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, 2016.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “Navios Acquisition reported net income of
$12.2 million or $0.08 per share for the second quarter of 2016 and
$36.0 million or $0.23 per share for the first half of 2016. This
included $1.3 million of profit sharing in the second quarter of
2016 of a total of $7.4 million in the first half of 2016. We
declared a dividend of $0.05 per share for the quarter, resulting
in a dividend yield of about 13% on an annualized basis.”
Angeliki Frangou continued, “NNA has 38 vessels with an average
age of 5.4 years, all of which are generating cash flow. Our fleet
is 98.2% fixed for 2016 and 56.6% fixed for 2017, and our operating
costs are fixed through mid-2018, at rates that are about 11% below
industry average through our operating agreements with Navios
Holdings.”
HIGHLIGHTS — RECENT
DEVELOPMENTS
Dividend of $0.05 per share of common stock
On August 10, 2016, the Board of Directors of Navios Acquisition
declared a quarterly cash dividend for the second quarter of 2016
of $0.05 per share of common stock. The dividend is payable on
September 21, 2016 to stockholders of record as of September 14,
2016 and provides a current annualized yield of 12.7%.
Profit sharing
During the second quarter of 2016, Navios Acquisition benefited
from the healthy spot market and earned $1.3 million under its
profit sharing arrangements. Profit sharing recognized for the six
months ended June 30, 2016 was $7.4 million.
Time Charter Coverage
Navios Acquisition currently owns 38 vessels, of which eight are
VLCCs, 26 are product tankers and four are chemical tankers which
include the two vessels, the Nave Constellation, a 2013-built
chemical tanker of 45,281 dwt, and the Nave Universe, a 2013-built
chemical tanker of 45,513 dwt, that Navios Acquisition has agreed
to sell following the completion of their chartering commitments,
expected during the second half of 2016.
As of August 18, 2016, Navios Acquisition had contracted 98.2%
and 56.6% of its available days on a charter-out basis for 2016 and
2017, respectively, expecting to generate revenues of approximately
$256.9 million and $118.7 million, respectively. The average
contractual daily charter-out rate for the fleet is expected to be
$20,679 and $21,020 for 2016 and 2017, respectively.
FINANCIAL HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Acquisition has compiled
its consolidated statement of income for the three months and six
months ended June 30, 2016 and 2015. The quarterly information for
2016 and 2015 was derived from the unaudited condensed consolidated
financial statements for the respective periods.
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(Expressed in
thousands of U.S. dollars) |
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ThreeMonth Periodended June 30, 2016
(unaudited) |
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ThreeMonthPeriodended June 30, 2015
(unaudited) |
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Six Month Periodended June 30, 2016
(unaudited) |
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Six Month Periodended June 30, 2015
(unaudited) |
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Revenue |
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$ |
74,495 |
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$ |
80,408 |
|
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$ |
154,914 |
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$ |
159,019 |
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Net cash provided by
operating activities |
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|
$ |
24,176 |
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$ |
20,034 |
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$ |
50,237 |
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$ |
54,144 |
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EBITDA |
|
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$ |
45,186 |
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$ |
60,398 |
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$ |
102,954 |
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$ |
113,606 |
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Adjusted EBITDA(1) |
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$ |
45,450 |
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$ |
55,289 |
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$ |
101,200 |
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$ |
109,153 |
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Net income |
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$ |
12,184 |
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$ |
26,362 |
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$ |
35,954 |
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$ |
46,396 |
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Adjusted net income
(1) |
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$ |
12,448 |
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$ |
22,029 |
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$ |
34,414 |
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$ |
42,719 |
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Earnings per share
(basic) |
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$ |
0.08 |
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$ |
0.17 |
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$ |
0.23 |
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$ |
0.29 |
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Adjusted earnings per
share (basic) (1) |
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$ |
0.08 |
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$ |
0.14 |
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$ |
0.22 |
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$ |
0.27 |
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(1) Adjusted EBITDA, Adjusted net income and Adjusted earnings
per share (basic) for the three month period ended June 30, 2016 in
this document exclude non-cash stock-based compensation of $0.3
million. Adjusted EBITDA, Adjusted net income and Adjusted
earnings per share (basic) for the six month period ended June 30,
2016 in this document exclude gain on sale of vessel of $2.3
million and non-cash stock-based compensation of $0.5 million. Net
income and Earnings per share (basic) have been further adjusted to
exclude $0.2 million write-off of deferred finance cost.
