Navios Maritime Acquisition Corporation Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2015
(firmenpresse) - MONACO -- (Marketwired) -- 08/18/15 -- Navios Maritime Acquisition Corporation (NYSE: NNA)
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the second quarter and the six month period ended June 30, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with the record results we reported for the second quarter of 2015. We grew Adjusted EBITDA by 58.1% to $109.2 million and Net income to $26.4 million from a prior period loss. We also increased the return of capital to our shareholders by declaring a quarterly dividend of $0.05 per share and repurchasing 526,390 shares through our share repurchase program."
Angeliki Frangou continued, "Navios Acquisition''s market position is the result of several years of hard work. We built our fleet toward the bottom of the cycle, initially by purchasing newbuildings and subsequently shifting to acquiring vessels on the water. Today, all our vessels are operating. With no newbuilding or vessel acquisition commitments, we can redeploy cash flow deleveraging our balance sheet while returning capital to shareholders through our existing dividend policy and share repurchase program."
On August 13, 2015, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the second quarter of 2015 of $0.05 per share of common stock. The dividend is payable on September 24, 2015 to stockholders of record as of September 18, 2015.
Navios Acquisition has repurchased 526,390 shares for a total cost of approximately $2.0 million, under the $50.0 million share repurchase program.
During the second quarter of 2015, Navios Acquisition benefited from the improved spot market and earned $8.6 million under its profit sharing arrangements. Profit sharing recognized for the six months ended June 30, 2015 was $16.2 million.
On June 18, 2015, Navios Acquisition sold the C. Dream, a 2000-built VLCC of 298,570 dwt, and the Nave Celeste, a 2003-built VLCC of 298,717 dwt, to Navios Maritime Midstream Partners L.P. ("Navios Midstream") for a sale price of $100.0 million. The sale price consisted of $73.0 million cash consideration and the issuance of 1,592,920 Subordinated Series A units to Navios Acquisition.
In connection with the sale, Navios Acquisition (a) used $47.2 million of cash to repay bank debt and (b) replaced the two VLCCs with three product tankers as collateral under its First Priority Ship Mortgage Notes.
In conjunction with the transaction, Navios Midstream also issued 32,509 general partner units to Navios Acquisition for $0.6 million, in order for Navios Acquisition to maintain its 2% general partnership interest.
Navios Acquisition currently owns and operates 37 vessels, of which six are VLCCs, 27 are product tankers and four are chemical tankers.
As of August 13, 2015, Navios Acquisition had contracted 97.2% and 43.3% of its available days on a charter-out basis for 2015 and 2016, respectively, expecting to generate revenues of approximately to $241.7 million and $82.2 million, respectively. The average contractual daily charter-out rate for the fleet is expected to $19,301 and $14,815 for 2015 and 2016, respectively.
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three months and six months ended June 30, 2015 and 2014. The quarterly information for 2015 and 2014 was derived from the unaudited condensed consolidated financial statements for the respective periods.
Adjusted EBITDA, Adjusted net income/(loss) and Adjusted net income/(loss) per share (basic and diluted) 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 Adjusted EBITDA).
Revenue for the three month period ended June 30, 2015 increased by $18.2 million or 29.2% to $80.4 million, as compared to $62.2 million for the same period of 2014. The increase was mainly attributable to (i) the increase in revenue following the acquisition of eight vessels since April 2014 and (ii) the profit sharing increase by $8.2 million to $8.6 million recognized in the three month period ended June 30, 2015, as compared to $0.4 million for the same period in 2014. The increase was partially mitigated by $17.3 million due to the sale of five VLCCs in 2014 and two VLCCs in June 2015. Available days of the fleet increased to 3,523 days for the three month period ended June 30, 2015, as compared to 3,288 days for the three month period ended June 30, 2014. The Time Charter Equivalent Rate (the "TCE Rate") increased to $22,541 for the three month period ended June 30, 2015, from $18,508 for the three month period ended June 30, 2014.
