Costamare Inc. Reports Second Quarter 2011 Results
(firmenpresse) - ATHENS, GREECE -- (Marketwire) -- 07/27/11 -- Costamare Inc. ("Costamare") (NYSE: CMRE), today reported unaudited financial results for the second quarter and six months ended June 30, 2011.
Voyage revenues of $94.3 million and $180.3 million for the three and the six months ended June 30, 2011, respectively.
Voyage revenues adjusted on a cash basis of $101.8 million and $195.7 million for the three and the six months ended June 30, 2011, respectively.
Adjusted EBITDA of $65.8 million and $127.1 million for the three and the six months ended June 30, 2011, respectively.
Net income of $26.2 million or $0.43 per share and $44.1 million or $0.73 per share for the three and the six months ended June 30, 2011, respectively.
Adjusted Net Income of $26.9 million or $0.45 per share and $49.3 million or $0.82 per share for the three and six months ended June 30, 2011, respectively.
The Company has agreed to purchase the 5,060 TEU capacity, 2003-built container vessel MSC Linzie (to be renamed MSC Romanos) from an unaffiliated third party. The acquisition cost will be $55.0 million and the vessel is expected to be delivered to the Company between August 15 and September 30, 2011.
The Company has entered into a time charter agreement with Mediterranean Shipping Company S.A. ("MSC") for the employment of the vessel, commencing upon delivery, for a duration of approximately 63 months at a daily rate of $28,000. The acquisition is expected to be financed by cash from operations and the use of part of a currently committed undrawn credit line.
Entered into the following chartering agreements:
The time charter agreement with MSC for the 1988-built, 4,828 TEU c/v MSC Mykonos, has been extended as from July 14, 2011 until September 1, 2017, at a daily rate of $20,000.
The time charter agreement with MSC for the 1988-built, 4,828 TEU c/v MSC Mandraki, will be extended from November 2, 2011 until July 1, 2017, at a daily rate of $20,000.
The time charter agreement with Hapag-Lloyd for the 1987-built, 3,152 TEU c/v Akritas, will be extended from September 30, 2011 for 36 months, at a daily rate of $12,500.
On July 3, 2011, the 1990-built, 3,351 TEU c/v Rena, commenced a five-year time charter agreement with MSC at a daily rate of $15,000.
On July 19, 2011, the 1995-built, 1,162 TEU c/v Zagora commenced an eight-month time charter agreement with MSC at a daily rate of $7,000.
Obtained a firm offer, subject to documentation but not subject to further credit approval, from a consortium of major European and US financial institutions for the financing arrangements for three out of the five newbuilding contracts entered into with Sungdong Shipbuilding & Marine Engineering Co., Ltd. in April 2011. Received indications of interest and is in advanced discussions with major financial institutions regarding the financing of the remaining two newbuilds.
On July 11, 2011, the Board of Directors declared a dividend for the second quarter ended June 30, 2011 of $0.25 per share, payable on August 9, 2011 to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the NYSE) on July 27, 2011. This was the third cash dividend we have declared since our initial public offering on November 4, 2010.
Management of the Company also announced that it will recommend to the Board of Directors that the Board approve an eight percent (8%) dividend increase, beginning with the third quarter 2011 dividend, raising the quarterly dividend from $0.25 to $0.27 per common share.
"During the second quarter of the year the Company generated positive results in line with expectations.
"We have recently acquired one more second-hand vessel backed by a favorable charter to a first-class charterer and chartered five existing vessels with a TEU-average age of 22 years for an average period of 5 years at very attractive rates. In aggregate the new transactions will generate approximately $180 million of contracted revenues demonstrating the Company's ability to employ profitably older vessels and realize high returns.
"These new business developments, together with our newbuilding and second-hand acquisitions, have increased our dividend distribution capacity. Accordingly, we are pleased to announce that management will recommend to the Board of Directors an 8% dividend increase beginning with the third quarter of 2011.
"Our business model is focused on optionality; should we see a temporarily depressed market, we have the capacity to move fast and acquire cheap assets; if however, in the mid-to-long term, we have a healthy market, we will benefit from the re-chartering of the vessels coming out of charter over the next years, while we will keep looking for new opportunities.