Adjusted EBITDA, Adjusted net income and Adjusted earnings
(basic) for the three month period ended June 30, 2015 in this
document exclude stock-based compensation of $0.7 million and gain
on sale of vessels of $5.8 million. Net income and Earnings per
share (basic) have been further adjusted to exclude $0.8 million
write off of deferred finance cost and debt prepayment expenses.
Adjusted EBITDA, Adjusted net income and Adjusted earnings (basic)
for the six month period ended June 30, 2015 in this document
exclude stock-based compensation of $1.3 million and gain on sale
of vessels of $5.8 million. Net income and Earnings per share
(basic) have been further adjusted to exclude $0.8 million write
off of deferred finance cost and debt prepayment expenses.
EBITDA and Adjusted EBITDA 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).
Three month periods ended June 30, 2016 and
2015
Revenue for the three month period ended June 30, 2016
decreased by $5.9 million or 7.4% to $74.5 million, as
compared to $80.4 million for the same period of 2015. The decrease
was mainly attributable to: (i) the decrease in profit sharing by
$7.2 million to $1.3 million recognized in the three month period
ended June 30, 2016, as compared to $8.6 million for the same
period in 2015; and (ii) the decrease in revenue by $6.9 million
due to the sale of two VLCCs in June 2015 and one MR2 tanker vessel
in January 2016. The decrease was partially mitigated by the
increase in revenue following the deliveries of two vessels from
April 2015 until June 30, 2016. Available days of the fleet
decreased to 3,437 days for the three month period ended
June 30, 2016, as compared to 3,523 days for the three
month period ended June 30, 2015. The TCE Rate decreased to
$21,380 for the three month period ended June 30, 2016, from
$22,541 for the three month period ended June 30, 2015.
EBITDA for the three month period ended June 30, 2016
decreased by $15.2 million to $45.2 million from $60.4 million in
the same period of 2015. The decrease in EBITDA was mainly due to:
(i) a $5.9 million decrease in revenue; (ii) $5.8 million of
gain from sale of vessels recognized in the three month period
ended June 30, 2015; (iii) a $2.1 million increase in general and
administrative expenses; (iv) a $0.8 million increase in other
expense, net; and (v) $0.7 million increase in direct vessel
expenses (excluding amortization of dry dock and special survey
costs), partially mitigated by a $0.1 million increase in equity in
net earnings of affiliated companies.
Net income for the three month period ended June 30, 2016,
decreased by approximately $14.2 million to $12.2 million compared
to $26.4 million, for the same period in 2015. The decrease was due
to: (i) a decrease of $15.2 million in EBITDA; and (ii) an increase
of $0.3 million in amortization of dry docking and special survey
costs included in direct vessel expenses. The decrease was
partially mitigated by: (a) an increase of $0.6 million in interest
income; (b) a decrease of $0.6 million in depreciation and
amortization; and (c) a decrease of $0.2 million in interest
expense and finance cost.
Six month periods ended June 30, 2016 and
2015
Revenue for the six month period ended June 30, 2016
decreased by $4.1 million or 2.6% to $154.9 million, as compared to
$159.0 million for the same period of 2015. The decrease was mainly
attributable to: (i) the decrease in profit sharing by $8.8 million
to $7.4 million recognized in the six month period ended
June 30, 2016, as compared to $16.2 million for the same
period in 2015; and (ii) the decrease in revenue by $14.7 million
due to the sale of two VLCCs in June 2015 and one MR2 tanker vessel
in January 2016. The decrease was partially mitigated by the
increase in revenue following deliveries of four vessels during the
period from January 2015 until June 30, 2016. Available days
of the fleet decreased to 6,914 days for the six month period
ended June 30, 2016, as compared to 6,961 days for the
six month period ended June 30, 2015. The TCE Rate slightly
decreased to $22,055 for the six month period ended June 30,
2016, from $22,531 for the six month period ended June 30,
2015.
