Navios Maritime Acquisition Corporation Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2011
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 02/16/12 -- 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 fourth quarter and year ended December 31, 2011.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "In two years, we have built a diverse fleet of 29 tanker vessels with an average age of less than 5.2 years. More than half of our fleet, or 15 vessels, are in the water, with almost 90% of the days fixed for 2012. With our low operating costs, we have a low cash flow break even and significant upside in both 2012 and 2013 through profit sharing and open days. As a sign of our continued confidence in Navios Acquisition's cash flow, today we announced a quarterly dividend of $.05 per share, representing a yield of more than 6.0%, to shareholders."
Angeliki Frangou continued, "We like our competitive position in the product tanker segment. Our fleet consists of 22 product tankers, of which eight are in the water. Nine of the remaining product tankers will be delivered during 2012. We have been able to acquire the product tankers at historically low levels, on an inflation adjusted basis, and have entered into charter agreements with oil majors and other credit worthy counterparties that hedge the risk of a difficult market."
On February 13, 2012, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the fourth quarter of 2011 of $0.05 per share of common stock. The dividend is payable on April 5, 2012 to stockholders of record as of March 22, 2012. 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.
In January 2012, Navios Acquisition concluded the acquisition of three new build MR2 product tankers scheduled to be delivered from a South Korean shipyard in the second, third and fourth quarter of 2014, respectively. The acquisition price is $106.5 million and will be partially financed with two new credit facilities totaling $84.4 million. The new credit facilities have maturity of eight years, amortization profile of 18.0 years and bear an interest rate of LIBOR plus (i) 175 bps prior to delivery of the vessels and (ii) 250 bps thereafter for the next 2.5 years and (iii) 300 bps for the remaining period. The credit facilities also require compliance with certain financial covenants.
On January 20, 2012, Navios Acquisition took delivery of the Nave Estella, a 75,000 dwt LR1 product tanker, from a South Korean shipyard. The vessel was immediately chartered-out to an oil-major at a net rate of $11,850 per day for a period of three years plus two one year options. The charter also provides for 90% 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.
As of February 15, 2012, Navios Acquisition had contracted 89.4%, 58.4% and 50.4% of its available days on a charter-out basis for 2012, 2013 and 2014, respectively, equivalent to $146.4 million, $147.1 million and $133.9 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $26,647, $26,874 and $26,714 for 2012, 2013 and 2014, respectively.
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of income for the three month periods and years ended December 31, 2011 and 2010. The quarterly and annual information for 2011 and 2010 was derived from the unaudited condensed consolidated financial statements for the respective periods.
EBITDA, Adjusted EBITDA, Adjusted net income/(loss) and Adjusted income/(loss) 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 December 31, 2011 increased by $14.3 million or 56.3% to $39.7 million, as compared to $25.4 million for the same period in 2010. The increase was mainly attributable to the delivery of the Nave Polaris in January 2011, the Shinyo Kieran in June 2011, the Buddy and the Bull in July 2011 and the Nave Andromeda in November 2011. As a result of the vessel acquisitions, available days of the fleet increased to 1,238 days for the three month period ended December 31, 2011, as compared to 802 days for the three month period ended December 31, 2010. The time charter equivalent ("TCE") rate decreased to $30,422 for the three month period ended December 31, 2011, from $31,701 for the three month period ended December 31, 2010.
Net income for the three month period ended December 31, 2011 amounted to $2.5 million compared to a $4.4 million loss for the three month period ended December 31, 2010. The increase in net income by $6.9 million was due to an $8.9 million increase in Adjusted EBITDA partially off-set by: (a) a $0.3 million increase in direct vessel expenses; (b) a $3.3 million increase of interest expenses and finance cost, net; (c) a $3.7 million increase in depreciation and amortization due to the acquisitions of the Nave Cosmos in October 2010, the Nave Polaris in January 2011, the Shinyo Kieran in June 2011, and the Buddy and the Bull in July 2011 and the Nave Andromeda in November 2011; (d) a $0.1 million decrease in interest income; and (e) a $5.4 million prepayment penalties and write-off of deferred financing costs incurred in the three month period ended December 31, 2010.