Adjusted EBITDA for the three month period ended June 30, 2015 increased by $20.3 million to $55.3 million from $35.0 million in the same period of 2014. The increase in Adjusted EBITDA was due to: (i) a $18.2 million increase in revenue due to the acquisitions of the vessels described above; (ii) a $3.4 million increase in equity in net earnings of affiliated companies; and (iii) a $0.4 million decrease in time charter expenses. This increase was partially mitigated by: (a) a $0.5 million increase in management fees; (b) a $1.0 million increase in general and administrative expenses and (c) a $0.2 million increase in other expense, net.
Adjusted net income for the three month period ended June 30, 2015, amounted to $22.0 million, compared to an Adjusted net loss of $0.4 million for the three month period ended June 30, 2014. The increase in Adjusted net income by approximately $22.5 million was mainly due to: (i) an increase of $20.3 million in Adjusted EBITDA; (ii) a decrease of $2.1 million in depreciation and amortization; (iii) a decrease of $0.1 million in direct vessel expenses; and (iv) an increase of $0.1 million in interest income, partially offset by a $0.2 million increase in interest expense and finance cost, net.
Revenue for the six month period ended June 30, 2015 increased by $35.8 million or 29.1% to $159.0 million, as compared to $123.2 million for the same period of 2014. The increase was mainly attributable to (i) the increase in revenue following deliveries of 11 vessels during the period from January 2014 until June 30, 2015 and (ii) the profit sharing increase by $14.4 million to $16.2 million recognized in the six month period ended June 30, 2015, as compared to $1.8 million for the same period in 2014. The increase was partially mitigated by $35.7 million due to the sale of five VLCCs in 2014 and two VLCCs in June 2015. Available days of the fleet increased to 6,961 days for the six month period ended June 30, 2015, as compared to 6,367 days for the six month period ended June 30, 2014. The TCE Rate increased to $22,531 for the six month period ended June 30, 2015, from $19,009 for the six month period ended June 30, 2014.
Adjusted EBITDA for the six month period ended June 30, 2015 increased by approximately $38.3 million to $109.2 million from $70.9 million in the same period of 2014. The increase in Adjusted EBITDA was due to: (i) a $35.8 million increase in revenue due to the acquisitions of the vessels described above; and (ii) a $6.6 million increase in equity in net earnings of affiliated companies. This increase was partially mitigated by: (a) a $2.2 million increase in management fees; (b) a $1.3 million increase in general and administrative expenses and (c) a $0.5 million increase in other expense, net.
Adjusted net income for the six month period ended June 30, 2015, amounted to $42.7 million, compared to Adjusted net income of $1.1 million for the six month period ended June 30, 2014. The increase in Adjusted net income by approximately $41.7 million was due to: (i) an increase of approximately $38.3 million in Adjusted EBITDA; (ii) a decrease of $3.8 million in depreciation and amortization; (iii) a decrease of $0.5 million in direct vessel expenses; and (iv) an increase of $0.3 million in interest income, partially offset by a $1.3 million increase in interest expense and finance cost, net.
The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three and six months ended June 30, 2015 and 2014.
As previously announced, Navios Acquisition will host a conference call today, Tuesday, August 18, 2015 at 8:30 am ET, at which time Navios Acquisition''s senior management will provide highlights and commentary on earnings results for the second quarter and the six month period ended June 30, 2015.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 7531 8909
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: 7531 8909
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 by 8:00 am ET on the day of the call.
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing on 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 our continued ability to enter into long-term time charters for our vessels, fluctuations in charter rates for tanker vessels, our ability to maximize the use of, or changes in demand for, our vessels, changes in the demand for crude oil, the loss of any customer or charter or vessel, the aging of our fleet and resultant increases in operations costs, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, 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.
EBITDA for the three and six month periods ended June 30, 2015 in this document represents net income plus interest and finance costs plus depreciation and amortization and income taxes.
Adjusted EBITDA for the three and six month periods ended June 30, 2015 in this document represents, net income plus interest expense and finance cost plus depreciation and amortization less interest income, unless otherwise stated and excludes certain items as described under "Financial Highlights".
EBITDA and Adjusted EBITDA are presented because Navios Acquisition believes that EBITDA and Adjusted EBITDA are 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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Datum: 18.08.2015 - 04:53 Uhr
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