Costamare Inc. Reports Results for the First Quarter Ended March
31, 2014
ATHENS, GREECE--(Marketwired - Apr 29, 2014) - Costamare
Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported
unaudited financial results for the first quarter ended March 31,
2014.
- Voyage revenues of $114.9 million for the three months ended
March 31, 2014.
- Voyage revenues adjusted on a cash basis of $117.5 million for
the three months ended March 31, 2014.
- Adjusted EBITDA of $82.1 million for the three months ended
March 31, 2014.
- Net income of $19.8 million for the three months ended March
31, 2014.
- Net income available to common stockholders of $17.2 million or
$0.23 per share for the three months ended March 31, 2014.
- Adjusted Net income available to common stockholders of $26.3
million or $0.35 per share for the three months ended March 31,
2014.
See "Financial Summary"
and "Non-GAAP Measures" below for additional detail.
Dividend Announcements-
Dividend Increase
- On April 29, 2014, the Board of Directors approved a one
cent increase in the quarterly dividend and the Company
declared a dividend of $0.28 per share of common stock for the
first quarter ended March 31, 2014, payable on May 13, 2014,
to stockholders of record at the close of trading of the
Company's common stock on the New York Stock Exchange on May
9, 2014. This will be the Company's fourteenth consecutive
quarterly dividend since it commenced trading on the New York
Stock Exchange.
- On March 31, 2014, the Company declared a dividend of
$0.476563 per share of its Series B Preferred Stock and a
$0.495833 per share of its Series C Preferred Stock, both paid
on April 15, 2014, to holders of record on April 14, 2014.
New Business
Developments
- On March 14 and April 28, the Company took delivery of the
9,403 TEU newbuild containership vessels MSC Ajaccio
and MSC Amalfi, both built by Shanghai Jiangnan
Changxing Heavy Industry in China. Upon delivery, both
vessels commenced long term charters with MSC.
- On April 16, 2014, the Company took delivery of the 2000-built,
1,645 TEU containership Neapolis. The vessel was purchased
from an insolvency administrator. The acquisition was 90% funded
out of bank financing provided by an existing lender to the
Company. The vessel has been chartered to Yang Ming for a period of
minimum 4 and maximum 6 months starting from around May 8, 2014, at
a daily rate of $8,100.
- The Company entered into the following charter agreements:
- Agreed to extend the charter of the 5,928 TEU 2003-built
Venetiko with PIL for a period of minimum 11 and
maximum 15 months starting from April 20, 2014, at a daily
rate of $12,250.
- Agreed to extend the charter of the 3,842 TEU 1998-built
Kyparissia with Evergreen for a period of minimum 20
and maximum 30 days starting from May 12, 2014, at a daily
rate of $8,000.
- Agreed to extend the charter of the 2,458 TEU 1997-built
Messini with Evergreen for a period of six months
starting from April 1, 2014, at a daily rate of $7,500.
- Exercised our option to extend the charter of the 2,020
TEU 1991-built MSC Pylos with MSC for a period of
approximately two years starting from February 28, 2014. The
daily rate for the first year of the extension has been set at
$7,600.
- Agreed to charter the 1,504 TEU 1996-built
Prosper with Evergreen for a period of minimum 4 and
maximum 6 months starting from May 3, 2014, at a daily rate of
$7,400.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc.,
commented:
"During the first quarter of the year, the Company delivered
positive results while at the same time implementing its fleet
renewal and expansion strategy.
Regarding our existing newbuilding program, we accepted delivery
of all ten newbuildings ordered during 2011. All the ships have
commenced their long-term charter employment.
Due to these business developments, we are pleased to announce
that the Board of Directors has approved a dividend increase of one
cent for the first quarter of the year as a result of our
increasing long term cash flows.
Recently, we acquired from an insolvency administrator a
2000-built 1,645 TEU container vessel. The acquisition was funded
90% with bank debt and forms part of a broader agreement between
the Company and the vessel's current lending bank. After delivery,
the vessel will commence its charter employment.
Regarding our chartering arrangements, our re-chartering risk is
minimized. The charters for the vessels opening in 2014 account for
approximately 3% of our 2014 contracted revenues.
Finally, on March 31, we declared a dividend on our Series B and
Series C Preferred Stock, paid on April 14.
We continue to execute successfully on our growth strategy. We
feel we are well positioned to continue to grow selectively and on
healthy grounds."
|
Financial Summary |
|
|
|
|
|
|
|
Three-month period ended March 31, |
(Expressed in thousands of U.S. dollars, except share and per share
data): |
|
2013 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
91,536 |
|
$ |
114,898 |
Accrued charter revenue (1) |
|
$ |
3,292 |
|
$ |
2,646 |
Voyage revenue adjusted on a cash basis (2) |
|
$ |
94,828 |
|
$ |
117,544 |
|
|
|
|
|
|
|
Adjusted EBITDA (3) |
|
$ |
61,226 |
|
$ |
82,082 |
|
|
|
|
|
|
|
Adjusted Net Income available to common stockholders (3) |
|
$ |
21,939 |
|
$ |
26,314 |
Weighted Average number of shares |
|
|
74,800,000 |
|
|
74,800,000 |
Adjusted Earnings per share (3) |
|
$ |
0.29 |
|
$ |
0.35 |
|
|
|
|
|
|
|
EBITDA (3) |
|
$ |
64,022 |
|
$ |
72,995 |
Net
Income |
|
$ |
24,735 |
|
$ |
19,833 |
Net
Income available to common stockholders |
|
$ |
24,735 |
|
$ |
17,227 |
Weighted Average number of shares |
|
|
74,800,000 |
|
|
74,800,000 |
|
|
|
|
|
|
|
Earnings per share |
|
$ |
0.33 |
|
$ |
0.23 |
|
|
|
|
|
|
|
(1) |
Accrued charter revenue represents the
difference between cash received during the period and revenue
recognized on a straight-line basis. In the early years of a
charter with escalating charter rates, voyage revenue will exceed
cash received during the period, and during the last years of such
charter cash received will exceed revenue recognized on a straight
line basis. |
(2) |
Voyage revenue adjusted on a cash basis
represents Voyage revenue after adjusting for non-cash "Accrued
charter revenue" recorded under charters with escalating charter
rates. However, Voyage revenue adjusted on a cash basis is not a
recognized measurement under U.S. generally accepted accounting
principles, or "GAAP." We believe that the presentation of Voyage
revenue adjusted on a cash basis is useful to investors because it
presents the charter revenue for the relevant period based on the
then current daily charter rates. The increases or decreases in
daily charter rates under our charter party agreements are
described in the notes to the "Fleet List" below. |
(3) |
Adjusted net income, adjusted earnings per
share, EBITDA and adjusted EBITDA are non-GAAP measures. Refer to
the reconciliation of net income to adjusted net income and net
income to EBITDA and adjusted EBITDA below. |
|
|
|
|
Non-GAAP Measures
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). However,
management believes that certain non-GAAP financial measures used
in managing the business may provide users of these financial
measures additional meaningful comparisons between current results
and results in prior operating periods. Management believes that
these non-GAAP financial measures can provide additional meaningful
reflection of underlying trends of the business because they
provide a comparison of historical information that excludes
certain items that impact the overall comparability. Management
also uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company's
performance. Tables below set out supplemental financial data and
corresponding reconciliations to GAAP financial measures for the
three-month periods ended March 31, 2014 and March 31, 2013.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the Company's reported results prepared
in accordance with GAAP. Non-GAAP financial measures include (i)
Voyage revenue adjusted on a cash basis (reconciled above), (ii)
Adjusted Net Income, (iii) Adjusted earnings per share, (iv) EBITDA
and (v) Adjusted EBITDA.