"We remain committed to our goal of creating shareholder value by prudently growing our fleet and at the same time increasing our dividend consistent with our dividend policy."
(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis.
(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after cash changes in "Accrued charter revenue" deriving from escalating charter rates under which certain of our vessels operate. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described in the notes to the "Fleet List" below.
(3) Adjusted net income, adjusted earnings per share, EBITDA and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to EBITDA and adjusted EBITDA below.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the six-month periods ended June 30, 2011 and June 30, 2010 and the three-month periods ended June 30, 2011 and June 30, 2010. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income, (iii) Adjusted earnings per share, (iv) EBITDA and (v) Adjusted EBITDA.
Adjusted Net income and Adjusted Earnings per Share represent net income before gain/(loss) on sale of vessels, non-cash changes in fair value of derivatives, non-cash changes in "Accrued charter revenue" deriving from escalating charter rates under which certain of our vessels operate and the cash of partial purchases of consumable stores for newly acquired vessels. "Accrued charter revenue" is attributed to the time difference between the revenue recognition and the cash collection. However, Adjusted Net income and Adjusted Earnings per Share are not recognized measurements under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted Net income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net income and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
EBITDA represents net income before interest and finance costs, interest income, depreciation and amortization of deferred dry-docking & special survey costs. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, amortization of deferred dry-docking & special survey costs, gain/(loss) on sale of vessels, non-cash changes in fair value of derivatives, non-cash changes in "Accrued charter revenue" deriving from escalating charter rates under which certain of our vessels operate and the cash of partial purchases of consumable stores for newly acquired vessels. "Accrued charter revenue" is attributed to the time difference between the revenue recognition and the cash collection. However, EBITDA and Adjusted EBITDA are not recognized measurements under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that EBITDA and Adjusted EBITDA are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of EBITDA and Adjusted EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.
During the three-month periods ended June 30, 2011 and 2010, we had an average of 48.7 and 42.8 vessels, respectively, in our fleet. In the three-month period ended June 30, 2011 we sold three second-hand vessels with an aggregate TEU capacity of 4,914. In the three-month period ended June 30, 2010, we sold two vessels with an aggregate TEU capacity of 6,588. In the three-month period ended June 30, 2011 and 2010, our fleet ownership days totaled 4,432 and 3,893 days, respectively. Ownership days are the primary driver of voyage revenue and vessels operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Voyage Revenue
Voyage revenue increased by 5.0%, or $4.5 million, to $94.3 million during the three-month period ended June 30, 2011, from $89.8 million during the three-month period ended June 30, 2010. This increase is due mainly to increased average number of vessels of our fleet during the three-month period ended June 30, 2011, compared to the three-month period ended June 30, 2010. Voyage revenues adjusted on a cash basis, increased by 26.5%, or $21.3 million, to $101.8 million during the three-month period ended June 30, 2011, from $80.5 million during the three-month period ended June 30, 2010. The increase is attributable to increased charter rates received in accordance with certain escalation clauses of our charters, as well as to the increased ownership days of our fleet during the three-month period ended June 30, 2011, compared to the three-month period ended June 30, 2010.
Voyage Expenses
Voyage expenses increased by 133.3%, or $0.8 million, to $1.4 million during the three-month period ended June 30, 2011, from $0.6 million during the three-month period ended June 30, 2010. The increase was primarily attributable to (i) the off-hire expenses, mainly relating to bunkers consumption of the three vessels sold in the three-month period ended June 30, 2011, on their way to their scrap buyers and (ii) the third party commissions charged to us in the three-month period ended June 30, 2011 compared to the three-month period ended June 30, 2010.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $0.7 million represent fees of 0.75% on voyage revenues charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 4, 2010 (initial public offering completion date).
Vessels' Operating Expenses
Vessels' operating expenses, which also include the realized gain (loss) under derivative contracts entered into in relation to foreign currency exposure, increased by 8.5%, or $2.2 million, to $28.2 million during the three-month period ended June 30, 2011, from $26.0 million during the three-month period ended June 30, 2010. The increase is attributable to the increase of 13.8% of the ownership days of our fleet partly offset by more efficient logistics achieved in the three-month period ended June 30, 2011, compared to the three-month period ended June 30, 2010.
