Navios Maritime Acquisition Corporation Reports Financial Results for the Fourth Quarter and the Year ended December 31, 2014
(firmenpresse) - MONACO -- (Marketwired) -- 02/11/15 -- Navios Maritime Acquisition Corporation (NYSE: NNA)
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the fourth quarter and the year ended December 31, 2014.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our results -- we maintained our trajectory during the fourth quarter and grew revenue by 25.2% to $72.4 million and adjusted EBITDA by 26.5% to $45.7 million. We also declared a quarterly dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 6%. We have consistently paid a dividend since acquiring our fleet. "
Angeliki Frangou continued, "We have been actively building scale since we acquired our initial fleet about four years ago. After launching Navios Midstream in November with four VLCCs, Navios Acquisition has 39 vessels, all of which are operational. The fleet is almost 80% employed for 2015, yet about 76% of our available days have exposure to market upside. "
In conjunction with the completion of the initial public offering of Navios Maritime Midstream Partners L.P. ("Navios Midstream") in November 2014, Navios Acquisition contributed and/or sold to Navios Midstream, all of the outstanding shares of capital stock of four of its VLCC - owning subsidiaries. Navios Acquisition recorded a gain of $23.5 million from this transaction.
The Board of Directors has authorized a share repurchase program for up to $50.0 million of Navios Acquisition's common stock, for two years. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in Navios Acquisition's discretion and without notice. The Board will review the program periodically. Repurchases will be subject to restrictions under our credit facilities and indenture.
On February 6, 2015, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the fourth quarter of 2014 of $0.05 per share of common stock. The dividend is payable on April 2, 2015 to stockholders of record as of March 18, 2015.
On November 20, 2014, Navios Acquisition took delivery of the Nave Pyxis, a 2014-built 49,998 dwt MR2 product tanker, from an unaffiliated third party, for a purchase price of approximately $31.5 million.
On December 9, 2014, Navios Acquisition took delivery of the Nave Synergy, a 2010-built 299,973 dwt VLCC, from an unaffiliated third party, for a purchase price of $75.5 million. The vessel has been chartered out to a quality counterparty for one year at a rate of $34,125 net per day.
On January 8, 2015, Navios Acquisition took delivery of the Nave Sextans, a 2015-built 49,999 dwt MR2 product tanker, from an unaffiliated third party, for a purchase price of approximately $31.5 million.
The Nave Pyxis and the Nave Sextans have been chartered out to a quality counterparty for three years at a rate of $16,294 net per day.
On February 11, 2015, Navios Acquisition took delivery of the Nave Velocity, a 2015-built, 49,999 dwt, MR2 product tanker from an unaffiliated third party, for a purchase price of $35.5 million. The Nave Velocity has been chartered out to a quality counterparty for two years at a rate of $14,319 net per day.
In February 2015, Navios Acquisition terminated the contracts for two newbuilding MR2 product tankers, with no exposure to Navios Acquisition, due to the shipyard's inability to issue a refund guarantee.
Navios Acquisition currently owns and operates 39 vessels, of which eight are VLCCs, 27 are product tankers and four are chemical tankers.
As of February 10, 2015, Navios Acquisition had contracted 79.8% and 26.2% of its available days on a charter-out basis for 2015 and 2016, respectively, equivalent to $171.7 million and $71.9 million of expected revenue, respectively. The average contractual daily charter-out rate for the fleet is $16,668 and $19,221 for 2015 and 2016, respectively.
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three months and years ended December 31, 2014 and 2013. The quarterly information for 2014 and 2013 was derived from the unaudited condensed consolidated financial statements for the respective periods.
Adjusted EBITDA, Adjusted Net income/ (loss) and Adjusted Net income/ (loss) per share (basic and diluted) are non-GAAP financial measures and should not be used in isolation or substitution for Navios Acquisition's results (see Exhibit II for reconciliation of Adjusted EBITDA).
Revenue for the three month period ended December 31, 2014 increased by $14.6 million or 25.2% to $72.4 million, as compared to $57.8 million for the same period in 2013. The increase was mainly attributable to the deliveries of four MR2 product tankers and six VLCCs during the period from October 1, 2013 until December 31, 2014, partially mitigated by the sale of the four VLCCs to Navios Midstream in November 2014, the sale of the Shinyo Splendor in the second quarter of 2014 and the sale of the Shinyo Navigator in December 2013. As a result, available days of the fleet increased to 3,384 days for the three month period ended December 31, 2014, as compared to 3,080 days for the three month period ended December 31, 2013 and TCE increased to $21,124 for the three month period ended December 31, 2014, from $18,155 for the three month period ended December 31, 2013.
