Navios Maritime Acquisition Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2012
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 11/13/12 -- 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 third quarter and nine months ended September 30, 2012.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "I am pleased with our results. We are beginning to show the benefits of the economic engine we have assembled over the past several years. For the third quarter of 2012, we increased revenue by about 22% and EBITDA by about 19%. Because of these strong results, we declared a quarterly dividend of $0.05 per share, reflecting a yield of about 7.6% on our common stock."
Angeliki Frangou continued, "Navios Acquisition is building a stable business in a difficult operating environment. While most of its peers are struggling, Navios Acquisition has developed a low cash flow breakeven through economies of scale. We have also become a trusted name in the tanker market. For 2013, we have about 83% of the available days fixed. We also have significant upside for 2013 through profit sharing we have on 70% of our vessels. As result, it seems that we will exit this phase of the cycle stronger than we entered."
On November 9, 2012, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the third quarter of 2012 of $0.05 per share of common stock. The dividend is payable on January 4, 2013 to stockholders of record as of December 19, 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 and restrictions under its credit agreements and other debt obligations and such other factors as the Board may deem advisable.
Navios Acquisition agreed to issue 1,200 shares of its authorized Series D Redeemable Convertible Preferred Stock without voting rights ("Series D Preferred Stock") in partial payment of the purchase price of four newbuild LR1 product tankers, including the Nave Cassiopeia and the Nave Cetus. The Series D Preferred Stock has an effective dividend rate of 3.6%. The Series D Preferred Stock will mandatorily convert into shares of common stock 30 months after issuance at a price of $10.00 and may be converted prior to maturity at a price of $7.00 per share of common stock. At the holder's option, exercisable beginning 18 months after issuance, the shares of Series D Preferred Stock are redeemable at par.
On November 9, 2012, Navios Acquisition took delivery of the Nave Aquila, a 49,991 dwt MR2 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $13,331 per day for a period of three years plus two one year options with 50% profit sharing, calculated monthly and based on a formula incorporating a $1,000 premium above the relevant index. Base rate for the first optional year is $14,566 (net) plus profit sharing and for the second optional year $15,553 (net) plus profit sharing, with both being at the charterer's option.
On October 30, 2012, Navios Acquisition took delivery of the Nave Cetus, a 74,581 dwt LR1 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $11,850 per day for a period of one year plus 50% profit sharing. The charterer has the option to extend the charter for another six months at the same terms. Navios Acquisition issued 300 shares of its Series D Preferred Stock to the shipyard, in partial settlement of the purchase price.
On August 31, 2012, Navios Acquisition took delivery of the Nave Cassiopeia, a 74,711 dwt LR1 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $11,850 per day for a period of one year plus 50% profit sharing. The charterer has the option to extend the charter for another six months at the same terms. Navios Acquisition issued 300 shares of its Series D Preferred Stock to the shipyard, in partial settlement of the purchase price.
On July 31, 2012, Navios Acquisition took delivery of the Nave Atria, a 49,992 dwt MR2 product tanker, from a South Korean shipyard. The vessel is chartered-out at net daily charter rate of $13,331 per day for a period of three years plus two one year options with 50% profit sharing, calculated monthly and based on a formula incorporating a $1,000 premium above the relevant index. Base rate for the first optional year is $14,566 (net) plus profit sharing and for the second optional year $15,553 (net) plus profit sharing, with both being at the charterer's option.
As of November 13, 2012, Navios Acquisition has contracted 100.0%, 83.4% and 55.2% of its available days on a charter-out basis for 2012, 2013 and 2014, respectively, equivalent to $150.7 million, $173.8 million and $140.4 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $25,631, $22,667 and $25,547 for 2012, 2013 and 2014, respectively.
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three and nine month periods ended September 30, 2012 and 2011. The quarterly and nine month information for 2012 and 2011 was derived from the unaudited condensed consolidated financial statements for the respective periods.
