10-Q Filing

GENER8 MARITIME, INC. CIK: 1443799 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001104659-12-035932`
Period End Date	20120331
Filing Date	20120510
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	gmr-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 38 Cash Flow Statement 54 Stockholders Equity 16 Comprehensive Income 10

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Vessels, accumulated depreciation (in dollars)	`AccumulatedDepreciationVessels`	$391.39M	USD	Point-in-time
Vessels, accumulated depreciation (in dollars)	`AccumulatedDepreciationVessels`	$372.01M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	390.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	390.00M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	121.71M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	121.71M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	121.71M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$10.18M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	121.71M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$16.86M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$62.77M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$22.86M	USD	Point-in-time
Due from charterers, net	`AccountsReceivableNetCurrent`	$32.31M	USD	Point-in-time
Due from charterers, net	`AccountsReceivableNetCurrent`	$27.76M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$35.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$35.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$73.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$90.74M	USD	Point-in-time
Vessels, net of accumulated depreciation of $391,391 and $372,006, respectively	`VesselsNet`	$1.49B	USD	Point-in-time
Vessels, net of accumulated depreciation of $391,391 and $372,006, respectively	`VesselsNet`	$1.51B	USD	Point-in-time
Other fixed assets, net	`PropertyPlantAndEquipmentNet`	$11.98M	USD	Point-in-time
Other fixed assets, net	`PropertyPlantAndEquipmentNet`	$11.23M	USD	Point-in-time
Deferred dry dock costs, net	`DeferredDrydockCostsNet`	$24.12M	USD	Point-in-time
Deferred dry dock costs, net	`DeferredDrydockCostsNet`	$26.82M	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNoncurrentNet`	$36.02M	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNoncurrentNet`	$33.38M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.26M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$15.18M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.60B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.58B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.67B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.67B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$37.92M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$53.01M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$890.27M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$923.27M	USD	Point-in-time
Deferred voyage revenue	`DeferredRevenueCurrent`	$58.00K	USD	Point-in-time
Deferred voyage revenue	`DeferredRevenueCurrent`	$922.00K	USD	Point-in-time
Derivative liability	`DerivativeInstrumentsAndHedgesLiabilities`	$3.24M	USD	Point-in-time
Derivative liability	`DerivativeInstrumentsAndHedgesLiabilities`	$2.87M	USD	Point-in-time
Total current liabilities not subject to compromise	`LiabilitiesCurrent`	$979.20M	USD	Point-in-time
Total current liabilities not subject to compromise	`LiabilitiesCurrent`	$932.35M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$4.55M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$5.19M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$1.23M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesNoncurrent`	$1.56M	USD	Point-in-time
Total liabilities not subject to compromise	`LiabilitiesNoncurrent`	$938.46M	USD	Point-in-time
Total liabilities not subject to compromise	`LiabilitiesNoncurrent`	$985.62M	USD	Point-in-time
LIABILITIES SUBJECT TO COMPROMISE	`LiabilitiesSubjectToCompromise`	$483.16M	USD	Point-in-time
LIABILITIES SUBJECT TO COMPROMISE	`LiabilitiesSubjectToCompromise`	$483.03M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.42B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.47B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value per share; authorized 390,000,000 shares; issued and outstanding 121,705,048 and 121,705,048 shares at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$1.22M	USD	Point-in-time
Common stock, $0.01 par value per share; authorized 390,000,000 shares; issued and outstanding 121,705,048 and 121,705,048 shares at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$1.22M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$636.53M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$638.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-381.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-428.27M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.59M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.93M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$249.81M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$332.05M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$206.10M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$304.25M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.67B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.67B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Voyage revenues	`SalesRevenueServicesNet`	$102.93M	USD	1 Quarter
Voyage revenues	`SalesRevenueServicesNet`	$86.92M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$46.98M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$43.95M	USD	1 Quarter
Direct vessel expenses	`DirectOperatingCosts`	$29.84M	USD	1 Quarter
Direct vessel expenses	`DirectOperatingCosts`	$26.01M	USD	1 Quarter
Bareboat lease expense	`LeaseAndRentalExpense`	$2.46M	USD	1 Quarter
Bareboat lease expense	`LeaseAndRentalExpense`	$1.58M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.79M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.75M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.91M	USD	1 Quarter
Goodwill impairment	`GoodwillImpairmentLoss`	$1.82M	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDisposalOfVesselEquipment`	$-3.29M	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDisposalOfVesselEquipment`	$-59.00K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$111.70M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$105.16M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-8.77M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-18.24M	USD	1 Quarter
Interest expense - net	`InterestExpense`	$22.86M	USD	1 Quarter
Interest expense - net	`InterestExpense`	$15.19M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$84.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$21.00K	USD	1 Quarter
Net other expense	`NonoperatingIncomeExpense`	$-22.77M	USD	1 Quarter
Net other expense	`NonoperatingIncomeExpense`	$-15.16M	USD	1 Quarter
Loss before reorganization items, net	`LossBeforeReorganizationItemsNet`	$-33.41M	USD	1 Quarter