|
|
Reconciliation of Net Income to Adjusted Net Income
available to common stockholdersand Adjusted Earnings per
Share |
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period ended March 31, |
|
(Expressed in thousands of U.S. dollars, except share and per share
data) |
|
2013 |
|
|
2014 |
|
|
|
|
|
|
Net
Income |
|
$ |
24,735 |
|
|
$ |
19,833 |
|
Distributed earnings allocated to Preferred Stock |
|
|
- |
|
|
|
(2,606 |
) |
Net
Income available to common stockholders |
|
|
24,735 |
|
|
|
17,227 |
|
Accrued charter revenue |
|
|
3,292 |
|
|
|
2,646 |
|
Gain
on sale/disposals of vessels |
|
|
(2,909 |
) |
|
|
- |
|
Swaps
breakage cost |
|
|
- |
|
|
|
6,712 |
|
Unrealized loss from swap option agreement held by a jointly owned
company with York included in equity loss on investments |
|
|
- |
|
|
|
2,503 |
|
Realized Gain on Euro/USD forward contracts |
|
|
(190 |
) |
|
|
- |
|
Gain
on derivative instruments |
|
|
(2,989 |
) |
|
|
(2,774 |
) |
|
|
|
|
|
|
|
|
|
Adjusted Net income available to common stockholders |
|
$ |
21,939 |
|
|
$ |
26,314 |
|
Adjusted Earnings per Share |
|
$ |
0.29 |
|
|
$ |
0.35 |
|
Weighted average number of shares |
|
|
74,800,000 |
|
|
|
74,800,000 |
|
|
|
|
|
|
|
|
|
|
Adjusted Net income and Adjusted Earnings per Share represent
net income before non-cash "Accrued charter revenue" recorded under
charters with escalating charter rates, gain/ (loss) on
sale/disposals of vessels, realized (gain) /loss on Euro/USD
forward contracts, swaps breakage cost, unrealized loss from a swap
option agreement held by a jointly owned company with York, which
is included in equity loss on investments, and non-cash changes in
fair value of currency forwards and derivatives. "Accrued
charter revenue" is attributed to the timing difference between the
revenue recognition and the cash collection. However, Adjusted Net
income and Adjusted Earnings per Share are not recognized
measurements under U.S. generally accepted accounting principles,
or "GAAP." We believe that the presentation of Adjusted Net income
and Adjusted Earnings per Share are useful to investors because
they are frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in our
industry. We also believe that Adjusted Net income and Adjusted
Earnings per Share are useful in evaluating our ability to service
additional debt and make capital expenditures. In addition, we
believe that Adjusted Net income and Adjusted Earnings per Share
are useful in evaluating our operating performance and liquidity
position compared to that of other companies in our industry
because the calculation of Adjusted Net income and Adjusted
Earnings per Share generally eliminates the effects of the
accounting effects of capital expenditures and acquisitions,
certain hedging instruments and other accounting treatments, items
which may vary for different companies for reasons unrelated to
overall operating performance and liquidity. In evaluating Adjusted
Net income and Adjusted Earnings per Share, you should be aware
that in the future we may incur expenses that are the same as or
similar to some of the adjustments in this presentation. Our
presentation of Adjusted Net income and Adjusted Earnings per Share
should not be construed as an inference that our future results
will be unaffected by unusual or non-recurring items.
|
|
Reconciliation of Net Income to EBITDA and Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
Three-month period ended March 31, |
|
(Expressed in thousands of U.S. dollars) |
|
2013 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
24,735 |
|
|
$ |
19,833 |
|
Interest and finance costs |
|
|
17,564 |
|
|
|
25,796 |
|
Interest income |
|
|
(209 |
) |
|
|
(150 |
) |
Depreciation |
|
|
19,882 |
|
|
|
25,208 |
|
Amortization of prepaid lease rentals |
|
|
- |
|
|
|
410 |
|
Amortization of dry-docking and special survey costs |
|
|
2,050 |
|
|
|
1,898 |
|
EBITDA |
|
|
64,022 |
|
|
|
72,995 |
|
Accrued charter revenue |
|
|
3,292 |
|
|
|
2,646 |
|
Gain on sale/disposals of vessels |
|
|
(2,909 |
) |
|
|
- |
|
Swaps breakage cost |
|
|
- |
|
|
|
6,712 |
|
Unrealized loss from swap option agreement held by a jointly owned
company with York included in equity loss on investments |
|
|
- |
|
|
|
2,503 |
|
Realized Gain on Euro/USD forward contracts |
|
|
(190 |
) |
|
|
- |
|
Gain on derivative instruments |
|
|
(2,989 |
) |
|
|
(2,774 |
) |
Adjusted EBITDA |
|
$ |
61,226 |
|
|
$ |
82,082 |
|
EBITDA represents net income before interest and finance costs,
interest income, amortization of prepaid lease, depreciation and
amortization of deferred dry-docking and special survey
costs. Adjusted EBITDA represents net income before interest
and finance costs, interest income, amortization of prepaid lease
rentals, depreciation, amortization of deferred dry-docking and
special survey costs, non-cash "Accrued charter revenue" recorded
under charters with escalating charter rates, gain/ (loss) on
sale/disposals of vessels, realized gain/ (loss) on Euro/USD
forward contracts, swaps breakage cost, unrealized loss from swap
option agreement held by a jointly owned company with York, which
is included in equity loss on investments, and non-cash
changes in fair value of currency forwards and derivatives.
