Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA), an owner and operator of tanker vessels, reported its
financial results today for the first quarter ended March 31,
2018.
Angeliki Frangou, Chairman and Chief Executive
Officer of Navios Acquisition, stated, “I am pleased with the
results of the first quarter. In a difficult market, we took
measures to preserve and increase our liquidity, reduce operating
costs and position our company for the eventual upturn in rates.
Our operating initiatives created about $35.0 million in 2018
liquidity, including the net proceeds from a $44.5 million sale of
a VLCC and a refinancing that resulted in the elimination of debt
maturities for the next 13 months.”
Angeliki Frangou continued, “In addition, we fixed
77.2% of our available days for the year, of which 32.3% include
upside through profit sharing arrangements. We are also returning
capital to stockholders, both through a dividend, providing a 11.0%
current yield, and share repurchases, which year to date provided
an additional 4.0% return."
HIGHLIGHTS — RECENT
DEVELOPMENTS
Dividend of $0.02 per share of common
stock
On May 4, 2018, the Board of Directors of Navios
Acquisition declared a quarterly cash dividend for the first
quarter of 2018 of $0.02 per share of common stock. The dividend is
payable on June 27, 2018 to stockholders of record as of June 21,
2018. The declaration and payment of any further dividends remain
subject to the discretion of the Board of Directors and will depend
on, among other things, Navios Acquisition’s cash requirements as
measured by market opportunities and restrictions under its credit
agreements and other debt obligations and such other factors as the
Board of Directors may deem advisable.
Sale and leaseback agreementOn
March 31, 2018, Navios Acquisition entered into a $71.5 million
sale and leaseback agreement to refinance the outstanding balance
on the existing facility on four product tankers. The proceeds were
received in April 2018 and have been used to extinguish $69.25
million of indebtedness. The agreement provides for 24 quarterly
payments of $1.5 million each plus interest at LIBOR plus 305 bps
per annum. Navios Acquisition has an obligation to purchase the
vessels at the end of the sixth year for $35.8 million. Navios
Acquisition has no further maturities on its credit facilities for
the next 13 months.
Commercial and technical management fees
fixed until May 2020Navios Acquisition fixed the fees of
its vessels under its existing management agreement with Navios
Tankers Management Inc., a wholly-owned subsidiary of Navios
Maritime Holdings Inc. (“Navios Holdings”), for an additional
two-year period until May 28, 2020, following the expiration of the
current fixed fee period, at a daily fee of: (a) $6,500 per MR2
product tanker and chemical tanker vessel; (b) $7,150 per LR1
product tanker vessel; and (c) $9,500 per VLCC. The increase
represents a weighted average increase of 1.2% in the management
fees of the fleet. Drydocking expenses are reimbursed at cost for
all vessels.
Sale of a VLCCOn March 29, 2018,
the Company sold to Navios Maritime Midstream Partners L.P.
(“Navios Midstream”) the Nave Galactic, a 2009-built VLCC vessel of
297,168 dwt for a sale price of $44.5 million. The gain on sale of
the vessel amounted to $0.03 million. As a result of this
transaction, the Nave Galactic has been substituted by the Nave
Equinox and the Nave Pyxis, two MR2 product tankers, as collateral
under the 8 1/8% Secured Bond due 2021. On March 23, 2018, Navios
Acquisition prepaid $26.8 million, being the respective tranche of
the facility for the Nave Equinox and the Nave Pyxis.
Stock repurchase programAs of May
9, 2018, Navios Acquisition has repurchased 6,156,244 shares for
approximately $5.0 million, under the $25.0 million stock
repurchase program, providing an additional return of 4.0% to our
stockholders.
Time charter coverage
Navios Acquisition currently owns 35 vessels, of
which seven are VLCCs, 26 are product tankers and two are chemical
tankers.
Currently, Navios Acquisition has contracted 77.2%
of its available days on a charter-out basis for 2018, which is
expected to generate revenues of approximately $111.9 million for
2018. The average contractual net daily charter-out rate for the
62.5% of the available days that are contracted on base rate and/or
on base rate with profit sharing is expected to be $14,008 for
2018.
FINANCIAL HIGHLIGHTS For the
following results and the selected financial data presented herein,
Navios Acquisition has compiled its consolidated statements of
operations for the three months ended March 31, 2018 and
2017. The quarterly information for 2018 and 2017 was derived from
the unaudited condensed consolidated financial statements for
the respective periods.