Adjusted EBITDA for the three month period ended December 31, 2014 increased by approximately $9.6 million to $45.7 million from $36.1 million in the three month period ended December 31, 2013. The increase in Adjusted EBITDA was due to a: (a) $14.6 million increase in revenue; (b) $1.0 million decrease in time charter expenses; and (c) $1.4 million increase in equity in net earnings of affiliated companies, partially mitigated by: (i) a $2.5 million increase in management fees and a $0.2 million increase in general and administrative expenses due to the increased number of vessels delivered to Navios Acquisition's fleet; and (ii) a $4.7 million net decrease in other income/ (expense).
Adjusted Net income for the three month period ended December 31, 2014, amounted to $10.7 million compared to a $2.5 million, for the three month period ended December 31, 2013. The increase in Adjusted Net income of approximately $8.2 million was due to: (a) an increase of approximately $9.6 million in Adjusted EBITDA; (b) a $0.4 million decrease in direct vessel expenses; (c) a $0.4 million decrease in depreciation and amortization due to the sale of the four VLCCs to Navios Midstream; and (d) a $0.2 million increase in interest income, partially mitigated by a $2.3 million increase in interest expense and finance cost, net.
Revenue for the year ended December 31, 2014 increased by $62.5 million or 30.9% to $264.9 million, as compared to $202.4 million for the same period in 2013. The increase was mainly attributable to the deliveries of 13 MR2 product tankers, two LR1 product tankers, two chemical tankers and seven VLCCs, during the period from January 1, 2013 until December 31, 2014, partially mitigated by the sale of the four VLCCs to Navios Midstream in November 2014, the sale of the Shinyo Splendor in the second quarter of 2014 and the sale of the Shinyo Navigator in December 2013. As a result, available days of the fleet increased to 13,227 days for the year ended December 31, 2014, as compared to 9,653 days for the year ended December 31, 2013. TCE slightly decreased to $19,633 for the year ended December 31, 2014, from $20,267 for the year ended December 31, 2013.
Adjusted EBITDA for the year ended December 31, 2014 increased by approximately $33.6 million to $156.2 million from $122.6 million in the year ended December 31, 2013. The increase in Adjusted EBITDA was due to a: (a) $62.5 million increase in revenue; (b) $1.6 million decrease in time charter expenses; and (c) $2.0 million increase in equity in net earnings of affiliated companies, partially mitigated by a: (i) $24.4 million increase in management fees and a $3.4 million increase in general and administrative expenses due to the increased number of vessels in Navios Acquisition's fleet; and (ii) a $4.7 million net decrease in other income/ (expense).
Adjusted Net income for the year ended December 31, 2014, amounted to $14.9 million, compared to $2.4 million Adjusted Net loss for the year ended December 31, 2013. The increase in Adjusted Net income by $17.3 million was due to: (a) an increase of approximately $33.6 million in Adjusted EBITDA; (b) a $1.1 million decrease in direct vessel expenses; and (c) a $0.4 million increase in interest income mitigated by a: (i) $3.8 million increase in depreciation and amortization due to the acquisition of the vessels described above; and (ii) $13.9 million increase in interest expense and finance cost, net.
The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three months and the years ended December 31, 2014 and 2013.
As previously announced, Navios Acquisition will host a conference call today, Wednesday, February 11, 2015 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on the results of the fourth quarter and the year ended December 31, 2014.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 6949 6922
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: 6949 6922
The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, , under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
A supplemental slide presentation will be available by 8:00 am ET on the day of the call.
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.
For more information about Navios Acquisition, please visit our website: .
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Acquisition's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although Navios Acquisition believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Acquisition. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for crude oil, product and chemical tanker vessels, 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. 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.
Adjusted EBITDA for the year ended December 31, 2014 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".
Adjusted EBITDA is presented because Navios Acquisition believes that Adjusted EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Acquisition's ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Adjusted EBITDA is a "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. While Adjusted EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
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