of delivery and dwt are based on shipbuilding contract. | ||||||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||||||
| Three months ended March 31, | |||||||||||
| 2016 | 2015 | ||||||||||
| STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||||||
| Time charter revenues | $ | 30,792 | $ | 42,006 | |||||||
| Voyage expenses | 6,755 | 4,924 | |||||||||
| Vessel operating expenses | 21,942 | 21,789 | |||||||||
| Net loss | (31,386 | ) | (10,763 | ) | |||||||
| Net loss attributed to common stockholders | (32,828 | ) | (12,205 | ) | |||||||
| FLEET DATA | |||||||||||
| Average number of vessels | 43.2 | 39.9 | |||||||||
| Number of vessels | 45.0 | 40.0 | |||||||||
| Weighted average age of vessels | 7.5 | 7.0 | |||||||||
| Ownership days | 3,931 | 3,588 | |||||||||
| Available days | 3,880 | 3,520 | |||||||||
| Operating days | 3,844 | 3,487 | |||||||||
| Fleet utilization | 99.1 | % | 99.1 | % | |||||||
| AVERAGE DAILY RESULTS | |||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 6,195 | $ | 10,535 | |||||||
| Daily vessel operating expenses (2) | $ | 5,582 | $ | 6,073 | |||||||
_____________________
(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
| DIANA SHIPPING INC. | |||||||||
| FINANCIAL TABLES | |||||||||
| Expressed in thousands of U.S. Dollars, except share and per share data | |||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||
| Three months ended March 31, | |||||||||
| 2016 | 2015 | ||||||||
| REVENUES: | |||||||||
| Time charter revenues | $ | 30,792 | $ | 42,006 | |||||
| EXPENSES: | |||||||||
| Voyage expenses | 6,755 | 4,924 | |||||||
| Vessel operating expenses | 21,942 | 21,789 | |||||||
| Depreciation and amortization of deferred charges | 20,005 | 18,447 | |||||||
| General and administrative expenses | 6,278 | 5,712 | |||||||
| Management fees to related party | 360 | - | |||||||
| Foreign currency loss / (gain) | 161 | (525 | ) | ||||||
| Operating loss | (24,709 | ) | (8,341 | ) | |||||
| OTHER INCOME / (EXPENSES): | |||||||||
| Interest and finance costs | (5,025 | ) | (2,542 | ) | |||||
| Interest and other income | 556 | 872 | |||||||
| Loss from equity method investments | (2,208 | ) | (752 | ) | |||||
| Total other expenses, net | (6,677 | ) | (2,422 | ) | |||||
| Net loss | $ | (31,386 | ) | $ | (10,763 | ) | |||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | |||||
| Net loss attributed to common stockholders | (32,828 | ) | (12,205 | ) | |||||
| Loss per common share, basic and diluted | $ | (0.41 | ) | $ | (0.15 | ) | |||
| Weighted average number of common shares, basic and diluted | 80,040,645 | 79,259,770 | |||||||
| Three months ended March 31, | |||||||||
| 2016 | 2015 | ||||||||
| Net loss | $ | (31,386 | ) | $ | (10,763 | ) | |||
| Other comprehensive loss (Actuarial loss) | (7 | ) | - | ||||||
| Comprehensive loss | $ | (31,393 | ) | $ | (10,763 | ) | |||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||||
| (in thousands of U.S. Dollars) | ||||||||
| March 31, 2016 | December 31, 2015 | * | ||||||
| ASSETS | (unaudited) | |||||||
| Cash and cash equivalents | $ | 148,531 | $ | 171,718 | ||||
| Other current assets | 22,249 | 21,795 | ||||||
| Advances for vessels under construction and acquisitions and other vessel costs | 45,139 | 44,514 | ||||||
| Vessels' net book value | 1,447,949 | 1,440,803 | ||||||
| Other fixed assets, net | 23,423 | 23,489 | ||||||
| Compensating cash balance | 22,500 | 21,500 | ||||||
| Due from related parties, non-current | 42,500 | 43,750 | ||||||
| Equity method investments | 60,232 | 62,487 | ||||||
| Other non-current assets | 7,215 | 6,909 | ||||||
| Total assets | $ | 1,819,738 | $ | 1,836,965 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Long-term debt, net of deferred financing costs | $ | 616,056 | $ | 600,071 | ||||
| Other liabilities | 16,011 | 18,528 | ||||||
| Total stockholders' equity | 1,187,671 | 1,218,366 | ||||||
| Total liabilities and stockholders' equity | $ | 1,819,738 | $ | 1,836,965 | ||||
| * | The balance sheet data as of December 31, 2015 has been derived from the audited consolidated financial statements at that date | |||||||
| OTHER FINANCIAL DATA (unaudited) | |||||||||||||
| Three months ended March 31, | |||||||||||||
| 2016 | 2015 | ||||||||||||
| Net Cash provided by/(used in) operating activities | $ | (9,433 | ) | $ | 8,433 | ||||||||
| Net Cash used in investing activities | (26,548 | ) | (47,605 | ) | |||||||||
| Net Cash provided by financing activities | $ | 12,794 | $ | 50,795 | |||||||||
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