Loss before reorganization items, net	`LossBeforeReorganizationItemsNet`	$-31.54M	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	$13.51M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-46.91M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-31.54M	USD	1 Quarter
Basic loss per common share (in dollars per share)	`EarningsPerShareBasic`	$-0.39	USD	1 Quarter
Basic loss per common share (in dollars per share)	`EarningsPerShareBasic`	$-0.36	USD	1 Quarter
Diluted loss per common share (in dollars per share)	`EarningsPerShareDiluted`	$-0.36	USD	1 Quarter
Diluted loss per common share (in dollars per share)	`EarningsPerShareDiluted`	$-0.39	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	86.62M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	119.03M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.03M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.62M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-46.91M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-31.54M	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDisposalOfVesselEquipment`	$-3.29M	USD	1 Quarter
Loss on disposal of vessels and vessel equipment	`GainLossOnDisposalOfVesselEquipment`	$-59.00K	USD	1 Quarter
Goodwill impairment	`GoodwillImpairmentLoss`	$1.82M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.91M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$2.64M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$1.41M	USD	1 Quarter
Amortization of discount on Senior Notes	`AmortizationOfDebtDiscountPremium`	$159.00K	USD	1 Quarter
Restricted stock compensation expense	`ShareBasedCompensation`	$2.01M	USD	1 Quarter
Restricted stock compensation expense	`ShareBasedCompensation`	$1.55M	USD	1 Quarter
Net unrealized gain on derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$-959.00K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$139.00K	USD	1 Quarter
Allowance for bad debts	`ProvisionForDoubtfulAccounts`	$-72.00K	USD	1 Quarter
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$-4.30M	USD	1 Quarter
(Increase) decrease in due from charterers	`IncreaseDecreaseInAccountsReceivable`	$4.48M	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$6.44M	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$1.52M	USD	1 Quarter
Increase in accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$22.93M	USD	1 Quarter
Increase in accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$16.86M	USD	1 Quarter
(Decrease) increase in deferred voyage revenue	`IncreaseDecreaseInDeferredRevenue`	$3.48M	USD	1 Quarter
(Decrease) increase in deferred voyage revenue	`IncreaseDecreaseInDeferredRevenue`	$-865.00K	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$-4.40M	USD	1 Quarter
Deferred drydock costs incurred	`DeferredDrydockCostsIncurred`	$-5.15M	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$24.50M	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-18.94M	USD	1 Quarter
Proceeds from sale of vessels	`ProceedsFromSaleOfOtherProductiveAssets`	$85.30M	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquireOtherProductiveAssets`	$2.74M	USD	1 Quarter
Purchase of other fixed assets	`PaymentsToAcquireOtherProductiveAssets`	$610.00K	USD	1 Quarter
Net cash (used) provided by investing activites	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-610.00K	USD	1 Quarter
Net cash (used) provided by investing activites	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$82.56M	USD	1 Quarter
Borrowings on DIP Facility	`ProceedsFromDebtorInPossessionCreditFacility`	$29.00M	USD	1 Quarter
Borrowings under 2011 Credit Facility	`ProceedsFromLinesOfCredit`	$4.00M	USD	1 Quarter
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$36.13M	USD	1 Quarter
Repayment of Bridge Loan Credit Facility	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-22.80M	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfDeferredFinancingCostDIPFacillity`	$743.00K	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfDeferredFinancingCostDIPFacillity`	$2.13M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$32.26M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-61.06M	USD	1 Quarter
Effect of exchange rate changes on cash balances	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-90.00K	USD	1 Quarter
Effect of exchange rate changes on cash balances	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-22.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$12.68M	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$45.91M	USD	1 Quarter
Cash, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$10.18M	USD	Point-in-time
Cash, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$16.86M	USD	Point-in-time
Cash, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$62.77M	USD	Point-in-time
Cash, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$22.86M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.18M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.86M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$62.77M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$22.86M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$11.51M	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$14.32M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$249.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$332.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$206.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$304.25M	USD	Point-in-time
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-46.91M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-31.54M	USD	1 Quarter
Unrealized derivative gain on cash flow hedge, net of reclassifications	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.66M	USD	1 Quarter
Unrealized derivative gain on cash flow hedge, net of reclassifications	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.67M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$63.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$3.00K	USD	1 Quarter
Restricted stock amortization, net of forfeitures	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.01M	USD	1 Quarter
Restricted stock amortization, net of forfeitures	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.55M	USD	1 Quarter
Balance	`StockholdersEquity`	$249.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$332.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$206.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$304.25M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-46.91M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-31.54M	USD	1 Quarter
Unrealized derivative gain, net of reclassifications	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.66M	USD	1 Quarter
Unrealized derivative gain, net of reclassifications	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.67M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$63.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$3.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.74M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.66M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-29.80M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-45.25M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.