EBITDA for the six month period ended June 30, 2016
decreased by $10.7 million to $103.0 million from $113.6 million in
the same period of 2015. The decrease in EBITDA was mainly due to:
(i) a $4.1 million decrease in revenue; (ii) the decrease in
the gain on sale of vessels by $3.5 million; (iii) a $2.4
million increase in general and administrative expenses; (iv) a
$1.0 million increase in other expense, net; (v) a $0.3
million increase in time charter expenses; (vi) a $0.2 million
increase in management fees; and (vii) $0.7 million increase in
direct vessel expenses (excluding amortization of dry dock and
special survey costs), partially mitigated by a $1.5 million
increase in equity in net earnings of affiliated companies.
Net income for the six month period ended June 30, 2016
decreased by $10.4 million to $36.0 million from $46.4 million for
the same period of 2015. The decrease was due to: (i) a decrease of
$10.7 million in EBITDA; (ii) an increase of $0.7 million in
interest expense and finance cost; and (iii) an increase of $0.6
million in amortization of dry docking and special survey costs
included in direct vessel expenses. The decrease was partially
mitigated by: (a) an increase of $1.0 million in interest income;
and (b) a decrease of $0.6 million in depreciation and
amortization.
Fleet Employment Profile
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, 2016 and 2015.
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Three month period endedJune 30, |
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Six month period endedJune 30, |
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2016(unaudited) |
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2015(unaudited) |
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2016(unaudited) |
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2015(unaudited) |
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FLEET
DATA |
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Available days(1) |
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3,437 |
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3,523 |
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6,914 |
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6,961 |
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Operating days(2) |
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3,428 |
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3,511 |
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6,899 |
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6,936 |
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Fleet utilization(3) |
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99.8 |
% |
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99.7 |
% |
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99.8 |
% |
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99.7 |
% |
Vessels operating at
period end |
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38 |
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37 |
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38 |
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37 |
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AVERAGE DAILY
RESULTS |
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Time Charter Equivalent
(“TCE”) Rate per day(4) |
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$ |
21,380 |
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$ |
22,541 |
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$ |
22,055 |
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$ |
22,531 |
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(1) Available days: Available
days 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,
dry dockings 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.
(2) Operating days: 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.
(3) Fleet utilization: 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,
dry dockings or special
surveys.
(4) TCE Rate: 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.
Conference Call, Webcast and Presentation
Details:As previously announced, Navios Acquisition will
host a conference call today, Thursday, August 18, 2016 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, 2016.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 2750 1665
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: 2750 1665
The call will be simultaneously Webcast. The
Webcast will be available on the Navios Acquisition website,
www.navios-acquisition.com, 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.
About Navios Acquisition 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: www.navios-acquisition.com.
Forward Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and expectations,
including with respect to Navios Acquisition’s future dividends,
2016 cash flow generation 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, the creditworthiness of our charterers and the
ability of our contract counterparties to fulfill their obligations
to us, tanker industry trends, including charter rates and vessel
values and factors affecting vessel supply and demand, the aging of
our vessels and resultant increases in operation and dry docking
costs, the loss of any customer or charter or vessel, our ability
to repay outstanding indebtedness, to obtain additional financing
and to obtain replacement charters for our vessels, in each case,
at commercially acceptable rates or at all, 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,
potential liability from litigation and our vessel operations,
including discharge of pollutants, 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, including its Form 20Fs and
Form 6Ks. 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.