(Expressed in
thousands of U.S. dollars) |
Three Month Period ended March 31, 2018
(unaudited) |
|
|
Three Month Period ended March 31, 2017
(unaudited) |
Revenue |
$ |
46,150 |
|
|
$ |
64,482 |
Net (loss)/ income |
$ |
(24,466 |
) |
|
$ |
5,615 |
Adjusted net (loss)/
income |
$ |
(17,920 |
)(1) |
|
$ |
5,615 |
Net cash (used
in)/provided by operating activities
|
$ |
(11,416 |
) |
|
$ |
27,636 |
EBITDA |
$ |
8,760 |
|
|
$ |
37,381 |
Adjusted EBITDA |
$ |
15,009 |
(1) |
|
$ |
37,381 |
(Loss)/ earnings per
share (basic) |
$ |
(0.16 |
) |
|
$ |
0.04 |
Adjusted (loss)/income
per share (basic) |
$ |
(0.11 |
)(1) |
|
$ |
0.04 |
- Adjusted EBITDA, Adjusted net (loss)/income and Adjusted
(loss)/income per share (basic) for the three month period ended
March 31, 2018 in this document excluded: (i) $6.0 million of
negative effect on equity/ (loss) in net earnings of affiliated
companies, relating to the sale of the Shinyo Kannika by Navios
Midstream; (ii) $0.3 million of non-cash stock-based compensation;
and (iii) $0.03 million of gain from sale of the Nave Galactic.
Adjusted net (loss)/income and Adjusted (loss)/income per share
(basic) for the three month period ended March 31, 2018 were
further adjusted to exclude $0.3 million write-off of deferred
finance costs.
EBITDA, Adjusted EBITDA, Adjusted net (loss)/ income and
Adjusted (loss)/income per share (basic) are non-GAAP financial
measure 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 March 31, 2018 and
2017
Revenue for the three month period ended March 31, 2018
decreased by $18.3 million, or 28.4%, to $46.2 million,
as compared to $64.5 million for the same period of 2017. The
decrease was mainly attributable to a decrease in the market rates
during the first quarter ended March 31, 2018, as compared to
the same period in 2017. Available days of the fleet decreased to
3,181 days for the three month period ended March 31,
2018, as compared to 3,207 days for the three month period
ended March 31, 2017. The time charter equivalent rate, or TCE
Rate, decreased to $14,205 for the three month period ended
March 31, 2018, from $19,475 for the three month period ended
March 31, 2017.
Net loss for the three month period ended March 31, 2018
amounted to $24.5 million as compared to $5.6 million net income
for the same period of 2017. The decrease was mainly due to a: (a)
$22.4 million decrease in Adjusted EBITDA; (b) $6.0 million of
negative effect on equity/ (loss) in net earnings of affiliated
companies, relating to the sale of the Shinyo Kannika by Navios
Midstream; (c) $0.7 million increase in direct vessel expenses; (d)
$0.4 million decrease in interest income; (e) $0.3 million of
non-cash stock-based compensation; (f) $0.3 million write-off of
deferred finance costs; and (g) $0.1 million increase in interest
expense and finance cost.
Adjusted EBITDA, affected by the items described in the table
above, decreased by approximately $22.4 million to
$15.0 million for the three month period ended March 31,
2018, as compared to $37.4 million for the same period of
2017. The decrease in Adjusted EBITDA was mainly due to:
(a) an $18.3 million decrease in revenue, as described
above; (b) a $2.6 million increase in time charter expenses
mainly due to the accrued backstop commitment to Navios Midstream;
(c) a $1.1 million decrease in equity /(loss) in net earnings
of affiliated companies (excluding the $6.0 million of negative
effect on equity/ (loss) in net earnings of affiliated companies,
relating to the sale of the Shinyo Kannika by Navios Midstream);
(d) a $0.2 million increase in other expense, net; and (e) a
$0.1 million increase in general and administrative expenses,
excluding stock-based compensation.
