Navios Maritime Acquisition Corporation Reports Financial Results for the First Quarter ended March 31, 2012
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 05/08/12 -- Navios Maritime Acquisition Corporation (NYSE: NNA)
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, today reported its financial results for the first quarter ended March 31, 2012.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "Since 2010, we have built a diverse fleet of 29 tanker vessels with an average age of about six years. As a sign of continued confidence in our operations, we announced a quarterly dividend of $0.05 per share, representing a yield of about 7% to shareholders."
Angeliki Frangou continued, "I believe that Navios Acquisition is conservatively positioned in the current market. The Company's entire operating cost is borne by the 15 vessels in the water for 2012. We also enjoy a low cash-flow break even for 2013. Even if there is no recovery in the market, we can generate substantial additional cash flow in the current rate environment. Given the Company's 50% increase in available days in each of 2012 and 2013, accompanied by profit sharing on almost half of our fleet, any increase in charter rates will be amplified in our results."
On May 4, 2012, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the first quarter of 2012 of $0.05 per share of common stock. The dividend is payable on July 3, 2012 to stockholders of record as of June 20, 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.
Navios Acquisition amended its existing Management Agreement with Navios Tankers Management Inc. (the "Manager"), a subsidiary of Navios Maritime Holdings Inc. ("Navios Holdings"), to fix the fees for ship management services of its owned fleet at current levels for two additional years, through May 28, 2014. The management fees are: (a) $7,000 daily rate per LR1 product tanker vessel; (b) $6,000 daily rate per MR 2 product and chemical tanker vessel; and (c) $10,000 daily rate per VLCC tanker vessel.
Navios Acquisition has contracted 89.4%, 62.3% and 54.0% of its available days on a charter-out basis for 2012, 2013 and 2014, respectively, equivalent to $145.8 million, $152.2 million and $138.9 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $26,747, $26,059, and $25,839 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 ended March 31, 2012 and 2011. The quarterly information for 2012 and 2011 was derived from the unaudited condensed consolidated financial statements for the respective periods.
Revenue for the three month period ended March 31, 2012 increased by $10.6 million or 42.1% to $35.7 million, as compared to $25.1 million for the same period in 2011. The increase was mainly attributable to the delivery of the Shinyo Kieran in June 2011, the Buddy and the Bull in July 2011, the Nave Andromeda in November 2011 and the Nave Estella in January 2012. As a result of the vessel acquisitions, available days of the fleet increased to 1,319 days for the three month period ended March 31, 2012, as compared to 874 days for the three month period ended March 31, 2011. The time charter equivalent ("TCE") rate decreased to $26,683 for the three month period ended March 31, 2012, from $29,558 for the three month period ended March 31, 2011.
EBITDA for the three months ended March 31, 2012, increased by $7.6 million to $23.7 million for the three month period ended March 31, 2012, as compared to $16.1 million for the same period of 2011. The increase in EBITDA was due to a: (a) $10.6 million increase in revenue following the acquisition of the Shinyo Kieran that was delivered in June 2011, the Buddy and the Bull in July 2011, the Nave Andromeda in November 2011 and the Nave Estella in January 2012; (b) $0.1 million decrease in general and administrative expenses; and (c) $0.4 million increase in other income/(expense), net. The above increase was partially offset by a (a) $3.4 million increase in management fees due to the increased number of vessels in Navios Acquisition's fleet; and (b) $0.1 million increase in time charter expenses.
Net loss for the three month period ended March 31, 2012 amounted to $0.8 million compared to a $0.4 million loss for the three month period ended March 31, 2011. The increase in net loss by $0.4 million was due a: (a) $0.5 million increase in direct vessel expenses; (b) $3.3 million increase of interest expenses and finance cost, net; (c) $3.9 million increase in depreciation and amortization due to the acquisitions of the Shinyo Kieran in June 2011, and the Buddy and the Bull in July 2011, the Nave Andromeda in November 2011 and the Nave Estella in January 2012; and (d) $0.3 million decrease in interest income. The above increase was partially offset by a $7.6 million increase in EBITDA.
The following table reflects certain key indicators indicative of the performance of Navios Acquisition and its core fleet for the three month periods ended March 31, 2012 and 2011, respectively.
: 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, Tuesday, May 8, 2012 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the first quarter ended March 31, 2012.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 7464 4709
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: 7464 4709
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.
About Navios Acquisition
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: .
Forward Looking Statements
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.
EBITDA is 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 is "non-GAAP financial measure" 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 is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
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Datum: 08.05.2012 - 05:35 Uhr
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News-ID 1111615
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