"Accrued charter revenue" is attributed to the time difference
between the revenue recognition and the cash collection. However,
EBITDA and Adjusted EBITDA are not recognized measurements under
U.S. generally accepted accounting principles, or "GAAP." We
believe that the presentation of EBITDA and Adjusted EBITDA are
useful to investors because they are frequently used by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry. We also believe that EBITDA and
Adjusted EBITDA are useful in evaluating our ability to service
additional debt and make capital expenditures. In addition, we
believe that EBITDA and Adjusted EBITDA are useful in evaluating
our operating performance and liquidity position compared to that
of other companies in our industry because the calculation of
EBITDA and Adjusted EBITDA generally eliminates the effects of
financings, income taxes and the accounting effects of capital
expenditures and acquisitions, items which may vary for different
companies for reasons unrelated to overall operating performance
and liquidity. In evaluating EBITDA and Adjusted EBITDA, you should
be aware that in the future we may incur expenses that are the same
as or similar to some of the adjustments in this presentation. Our
presentation of EBITDA and Adjusted EBITDA should not be construed
as an inference that our future results will be unaffected by
unusual or non-recurring items.
Note: Items to consider for comparability include gains and
charges. Gains positively impacting net income are reflected as
deductions to net income. Charges negatively impacting net income
are reflected as increases to net income.
Results of Operations
Three-month period ended March 31, 2014 compared to the
three-month period ended March 31, 2013
During the three-month periods ended March 31, 2014 and 2013, we
had an average of 53.1 and 46.9 vessels, respectively, in our
fleet. In the three-month period ended March 31, 2014, we accepted
delivery of the newbuild vessels MSC Azov and MSC
Ajaccio with an aggregate TEU capacity of 18,806. In the
three-month period ended March 31, 2013, we accepted delivery of
the newbuild vessel MSC Athens with a TEU capacity of
8,827, the secondhand vessel Venetiko with a TEU capacity
of 5,928, and we sold the vessel MSC Washington, with a
TEU capacity of 3,876. In the three-month periods ended March 31,
2014 and 2013, our fleet ownership days totaled 4,775 and 4,221
days, respectively. Ownership days are the primary driver of voyage
revenue and vessels' operating expenses and represent the aggregate
number of days in a period during which each vessel in our fleet is
owned.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except
percentages) |
|
Three-month period ended March 31, |
|
|
|
|
|
|
|
2013 |
|
|
2014 |
|
|
Change |
|
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
91.5 |
|
|
$ |
114.9 |
|
|
$ |
23.4 |
|
|
25.6 |
% |
Voyage expenses |
|
|
(0.7 |
) |
|
|
(0.7 |
) |
|
|
- |
|
|
- |
|
Voyage expenses - related parties |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
0.2 |
|
|
28.6 |
% |
Vessels' operating expenses |
|
|
(27.9 |
) |
|
|
(29.4 |
) |
|
|
1.5 |
|
|
5.4 |
% |
General and administrative expenses |
|
|
(0.9 |
) |
|
|
(1.1 |
) |
|
|
0.2 |
|
|
22.2 |
% |
Management fees - related parties |
|
|
(3.9 |
) |
|
|
(4.5 |
) |
|
|
0.6 |
|
|
15.4 |
% |
Amortization of dry-docking and special survey costs |
|
|
(2.0 |
) |
|
|
(1.9 |
) |
|
|
(0.1 |
) |
|
(5.0 |
%) |
Depreciation |
|
|
(19.9 |
) |
|
|
(25.2 |
) |
|
|
5.3 |
|
|
26.6 |
% |
Amortization of prepaid lease rentals |
|
|
- |
|
|
|
(0.4 |
) |
|
|
0.4 |
|
|
100.0 |
% |
Gain
on sale / disposals of vessels |
|
|
2.9 |
|
|
|
- |
|
|
|
(2.9 |
) |
|
(100.0 |
%) |
Foreign exchange gains/ (losses) |
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
(200.0 |
%) |
Interest income |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
- |
|
|
- |
|
Interest and finance costs |
|
|
(17.6 |
) |
|
|
(25.8 |
) |
|
|
8.2 |
|
|
46.6 |
% |
Swaps
breakage cost |
|
|
- |
|
|
|
(6.7 |
) |
|
|
6.7 |
|
|
100.0 |
% |
Equity loss on investments |
|
|
- |
|
|
|
(2.3 |
) |
|
|
2.3 |
|
|
100.0 |
% |
Other |
|
|
0.6 |
|
|
|
0.9 |
|
|
|
0.3 |
|
|
50.0 |
% |
Gain
on derivative instruments |
|
|
3.0 |
|
|
|
2.8 |
|
|
|
(0.2 |
) |
|
(6.7 |
%) |
Net
Income |
|
$ |
24.7 |
|
|
$ |
19.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except
percentages) |
|
Three-month period ended March 31, |
|
|
|
|
|
|
2013 |
|
2014 |
|
Change |
|
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
91.5 |
|
$ |
114.9 |
|
$ |
23.4 |
|
|
25.6 |
% |
Accrued charter revenue |
|
|
3.3 |
|
|
2.6 |
|
|
(0.7 |
) |
|
(21.2 |
%) |
Voyage revenue adjusted on a cash basis |
|
$ |
94.8 |
|
$ |
117.5 |
|
$ |
22.7 |
|
|
23.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels operational data |
|
Three-month period ended March 31, |
|
|
|
|
|
2013 |
|
2014 |
|
Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
46.9 |
|
53.1 |
|
6.2 |
|
13.2 |
% |
Ownership days |
|
4,221 |
|
4,775 |
|
554 |
|
13.1 |
% |
Number of vessels under dry-docking |
|
2 |
|
2 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage Revenue
Voyage revenue increased by 25.6%, or $23.4 million, to $114.9
million during the three-month period ended March 31, 2014, from
$91.5 million during the three-month period ended March 31, 2013.
This increase was mainly due to (i) revenue earned by the newbuild
vessels delivered to us during the nine-month period ended December
31, 2013 and the three-month period ended March 31, 2014; partly
offset by (ii) decreased charter rates in certain of our vessels
during the three-month period ended March 31, 2014, compared to the
three-month period ended March 31, 2013, and (iii) revenues not
earned by vessels which were sold for scrap during the nine-month
period ended December 31, 2013.
Voyage revenue adjusted on a cash basis (which eliminates
non-cash "Accrued charter revenue"), increased by 23.9%, or $22.7
million, to $117.5 million during the three-month period ended
March 31, 2014, from $94.8 million during the three-month period
ended March 31, 2013. This increase was mainly due to (i) revenue
earned by the newbuild vessels delivered to us during the
nine-month period ended December 31, 2013 and the three-month
period ended March 31, 2014; partly offset by (ii) decreased
charter rates in certain of our vessels during the three-month
period ended March 31, 2014, compared to the three-month period
ended March 31, 2013, and (iii) revenues not earned by vessels
which were sold for scrap during the nine-month period ended
December 31, 2013.