Fleet Employment Profile The following table
reflects certain key indicators of the performance of Navios
Acquisition and its core fleet for the three month periods ended
March 31, 2018 and 2017.
|
|
|
|
|
|
|
|
|
|
|
Three month period ended
March 31, |
|
|
|
2018(unaudited) |
|
|
2017(unaudited) |
|
FLEET
DATA |
|
|
|
|
|
|
|
|
Available days(1) |
|
|
3,181 |
|
|
|
3,207 |
|
Operating days(2) |
|
|
3,166 |
|
|
|
3,202 |
|
Fleet
utilization(3) |
|
|
99.5 |
% |
|
|
99.8 |
% |
Vessels operating at
period end
|
|
|
35 |
|
|
|
36 |
|
AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
Time charter equivalent
rate per day(4) |
|
$ |
14,205 |
|
|
$ |
19,475 |
|
|
|
|
|
|
|
|
|
|
Navios Acquisition believes that the important measures for
analyzing trends in its results of operations consist of the
following:
(1) |
|
Available days: Available days for the fleet are
total calendar days the vessels were in Navios Acquisition’s
possession for the relevant period after subtracting off-hire days
associated with major repairs, drydocking 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 per
day 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 per day 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, May 10, 2018 at 8:30 am ET,
at which time Navios Acquisition's senior management will provide
highlights and commentary on earnings results for the first quarter
ended March 31, 2018.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 148 5837
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: 148 5837
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 stock repurchases,
future dividends, future 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 U.S. Securities and Exchange
Commission, including its annual and interim reports filed on Form
20-F and Form 6-K. 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.
Public & Investor Relations Contact:Navios
Maritime Acquisition
Corporation+1.212.906.8644info@navios-acquisition.com
EXHIBIT I
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(Expressed in thousands of U.S. dollars- except
share data)
|
|
|
|
|
|
|
|
|
March 31,2018(unaudited) |
|
|
December 31,2017(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
76,922 |
|
|
$ |
81,151 |
|
Restricted cash |
|
4,213 |
|
|
|
5,307 |
|
Accounts receivable,
net |
|
12,570 |
|
|
|
12,810 |
|
Due from related
parties, short term |
|
15,489 |
|
|
|
13,931 |
|
Prepaid expenses and
other current assets |
|
7,691 |
|
|
|
6,534 |
|
|
|
|
Total current
assets |
|
116,885 |
|
|
|
119,733 |
|
|
|
|
Vessels, net |
|
1,191,447 |
|
|
|
1,250,043 |
|
Goodwill |
|
1,579 |
|
|
|
1,579 |
|
Other long-term
assets |
|
450 |
|
|
|
900 |
|
Deferred dry dock and
special survey costs, net |
|
22,726 |
|
|
|
20,871 |
|
Investment in
affiliates |
|
114,484 |
|
|
|
125,062 |
|
Due from related
parties, long-term |
|
55,296 |
|
|
|
54,593 |
|
|
|
|
Total
non-current assets |
|
1,385,982 |
|
|
|
1,453,048 |
|
|
|
|
Total
assets |
$ |
1,502,867 |
|
|
$ |
1,572,781 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
3,688 |
|
|
$ |
3,862 |
|
Accrued expenses |
|
24,223 |
|
|
|
12,211 |
|
Due to related parties,
short-term |
|
3,993 |
|
|
|
17,107 |
|
Deferred revenue |
|
3,469 |
|
|
|
5,028 |
|
Current portion of
long-term debt, net of deferred finance costs |
|
31,672 |
|
|
|
36,410 |
|
|
|
|
Total current
liabilities |
|
67,045 |
|
|
|
74,618 |
|
|
|
|
Long-term debt, net of
current portion, premium and net of deferred finance costs |
|
998,278 |
|
|
|
1,028,959 |
|
Deferred gain on sale
of assets |
|
6,484 |
|
|
|
6,729 |
|
|
|
|
Total
non-current liabilities |
|
1,004,762 |
|
|
|
1,035,688 |
|
|
|
|
Total
liabilities |
$ |
1,071,807 |
|
|
$ |
1,110,306 |
|
|
|
|
Commitments and
contingencies |
|
— |
|
|
|
— |
|
Stockholders’
equity |
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000,000 shares authorized; 1,000 series C
shares issued and outstanding as of March 31, 2018 and
December 31, 2017 |
|
— |
|
|
|
— |
|
Common stock, $0.0001
