Navios Maritime Acquisition Corporation Reports Financial Results for the Third Quarter and Nine Months ended September 30, 2011
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 11/09/11 -- Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA)
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, today reported its financial results for the third quarter and nine months ended September 30, 2011.
Angeliki Frangou, Chairman and Chief Executive Officer of the Navios Acquisition, stated, "We are pleased with our growth and financial performance for the quarter. As a result, we announced a dividend of $0.05 per share, representing a yield of almost 6.0%."
Ms. Frangou continued, "We are also pleased to have chartered out two new build vessels both LR1 product tankers, to an oil major for a period of three years. These charters are a milestone for the company, as they reflect significant effort we have devoted to the vetting process with the oil major. The timing and structure of these transactions also reflect our central thesis of capturing market opportunity while also developing dependable cash flow from credit worthy counterparties. Under these charters, we will receive a base rate and a significant participation in the upside, should the markets improve. Delivery of the first vessel is expected next week and the other in January 2012."
On November 7, 2011, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the third quarter of 2011 of $0.05 per share of common stock. The dividend is payable on January 5, 2012 to stockholders of record as of December 15, 2011. The declaration and payment of any further dividends remains subject to the discretion of the Board and will depend on, among other things, Navios Acquisition's cash requirements as measured by market opportunities, restrictions under its credit agreements and other debt obligations and such other factors as the Board may deem advisable.
The LR1 product tanker Nave Andromeda, which is expected to be delivered to our fleet on November 14, 2011, is chartered-out to an oil major at a net rate of $11,850 for a period of three years plus two one year options. Annualized base EBITDA is expected to be approximately $1.6 million. The charter also provides for 100% profit sharing up to $15,000 plus 50/50% profit sharing above $15,000. The profit sharing formula is calculated monthly and incorporates a $2,000 premium above the relevant index.
The LR1 product tanker Nave Estella, which is expected to be delivered to our fleet in January 2012, is chartered-out to an oil major at a net rate of $11,850 for a period of three years plus two one year options. The contract is currently "on subjects." Annualized base EBITDA is expected to be approximately $1.6 million. The charter also provides for 90/10% profit sharing up to $15,000 plus 50/50% profit sharing above $15,000. The profit sharing formula is calculated monthly and incorporates a $2,000 premium above the relevant index.
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of income for the three and nine month periods ended September 30, 2011 and 2010. The quarterly and nine month information for 2011 and 2010 was derived from the unaudited condensed consolidated financial statements for the respective periods.
EBITDA, Adjusted EBITDA, Adjusted Net (loss)/Income and Adjusted (Loss)/Income per share are non-GAAP financial measures and should not be used in isolation or substitution for Navios Acquisition's results (see Exhibit II for reconciliation of EBITDA and Adjusted EBITDA to net cash provided by operating activities).
Revenue for the three month period ended September 30, 2011 increased by $23.0 million or 284.0% to $31.1 million, as compared to $8.1 million for the same period in 2010. The increase was mainly attributable to the acquisition of the 7 VLCCs (the "VLCC Acquisition") in September 2010 of which the Shinyo Kieran was delivered in June 2011, the Nave Cosmos in October 2010, the Nave Polaris in January 2011 and the Buddy and the Bull in July 2011. As a result of the vessel acquisitions, available days of the fleet increased to 1,054 days for the three month period ended September 30, 2011, as compared to 308 days for the three month period ended September 30, 2010. The time charter equivalent ("TCE") rate increased to $29,518 for the three month period ended September 30, 2011, from $26,129 for the three month period ended September 30, 2010.
Net loss for the three month period ended September 30, 2011 amounted to $2.8 million compared to a $6.5 million loss for the three month period ended September 30, 2010. The $2.8 million loss for the three month period ended September 30, 2011 was due to: (a) $9.8 million of management fees; (b) $10.8 million of depreciation and amortization; (c) $12.1 million of interest expenses and finance cost; (d) $1.2 million of general and administrative expenses; (e) $0.3 million of direct vessel expenses; and (f) $0.1 million of time charter expenses. The $34.3 million of expenses were partially offset by: (i) $31.1 million of revenue; (ii) $0.3 million of interest income; and (iii) $0.1 million of other income.
Adjusted EBITDA increased by $15.1 million to $20.2 million for the three month period ended September 30, 2011, as compared to $5.1 million for the same period of 2010. The increase in Adjusted EBITDA was due to a $23.0 million increase in revenue following the acquisition of the VLCC Acquisition in September 2010, of which the Shinyo Kieran was delivered in June 2011, the Nave Cosmos in October 2010, the Nave Polaris in January 2011 and the Buddy and the Bull in July 2011 and a $0.1 million increase in other net income. The above increase was partially offset by a $7.2 million increase in management fees and a $0.8 million increase in general and administrative expenses as a result of the increased number of vessels in Navios Acquisition's fleet.