EBITDA is a non-US GAAP financial measure and should not be used in isolation or substitution for Navios Acquisition's results (see Exhibit II for reconciliation of EBITDA to net cash provided by operating activities).
Revenue for the three month period ended September 30, 2012 increased by $6.7 million or 21.5% to $37.8 million, as compared to $31.1 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Bull and the Buddy in July 2011, the Nave Andromeda in November 2011, the Nave Estella in January 2012, the Nave Atria in July 2012 and the Nave Cassiopeia in August 2012. As a result of the vessel acquisitions, available days of the fleet increased to 1,472 days for the three month period ended September 30, 2012, as compared to 1,054 days for the three month period ended September 30, 2011. Time charter equivalent ("TCE") decreased to $25,185 for the three month period ended September 30, 2012, from $29,518 for the three month period ended September 30, 2011.
EBITDA for the three month period ended September 30, 2012, increased by $3.8 million to $24.0 million, as compared to $20.2 million for the same period in 2011. The increase in EBITDA was due to a $6.7 million increase in revenue as a result of the acquisition of vessels discussed above. The above increase was partially off-set by a: (a) $2.0 million increase in management fees; (b) $0.3 million increase in other expense, net; and (c) $0.6 million increase in time charter expenses.
Net loss for the three month period ended September 30, 2012 decreased by 50% to $1.4 million compared to a $2.8 million loss for the three month period ended September 30, 2011. The decrease in net loss by $1.4 million was due to a: (a) $0.5 million increase in direct vessel expenses; (b) $1.6 million increase in depreciation and amortization due to the acquisitions of vessels discussed above; (c) $0.1 million decrease in interest income; and (d) $0.2 million increase in interest expense and finance cost net, partially offset by a $3.8 million increase in EBITDA.
Revenue for the nine month period ended September 30, 2012 increased by $27.1 million or 32.9% to $109.4 million, as compared to $82.3 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Shinyo Kieran in June 2011, the Bull and the Buddy in July 2011, the Nave Andromeda in November 2011, the Nave Estella in January 2012, the Nave Atria in July 2012 and the Nave Cassiopeia in August 2012. As a result of the vessel acquisitions, available days of the fleet increased to 4,107 days for the nine month period ended September 30, 2012, as compared to 2,815 days for the nine month period ended September 30, 2011. TCE decreased to $26,074 for the nine month period ended September 30, 2012, from $29,223 for the nine month period ended September 30, 2011.
EBITDA for the nine month period ended September 30, 2012, increased by $19.5 million to $70.4 million, as compared to $50.9 million for the same period in 2011. The increase in EBITDA was due to a: (a) $27.1 million increase in revenue due to the acquisition of vessels discussed above; (b) $0.9 million decrease in write off of deferred finance costs; (c) $0.3 million decrease in general and administrative expenses; and (d) $0.5 increase in other income, net. The above $28.5 million increase was partially off-set by a: (i) $8.5 million increase in management fees; and (ii) $0.8 million increase in time charter expenses.
Net loss for the nine month period ended September 30, 2012 decreased by 36% to $4.1 million compared to a $6.4 million loss for the nine month period ended September 30, 2011. The decrease in net loss by $2.3 million was due to a: (a) $1.6 million increase in direct vessel expenses; (b) $5.6 million increase of interest expenses and finance cost, net; (c) $9.2 million increase in depreciation and amortization due to the acquisitions of vessels discussed above; and (d) $0.8 million decrease in interest income, partially offset by the $19.5 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 and nine month periods ended September 30, 2012 and 2011.
As previously announced, Navios Acquisition will host a conference call today, Tuesday, November 13, 2012 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, 2012.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 4017 0559
The conference call replay will be available shortly 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: 4017 0559
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 8:00 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 revenue 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 the demand for crude oil, product and chemical tanker vessels, competitive factors in the market in which Navios Acquisition operates; risks associated with operations outside the United States; and other factors listed from time to time in the 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 a "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.
Navios Maritime Acquisition Corporation
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Datum: 13.11.2012 - 06:19 Uhr
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