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EXHIBIT I |
NAVIOS MARITIME
ACQUISITION CORPORATIONCONDENSED CONSOLIDATED
BALANCE SHEETS(Expressed in thousands of U.S. Dollars
except share data) |
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June 30,2016(unaudited) |
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December 31,2015(unaudited) |
ASSETS |
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Current
assets |
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Cash and cash
equivalents |
|
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$ |
69,536 |
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$ |
54,805 |
Restricted cash |
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6,904 |
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|
6,840 |
Accounts receivable,
net |
|
|
|
|
15,939 |
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|
14,202 |
Due from related parties,
short-term |
|
|
|
|
21,661 |
|
|
|
17,837 |
Prepaid expenses and other
current assets |
|
|
|
|
2,261 |
|
|
|
3,665 |
Total current
assets |
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|
116,301 |
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|
97,349 |
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Vessels, net |
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|
1,335,363 |
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|
1,441,635 |
Vessels held for sale |
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|
62,072 |
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|
— |
Goodwill |
|
|
|
|
1,579 |
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|
1,579 |
Other long-term
assets |
|
|
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|
5,850 |
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|
1,920 |
Deferred dry dock and
special survey costs, net |
|
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|
10,186 |
|
|
|
10,326 |
Investment in
affiliates |
|
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|
201,711 |
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|
204,808 |
Due from related parties,
long-term |
|
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28,257 |
|
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|
16,474 |
Total non-current
assets |
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|
1,645,018 |
|
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|
1,676,742 |
Total
assets |
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|
$ |
1,761,319 |
|
|
$ |
1,774,091 |
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LIABILITIES AND
STOCKHOLDERS’ EQUITY |
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Current
liabilities |
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Accounts payable |
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|
|
$ |
2,366 |
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$ |
2,753 |
Accrued expenses |
|
|
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|
13,211 |
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|
9,802 |
Deferred revenue |
|
|
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|
6,516 |
|
|
|
7,600 |
Current portion of
long-term debt, net of deferred finance cost |
|
|
|
|
74,864 |
|
|
|
62,643 |
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Total current
liabilities |
|
|
|
|
96,957 |
|
|
|
82,798 |
Long-term debt, net of
current portion, premium and net of deferred finance cost |
|
|
|
|
1,089,901 |
|
|
|
1,134,940 |
Deferred gain on sale of
assets |
|
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|
8,459 |
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|
8,982 |
Total non-current
liabilities |
|
|
|
|
1,098,360 |
|
|
|
1,143,922 |
Total
liabilities |
|
|
|
$ |
1,195,317 |
|
|
$ |
1,226,720 |
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Commitments and
contingencies |
|
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|
|
— |
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— |
