TBS INTERNATIONAL LTD (TBSI) [Rocket]

In millions, except per share items	Dec-31-08	Dec-31-07	Dec-31-06	Dec-31-05	Dec-31-04	Dec-31-03
	10-K	10-K	10-K	10-K	10-K	10-K
Revenues	611.6	352.9	251.7	248.0	208,806.6	143,346.1
Revenue growth	73.3%	40.2%	1.5%	-99.9%	45.7%
Cost of goods sold	362.5	212.6	172.3	146.6	153,255.6	135,343.9
Gross profit	249.2	140.3	79.4	101.4	55,550.9	8,002.2
Gross margin	40.7%	39.8%	31.6%	40.9%	26.6%	5.6%
Selling, general and administrative [+]	39.9	38.7	27.3	17.6	7,347.0	6,463.2
General and administrative	39.9	38.7	27.3	17.6	7,347.0	6,463.2
Other operating expenses				19.5
EBITDA [+]	282.8	137.6	82.1	19,601.3		8,425.6
EBITDA growth	105.4%	67.8%	-99.6%
EBITDA margin	46.2%	39.0%	32.6%	7902.8%		5.9%
Depreciation and amortization	73.5	36.0	29.9	19,537.1		6,886.7
EBIT [+]	209.3	101.6	52.2	64.3	48,203.9	1,538.9
EBIT growth	105.9%	94.7%	-18.8%	-99.9%	3032.3%
EBIT margin	34.2%	28.8%	20.7%	25.9%	23.1%	1.1%
Pre-tax income	191.8	98.2	39.1	55.7	43,166.7	-1,994.2
Income taxes	0.0	0.0	0.0	0.0	0.0	0.0
Tax rate	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net income	191.8	98.2	39.1	50.0	31,323.8	-2,791.0
Net margin	31.4%	27.8%	15.5%	20.1%	15.0%	-1.9%

Basic EPS [+]	$6.55	$3.51	$1.40	$2.28	$3.07	($0.27)
Growth	87.0%	151.3%	-38.9%	-25.7%	-1222.3%
Diluted EPS [+]	$6.54	$3.50	$1.39	$2.05	$1.54	($0.27)
Growth	86.9%	151.7%	-32.3%	33.7%	-660.9%

Shares outstanding (basic) [+]	29.3	28.0	28.0	21.9	10,187.8	10,187.8
Growth	4.4%	0.1%	28.0%	-99.8%	0.0%
Shares outstanding (diluted) [+]	29.3	28.1	28.1	24.3	20,385.8	10,187.8
Growth	4.5%	-0.1%	15.5%	-99.9%	100.1%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.