Voyage Expenses
Voyage expenses were $0.7 million, during the three-month period
ended March 31, 2014 and $0.7 million during the three-month period
ended March 31, 2013. Voyage expenses mainly include (i) off-hire
expenses of our vessels, mainly related to fuel consumption and
(ii) third party commissions.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $0.9 million
during the three-month period ended March 31, 2014 and in the
amount of $0.7 million during the three-month period ended March
31, 2013, represent fees of 0.75% on voyage revenues charged to us
by Costamare Shipping Company S.A. as provided under our group
management agreement.
Vessels' Operating Expenses
Vessels' operating expenses, which also include the realized
gain / (loss) under derivative contracts entered into in relation
to foreign currency exposure, increased by 5.4%, or $1.5 million,
to $29.4 million during the three-month period ended March 31,
2014, from $27.9 million during the three-month period ended March
31, 2013. The increase was partly attributable to the increased
ownership days of our vessels during the three-month period ended
March 31, 2014 compared to the three-month period ended March 31,
2013.
General and Administrative Expenses
General and administrative expenses increased by 22.2%, or $0.2
million, to $1.1 million during the three-month period ended March
31, 2014, from $0.9 million during the three-month period ended
March 31, 2013. General and administrative expenses for the
three-month periods ended March 31, 2014 and 2013, included $0.25
million in each period for the services of the Company's officers
in aggregate charged to us by Costamare Shipping Company S.A. as
provided under our group management agreement.
Management Fees - related parties
Management fees paid to our managers increased by 15.4%, or $0.6
million, to $4.5 million during the three-month period ended March
31, 2014, from $3.9 million during the three-month period ended
March 31, 2013. The increase was primarily attributable to (i) the
inflation related upward adjustment by 4% of the management fee for
each vessel (effective January 1, 2014), as provided under our
group management agreement and (ii) the increased average number of
vessels during the three-month period ended March 31, 2014,
compared to the three-month period ended March 31, 2013.
Amortization of Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special survey costs
was $1.9 million for the three-month period ended March 31, 2014
and $2.0 million for the three-month period ended March 31, 2013.
During the three-month period ended March 31, 2014 two vessels
underwent and completed their special survey. During the
three-month period ended March 31, 2013 one vessel underwent and
completed her special survey while one vessel was in process.
Depreciation
Depreciation expense increased by 26.6%, or $5.3 million, to
$25.2 million during the three-month period ended March 31, 2014,
from $19.9 million during the three-month period ended March 31,
2013. The increase was mainly attributable to the depreciation
expense charged for the six newbuild vessels delivered to us during
the nine-month period ended December 31, 2013 and for the two
newbuild vessels delivered to us during the three-month period
ended March 31, 2014, partly offset by the depreciation expense not
charged for the vessels sold for scrap during the nine-month period
ended December 31, 2013.
Gain on Sale/Disposals of Vessels
During the three-month period ended March 31, 2014, no vessels
were sold. During the three-month period ended March 31, 2013, we
recorded a gain of $2.9 million from the sale of one vessel.
Foreign Exchange Gains/(Losses)
Foreign exchange losses were $0.1 million during the three-month
period ended March 31, 2014. Foreign exchange gains were $0.1
million during the three-month period ended March 31, 2013.
Interest Income
Interest income for the three-month period ended March 31, 2014
and 2013 amounted to $0.2 million and $0.2 million,
respectively.
Interest and Finance Costs
Interest and finance costs increased by 46.6%, or $8.2 million,
to $25.8 million during the three-month period ended March 31,
2014, from $17.6 million during the three-month period ended March
31, 2013. The increase was mainly attributable to the increased
interest expense charged to the consolidated statement of income in
relation with the loan facilities of the eight newbuild vessels
which were delivered to us during the nine-month period ended
December 31, 2013 and the three-month period ended March 31, 2014
and the write-off of deferred finance costs due to the refinancing
of one of our bank loans; partly offset by the decreased loan
commitment fees charged to us during the three-month period ended
March 31, 2014, compared to the three-month period ended March 31,
2013.
Equity Loss on Investments
The equity loss on investments of $2.3 million for the
three-month period ended March 31, 2014, represents our share of
the net losses of thirteen jointly owned companies pursuant to the
Framework Agreement with York. We hold a range of 25% to 49% of the
capital stock of these companies. The net loss of $2.3 million was
mainly attributable to an unrealized loss of $2.5 million deriving
from a swap option agreement entered into by a jointly-owned
company.
Gain on Derivative Instruments
The fair value of our 25 interest rate derivative
instruments which were outstanding as of March 31, 2014, equates to
the amount that would be paid by us or to us should those
instruments be terminated. As of March 31, 2014, the fair value of
these 25 interest rate derivative instruments in aggregate amounted
to a liability of $89.0 million. Twenty-four of the 25 interest
rate derivative instruments that were outstanding as at March 31,
2014, qualified for hedge accounting and the effective portion of
the change in their fair value is recorded in "Other Comprehensive
Income" ("OCI"). For the three-month period ended March 31,
2014, a net gain of $11.4 million has been included in "OCI" and a
net gain of $2.8 million has been included in "Gain on derivative
instruments" in the consolidated statement of income, resulting
from the fair market value change of the interest rate derivative
instruments during the three-month period ended March 31, 2014.
Furthermore, during the three-month period ended March 31, 2014, we
terminated two interest rate derivative instruments that qualified
for hedge accounting and we paid the counterparty breakage costs of
$6.7 million, in aggregate.
Cash Flows
Three-month periods ended March 31, 2014 and 2013
|
|
|
|
|
|
|
Condensed cash flows |
|
Three-month period ended March 31, |
|
(Expressed in millions of U.S. dollars) |
|
2013 |
|
|
2014 |
|
Net Cash Provided by Operating Activities |
|
$ |
34.9 |
|
|
$ |
53.9 |
|
Net Cash Used in Investing Activities |
|
$ |
(149.6 |
) |
|
$ |
(65.1 |
) |
Net Cash Provided by Financing Activities |
|
$ |
30.2 |
|
|
$ |
101.5 |
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the
three-month period ended March 31, 2014, increased by $19.0 million
to $53.9 million, compared to $34.9 million for the three-month
period ended March 31, 2013. The increase was primarily
attributable to increased cash from operations of $22.7 million due
to cash generated from the employment of the eight newbuild vessels
delivered to us during the nine-month period ended December 31,
2013 and the three-month period ended March 31, 2014, and to
favorable change in working capital position, excluding the current
portion of long-term debt and the accrued charter revenue
(representing the difference between cash received in that period
and revenue recognized on a straight-line basis) of $11.6 million,
partly offset by the increased payments for interest (including
swap payments) during the period of $7.5 million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $65.1 million in the
three-month period ended March 31, 2014, which consisted of (a)
$40.6 million for capitalized costs and advance payments for the
construction and delivery of three newbuild vessels and (b) $24.5
million in payments, pursuant to the Framework Agreement with York,
to hold an equity interest ranging from 25% to 49% in jointly-owned
companies.
