Excel Maritime Reports Results for the First Quarter Ended March 31, 2012
(firmenpresse) - ATHENS, GREECE -- (Marketwire) -- 05/03/12 -- Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its operating and financial results for the first quarter ended March 31, 2012.
A reconciliation of the non-GAAP measures discussed above is included in a later section of this release.
In March 2012, we amended the loan repayment schedule of our $1.4 billion credit facility and were granted the option to defer the repayment of principal amount of up to $100.0 million, originally scheduled for 2012 and 2013, to the balloon payment at the end of the facility's term in 2016. In addition, we amended the collateral value clause and a number of financial covenants of certain credit facilities for the period through December 31, 2013, in order to respond to the weak charter conditions currently prevailing in the market and the associated volatility in the vessels' market values. (Please refer to the recent developments in our earnings release issued on March 16, 2012 for a detailed discussion of the foregoing amendments.)
Following the amendment of our $1.4 billion credit facility, we exercised our option to defer the entire loan installment of $24.3 million, originally due on April 2, 2012, to the balloon payment of the facility in April 2016.
As of April 30, 2012, we have secured contract coverage for 100% and 65%, respectively, of the available days of our Capesize vessels and Kamsarmax/Panamax vessels for the year ending December 31, 2012. With respect to the entire fleet, 67% of the available days of 2012 have been fixed, 25% of which under contracts which offer an upside potential through profit sharing arrangements or index-linked structures and hedge against downside price risk through floor protection.
Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "Against challenging market conditions, Excel delivered an operating cash flow positive quarter, as we continued to capture the benefits of disciplined cost management and prudent chartering strategy. The successful completion of the waiver agreement with our lenders is a great achievement and will help us weather through the near term challenges stemming from the structural imbalances in our markets. Despite current uncertainty persisting in the global economy, the longer term outlook for Excel's diversified fleet remains strong. We expect robust demand for commodities in the emerging economies, notably in China and India, which will eventually lead to a sustained recovery in freight rates when the excess tonnage is absorbed."
Excel reported voyage revenues for the first quarter of 2012 amounting to $64.1 million compared to $97.3 million for the same period in 2011, a decrease of approximately 34.1%.
Adjusted EBITDA for the first quarter of 2012 was $22.2 million compared to $48.0 million for the first quarter of 2011, a decrease of approximately 53.8%.
Net loss for the quarter amounted to $36.6 million or $0.42 per weighted average diluted share compared to a net loss of $1.0 million or $0.01 per weighted average diluted share in the first quarter of 2011.
The first quarter 2012 results include a non-cash unrealized gain on derivative financial instruments of $3.5 million compared to a non-cash unrealized gain on derivative financial instruments of $6.3 million in the corresponding period in 2011. In addition, the first quarter 2012 results include a non-cash charge of $5.4 million relating to the valuation of the warrants and the put option on the preferred shares under the back stop agreement ("Back stop agreement Valuation") entered into as part of the $1.4 billion credit facility amendment.
Included in the above net results is also the amortization of unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to an income of $1.0 million and $0.8 million for the first quarter of 2012 and 2011, respectively.
In addition, the first quarter 2011 results include a non-cash loss of $9.8 million relating to the amortization of favorable time charters that were recorded upon acquiring Quintana and a gain in connection with the sale of M/V Marybelle amounting to $1.3 million.
Adjusted net loss, excluding all the above items, for the first quarter of 2012 amounted to $35.6 million or $0.41 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the first quarter of 2011 of $0.5 million or $0.01 per weighted average diluted share.
Included in the above adjusted net loss is also the amortization of stock-based compensation expense of $0.6 million and $1.3 million for the quarters ended March 31, 2012 and 2011, respectively.
An average of 47.0 and 48.3 vessels were operated during the first quarter of 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $14,048 and $19,642 per day, respectively.
A reconciliation of adjusted EBITDA to net income (loss), adjusted net income (loss) to net income (loss), and Adjusted Earnings (losses) per Share (Diluted) to Earnings (losses) per Share (Diluted), as well as a calculation of the TCE, is provided in a later section of this press release.
Tomorrow May 4, 2012 at 8:30 A.M. EDT, the Company's management will host a conference call to discuss these results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). to the operator.
A telephonic replay of the conference call will be available until May 11, 2012 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1838801#
There will also be a live, and then archived, webcast of the conference call, available through Excel s' website (). Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Adjusted EBITDA represents net income (loss) attributable to us plus net interest and finance costs, depreciation, other losses and taxes eliminating the effect of stock-based compensation, gains or losses on the sale of vessels, amortization of deferred time charter assets and liabilities and unrealized gains or losses on derivatives, which are significant non-cash items. Following Excel' s change in the method of accounting for dry docking and special survey costs, such costs are also included in the adjustments to EBITDA for comparability purposes. Excel's management uses adjusted EBITDA as a performance measure. Excel believes that adjusted EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. Adjusted EBITDA is not a measure recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a Company's operating performance required by GAAP. Excel's definition of adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
Adjusted Net Income (loss) represents net income (loss) attributable to us plus unrealized gains or losses from our derivative transactions and any gains or losses on sale of vessels, both of which are significant non-cash items and the elimination of the effect of deferred time charter assets and liabilities. Adjusted Earnings (losses) per Share (diluted) represents Adjusted Net Income (loss) divided by the weighted average shares outstanding (diluted).
These measures are "non-GAAP financial measures" and should not be considered to be substitutes for net income or earnings per share (diluted), respectively, as reported under GAAP. Excel has included an adjusted net income (loss) and adjusted earnings (losses) per share (diluted) calculation in this period in order to facilitate comparability between Excel's performance in the reported periods and its performance in prior periods.
Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million DWT.
Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate 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 Excel's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters.
Words such as "will," "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements.
Although Excel 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 Excel. 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 the ability to changes in the demand for dry bulk vessels, competitive factors in the market in which Excel operates; risks associated with operations outside the United States; and other factors listed from time to time in Excel's filings with the Securities and Exchange Commission. Excel 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 Excel's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
The following key indicators highlight the Company's financial and operating performance for the quarter ended March 31, 2012 compared to the corresponding period in the prior year.
This is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel formed part of our fleet during that period divided by the number of calendar days in that period.
We define these as the total days we possessed the vessels in our fleet for the relevant period including off hire days associated with major repairs, dry dockings or special or intermediate surveys. Calendar days are an indicator of the size of the fleet over a specific period of time and affect both the amount of revenues and the amount of expenses that are recorded during that period.
These are the calendar days less the aggregate number of off-hire days associated with major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.
This is the percentage of time that our vessels were available for revenue generating days, and is determined by dividing available days by calendar days for the relevant period.
This is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters (net of voyage expenses) by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of financial performance used by other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.
This includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and is calculated by dividing vessel operating expenses by total calendar days for the relevant time period.
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10169, USA
Tel: (212) 661-7566
Fax: (212) 661-7526
E-Mail:
Pavlos Kanellopoulos
Chief Financial Officer
Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia & Finikos Street
145 64 Nea Kifisia
Athens, Greece
Tel: +30-210-62-09-520
Fax: +30-210-62-09-528
E-Mail:
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Datum: 03.05.2012 - 14:05 Uhr
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