General and Administrative Expenses
General and administrative expenses increased by 1,200.0%, or $1.2 million, to $1.3 million during the three-month period ended June 30, 2011, from $0.1 million during the three-month period ended June 30, 2010. The increase in the three-month period ended June 30, 2011 was mainly attributable to increased public-company related expenses charged to us (i.e. legal, audit, public relations and Directors & Officers insurance) compared to the three-month period ended June 30, 2010, when the Company was private, including $0.25 million for the services of the Company's officers in aggregate charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 4, 2010.
Management Fees - related parties
Management fees paid to our managers increased by 48.1%, or $1.3 million, to $4.0 million during the three-month period ended June 30, 2011, from $2.7 million during the three-month period ended June 30, 2010. The increase was attributable to the new daily management fee charged by our managers subsequent to the completion of our initial public offering on November 4, 2010 and to the increased fleet ownership days for the three-month period ended June 30, 2011, compared to the three-month period ended June 30, 2010.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $2.1 million for the three-month period ended June 30, 2011, and for the three-month period ended June 30, 2010. During the three-month period ended June 30, 2011, one vessel underwent her special survey and three vessels underwent their special survey during the cut-off period between the first and the second quarter of 2011. During the three-month period ended June 30, 2010, two vessels underwent their special survey and three vessels underwent their special survey during the cut-off period between the first and second quarter 2010.
Depreciation
Depreciation expense increased by 11.4%, or $2.0 million, to $19.6 million during the three-month period ended June 30, 2011, from $17.6 million during the three-month period ended June 30, 2010. The increase was primarily attributable to the depreciation expense charged for the two container vessels that were delivered to us in November 2010 and to the eight container vessels that were delivered to us during the three-month period ended March 31, 2011. The three vessels that were sold during the three-month period ended June 30, 2011, were fully depreciated as of the date of their disposal. The vessel MSC Mexico, which was sold in the three-month period ended June 30, 2010, was fully depreciated as of the date of her disposal.
Gain on Sale of Vessels
In the three-month period ended June 30, 2011, we recorded a gain of $10.8 million from the sale of vessels MSC Sierra, MSC Namibia and MSC Sudan. In the three-month period ended June 30, 2010, we recorded a gain of $5.6 million from the sale of vessels MSC Toba and MSC Mexico.
Foreign Exchange Gains / (Losses)
Foreign exchange gains were $nil during the three-month period ended June 30, 2011, compared to losses of $0.1 million during the three-month period ended June 30, 2010, representing a change of $0.1 million resulting from favorable currency exchange rate movements between the U.S. dollar and the Euro.
Interest Income
During the three-month period ended June 30, 2011, interest income decreased by 66.7%, or $0.2 million, to $0.1 million, from $0.3 million during the three-month period ended June 30, 2010. The change in interest income was mainly due to the decreased interest rates on our cash deposits in interest bearing accounts during the three-month period ended June 30, 2011, compared to the three month-period ended June 30, 2010.
Interest and Finance Costs
Interest and finance costs increased by 5.5%, or $0.9 million, to $17.4 million during the three-month period ended June 30, 2011, from $16.5 million during the three-month period ended June 30, 2010. The increase is partly attributable to increased financing costs and commitment fees charged to us mainly in relation to new credit facilities we entered into, in connection with our new building program.
Gain (Loss) on Derivative Instruments
The fair value of our 16 interest rate swaps which were outstanding as of June 30, 2011, equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2011, the fair value of these 16 interest rate swaps in aggregate amounted to a liability of $115.9 million. Fifteen of the 16 interest rate derivative instruments that were outstanding as at June 30, 2011, qualified for hedge accounting and the effective portion in the change of their fair value is recorded in "Other comprehensive loss" in stockholders' equity. For the three-month period ended June 30, 2011, a loss of $15.6 million has been included in "Other comprehensive loss" in stockholders' equity and a loss of $4.5 million has been included in "Gain (loss) on derivative instruments" in the consolidated statement of income, resulting from the fair market value change of the interest rate swaps during the three-month period ended June 30, 2011.