Net cash used in investing activities was $149.6 million in the
three-month period ended March 31, 2013, which consisted of (a)
$129.2 million advance payments for the construction and purchase
of three newbuild vessels, (b) $22.2 million in payments for the
acquisition of one secondhand vessel, (c) $2.4 million advance
payment we received from the sale of one vessel for scrap which was
delivered to her scrap buyers on April 24, 2013 and (d) $0.6
million in payments for expenses related to the sale of vessel
MSC Washington (the related sale price was collected in
advance in 2012).
Net Cash Provided By Financing Activities
Net cash provided by financing activities was $101.5 million in
the three-month period ended March 31, 2014, which mainly consisted
of (a) $147.5 million of indebtedness that we repaid, (b) $171.1
million we received regarding the sale and leaseback transaction of
two newbuild vessels that we delivered during the period, (c) $20.2
million we paid for dividends to holders of our common stock for
the fourth quarter of 2013, (d) $1.0 million we paid for
dividends to holders of our 7.625% Series B Cumulative
Redeemable Perpetual Preferred Shares for the period from October
15, 2013 to January 14, 2014 and (e) $96.5 million net proceeds we
received from our public offering in January 2014, of 4.0 million
shares of our 8.50% Series C Cumulative Redeemable Perpetual
Preferred Shares, net of underwriting discounts and expenses
incurred in the offering.
Net cash provided by financing activities was $30.2 million in
the three-month period ended March 31, 2013, which mainly consisted
of (a) $36.2 million of indebtedness that we repaid, (b) $87.9
million we drew down from two of our credit facilities and (c)
$20.2 million we paid for dividends to our stockholders for the
fourth quarter of the year ended December 31, 2012.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of March 31, 2014, we had a total cash liquidity of $238.0
million, consisting of cash, cash equivalents and restricted
cash.
Debt-free vessels
As of April 29, 2014, the following vessels were free of
debt.
Unencumbered
Vessels in the water(*) |
(refer to fleet list for full charter
details) |
|
Vessel Name |
|
Year Built |
|
TEU Capacity |
NAVARINO |
|
2010 |
|
8,531 |
VENETIKO |
|
2003 |
|
5,928 |
MESSINI |
|
1997 |
|
2,458 |
NEAPOLIS |
|
2000 |
|
1,645 |
|
|
|
|
|
(*) |
Does not include three secondhand vessels
acquired and nine newbuild vessels ordered pursuant to the
Framework Agreement with York, which are also free of debt. |
Capital commitments
As of April 29, 2014, we had outstanding commitments relating to
our nine contracted newbuilds, aggregating approximately $ 316.8
million payable in installments until the vessels are delivered,
which amount represents our interest in the relevant jointly-owned
entities with York.
Conference Call details:
On Wednesday, April 30, 2014 at 8:30 a.m., ET, Costamare's
management team will hold a conference call to discuss the
financial results.
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1-866-524-3160 (from
the US), 0808 238 9064 (from the UK) or +1-412-317-6760 (from
outside the US). Please quote "Costamare".
A replay of the conference call will be available until May 30,
2014. The United States replay number is +1-877-344-7529; the
standard international replay number is +1-412-317-0088, and the
access code required for the replay is: 10045223.
Live webcast:
There will also be a simultaneous live webcast over the
Internet, through the Costamare Inc. website (www.costamare.com)
under the "Investors" section. Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
About Costamare Inc.
Costamare Inc. is one of the world's leading owners and
providers of containerships for charter. The Company has 40 years
of history in the international shipping industry and a fleet of 68
containerships, with a total capacity in excess of 445,000 TEU,
including nine newbuild containerships on order. Twelve of our
containerships, including nine newbuilds, have been acquired
pursuant to the Framework Agreement with York Capital Management by
vessel-owning joint venture entities in which we hold a minority
equity interest. The Company's common stock, Series B Preferred
Stock and Series C Preferred Stock trade on the New York Stock
Exchange under the symbols "CMRE", "CMRE PR B" and "CMRE PR C",
respectively.
Forward-Looking Statements
This earnings release contains "forward-looking statements". In
some cases, you can identify these statements by forward-looking
words such as "believe", "intend", "anticipate", "estimate",
"project", "forecast", "plan", "potential", "may", "should",
"could" and "expect" and similar expressions. These statements are
not historical facts but instead represent only Costamare's belief
regarding future results, many of which, by their nature, are
inherently uncertain and outside of Costamare's control. It is
possible that actual results may differ, possibly materially, from
those anticipated in these forward-looking statements. For a
discussion of some of the risks and important factors that could
affect future results, see the discussion in Costamare Inc.'s
Annual Report on Form 20-F (File No. 001-34934) under the caption
"Risk Factors".
Fleet List
The tables below provide additional information, as of April 29,
2014, about our fleet of containerships, including our newbuilds on
order and the vessels acquired pursuant to the Framework Agreement
with York. Each vessel is a cellular containership, meaning it is a
dedicated container vessel.
|
|
Vessel Name |
|
Charterer |
Year Built |
|
Capacity (TEU) |
|
Time Charter Term(1) |
|
Current Daily Charter Rate (U.S. dollars) |
|
Expiration of Charter(1) |
|
Average Daily Charter Rate Until Earliest Expiry of Charter (U.S.
