Baltic Trading Ltd

CIK:0001474042|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Operations
Revenues	$ 6,911us-gaap_CargoAndFreightRevenue	$ 13,091us-gaap_CargoAndFreightRevenue
Operating expenses:
Voyage expenses	452balt_VoyageExpenses	420balt_VoyageExpenses
Voyage expenses to Parent	87balt_VoyageExpensesToParent	168balt_VoyageExpensesToParent
Vessel operating expenses	6,587us-gaap_DirectOperatingCosts	6,551us-gaap_DirectOperatingCosts
General, administrative, and technical management fees	2,818	1,972
Management fees to Parent	1,012balt_ManagementFeesToParent	878balt_ManagementFeesToParent
Depreciation and amortization	5,631	5,103
Impairment of vessel assets	30,730us-gaap_AssetImpairmentCharges
Total operating expenses	47,317us-gaap_CostsAndExpenses	15,092us-gaap_CostsAndExpenses
Operating loss	(40,406)us-gaap_OperatingIncomeLoss	(2,001)us-gaap_OperatingIncomeLoss
Other (expense) income:
Other income (expense)	10us-gaap_OtherNonoperatingIncomeExpense	(20)us-gaap_OtherNonoperatingIncomeExpense
Interest income	8us-gaap_InvestmentIncomeInterest	10us-gaap_InvestmentIncomeInterest
Interest expense	(1,959)us-gaap_InterestExpense	(1,510)us-gaap_InterestExpense
Other expense, net	(1,941)us-gaap_NonoperatingIncomeExpense	(1,520)us-gaap_NonoperatingIncomeExpense
Loss before income taxes	(42,347)	(3,521)
Income tax expense	(23)us-gaap_IncomeTaxExpenseBenefit	(12)us-gaap_IncomeTaxExpenseBenefit
Net loss	$ (42,370)	$ (3,533)
Net loss per share of common and Class B Stock:
Net loss per share - Basic (in dollars per share)	$ (0.75)us-gaap_EarningsPerShareBasic	$ (0.06)us-gaap_EarningsPerShareBasic
Net loss per share - Diluted (in dollars per share)	$ (0.75)us-gaap_EarningsPerShareDiluted	$ (0.06)us-gaap_EarningsPerShareDiluted
Dividends declared and paid per share of common and Class B Stock (in dollars per share)		$ 0.03

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ (42,370)	$ (3,533)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	5,631	5,103
Amortization of deferred financing costs	266us-gaap_AmortizationOfFinancingCosts	188us-gaap_AmortizationOfFinancingCosts
Amortization of nonvested stock compensation expense	816us-gaap_ShareBasedCompensation	963us-gaap_ShareBasedCompensation
Impairment of vessel assets	30,730us-gaap_AssetImpairmentCharges
Change in assets and liabilities:
Decrease in due from charterers	1,431	378
Increase in prepaid expenses and other current assets	(261)	(2,124)
Increase in accounts payable and accrued expenses	2,595	2,270
Increase (decrease) in due to Parent	1,088	(81)
Increase (decrease) in deferred revenue	170	(68)
Deferred drydock costs incurred	(508)balt_DeferredDrydockCostsIncurred	(1,674)balt_DeferredDrydockCostsIncurred
Net cash (used in) provided by operating activities	(412)	1,422
Cash flows from investing activities:
Purchase of vessels, including deposits	(23,579)	(17,161)
Purchase of fixed assets		(12)
Changes in deposits of restricted cash	19,645
Net cash used in investing activities	(3,934)	(17,173)
Cash flows from financing activities:
Cash dividends paid		(1,726)us-gaap_PaymentsOfOrdinaryDividends
Payment of common stock issuance costs		(106)us-gaap_PaymentsOfStockIssuanceCosts
Payment of deferred financing costs	(2,220)	(87)
Net cash provided by (used in) financing activities	9,468	(2,981)
Net increase (decrease) in cash and cash equivalents	5,122	(18,732)
Cash and cash equivalents at beginning of period	9,929	58,193
Cash and cash equivalents at end of period	15,051	39,461
$148 Million Credit Facility
Cash flows from financing activities:
Proceeds from Credit Facility	115,000
2010 Credit Facility
Cash flows from financing activities:
Repayments on the Term Loan Facility	(102,250)
$22 Million Term Loan Facility
Cash flows from financing activities:
Repayments on the Term Loan Facility	(375)	(375)
$44 Million Term Loan Facility
Cash flows from financing activities:
Repayments on the Term Loan Facility	$ (687)	$ (687)

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 15,051	$ 9,929
Due from charterers, net of a reserve of $15 and $42, respectively	2,517us-gaap_AccountsReceivableNetCurrent	3,948us-gaap_AccountsReceivableNetCurrent
Prepaid expenses and other current assets	5,760	5,506
Total current assets	23,328us-gaap_AssetsCurrent	19,383us-gaap_AssetsCurrent
Noncurrent assets:
Vessels, net of accumulated depreciation of $73,282 and $72,921, respectively	489,685balt_VesselsNet1	496,210balt_VesselsNet1
Deposits on vessels	17,862us-gaap_DepositsAssetsNoncurrent	23,733us-gaap_DepositsAssetsNoncurrent
Deferred drydock, net of accumulated amortization of $688 and $505, respectively	3,374balt_DeferredDrydockCostsNet	3,049balt_DeferredDrydockCostsNet
Fixed assets, net of accumulated depreciation of $73 and $66, respectively	113us-gaap_PropertyPlantAndEquipmentNet	120us-gaap_PropertyPlantAndEquipmentNet
Deferred financing costs, net of accumulated amortization of $561 and $295, respectively	6,063	6,078
Restricted Cash		19,645
Total noncurrent assets	517,097us-gaap_AssetsNoncurrent	548,835us-gaap_AssetsNoncurrent
Total assets	540,425us-gaap_Assets	568,218us-gaap_Assets
Current liabilities:
Accounts payable and accrued expenses	6,854	6,316
Deferred revenue	268	98
Due to Parent	1,512us-gaap_DueToAffiliateCurrent	147us-gaap_DueToAffiliateCurrent
Current portion of long-term debt	16,800us-gaap_LinesOfCreditCurrent	6,331us-gaap_LinesOfCreditCurrent
Total current liabilities	25,434us-gaap_LiabilitiesCurrent	12,892us-gaap_LiabilitiesCurrent
Noncurrent liabilities:
Long-term debt	191,663us-gaap_LongTermLineOfCredit	190,444us-gaap_LongTermLineOfCredit
Total noncurrent liabilities:	191,663us-gaap_LiabilitiesNoncurrent	190,444us-gaap_LiabilitiesNoncurrent
Total liabilities	217,097us-gaap_Liabilities	203,336us-gaap_Liabilities
Commitments and contingencies
Shareholders' equity:
Additional paid-in capital	413,587	412,771
Accumulated deficit	(90,846)	(48,476)
Total shareholders' equity	323,328us-gaap_StockholdersEquity	364,882us-gaap_StockholdersEquity
Total liabilities and shareholders' equity	540,425	568,218
Common Stock
Shareholders' equity:
Common stock	523	523
Class B Stock
Shareholders' equity:
Common stock	$ 64	$ 64