Puttable common
stock 450,000 and 650,000 shares issued and outstanding with $4,500
and $6,500 redemption amount as of June 30, 2016 and December 31,
2015, respectively |
|
|
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|
4,500 |
|
|
|
6,500 |
Stockholders’
equity |
|
|
|
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|
|
Preferred stock, $0.0001
par value; 10,000,000 shares authorized; 1,000 series C shares and
4,000 series A and C shares issued and outstanding as of June 30,
2016 and December 31, 2015, respectively |
|
|
|
|
— |
|
|
|
— |
Common stock, $0.0001 par
value; 250,000,000 shares authorized; 150,782,990 and 149,782,990
issued and outstanding as of June 30, 2016 and
December 31, 2015, respectively |
|
|
|
|
15 |
|
|
|
15 |
Additional paid-in
capital |
|
|
|
|
541,384 |
|
|
|
540,856 |
Retained earnings |
|
|
|
|
20,103 |
|
|
|
— |
Total
stockholders’ equity |
|
|
|
|
561,502 |
|
|
|
540,871 |
Total liabilities
and stockholders’ equity |
|
|
|
$ |
1,761,319 |
|
|
$ |
1,774,091 |
|
|
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|
|
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NAVIOS
MARITIME ACQUISITION CORPORATIONCONDENSED
CONSOLIDATED STATEMENTS OF INCOME(Expressed in thousands
of U.S. dollars- except share and per share data) |
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For the Three |
|
|
For theThree |
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|
For the Six |
|
|
For the Six |
|
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Months |
|
|
Months |
|
|
Months |
|
|
Months |
|
|
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
|
|
June 30, 2016 |
|
|
June 30, 2015 |
|
|
June 30, 2016 |
|
|
June 30, 2015 |
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
|
|
|
$ |
74,495 |
|
|
$ |
80,408 |
|
|
|
|
$ |
154,914 |
|
|
$ |
159,019 |
|
Time charter and voyage
expenses |
|
|
|
|
(1,017 |
) |
|
|
(996 |
) |
|
|
|
|
(2,438 |
) |
|
|
(2,186 |
) |
Direct vessel
expenses |
|
|
|
|
(1,405 |
) |
|
|
(348 |
) |
|
|
|
|
(2,049 |
) |
|
|
(697 |
) |
Management fees |
|
|
|
|
(24,318 |
) |
|
|
(24,293 |
) |
|
|
|
|
(48,504 |
) |
|
|
(48,335 |
) |
General and administrative
expenses |
|
|
|
|
(5,981 |
) |
|
|
(3,903 |
) |
|
|
|
|
(9,510 |
) |
|
|
(7,068 |
) |
Depreciation and
amortization |
|
|
|
|
(14,294 |
) |
|
|
(14,880 |
) |
|
|
|
|
(29,177 |
) |
|
|
(29,771 |
) |
Gain on sale of
vessels |
|
|
|
|
— |
|
|
|
5,771 |
|
|
|
|
|
2,282 |
|
|
|
5,771 |
|
Interest income |
|
|
|
|
880 |
|
|
|
302 |
|
|
|
|
|
1,534 |
|
|
|
573 |
|
Interest expense and
finance cost |
|
|
|
|
(18,913 |
) |
|
|
(19,110 |
) |
|
|
|
|
(38,038 |
) |
|
|
(37,315 |
) |
Equity in net earnings of
affiliated companies |
|
|
|
|
3,731 |
|
|
|
3,651 |
|
|
|
|
|
8,622 |
|
|
|
7,089 |
|
Other expense, net |
|
|
|
|
(994 |
) |
|
|
(240 |
) |
|
|
|
|
(1,682 |
) |
|
|
(684 |
) |
Net
income |
|
|
|
$ |
12,184 |
|
|
$ |
26,362 |
|
|
|
|
$ |
35,954 |
|
|
$ |
46,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend on Series B
preferred shares |
|
|
|
|
— |
|
|
|
(27 |
) |
|
|
|
|
— |
|
|
|
(54 |
) |
Dividend on Series D
preferred shares |
|
|
|
|
— |
|
|
|
(61 |
) |
|
|
|
|
— |
|
|
|
(199 |
) |
Dividend declared on
restricted shares |
|
|
|
|
(35 |
) |
|
|
(70 |
) |
|
|
|
|
(70 |
) |
|
|
(140 |
) |
Undistributed income
attributable to Series C participating preferred shares |
|
|
|
|
(591 |
) |
|
|
(1,271 |
) |
|
|
|
|
(1,752 |
) |
|
|
(2,233 |
) |
Net income
attributable to common shareholders, basic |
|
|
|
$ |
11,558 |
|
|
$ |
24,933 |
|
|
|
|
$ |
34,132 |
|
|
$ |
43,770 |
|
Dividend on Series B
preferred shares |
|
|
|
|
— |
|
|
|
27 |
|
|
|
|
|
— |
|
|
|
54 |
|
Dividend on Series D
preferred shares |
|
|
|
|
— |
|
|
|
61 |
|
|
|
|
|
— |
|
|
|
199 |
|
Dividend declared on
restricted shares |
|
|
|
|
35 |
|
|
|
70 |
|
|
|
|
|
70 |
|
|
|
140 |
|
Net income
attributable to common shareholders, diluted |
|
|
|
$ |
11,593 |
|
|
$ |