dollars)(2) |
1 |
|
COSCO GUANGZHOU |
|
COSCO |
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
December 2017 |
|
36,400 |
2 |
|
COSCO NINGBO |
|
COSCO |
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
January 2018 |
|
36,400 |
3 |
|
COSCO YANTIAN |
|
COSCO |
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
February 2018 |
|
36,400 |
4 |
|
COSCO BEIJING |
|
COSCO |
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
April 2018 |
|
36,400 |
5 |
|
COSCO HELLAS |
|
COSCO |
2006 |
|
9,469 |
|
12 years |
|
37,519 |
|
May 2018 |
|
37,519 |
6 |
|
MSC AZOV |
|
MSC |
2014 |
|
9,403 |
|
10 years |
|
43,000 |
|
November 2023 |
|
43,000 |
7 |
|
MSC AJACCIO |
|
MSC |
2014 |
|
9,403 |
|
10 years |
|
43,000 |
|
February 2024 |
|
43,000 |
8 |
|
MSC AMALFI |
|
MSC |
2014 |
|
9,403 |
|
10 years |
|
43,000 |
|
March 2024 |
|
43,000 |
9 |
|
MSC ATHENS |
|
MSC |
2013 |
|
8,827 |
|
10 years |
|
42,000 |
|
January 2023 |
|
42,000 |
10 |
|
MSC ATHOS |
|
MSC |
2013 |
|
8,827 |
|
10 years |
|
42,000 |
|
February 2023 |
|
42,000 |
11 |
|
VALOR |
|
Evergreen |
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
April 2020(i) |
|
41,700 |
12 |
|
VALUE |
|
Evergreen |
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
April 2020(i) |
|
41,700 |
13 |
|
VALIANT |
|
Evergreen |
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
June 2020(i) |
|
41,700 |
14 |
|
VALENCE |
|
Evergreen |
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
July 2020 (i) |
|
41,700 |
15 |
|
VANTAGE |
|
Evergreen |
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
September 2020 (i) |
|
41,700 |
16 |
|
NAVARINO |
|
MSC |
2010 |
|
8,531 |
|
1.0 year |
|
|
|
February 2015 |
|
|
17 |
|
MAERSK KAWASAKI (ii) |
|
A.P. Moller-Maersk |
1997 |
|
7,403 |
|
10 years |
|
37,000 |
|
December 2017 |
|
37,000 |
18 |
|
MAERSK KURE (ii) |
|
A.P. Moller-Maersk |
1996 |
|
7,403 |
|
10 years |
|
37,000 |
|
December 2017 |
|
37,000 |
19 |
|
MAERSK KOKURA (ii) |
|
A.P. Moller-Maersk |
1997 |
|
7,403 |
|
10 years |
|
37,000 |
|
February 2018 |
|
37,000 |
20 |
|
MSC METHONI |
|
MSC |
2003 |
|
6,724 |
|
10 years |
|
29,000 |
|
September 2021 |
|
29,000 |
21 |
|
SEALAND NEW YORK |
|
A.P. Moller-Maersk |
2000 |
|
6,648 |
|
11 years |
|
30,375 (3) |
|
March 2018 |
|
26,127 |
22 |
|
MAERSK KOBE |
|
A.P. Moller-Maersk |
2000 |
|
6,648 |
|
11 years |
|
38,179 (4) |
|
May 2018 |
|
26,612 |
23 |
|
SEALAND WASHINGTON |
|
A.P. Moller-Maersk |
2000 |
|
6,648 |
|
11 years |
|
30,375 (5) |
|
June 2018 |
|
26,429 |
24 |
|
SEALAND MICHIGAN |
|
A.P. Moller-Maersk |
2000 |
|
6,648 |
|
11 years |
|
25,375 (6) |
|
August 2018 |
|
26,020 |
25 |
|
SEALAND ILLINOIS |
|
A.P. Moller-Maersk |
2000 |
|
6,648 |
|
11 years |
|
30,375 (7) |
|
October 2018 |
|
26,678 |
26 |
|
MAERSK KOLKATA |
|
A.P. Moller-Maersk |
2003 |
|
6,644 |
|
11 years |
|
38,865 (8) |
|
November 2019 |
|
29,918 |
27 |
|
MAERSK KINGSTON |
|
A.P. Moller-Maersk |
2003 |
|
6,644 |
|
11 years |
|
38,461 (9) |
|
February 2020 |
|
30,334 |
28 |
|
MAERSK KALAMATA |
|
A.P. Moller-Maersk |
2003 |
|
6,644 |
|
11 years |
|
38,418 (10) |
|
April 2020 |
|
30,384 |
29 |
|
VENETIKO |
|
PIL |
2003 |
|
5,928 |
|
2.0 years |
|
12,250 |
|
March 2015 |
|
12,250 |
30 |
|
ENSENADA EXPRESS (*) |
|
Hapag Lloyd |
2001 |
|
5,576 |
|
2.0 years |
|
19,000 |
|
May 2015 |
|
19,000 |
31 |
|
MSC ROMANOS |
|
MSC |
2003 |
|
5,050 |
|
5.3 years |
|
28,000 |
|
November 2016 |
|
28,000 |
32 |
|
ZIM NEW YORK |
|
ZIM(**) |
2002 |
|
4,992 |
|
13 years |
|
23,150 (11) |
|
September 2015 |
|
23,150 (11) |
33 |
|
ZIM SHANGHAI |
|
ZIM(**) |
2002 |
|
4,992 |
|
13 years |
|
23,150 (11) |
|
September 2015 |
|
23,150 (11) |
34 |
|
ZIM PIRAEUS |
|
ZIM(**) |
2004 |
|
4,992 |
|
10 years |
|
22,150 (11) |
|
September 2015 |
|
22,150 (11) |
35 |
|
OAKLAND EXPRESS |
|
Hapag Lloyd |
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
September 2016 |
|
30,500 |
36 |
|
HALIFAX EXPRESS |
|
Hapag Lloyd |
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
October 2016 |
|
30,500 |
37 |
|
SINGAPORE EXPRESS |
|
Hapag Lloyd |
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
July 2016 |
|
30,500 |
38 |
|
MSC MANDRAKI |
|
MSC |
1988 |
|
4,828 |
|
7.8 years |
|
20,000 |
|
August 2017 |
|
20,000 |
39 |
|
MSC MYKONOS |
|
MSC |
1988 |
|
4,828 |
|
8.2 years |
|
20,000 |
|
September 2017 |
|
20,000 |
40 |
|
MSC ULSAN |
|
MSC |
2002 |
|
4,132 |
|
5.3 years |
|
16,500 |
|
March 2017 |
|
16,500 |
41 |
|
MSC KYOTO |
|
MSC |
1981 |
|
3,876 |
|
9.5 years |
|
13,500 (12) |
|
September 2018 |
|
13,500 |
42 |
|
KORONI |
|
Evergreen |
1998 |
|
3,842 |
|
2 years |
|
11,500 |
|
May 2014 |
|
11,500 |
43 |
|
KYPARISSIA |
|
Evergreen |
1998 |
|
3,842 |
|
2 years |
|
11,500 (13) |
|
June 2014 |
|
9,379 |
44 |
|
KARMEN |
|
|
1991 |
|
3,351 |
|
|
|
|
|
|
|
|
45 |
|
MARINA |
|
Evergreen |
1992 |
|
3,351 |
|
1.8 years |
|
7,000 |
|
June 2014 |
|
7,000 |
46 |
|
KONSTANTINA |
|
PIL |
1992 |
|
3,351 |
|
0.1 years |
|
3,750 |
|
May 2014 |
|
3,750 |
47 |
|
AKRITAS |
|
Hapag Lloyd |
1987 |
|
3,152 |
|
4 years |
|
12,500 |
|
August 2014 |
|
12,500 |
48 |
|
MSC CHALLENGER |
|
MSC |
1986 |
|
2,633 |
|
4.8 years |
|
10,000 |
|
July 2015 |
|
10,000 |
49 |
|
MESSINI |
|
Evergreen |
1997 |
|
2,458 |
|
2.0 years |
|
7,500 |
|
October 2014 |
|
7,500 |
50 |
|
MSC REUNION (iii) |
|