Net cash flows provided by operating activities for the three-month period ended June 30, 2011, increased by $16.4 million to $43.7 million, compared to $27.3 million for the three-month period ended June 30, 2010. The increase was primarily attributable to (a) increased cash from operations of $21.3 million deriving from escalating charter rates and (b) to decreased dry-docking payments of $4.3 million, which were partly offset by the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $1.9 million.
Net cash used in investing activities was $36.6 million in the three-month period ended June 30, 2011, which consists of (i) $49.3 million advance payments for the construction and purchase of five newbuild vessels and (ii) $12.7 million we received from the sale of three vessels.
Net cash used in investing activities was $14.3 million in the three-month period ended June 30, 2010, which consists of (i) $26.6 million in payments to the shipyard for the construction cost of Hyundai Navarino and (ii) $12.3 million in aggregate we received from the sale of vessel MSC Toba and MSC Mexico.
Net cash provided by financing activities was $57.1 million in the three-month period ended June 30, 2011, which mainly consists of (i) $29.9 million of indebtedness that we repaid, (ii) $107.6 million we drew down from two of our credit facilities, (iii) $15.1 million we paid for dividends to our stockholders for the first quarter of the year 2011.
Net cash used in financing activities was $28.7 million in the three-month period ended June 30, 2010, which mainly consists of $24.7 million of indebtedness that we repaid.
During the six-month periods ended June 30, 2011 and 2010, we had an average of 47.1 and 42.9 vessels, respectively, in our fleet. In the six-month period ended June 30, 2011, we accepted delivery of eight second-hand vessels with an aggregate TEU capacity of 17,458 and we sold three second-hand vessels with an aggregate TEU capacity of 4,914. In the six-month period ended June 30, 2010, we acquired the vessel Hyundai Navarino with a TEU capacity of 8,531 and we sold three vessels with an aggregate TEU capacity of 9,300. In the six-month period ended June 30, 2011 and 2010, our fleet ownership days totaled 8,531 and 7,767 days, respectively. Ownership days are the primary driver of voyage revenue and vessels operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Voyage Revenue
Voyage revenue increased by 0.8%, or $1.5 million, to $180.3 million during the six-month period ended June 30, 2011, from $178.8 million during the six-month period ended June 30, 2010. This increase is due mainly to increased average number of vessels of our fleet during the six-month period ended June 30, 2011, compared to the six-month period ended June 30, 2010. Voyage revenues adjusted on a cash basis, increased by 22.0%, or $35.3 million, to $195.7 million during the six-month period ended June 30, 2011, from $160.4 million during the six-month period ended June 30, 2010. The increase is attributable to increased charter rates received in accordance with certain escalation clauses of our charters, as well as to the increased ownership days of our fleet during the six-month period ended June 30, 2011, compared to the six-month period ended June 30, 2010.
Voyage Expenses
Voyage expenses increased by 150.0%, or $1.5 million, to $2.5 million during the six-month period ended June 30, 2011, from $1.0 million during the six-month period ended June 30, 2010. The increase was primarily attributable to (i) the off-hire expenses in relation to a total of eight vessels that underwent their special survey during the six-month period ended June 30, 2011, (ii) the off-hire expenses, mainly to bunkers consumption, of the eight container vessels which were delivered to us by their sellers in the six-month period ended June 30, 2011 and the three vessels sold in the six-month period ended June 30, 2011, and (iii) the third party commissions charged to us in the six-month period ended June 30, 2011 compared to the six-month period ended June 30, 2010.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $1.4 million represent fees of 0.75% on voyage revenues charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 4, 2010.
Vessels' Operating Expenses
Vessels' operating expenses, which also include the realized gain (loss) under derivative contracts entered into in relation to foreign currency exposure, increased by 7.5%, or $3.9 million, to $55.7 million during the six-month period ended June 30, 2011, from $51.8 million during the six-month period ended June 30, 2010. The increase is attributable to the increase of 9.8% of the ownership days of our fleet partly offset by more efficient logistics achieved in the six-month period ended June 30, 2011 compared to the six-month period ended June 30, 2010.
