Navios Maritime Acquisition Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2015
(firmenpresse) - MONACO -- (Marketwired) -- 11/10/15 -- 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 third quarter and the nine month period ended September 30, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our record results. Navios Acquisition reported net income of $69.6 million for the first nine months of 2015 and $23.2 million for the third quarter of 2015, material improvements over the comparable periods in 2014."
Angeliki Frangou continued, "Navios Acquisition declared a dividend of $0.05 per share for the quarter and repurchased approximately 2.5 million shares of common stock under our share repurchase program. We also acquired two VLCCs for $133.0 million. We are conservatively using our cash flow to satisfy a mix of corporate priorities, including de-levering the balance sheet, returning capital to shareholders through share buybacks and dividends and opportunistic growth."
On November 6, 2015, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the third quarter of 2015 of $0.05 per share of common stock. The dividend is payable on December 23, 2015 to stockholders of record as of December 17, 2015 and provides a current yield of 5.7%.
Navios Acquisition repurchased 2,512,500 shares for approximately $9.2 million, under the $50.0 million share repurchase program, providing an additional return of 1.7% to our shareholders.
During the third quarter of 2015, Navios Acquisition benefited from the improved spot market and earned $10.0 million under its profit sharing arrangements. Profit sharing recognized for the nine months ended September 30, 2015 was $26.2 million.
Navios Acquisition has agreed to acquire two vessels, the Nave Spherical, a 2009-built, 297,188 dwt VLCC and the Nave Photon, a 2008-built, 297,395 dwt VLCC from an unaffiliated third party, for an aggregate purchase price of $133.0 million.
The Nave Spherical was delivered on November 6, 2015. The vessel has been chartered out to a quality counterparty for two years at a rate of $41,475 net per day.
The Nave Photon is expected to be delivered within 2015 and is expected to be financed through a new credit facility and cash from the balance sheet.
In November 2015, Navios Acquisition entered into a term loan facility of up to $125.0 million (divided into five tranches) with Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB for the: (i) financing of the purchase price of the Nave Spherical described above; and (ii) the refinancing of the existing facility with Deutsche Bank AG Filiale Deutschlandgeschäft for four MR2 product tankers. The loan matures in the fourth quarter of 2020. The credit facility bears interest at LIBOR plus 295 bps per annum and has an average amortization profile of approximately eight years.
Navios Acquisition currently owns 39 vessels; eight are VLCCs, 27 are product tankers and four are chemical tankers of which 38 are currently on-the-water with one vessel expected to be delivered within 2015.
As of November 9, 2015, Navios Acquisition had contracted 99.8% and 51.5% of its available days on a charter-out basis for 2015 and 2016, respectively, expecting to generate revenues of approximately to $288.3 million and $136.8 million, respectively. The average contractual daily charter-out rate for the fleet is expected to be $21,250 and $18,891 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 nine months ended September 30, 2015 and 2014. The quarterly information for 2015 and 2014 was derived from the unaudited condensed consolidated financial statements for the respective periods.
EBITDA, Adjusted EBITDA, Adjusted net income and Adjusted net income 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 EBITDA and Adjusted EBITDA).
Revenue for the three month period ended September 30, 2015 increased by $8.4 million or 12.1% to $77.7 million, as compared to $69.3 million for the same period in 2014. The increase was mainly attributable to: (i) the increase in revenue following the acquisition of six vessels since July 2014; and (ii) the profit sharing increase by $9.5 million to $10.0 million recognized in the three month period ended September 30, 2015, as compared to $0.5 million for the same period in 2014. The increase was partially mitigated by $22.9 million due to the sale of four VLCCs in November 2014 and two VLCCs in June 2015. Available days of the fleet decreased to 3,397 days for the three month period ended September 30, 2015, as compared to 3,476 days for the three month period ended September 30, 2014. The Time Charter Equivalent Rate ("TCE Rate") increased to $22,551 for the three month period ended September 30, 2015, from $19,327 for the three month period ended September 30, 2014.