MSC |
1992 |
|
2,024 |
|
6 years |
|
11,500 |
|
June 2014 |
|
11,500 |
51 |
|
MSC NAMIBIA II (iii) |
|
MSC |
1991 |
|
2,023 |
|
6.8 years |
|
11,500 |
|
July 2014 |
|
11,500 |
52 |
|
MSC SIERRA II (iii) |
|
MSC |
1991 |
|
2,023 |
|
5.7 years |
|
11,500 |
|
June 2014 |
|
11,500 |
53 |
|
MSC PYLOS |
|
MSC |
1991 |
|
2,020 |
|
5 years |
|
7,600 |
|
January 2016 |
|
7,600 |
54 |
|
X-PRESS PADMA (*) |
|
Sea Consortium |
1998 |
|
1,645 |
|
2.0 years |
|
7,650 (14) |
|
June 2015 |
|
8,104 |
55 |
|
NEAPOLIS |
|
Yang Ming |
2000 |
|
1,645 |
|
0.4 years |
|
8,100 |
|
September 2014 |
|
8,100 |
56 |
|
PROSPER |
|
Evergreen |
1996 |
|
1,504 |
|
0.4 years |
|
7,400 |
|
September 2014 |
|
7,400 |
57 |
|
ZAGORA |
|
MSC |
1995 |
|
1,162 |
|
3.7 years |
|
5,700 (15) |
|
April 2015 |
|
5,700 |
58 |
|
PETALIDI (*) |
|
CMA CGM |
1994 |
|
1,162 |
|
1.0 years |
|
6,300 |
|
June 2014 |
|
6,300 |
59 |
|
STADT LUEBECK |
|
CMA CGM |
2001 |
|
1.078 |
|
1.7 years |
|
6,400 (16) |
|
July 2014 |
|
6,400 |
|
|
|
|
|
|
|
|
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Newbuilds |
|
|
|
Vessel Name |
|
Shipyard |
|
Charterer |
|
Expected Delivery (based on latest shipyard schedule) |
1 |
|
NCP0113(*) |
|
Hanjin Subic Bay |
|
|
|
4th Quarter 2015 |
2 |
|
NCP0114(*) |
|
Hanjin Subic Bay |
|
|
|
1st Quarter 2016 |
3 |
|
NCP0115(*) |
|
Hanjin Subic Bay |
|
|
|
2nd Quarter 2016 |
4 |
|
NCP0116(*) |
|
Hanjin Subic Bay |
|
|
|
2nd Quarter 2016 |
5 |
|
S2121(*) |
|
Samsung Heavy |
|
Evergreen |
|
2nd Quarter 2016 |
6 |
|
S2122(*) |
|
Samsung Heavy |
|
Evergreen |
|
2nd Quarter 2016 |
7 |
|
S2123(*) |
|
Samsung Heavy |
|
Evergreen |
|
3rd Quarter 2016 |
8 |
|
S2124(*) |
|
Samsung Heavy |
|
Evergreen |
|
3rd Quarter 2016 |
9 |
|
S2125(*) |
|
Samsung Heavy |
|
Evergreen |
|
3rd Quarter 2016 |
Our newbuilds on order have an aggregate capacity in excess of
110,000 TEU.
(1) |
Charter terms and expiration dates are based
on the earliest date charters could expire. Amounts set out for
current daily charter rate are the amounts contained in the charter
contracts. |
(2) |
This average rate is calculated based on
contracted charter rates for the days remaining between April 29,
2014 and the earliest expiration of each charter. Certain of our
charter rates change until their earliest expiration dates, as
indicated in the footnotes below. |
(3) |
This charter rate changes on May 8, 2014 to
$26,100 per day until the earliest redelivery date. |
(4) |
This charter rate changes on June 30, 2014
to $26,100 per day until the earliest redelivery date. |
(5) |
This charter rate changes on August 24, 2014
to $26,100 per day until the earliest redelivery date. |
(6) |
This charter rate changes on October 20,
2014 to $26,100 per day until the earliest redelivery date. |
(7) |
This charter rate changes on December 4,
2014 to $26,100 per day until the earliest redelivery date. |
(8) |
This charter rate changes on January 13,
2016 to $26,100 per day until the earliest redelivery date. |
(9) |
This charter rate changes on April 28, 2016
to $26,100 per day until the earliest redelivery date. |
(10) |
This charter rate changes on June 11, 2016
to $26,100 per day until the earliest redelivery date. |
(11) |
The amounts in the table reflect the charter
terms currently in effect, although Zim has not paid the full
contracted amounts. The aggregate amount of the shortfall for the
first quarter of 2014 is approximately $2.5million. We are
participating in ongoing discussions among Zim, its shareholders
and its creditors, including vessel and container lenders,
shipowners, shipyards, unsecured lenders and bond holders, to
restructure its debt and charter obligations which, if successful,
will result in our granting concessions to the existing charter
rate and receivables from Zim, in exchange for charter extensions
for two out of our three vessels currently chartered to Zim, as
well as the issuance to us of debt and equity securities of Zim. If
we reach such an agreement, we will revise our contractual
obligations table accordingly. |
(12) |
As from December 1, 2012 until redelivery,
the charter rate is to be a minimum of $13,500 per day plus 50% of
the difference between the market rate and the charter rate of
$13,500. The market rate is to be determined annually based on the
Hamburg ConTex type 3500 TEU index published on October 1 of each
year until redelivery. |
(13) |
This charter rate changes on May 12, 2014 to
$8,000 per day until the earliest redelivery date |
(14) |
This charter rate changes on July 27, 2014
to $8,225 per day until the earliest redelivery date. |
(15) |
This charter rate changes on May 1, 2014 to
$6,200 per day until the earliest redelivery date |
(16) |
The charterer has a unilateral option to
extend the charter of the vessel for a period of six months at a
rate of $8,500 per day. |
|
|
(i) |
Assumes exercise of Owners unilateral
options to extend the charter of these vessels for two one year
periods. |
(ii) |
The charterer has a unilateral option to
extend the charter of the vessel for two periods of 30 months each
+/-90 days on the final period performed, at a rate of $41,700 per
day. |
(iii) |
Owners have a unilateral option to extend
the charters of the vessels for an additional period of two years