25,091 |
|
|
|
|
$ |
34,202 |
|
|
$ |
44,163 |
|
Net income per share,
basic |
|
|
|
$ |
0.08 |
|
|
$ |
0.17 |
|
|
|
|
$ |
0.23 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares, basic |
|
|
|
|
150,084,084 |
|
|
|
150,580,595 |
|
|
|
|
|
149,668,699 |
|
|
|
150,455,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
diluted |
|
|
|
$ |
0.08 |
|
|
$ |
0.16 |
|
|
|
|
$ |
0.23 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares, diluted |
|
|
|
|
150,784,089 |
|
|
|
154,197,621 |
|
|
|
|
|
150,836,836 |
|
|
|
154,340,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS
MARITIME ACQUISITION CORPORATIONCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(Expressed in
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six MonthsEnded June 30, 2016(unaudited) |
|
|
For the Six
MonthsEnded June 30, 2015(unaudited) |
|
Operating
Activities |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
$ |
35,954 |
|
|
$ |
46,396 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
|
29,177 |
|
|
|
29,771 |
|
Amortization and write-off
of deferred finance cost and bond premium |
|
|
|
|
1,864 |
|
|
|
1,993 |
|
Amortization of deferred
dry dock and special survey costs |
|
|
|
|
1,319 |
|
|
|
697 |
|
Stock based
compensation |
|
|
|
|
528 |
|
|
|
1,318 |
|
Gain on sale of
vessels |
|
|
|
|
(2,282 |
) |
|
|
(5,771 |
) |
Equity in net earnings of
affiliated companies, net of dividends received |
|
|
|
|
(833 |
) |
|
|
(1,159 |
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Decrease in prepaid
expenses and other current assets |
|
|
|
|
1,404 |
|
|
|
1,388 |
|
Increase in accounts
receivable |
|
|
|
|
(1,737 |
) |
|
|
(3,143 |
) |
Increase in due from
related parties short-term |
|
|
|
|
(3,824 |
) |
|
|
(2,860 |
) |
Increase in restricted
cash |
|
|
|
|
(64 |
) |
|
|
(50 |
) |
(Increase)/ decrease in
other long term assets |
|
|
|
|
(3,930 |
) |
|
|
210 |
|
(Decrease)/ increase in
accounts payable |
|
|
|
|
(387 |
) |
|
|
726 |
|
Increase in accrued
expenses |
|
|
|
|
3,409 |
|
|
|
638 |
|
Payments for dry dock and
special survey costs |
|
|
|
|
(2,324 |
) |
|
|
— |
|
Increase in due from
related parties long-term |
|
|
|
|
(6,430 |
) |
|
|
— |
|
Decrease in due to related
parties |
|
|
|
|
— |
|
|
|
(17,462 |
) |
(Decrease)/ increase in
deferred revenue |
|
|
|
|
(1,607 |
) |
|
|
1,452 |
|
Net cash provided
by operating activities |
|
|
|
$ |
50,237 |
|
|
$ |
54,144 |
|
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
|
|
Acquisition of
vessels |
|
|
|
|
— |
|
|
|
(29,397 |
) |
Dividends received from
affiliates |
|
|
|
|
2,853 |
|
|
|
757 |
|
Net proceeds from sale of
vessels |
|
|
|
|
18,449 |
|
|
|
71,224 |
|
Investment in
affiliates |
|
|
|
|
— |
|
|
|
(4,826 |
) |
Loans receivable from
affiliates |
|
|
|
|
(4,275 |
) |
|
|
(3,289 |
) |
Net cash provided by investing activities |
|
|
|
$ |
17,027 |
|
|
$ |
34,469 |
|
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
|
|
Loan proceeds, net of
deferred finance cost |
|
|
|
|
— |
|
|
|
25,954 |
|
Loan repayments |
|
|
|
|
(34,682 |
) |
|
|
(64,198 |
) |
Dividend paid |
|
|
|
|
(15,851 |
) |
|
|
(16,170 |
) |
Payment to related
party |
|
|
|
|
— |
|
|
|
(11,265 |
) |
Decrease in restricted
cash |
|
|
|
|
— |
|
|
|
(130 |
) |
Redemption of convertible
shares and puttable common stock |
|
|
|
|
(2,000 |
) |
|
|
(3,500 |
) |
Net cash used in financing activities |
|
|
|
$ |
(52,533 |
) |
|
$ |
(69,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net increase in
cash and cash equivalents |
|
|
|
|
14,731 |
|
|
|
19,304 |
|
Cash and cash
equivalents, beginning of year |
|
|
|
|
54,805 |
|
|
|
54,493 |
|
Cash and cash equivalents, end of period |
|
|
|
$ |
69,536 |
|
|
$ |
73,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA and Adjusted EBITDA
to Net Cash from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month |
|
|
Three Month |
|
|
Six Month |
|
|
Six Month |
|
Period |
Period |
Period |
Period |
Ended |