General and Administrative Expenses
General and administrative expenses increased by 271.4%, or $1.9 million, to $2.6 million during the six-month period ended June 30, 2011, from $0.7 million during the six-month period ended June 30, 2010. The increase in the six-month period ended June 30, 2011 was mainly attributable to increased public-company related expenses charged to us (i.e. legal, audit, public relations and Directors & Officers insurance) compared to the six-month period ended June 30, 2010 (when the Company was private), including $0.5 million for the services of the Company's officers in aggregate charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 4, 2010.
Management Fees - related parties
Management fees paid to our managers increased by 36.4%, or $2.0 million, to $7.5 million during the six-month period ended June 30, 2011, from $5.5 million during the six-month period ended June 30, 2010. The increase was attributable to the new daily management fee charged by our managers subsequent to the completion of our initial public offering on November 4, 2010 and to the increased fleet ownership days for the six-month period ended June 30, 2011, compared to the six-month period ended June 30, 2010.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased by 2.4%, or $0.1 million, to $4.0 million during the six-month period ended June 30, 2011, from $4.1 million during the six-month period ended June 30, 2010. During the six-month period ended June 30, 2011, eight vessels underwent their dry-docking. During the six-month period ended June 30, 2010, seven vessels underwent their dry-docking.
Depreciation
Depreciation expense increased by 10.5%, or $3.6 million, to $38.0 million during the six-month period ended June 30, 2011, from $34.4 million during the six-month period ended June 30, 2010. The increase was primarily attributable to the depreciation expense charged for the two container vessels that were delivered to us in November 2010 and to the eight container vessels that were delivered to us during the three-month period ended March 31, 2011. The three vessels that were sold during the six-month period ended June 30, 2011 were fully depreciated as of the date of their disposal. The vessels MSC Mexico and MSC Germany, which were sold in the six-month period ended June 30, 2010 were fully depreciated as of the date of their disposal.
Gain on Sale of Vessels
In the six-month period ended June 30, 2011, we recorded a gain of $10.8 million from the sale of vessels MSC Sierra, MSC Namibia and MSC Sudan. In the six-month period ended June 30, 2010, we recorded a gain of $7.9 million from the sale of the vessels MSC Germany, MSC Toba and MSC Mexico.
Foreign Exchange Gains / (Losses)
Foreign exchange gains were $0.1 million during the six-month period ended June 30, 2011, compared to losses of $0.1 million during the six-month period ended June 30, 2010, representing a change of $0.2 million resulting from favorable currency exchange rate movements between the U.S. dollar and the Euro.
Interest Income
During the six-month period ended June 30, 2011, interest income decreased by 50.0%, or $0.3 million, to $0.3 million, from $0.6 million during the six-month period ended June 30, 2010. The change in interest income was mainly due to the decreased interest rates on our cash deposits in interest bearing accounts during the six-month period ended June 30, 2011, compared to the six-month period ended June 30, 2010.
Interest and Finance Costs
Interest and finance costs increased by 5.6%, or $1.9 million, to $36.1 million during the six-month period ended June 30, 2011, from $34.2 million during the six-month period ended June 30, 2010. The increase is partly attributable to increased financing costs and commitment fees charged to us mainly in relation to new credit facilities we entered into with regards to our new building program.
Gain (Loss) on Derivative Instruments
The fair value of our 16 interest rate swaps which were outstanding as of June 30, 2011, equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2011, the fair value of these 16 interest rate swaps in aggregate amounted to a liability of $115.9 million. Fifteen of the 16 interest rate derivative instruments that were outstanding as at June 30, 2011, qualified for hedge accounting and the effective portion in the change of their fair value is recorded in "Other comprehensive loss" in stockholders' equity. For the six-month period ended June 30, 2011, a loss of $6.3 million has been included in "Other comprehensive loss" in stockholders' equity and a loss of $1.7 million has been included in "Gain (loss) on derivative instruments" in the consolidated statement of income, resulting from the fair market value change of the interest rate swaps during the six-month period ended June 30, 2011.