Adjusted EBITDA for the three month period ended September 30, 2015 increased by $15.5 million to $55.2 million from $39.7 million in the same period of 2014. The increase in Adjusted EBITDA was due to: (i) a $8.4 million increase in revenue as described above; (ii) a $4.7 million increase in equity in net earnings of affiliated companies; (iii) a $2.0 million decrease in management fees; and (iv) a $1.0 million decrease in time charter expenses. This increase was partially mitigated by a $0.6 million increase in other expense, net.
Adjusted net income for the three month period ended September 30, 2015, amounted to $23.9 million, compared to an Adjusted net income of $3.1 million for the three month period ended September 30, 2014. The increase in Adjusted net income by approximately $20.8 million was mainly due to: (i) an increase of $15.5 million in Adjusted EBITDA; (ii) a decrease of $4.2 million in depreciation and amortization; (iii) an increase of $0.3 million in interest income; and (iv) a $0.7 million decrease in interest expense and finance cost.
Revenue for the nine month period ended September 30, 2015 increased by $44.2 million or 23.0% to $236.7 million, as compared to $192.5 million for the same period of 2014. The increase was mainly attributable to: (i) the increase in revenue following deliveries of 11 vessels from January 2014 until September 30, 2015; and (ii) the profit sharing increase by $23.8 million to $26.2 million recognized in the nine month period ended September 30, 2015, as compared to $2.3 million for the same period in 2014. The increase was partially mitigated by $58.6 million due to the sale of five VLCCs in 2014 and two VLCCs in June 2015. Available days of the fleet increased to 10,357 days for the nine month period ended September 30, 2015, as compared to 9,875 days for the nine month period ended September 30, 2014. The TCE Rate increased to $22,538 for the nine month period ended September 30, 2015, from $19,060 for the nine month period ended September 30, 2014.
Adjusted EBITDA for the nine month period ended September 30, 2015 increased by $53.8 million to $164.4 million from $110.5 million in the same period of 2014. The increase in Adjusted EBITDA was due to: (i) a $44.2 million increase in revenue due to the acquisitions of the vessels described above; (ii) a $11.3 million increase in equity in net earnings of affiliated companies; and (iii) a $1.0 million decrease in time charter expenses. This increase was partially mitigated by: (a) a $1.3 million increase in general and administrative expenses; (b) a $1.2 million increase in other expense, net; and (c) a $0.2 million increase in management fees.
Adjusted net income for the nine month period ended September 30, 2015, amounted to $66.6 million, compared to Adjusted net income of $4.2 million for the nine month period ended September 30, 2014. The increase in Adjusted net income by approximately $62.4 million was due to: (i) an increase of $53.8 million in Adjusted EBITDA; (ii) a decrease of $8.1 million in depreciation and amortization; and (iii) a decrease of $0.6 million in direct vessel expenses.
The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three and nine months ended September 30, 2015 and 2014.
for the fleet represent the total calendar days the vessels were in Navios Acquisition''s possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues.
Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
Fleet utilization is the percentage of time that Navios Acquisition''s vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that 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, drydockings or special surveys.
Time Charter Equivalent Rate is 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 of 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, November 10, 2015 at 8:30 am ET, at which time Navios Acquisition''s senior management will provide highlights and commentary on earnings results for the third quarter and the nine month period ended September 30, 2015.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 5673 2303
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: 5673 2303
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 including Navios Acquisition''s future dividends, opportunities to reinvest cash accretively in a fleet renewal program or otherwise 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 "may", "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. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Acquisition at the time these statements were made. 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, uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, 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 in its Form 20-Fs and Form 6-Ks. 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. Navios Acquisition makes no prediction or statement about the performance of its common stock.
EBITDA for the three and nine month periods ended September 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 nine month periods ended September 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.
Navios Maritime Acquisition Corporation
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Datum: 10.11.2015 - 06:00 Uhr
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