Safe Bulkers' (NYSE: SB) results for the company's Q1 have been released. For the quarter, net revenue came in at just more than $44 million, essentially unchanged from the same period the previous year. Net profit, on the other hand, dropped by 25% over that time frame, landing at $16.1 million ($0.21 per share) from Q1 2012's $21.6 million ($0.30). On an adjusted basis, those figures were $16.0 million ($0.21) and $22.9 million ($0.32), respectively.
In spite of the bottom-line drop, Safe Bulkers maintained its quarterly dividend. The company announced it will pay $0.05 per share of its common stock on or about June 7 to holders of record as of May 27. That amount matches the firm's previous distribution, and yields just under 4% at its most recent closing stock price.