Net cash flows provided by operating activities for the six-month period ended June 30, 2011 increased by $27.1 million to $83.1 million, compared to $56.0 million for the six-month period ended June 30, 2010. The increase was primarily attributable to (i) increased cash from operations of $35.3 million deriving from escalating charter rates and the cash contributed by the eight vessels we acquired during the period, (ii) favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $1.5 million and (iii) decreased dry-docking payments of $2.6 million.
Net cash used in investing activities was $195.5 million in the six-month period ended June 30, 2011, which consists of (i) $145.8 million advance payments for the construction and purchase of five newbuild vessels, (ii) $74.8 million in payments for the acquisition of eight second-hand vessels, (iii) $19.0 million we received for the sale of three vessels and (iv) $6.1 million we received from the sale of governmental bonds.
Net cash used in investing activities was $9.2 million in the six-month period ended June 30, 2010, which consists of (i) $28.3 million in payments to the shipyard for the construction cost of Hyundai Navarino and (ii) $19.1 million we received from the sale of three vessels.
Net cash provided by financing activities was $22.3 million in the six-month period ended June 30, 2011, which mainly consists of (i) $49.3 million of indebtedness that we repaid, (ii) $107.6 million we drew down from two of our credit facilities and (iii) $30.2 million, in aggregate, we paid for dividends to our stockholders for the fourth quarter of the year 2010 and the first quarter of the year 2011.
Net cash used in financing activities was $56.7 million in the six-month period ended June 30, 2010, which mainly consists of (i) $44.1 million of indebtedness that we repaid and (ii) $10.0 million we paid for dividends to our stockholders.
As of June 30, 2011, we had a total cash liquidity of $114.4 million, consisting of cash, cash equivalents and restricted cash.
As of June 30, 2011 we had a total of undrawn credit lines of $120.0 million.
As of July 22, 2011, we had $120.0 million in an undrawn credit line.
As of July 22, 2011, the following vessels are free of debt:
As of July 22, 2011, we had outstanding commitments relating to our contracted newbuilds aggregating $810.7 million payable in installments until the vessels are delivered. In addition we had $49.5 million outstanding commitment relating to the acquisition of the second-hand vessel MSC Romanos payable in full upon delivery of the vessel.
On Thursday, July 28, 2011 at 8:30 a.m. EDT, Costamare's management team will hold a conference call to discuss the financial results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "Costamare."
A replay of the conference call will be available until August 4, 2011. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 25306424#
There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website () under the "Investors" section. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Costamare Inc. is one of the world's leading owners and providers of containerships for charter. Costamare Inc. has more than 36 years of history in the international shipping industry and a fleet of 59 containerships, with a total capacity of approximately 325,000 TEU, including 10 newbuilds on order aggregating approximately 89,000 TEU. Costamare Inc.'s common shares trade on The New York Stock Exchange under the symbol "CMRE."
This earnings release contains "forward-looking statements." In some cases, you can identify these statements by forward-looking words such as "believe", "intend", "anticipate", "estimate", "project", "forecast", "plan", "potential", "may", "should", "could" and "expect" and similar expressions. These statements are not historical facts but instead represent only Costamare's belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare's control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in Costamare Inc.'s Annual Report on Form 20-F (File No. 001-34934) under the caption "Risk Factors."
The tables below provide additional information, as of July 22, 2011, about our fleet of 59 containerships. Each vessel is a cellular containership, meaning it is a dedicated container vessel.
Gregory Zikos
Chief Financial Officer
Konstantinos Tsakalidis
Business Development
Costamare Inc., Athens, Greece
Tel: (+30) 210-949-0050
Email:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
Tel: 212-661-7566
Email:
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2011 - 14:05 Uhr
Sprache: Deutsch
News-ID 1025155
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
ATHENS, GREECE
Phone:
Kategorie:
Maritime
Anmerkungen:
Diese Pressemitteilung wurde bisher 278 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Costamare Inc. Reports Second Quarter 2011 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Costamare Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