par value; 250,000,000 shares authorized; 147,086,141 and
152,107,905 issued and outstanding as of March 31, 2018
and December 31, 2017, respectively |
|
14 |
|
|
|
15 |
|
Additional paid-in
capital |
|
511,123 |
|
|
|
518,071 |
|
Accumulated
deficit |
|
(80,077 |
) |
|
|
(55,611 |
) |
Total
stockholders’ equity |
|
431,060 |
|
|
|
462,475 |
|
Total
liabilities and stockholders’ equity |
$ |
1,502,867 |
|
|
$ |
1,572,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars- except
share and per share data)
|
|
|
|
|
|
|
|
|
For the Three MonthsEndedMarch 31, 2018(unaudited) |
|
|
For the Three MonthsEndedMarch 31, 2017(unaudited) |
|
Revenue |
$ |
46,150 |
|
|
$ |
64,482 |
|
Time charter and voyage
expenses |
|
(5,826 |
) |
|
|
(3,178 |
) |
Direct vessel
expenses |
|
(1,548 |
) |
|
|
(893 |
) |
Management fees
(entirely through related party transactions)
|
|
(23,399 |
) |
|
|
(23,418 |
) |
General and
administrative expenses |
|
(3,163 |
) |
|
|
(2,763 |
) |
Depreciation and
amortization |
|
(14,210 |
) |
|
|
(14,220 |
) |
Interest income |
|
1,836 |
|
|
|
2,194 |
|
Interest expenses and
finance cost |
|
(19,304 |
) |
|
|
(18,847 |
) |
Gain on sale of
vessel |
|
25 |
|
|
|
— |
|
Equity/ (loss) in net
earnings of affiliated companies |
|
(4,288 |
) |
|
|
2,768 |
|
Other expense, net |
|
(739 |
) |
|
|
(510 |
) |
|
|
|
|
|
|
|
|
Net (loss)/
income |
$ |
(24,466 |
) |
|
$ |
5,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income per
share, basic |
$ |
(0.16 |
) |
|
$ |
0.04 |
|
Weighted average number
of shares, basic |
|
148,551,713 |
|
|
|
150,500,768 |
|
Net (loss)/ income per
share, diluted |
$ |
(0.16 |
) |
|
$ |
0.04 |
|
Weighted average number
of shares, diluted |
|
148,551,713 |
|
|
|
158,176,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(Expressed in thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
For the Three MonthsEnded March 31, 2018(unaudited) |
|
|
For the Three MonthsEnded March 31, 2017(unaudited) |
|
Operating
Activities |
|
|
|
|
|
|
|
Net (loss)/ income |
$ |
(24,466 |
) |
|
$ |
5,615 |
|
Adjustments to
reconcile net (loss)/ income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
14,210 |
|
|
|
14,220 |
|
Amortization and
write-off of deferred finance fees and bond premium |
|
1,096 |
|
|
|
916 |
|
Amortization of dry
dock and special survey costs |
|
1,548 |
|
|
|
893 |
|
Stock based
compensation |
|
269 |
|
|
|
— |
|
Gain on sale of
vessel |
|
(25 |
) |
|
|
— |
|
Equity/ (loss) in net
earnings of affiliated companies, net of dividends received |
|
4,288 |
|
|
|
(308 |
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
Increase in prepaid
expenses and other current assets |
|
(1,157 |
) |
|
|
(24 |
) |
Decrease in other long
term assets |
|
450 |
|
|
|
— |
|
Decrease in accounts
receivable |
|
324 |
|
|
|
5,008 |
|
(Increase)/ decrease in
due from related parties, short-term |
|
(1,558 |
) |
|
|
4,779 |
|
Decrease / (increase)
in due from related parties, long-term |
|
17 |
|
|
|
(14,697 |
) |
Decrease in accounts
payable |
|
(13 |
) |
|
|
(680 |
) |
Increase in accrued
expenses |
|
11,988 |
|
|
|
13,345 |
|
Payments for dry dock
and special survey costs |
|
(3,870 |
) |
|
|
(2,907 |
) |
(Decrease)/ increase in
due to related parties, short-term |
|
(12,958 |
) |
|
|
2,404 |
|
Decrease in deferred
revenue |
|
(1,559 |
) |
|
|
(928 |
) |
|
|
|
|
|
|
|
|
Net cash (used
in)/ provided by operating activities |
$ |
(11,416 |
) |
|
$ |
27,636 |
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
Loans receivable from
affiliates |
|
— |
|
|
|
(5,259 |
) |
Dividends received from
affiliates |
|
5,326 |
|
|
|
2,864 |
|
Investment in
affiliates |
|
— |
|
|
|
(79 |
) |
Net cash proceeds from
sale of vessel |
|
44,500 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Net cash
provided by/ (used in) investing activities |
$ |
49,826 |
|
|
$ |
(2,474 |
) |
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
Loan proceeds, net of
deferred finance costs |
|
— |
|
|
|
26,008 |
|
Loan repayments |
|
(36,515 |
) |
|
|
(26,788 |