Ended |
Ended |
Ended |
June 30, |
June 30, |
June 30, |
June 30, |
2016 |
2015 |
2016 |
2015 |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
Expressed in thousands of U.S. dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
24,176 |
|
|
$ |
20,034 |
|
|
$ |
50,237 |
|
|
$ |
54,144 |
|
Net
(decrease)/ increase in operating assets |
|
|
(5,054 |
) |
|
|
(677 |
) |
|
|
16,905 |
|
|
|
4,455 |
|
Net
decrease/ (increase) in operating liabilities |
|
|
8,774 |
|
|
|
20,666 |
|
|
|
(1,415 |
) |
|
|
14,646 |
|
Net
interest cost |
|
|
18,033 |
|
|
|
18,808 |
|
|
|
36,504 |
|
|
|
36,742 |
|
Amortization of deferred finance cost |
|
|
(822 |
) |
|
|
(1,263 |
) |
|
|
(1,864 |
) |
|
|
(1,993 |
) |
Earnings
in affiliates, net of dividends received |
|
|
343 |
|
|
|
(2,279 |
) |
|
|
833 |
|
|
|
1,159 |
|
Stock
based compensation |
|
|
(264 |
) |
|
|
(662 |
) |
|
|
(528 |
) |
|
|
(1,318 |
) |
Gain on
sale of vessels |
|
|
— |
|
|
|
5,771 |
|
|
|
2,282 |
|
|
|
5,771 |
|
EBITDA |
|
|
45,186 |
|
|
|
60,398 |
|
|
|
102,954 |
|
|
|
113,606 |
|
Stock
based compensation |
|
|
264 |
|
|
|
662 |
|
|
|
528 |
|
|
|
1,318 |
|
Gain on
sale of vessels |
|
|
— |
|
|
|
(5,771 |
) |
|
|
(2,282 |
) |
|
|
(5,771 |
) |
Adjusted EBITDA |
|
$ |
45,450 |
|
|
$ |
55,289 |
|
|
$ |
101,200 |
|
|
$ |
109,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month |
|
|
Three Month |
|
|
Six Month |
|
|
Six Month |
|
Period |
Period |
Period |
Period |
Ended |
Ended |
Ended |
Ended |
June 30, |
June 30, |
June 30, |
June 30, |
2016 |
2015 |
2016 |
2015 |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Net cash
provided by operating activities |
|
$ |
24,176 |
|
|
$ |
20,034 |
|
|
$ |
50,237 |
|
|
$ |
54,144 |
|
Net cash
provided by investing activities |
|
$ |
1,935 |
|
|
$ |
61,902 |
|
|
$ |
17,027 |
|
|
$ |
34,469 |
|
Net cash
used in financing activities |
|
$ |
(21,216 |
) |
|
$ |
(65,742 |
) |
|
$ |
(52,533 |
) |
|
$ |
(69,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
EBITDA for the three and six months ended June
30, 2016 in this document represents net income plus interest and
finance costs plus depreciation and amortization and income taxes
less interest income.
Adjusted EBITDA for the three and six months
ended June 30, 2016 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 represent net income before interest
and finance cost, before depreciation and amortization, income
taxes, gain on sale of vessel and stock-based compensation. We use
EBITDA and Adjusted EBITDA as liquidity measures and reconcile
Adjusted EBITDA to net cash provided by/ (used in) operating
activities, the most comparable U.S. GAAP liquidity measure. EBITDA
and Adjusted EBITDA in this document are calculated as follows: net
cash provided by/(used in) operating activities adding back, when
applicable and as the case may be, the effect of: (i) net
increase/(decrease) in operating assets; (ii) net
(increase)/decrease in operating liabilities; (iii) net interest
cost; (iv) amortization of deferred finance cost and other related
expenses; (v) provision for losses on accounts receivable; (vi)
equity in net earnings of affiliated companies, net of dividends
received; (vii) payments for dry dock and special survey costs;
(viii) gain/(loss) on sale of assets/subsidiaries; and (ix)
impairment charges. Navios Acquisition believes that EBITDA and
Adjusted EBITDA are the 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. Navios Acquisition also believes that EBITDA and
Adjusted EBITDA are used: (i) by potential lenders to evaluate
potential transactions; (ii) to evaluate and price potential
acquisition candidates; and (iii) by securities analysts, investors
and other interested parties in the evaluation of companies in our
industry.
EBITDA and Adjusted EBITDA have limitations as analytical tools,
and should not be considered in isolation or as a substitute for
the analysis of Navios Acquisition’s results as reported under U.S.
GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA
do not reflect changes in, or cash requirements for, working
capital needs; and (ii) although depreciation and amortization are
non-cash charges, the assets being depreciated and amortized may
have to be replaced in the future. EBITDA and Adjusted EBITDA do
not reflect any cash requirements for such capital expenditures.
Because of these limitations, EBITDA and Adjusted EBITDA should not
be considered as a principal indicator of Navios Acquisition’s
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT III |
Vessels |
Type |
Year
Built/Delivery |
|
|
DWT |
Date |
|
|
Owned Vessels |
|
|
|
|
|
|
Nave Constellation(1) |
Chemical Tanker |
2013 |
|
|
|
45,281 |
Nave Universe(1) |
Chemical Tanker |
2013 |
|
|
|
45,513 |
Nave Polaris |
Chemical Tanker |
2011 |
|
|
|
25,145 |
Nave Cosmos |
Chemical Tanker |
2010 |
|
|
|
25,130 |
Nave Velocity |
|
MR2 Product
Tanker |
2015 |
|
|
49,999 |
Nave Sextans |
|
MR2 Product
Tanker |
2015 |
|
|
49,999 |
Nave
Pyxis |
MR2 Product
Tanker |
2014 |
|
|
49,998 |
Nave
Luminosity |
MR2 Product
Tanker |
2014 |
|
|
49,999 |
Nave
Jupiter |
MR2 Product
Tanker |
2014 |
|
|
|
49,999 |
Bougainville |
MR2 Product
Tanker |
2013 |
|
|
|
50,626 |
Nave Alderamin |
MR2 Product
Tanker |
2013 |
|
|
|
49,998 |
Nave Bellatrix |
MR2 Product
Tanker |
2013 |
|
|
|
49,999 |
Nave Capella |
MR2 Product
Tanker |
2013 |
|
|
|
49,995 |
Nave Orion |
MR2 Product
Tanker |
2013 |
|
|
|
49,999 |
Nave Titan |
MR2 Product
Tanker |
2013 |
|
|
|
49,999 |
Nave Aquila |
MR2 Product
Tanker |
2012 |
|
|
|
49,991 |
Nave Atria |
MR2 Product
Tanker |
2012 |
|
|
|
49,992 |
Nave Orbit |
MR2 Product
Tanker |
2009 |
|
|
|
50,470 |
Nave Equator |
MR2 Product
Tanker |
2009 |
|
|
|
50,542 |
Nave Equinox |
MR2 Product
Tanker |
2007 |
|
|
|
50,922 |
Nave Pulsar |
MR2 Product
Tanker |
2007 |
|
|
|
50,922 |
Nave Dorado |
MR2 Product
Tanker |
2005 |
|
|
|
47,999 |
Nave Atropos |
LR1 Product
Tanker |
2013 |
|
|
|
74,695 |
Nave Rigel |
LR1 Product
Tanker |
2013 |
|
|
|
74,673 |
Nave Cassiopeia |
LR1 Product
Tanker |
2012 |
|
|
|
74,711 |
Nave Cetus |
LR1 Product
Tanker |
2012 |
|
|
|
74,581 |
Nave Estella |
LR1 Product
Tanker |
2012 |
|
|
|
75,000 |
Nave Andromeda |
LR1 Product
Tanker |
2011 |
|
|
|
75,000 |
Nave Ariadne |
LR1 Product
Tanker |
2007 |
|
|
|
74,671 |
Nave Cielo |
LR1 Product
Tanker |
2007 |
|
|
|
74,671 |
Nave Buena
Suerte |
VLCC |
2011 |
|
|
|
297,491 |
Nave
Quasar |
VLCC |
2010 |
|
|
|
297,376 |
Nave
Synergy |
VLCC |
2010 |
|
|
299,973 |
Nave Galactic |
VLCC |
2009 |
|
|
|
297,168 |
Nave Spherical |
VLCC |
2009 |
|
|
|
297,188 |
Nave
Photon |
VLCC |
2008 |
|
|
|
297,395 |
Nave
Neutrino |
VLCC |
2003 |
|
|
|
298,287 |
Nave
Electron |
VLCC |
2002 |
|
|
|
305,178 |
(1) Vessel is expected to be sold in the second half of 2016,
following the completion of its chartering commitments.
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
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