Revenue for the nine month period ended September 30, 2011 increased by $74.2 million or 916.0% to $82.3 million, as compared to $8.1 million for the same period in 2010. The increase was mainly attributable to the acquisitions of the Colin Jacob and the Ariadne Jacob in July 2010, the VLCC Acquisition in September 2010, of which the Shinyo Kieran was delivered in June 2011, the Nave Cosmos in October 2010, the Nave Polaris in January 2011 and the Buddy and the Bull in July 2011. As a result of the vessel acquisitions, available days of the fleet increased to 2,815 days for the nine month period ended September 30, 2011, as compared to 309 days for the nine month period ended September 30, 2010. The TCE rate increased to $29,223 for the nine month period ended September 30, 2011, from $26,084 for the nine month period ended September 30, 2010.
Net loss for the nine month period ended September 30, 2011 amounted to $6.4 million compared to a $9.1 million loss for the nine month period ended September 30, 2010. The $6.4 million loss for the nine month period ended September 30, 2011 was due to: (a) $25.4 million of management fees; (b) $27.2 million of depreciation and amortization; (c) $31.0 million of interest expenses and finance cost; (d) $3.1 million of general and administrative expenses; (e) $1.5 million of time charter expenses; (f) $0.9 million of write-off of deferred finance costs; (g) $0.5 million of other expenses; and (h) $0.3 million of direct vessel expenses. The $89.9 million of expenses were partially offset by: (i) $82.3 million of revenue; and (ii) $1.2 million of interest income.
Adjusted EBITDA increased by $47.2 million to $51.8 million for the nine month period ended September 30, 2011, as compared to $4.6 million for the same period of 2010. The increase in Adjusted EBITDA was due to a $74.2 million increase in revenue following the acquisitions of the Colin Jacob and the Ariadne Jacob in July 2010, the VLCC Acquisition in September 2010, of which the Shinyo Kieran was delivered in June 2011, the Nave Cosmos in October 2010, the Nave Polaris in January 2011 and the Buddy and the Bull in July 2011. The above increase was partially offset by a $22.9 million increase in management fees, a $1.4 million increase in time charter expenses, a $2.2 million increase in general and administrative expenses and a $ 0.5 million increase in other net expenses as a result of the increased number of vessels in Navios Acquisition's fleet.
As of November 8, 2011, Navios Acquisition had contracted 100%, 73.6% and 42.5% of its available days on a charter-out basis for 2011, 2012 and 2013, respectively, equivalent to $123.6 million, $138.9 million and $128.8 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $29,329, $29,506 and $32,089 for 2011, 2012 and 2013, respectively.
The following table reflects certain key indicators indicative of the performance of Navios Acquisition and its core fleet for the three and nine month period ended September 30, 2011.
: Available days is the total number of days a vessel is controlled by a company less the aggregate number of days that the vessel is off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.
: Operating days is the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including lack of demand or unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
Fleet utilization is obtained by dividing the number of operating days during a period by the number of available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning.
: Time Charter Equivalent ("TCE") rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.
As previously announced, Navios Acquisition will host a conference call today, Wednesday, November 9, 2011 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the third quarter and nine months ended September 30, 2011.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 1227 9692
The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.855.859.2056
International Replay Dial In: +1.404.537.3406
Conference ID: 1227 9692
The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, , under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
A supplemental slide presentation will be available on the Navios Acquisition website at under the "Investors" section at 7:45 am ET on the day of the call.
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit our website: .
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Acquisition's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Acquisition believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Acquisition. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand, competitive factors in the market in which Navios Acquisition operates; Navios Acquisition's ability to maintain or develop new and existing customer relationships, including its ability to enter into charters for its vessels; risks associated with operations outside the United States; and other factors listed from time to time in Navios Acquisition's filings with the Securities and Exchange Commission. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Acquisition's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
EBITDA represents net loss plus interest expenses and finance cost plus depreciation and amortization and income taxes.
Adjusted EBITDA for nine month period ended September 30, 2011, represents EBITDA excluding the write-off of $0.9 million of the deferred finance costs that were incurred in connection with the cancellation of committed credit.
Adjusted EBITDA for the three months ended September 30, 2010, excludes $8.0 million of transaction costs for the VLCC acquisition.
Adjusted EBITDA for the nine months ended September 30, 2010, excludes $8.0 million of transaction costs for the VLCC acquisition and $2.1 million of share based compensation.
EBITDA and Adjusted EBITDA are included because they are used by certain investors to measure a company's financial performance. EBITDA and Adjusted EBITDA are "non-GAAP financial measures" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
Management believes EBITDA and Adjusted EBITDA provide additional information with respect to Navios Acquisition's ability to satisfy its obligations including debt service, capital expenditures and working capital requirements. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
Management believes that Adjusted EBITDA is useful in evaluating Navios Acquisition's performance and liquidity position because the calculation of Adjusted EBITDA generally eliminates the accounting effect of one-off items.
Navios Maritime Acquisition Corporation
+1.212.906.8644
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2011 - 06:57 Uhr
Sprache: Deutsch
News-ID 1055126
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
PIRAEUS, GREECE
Phone:
Kategorie:
Maritime
Anmerkungen:
Diese Pressemitteilung wurde bisher 104 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Navios Maritime Acquisition Corporation Reports Financial Results for the Third Quarter and Nine Months ended September 30, 2011
"
steht unter der journalistisch-redaktionellen Verantwortung von
Navios Maritime Acquisition Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