) |
Dividend paid |
|
(3,102 |
) |
|
|
(7,908 |
) |
Redemption of
convertible shares and puttable common stock |
|
— |
|
|
|
(1,000 |
) |
Acquisition of treasury
stock |
|
(4,116 |
) |
|
|
— |
|
Net cash used
in financing activities |
$ |
(43,733 |
) |
|
$ |
(9,688 |
) |
|
|
|
|
|
|
|
|
Net (decrease)/
increase in cash, cash equivalents and restricted
cash |
|
(5,323 |
) |
|
|
15,474 |
|
Cash, cash
equivalents and restricted cash, beginning of period |
|
86,458 |
|
|
|
56,658 |
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, end of period |
$ |
81,135 |
|
|
$ |
72,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash
from Operating Activities
|
Three Month |
|
|
Three Month |
|
|
Period |
|
|
Period |
|
|
Ended |
|
|
Ended |
|
|
March 31,2018(unaudited) |
|
|
March 31,2017(unaudited) |
|
Expressed in
thousands of U.S. dollars |
|
|
|
|
|
|
|
Net cash (used in)/
provided by operating activities |
$ |
(11,416 |
) |
|
$ |
27,636 |
|
Net increase in
operating assets |
|
1,924 |
|
|
|
4,934 |
|
Net decrease/
(increase) in operating liabilities |
|
2,542 |
|
|
|
(14,141 |
) |
Net interest cost |
|
17,468 |
|
|
|
16,653 |
|
Amortization and
write-off of deferred finance costs and bond premium |
|
(1,096 |
) |
|
|
(916 |
) |
Equity/ (loss) in net
earnings of affiliates, net of dividends received |
|
(4,288 |
) |
|
|
308 |
|
Payments for dry dock
and special survey costs |
|
3,870 |
|
|
|
2,907 |
|
Gain on sale of
vessel |
|
25 |
|
|
|
— |
|
Stock-based
compensation |
|
(269 |
) |
|
|
— |
|
EBITDA |
$ |
8,760 |
|
|
$ |
37,381 |
|
|
|
|
|
|
|
|
|
Negative effect on
equity/ (loss) in net earnings of affiliated companies |
|
6,005 |
|
|
|
— |
|
Gain on sale of
vessel |
|
(25 |
) |
|
|
— |
|
Stock-based
compensation |
|
269 |
|
|
|
— |
|
Adjusted
EBITDA |
$ |
15,009 |
|
|
$ |
37,381 |
|
|
|
|
|
Three Month Period Ended
March 31, 2018 (unaudited) |
|
|
|
Three Month Period Ended March 31, 2017
(unaudited) |
|
Net cash (used in)/
provided by operating activities |
|
$ |
(11,416 |
) |
|
$ |
27,636 |
|
Net cash provided by/
(used in) investing activities
|
|
$ |
49,826 |
|
|
$ |
(2,474 |
) |
Net cash used in
financing activities |
|
$ |
(43,733 |
) |
|
$ |
(9,688 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted net (loss)/ income and
Adjusted (loss)/ income per share (basic) are non-U.S. GAAP
financial measures and should not be used in isolation or as
substitution for Navios Acquisition’s results calculated in
accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”).
EBITDA represents net (loss)/income before interest and
finance costs, before depreciation and amortization, before income
taxes and before stock-based compensation. Adjusted EBITDA in this
document represents EBITDA excluding certain items as
described under “Financial Highlights”. Adjusted net (loss)/ income
and Adjusted (loss)/ income per share (basic) represent Net (loss)/
income and (loss)/ income per share (basic), excluding certain
items as described under “Financial Highlights”. We use Adjusted
EBITDA as liquidity measure and reconcile EBITDA and Adjusted
EBITDA to net cash provided by/ (used in) operating activities, the
most comparable U.S. GAAP liquidity measure. EBITDA is 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 costs and other related
expenses; (v) equity/ (loss) in net earnings of affiliates, net of
dividends received; (vi) payments for dry dock and special survey
costs; (vii) impairment charges; (viii) gain on sale of assets;
(ix) gain/ (loss) on debt repayment; and (x) stock- based
compensation. Navios Acquisition believes that EBITDA and Adjusted
EBITDA are each 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 an
analytical tool, 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
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
Spherical |
VLCC |
2009 |
|
297,188 |
Nave
Photon |
VLCC |
2008 |
|
297,395 |
Nave
Neutrino |
VLCC |
2003 |
|
298,287 |
Nave
Electron |
VLCC |
2002 |
|
305,178 |
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