Adjusted EBITDA for the three months ended December 31, 2010, excludes $5.4 million of prepayment fees and write-off of deferred financing costs. Adjusted EBITDA increased by $8.9 million to $26.3 million for the three month period ended December 31, 2011, as compared to $17.4 million for the same period of 2010. The increase in Adjusted EBITDA was due to a $14.3 million increase in revenue following the acquisition of the Nave Polaris in January 2011, the Shinyo Kieran that was delivered in June 2011, the Buddy and the Bull in July 2011 and the Nave Andromeda in November 2011. The above increase was partially offset by: (a) a $3.1 million increase in management fees due to the increased number of vessels in Navios Acquisition's fleet; (b) $1.7 million in time charter expenses; (c) a $0.2 million increase in general and administrative expenses as a result of the increased number of vessels in Navios Acquisition's fleet; and (d) a $0.4 million decrease in other net income.
Revenue for the year ended December 31, 2011 increased by $88.3 million or 262.8% to $121.9 million, as compared to $33.6 million for the same period in 2010. The increase was mainly attributable to the acquisitions of the Nave Cielo (ex. Colin Jacob) and the Nave Ariadne (ex. Ariadne Jacob) in July 2010, seven 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, the Buddy and the Bull in July 2011 and the Nave Andromeda in November 2011. As a result of the vessel acquisitions, available days of the fleet increased to 4,053 days for the year ended December 31, 2011, as compared to 1,104 days for the year ended December 31, 2010. The TCE rate decreased to $29,218 for the year ended December 31, 2011, from $30,087 for the year ended December 31, 2010.
Net loss for the year ended December 31, 2011 amounted to $3.9 million compared to a $13.5 million loss for the year ended December 31, 2010. The decrease in net loss of $9.6 million was due to (a) a $56.1 million increase in Adjusted EBITDA; (b) a $0.6 million increase in interest income; (c) $2.1 million of shared based compensation incurred in the year ended December 31, 2010; (d) a $4.5 million decrease in prepayment penalties and write-off of deferred financing costs; and (e) $8.0 million of transactions costs incurred in the year ended December 31, 2010 partially offset by a $0.6 million increase in direct vessel expenses, a $32.5 million increase in interest expenses and finance cost net, and a $28.5 million increase in depreciation and amortization due to the acquisitions of the Nave Cielo (ex. Colin Jacob) and the Nave Ariadne (ex. Ariadne Jacob) in July 2010, seven 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 and the Nave Andromeda in November 2011.
Adjusted EBITDA for the year ended December 31, 2011, excludes $0.9 million of write-off of deferred finance costs incurred in connection with the cancellation of committed credit. Adjusted EBITDA for the year ended December 31, 2010, excludes $8.0 million of transaction costs for the VLCC Acquisition, $2.1 million of share based compensation and $5.4 million of prepayment fees and write-off of deferred financing costs. Adjusted EBITDA increased by $56.1 million to $78.1 million for the year ended December 31, 2011, as compared to $22.0 million for the same period of 2010. The increase in Adjusted EBITDA was due to an $88.3 million increase in revenue following the acquisitions of the Nave Cielo (ex. Colin Jacob) and the Nave Ariadne (ex. 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, the Buddy and the Bull in July 2011 and the Nave Andromeda in November 2011. The above increase was partially offset by a: (a) $25.9 million increase in management fees due to the increased number of vessels in Navios Acquisition's fleet; (b) $3.1 million increase in time charter expenses; (c) $2.4 million increase in general and administrative expenses; and (d) $0.8 million increase in other net income.
The following table reflects certain key indicators indicative of the performance of Navios Acquisition and its core fleet for the three month period and year ended December 31, 2011.
As previously announced, Navios Acquisition will host a conference call today, Thursday, February 16, 2012 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the fourth quarter and year ended December 31, 2011.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 4054 0818
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: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 4054 0818
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 income/(loss) plus interest expenses and finance cost plus depreciation and amortization and income taxes.
Adjusted EBITDA for the year ended December 31, 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 December 31, 2010, excludes $5.4 million of prepayment fees and write-off of deferred financing costs.
Adjusted EBITDA for the year ended December 31, 2010, excludes $8.0 million of transaction costs for the VLCC acquisition, $5.4 million of prepayment fees and write-off of deferred financing costs and $2.1 million of share based compensation.
EBITDA and Adjusted EBITDA are presented because Navios Acquisition believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Acquisition's ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. 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.
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.
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