at market rate, to be defined annually, based on the closest
category on the Contex index. |
(*)
Denotes vessels acquired pursuant to the Framework Agreement with
York. The Company holds an equity interest ranging between 25% and
49% in each of the vessel-owning entities. |
|
|
|
|
|
|
COSTAMARE INC. |
|
Consolidated Statements of Income |
|
|
|
|
|
Three-months ended March 31, |
|
(Expressed in thousands of U.S. dollars, except share and per share
amounts) |
|
2013 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
91,536 |
|
|
$ |
114,898 |
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
(679 |
) |
|
|
(685 |
) |
Voyage expenses - related parties |
|
|
(692 |
) |
|
|
(862 |
) |
Vessels' operating expenses |
|
|
(27,880 |
) |
|
|
(29,384 |
) |
General and administrative expenses |
|
|
(963 |
) |
|
|
(1,097 |
) |
Management fees - related parties |
|
|
(3,890 |
) |
|
|
(4,471 |
) |
Amortization of dry-docking and special survey costs |
|
|
(2,050 |
) |
|
|
(1,898 |
) |
Depreciation |
|
|
(19,882 |
) |
|
|
(25,208 |
) |
Amortization of prepaid lease rentals |
|
|
- |
|
|
|
(410 |
) |
Gain
on sale/disposals of vessels |
|
|
2,909 |
|
|
|
- |
|
Foreign exchange gains/ (losses) |
|
|
75 |
|
|
|
(63 |
) |
Operating income |
|
$ |
38,484 |
|
|
$ |
50,820 |
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
Interest income |
|
$ |
209 |
|
|
$ |
150 |
|
Interest and finance costs |
|
|
(17,564 |
) |
|
|
(25,796 |
) |
Swaps
breakage cost |
|
|
- |
|
|
|
(6,712 |
) |
Equity loss on investments |
|
|
- |
|
|
|
(2,278 |
) |
Other |
|
|
617 |
|
|
|
875 |
|
Gain
on derivative instruments |
|
|
2,989 |
|
|
|
2,774 |
|
Total
other income (expenses) |
|
$ |
(13,749 |
) |
|
$ |
(30,987 |
) |
Net
Income |
|
$ |
24,735 |
|
|
$ |
19,833 |
|
Distributed earnings allocated to Preferred Stock |
|
|
- |
|
|
|
(2,606 |
) |
Net
Income available to common stockholders |
|
$ |
24,735 |
|
|
$ |
17,227 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share, basic and diluted |
|
$ |
0.33 |
|
|
$ |
0.23 |
|
Weighted average number of shares, basic and diluted |
|
|
74,800,000 |
|
|
|
74,800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COSTAMARE INC. |
|
Consolidated Balance Sheets |
|
|
|
|
|
As of December 31, |
|
|
As of March 31, |
|
(Expressed in thousands of U.S. dollars) |
|
2013 |
|
|
2014 |
|
|
|
(Audited) |
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
93,379 |
|
|
$ |
183,619 |
|
Restricted cash |
|
|
9,067 |
|
|
|
6,681 |
|
Accounts receivable |
|
|
16,145 |
|
|
|
11,114 |
|
Inventories |
|
|
11,005 |
|
|
|
12,091 |
|
Due
from related parties |
|
|
2,679 |
|
|
|
382 |
|
Insurance claims receivable |
|
|
1,429 |
|
|
|
2,252 |
|
Prepaid lease rentals |
|
|
- |
|
|
|
3,328 |
|
Accrued charter revenue |
|
|
409 |
|
|
|
409 |
|
Prepayments and other |
|
|
2,450 |
|
|
|
3,470 |
|
Total
current assets |
|
$ |
136,563 |
|
|
$ |
223,346 |
|
FIXED
ASSETS, NET: |
|
|
|
|
|
|
|
|
Advances for vessels acquisitions |
|
$ |
240,871 |
|
|
$ |
81,370 |
|
Finance lease - Asset |
|
|
- |
|
|
|
170,500 |
|
Vessels, net |
|
|
2,187,388 |
|
|
|
2,162,872 |
|
Total
fixed assets, net |
|
$ |
2,428,259 |
|
|
$ |
2,414,742 |
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Investment in affiliates |
|
$ |
23,732 |
|
|
$ |
45,939 |
|
Prepaid lease rentals, non-current |
|
|
- |
|
|
|
29,579 |
|
Deferred charges, net |
|
|
29,864 |
|
|
|
29,149 |
|
Accounts receivable, non-current |
|
|
7,334 |
|
|
|
7,334 |
|
Restricted cash |
|
|
49,826 |
|
|
|
47,652 |
|
Accrued charter revenue |
|
|
10,264 |
|
|
|
10,164 |
|
Total
assets |
|
$ |
2,685,842 |
|
|
$ |
2,807,905 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
206,717 |
|
|
$ |
198,370 |
|
Accounts payable |
|
|
5,814 |
|
|
|
7,694 |
|
Finance lease - obligation |
|
|
- |
|
|
|
8,245 |
|
Accrued liabilities |
|
|
14,386 |
|
|
|
14,873 |
|
Unearned revenue |
|
|
9,601 |
|
|
|
10,850 |
|
Fair
value of derivatives |
|
|
55,322 |
|
|
|
47,700 |
|
Other
current liabilities |
|
|
3,140 |
|
|
|
2,425 |
|
Total
current liabilities |
|
$ |
294,980 |
|
|
$ |
290,157 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Long-term debt, net of current portion |
|
$ |
1,660,859 |
|
|
$ |
1,521,727 |
|
Finance lease - obligation, net of current portion |
|
|
- |
|
|
|
162,220 |
|
Fair
value of derivatives, net of current portion |
|
|
47,890 |
|
|
|
41,269 |
|
Unearned revenue, net of current portion |
|
|
25,164 |
|
|
|
26,692 |
|
Total
non-current liabilities |
|
$ |
1,733,913 |
|
|
$ |
1,751,908 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Common stock |
|
$ |
8 |
|
|
$ |
8 |
|
Additional paid-in capital |
|
|
762,142 |
|
|
|
858,665 |
|
Accumulated deficit |
|
|
(20,047 |
) |
|
|
(23,016 |
) |
Accumulated other comprehensive loss |
|
|
(85,154 |
) |
|
|
(69,817 |
) |
Total
stockholders' equity |
|
$ |
656,949 |
|
|
$ |
765,840 |
|
Total
liabilities and stockholders' equity |
|
$ |
2,685,842 |
|
|
$ |
2,807,905 |
|
Contacts: Company Contact: Gregory Zikos Chief Financial Officer
Konstantinos Tsakalidis Business Development Costamare Inc.,
Athens, Greece Tel: (+30) 210-949-0050 Email: Email Contact
Investor Relations Advisor/ Media Contact: Gus Okwu
Allison+Partners, New York Telephone: (+1) 646-428-0638 Email:
Email Contact
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