DALLAS, Oct. 4, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring DryShips Inc. (Nasdaq:DRYS). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
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DryShips Inc. (DRYS) owns, through its subsidiaries, a fleet of 40 drybulk carriers comprised of seven Capesize, 29 Panamax, two Supramax and two newbuilding drybulk vessels, as well as two ultra-deep-water semi-submersible drilling rigs and two ultra-deep-water newbuilding drillships. The Company's drybulk fleet carries a variety of drybulk commodities including coal, iron ore, and grains, bauxite, phosphate, fertilizers and steel products. DRYS employs its drybulk vessels under period time charters, on bareboat charters, in the spot charter market and in drybulk carrier pools. Its subsidiaries include Ocean Rig ASA, DrillShips Investment Inc. and Primelead Shareholders Inc.
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In the report, the analyst notes:
"For the second quarter of 2010, the Company reported net income of $8.7 million, or $0.02 basic and diluted earnings per share. Included in the second-quarter 2010 results are various items, totaling $71.7 million, or $0.28 per share. Excluding these items, net income amounted to $80.4 million or $0.30 per share. Included in the second-quarter 2010 results are non-cash amortization of debt issuance costs, including those relating to our convertible senior notes, totaling $7.9 million, or $0.03 per share.
"DRYS recently announced that its fully owned subsidiary Ocean Rig UDW Inc. has received a Letter of Award from an American exploration company for a four well contract for exploration drilling offshore West Africa for a period of about 300 days, commencing in the first or second quarter of 2011. The contract value is approximately USD $135 million. The contract is subject to final documentation."
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