Danaos Corporation Reports Second Quarter and Half Year Results for the Period Ended June 30, 2011
(firmenpresse) - ATHENS, GREECE -- (Marketwire) -- 07/25/11 -- Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended June 30, 2011.
This quarter we continued with the delivery of our contracted fleet and have reached 56 vessels of 265,559 TEU capacity and quickly heading towards the completion of our newbuilding program. In terms of financial results, we see a steady increase quarter on quarter in our net income as the new ships come on stream despite the one off items, which still drag down our performance.
In this quarter, we recorded revenues of $114.8 million, adjusted EBITDA of $78.4 million and adjusted net income of $16.1 million, adjusted for non-cash charges and certain non-recurring items.
During the quarter, we saw continuing erosion of the box rates, which in the end affected also the charter rates and some weakening was experienced due to charterers subletting vessels and the suspension of a number of Transpacific and Fareast-Europe services.
(1)Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income/(loss) to adjusted net income and net income/(loss) to adjusted EBITDA.
On the newbuilding front, ordering of vessels mainly by the financially strong liner companies continued for larger vessels and this will weigh negatively on the pricing power, which they may achieve from 2013 onwards.
Overall, the longer term health of the market will be determined by the demand characteristics, which relate to the growth of the western and world economy.
During the quarter ended June 30, 2011, Danaos had an average of 54.4 containerships compared to 43.4 containerships for the same period in 2010. During the second quarter of 2011, we took delivery of three vessels, the Hanjin Italy, on April 6, 2011, the Hanjin Constantza, on April 15, 2011 and the Hanjin Greece, on May 4, 2011. Our fleet utilization was reduced to 97.4% in the three months ended June 30, 2011 compared to 98.4% in the same period of 2010, due to an increase in the scheduled off-hire days in the second quarter of 2011.
Our adjusted net income was $16.1 million, or $0.15 per share, for the three months ended June 30, 2011 compared, to $17.2 million, or $0.32 per share, for the three months ended June 30, 2010, adjusted for a non-cash loss in fair value of derivatives of $3.3 million recorded in the three months ended June 30, 2011 and a $22.3 million loss recorded in the corresponding quarter of 2010, realized losses on swaps of $10.2 million attributable to our over-hedging position (as described below) recorded in the second quarter of 2011 compared to a $8.4 million loss in the same period of 2010, as well as an expense of $2.8 million for fees related to our Comprehensive Financing Plan ($2.6 million of non-cash, amortizing and accrued finance fees and $0.2 million of legal fees) recorded in 2011 compared to fees related to our Comprehensive Financing Plan of $0.9 million and non-cash amortization of finance fees of $0.3 million recorded in 2010.
The decrease of 6.4%, or $1.1 million, in the adjusted net income for the three months ended June 30, 2011 compared to the three months ended June 30, 2010 was mainly attributable to increased realized losses on our interest rate swap contracts recorded during the three months ended June 30, 2011 compared to the same period of 2010, as well as increased interest expense due to higher average indebtedness in the second quarter of 2011 compared to the same period of 2010, which was partially offset by a reduced margin over LIBOR applicable to borrowings following the effectiveness of the agreement with our lenders to restructure existing indebtedness in the first quarter of 2011 ("Bank Agreement"), which was reset to 1.85% for all our credit facilities under the Bank Agreement, further offset by increased Income from Operations.
On a non-adjusted basis our net loss was $0.2 million, or $0.00 per share, for the second quarter of 2011, compared to net loss of $14.7 million, or $0.27 per share, for the second quarter of 2010. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.
As a result of our Comprehensive Financing Plan, we are currently in an over-hedged position under our cash flow interest rate swaps, which is due to deferred progress payments to shipyards, cancellation of three newbuildings in 2010, the replacement of variable interest rate debt with a fixed interest rate seller's financing and equity proceeds from our private placement in 2010, all of which reduced initially forecasted variable interest rate debt and resulted in notional cash flow interest rate swaps being above our variable interest rate debt eligible for hedging.
Operating revenue increased 35.2%, or $29.9 million, to $114.8 million in the three months ended June 30, 2011, from $84.9 million in the three months ended June 30, 2010. The increase was primarily attributable to the addition of ten vessels to our fleet, as follows:
These additions to our fleet contributed revenues of $29.1 million during the three months ended June 30, 2011. Moreover, two 6,500 TEU containerships, the CMA CGM Nerval and the YM Mandate, which were added to our fleet on May 17, 2010 and May 19, 2010, respectively, and one 3,400 TEU containership, the Hanjin Buenos Aires, which was added to our fleet on May 27, 2010, contributed incremental revenues of $4.2 million during the three months ended June 30, 2011 compared to the corresponding quarter of 2010.
In addition, $3.4 million reduction in revenues during the three months ended June 30, 2011 compared to the same period of 2010 was mainly attributable to re-chartering of certain vessels at reduced charter hire rates in the second half of 2010, which was partially offset by higher re-chartering of certain vessels at increased charter hire rates in the first half of 2011. Furthermore, scheduled off-hire revenues days were increased in the three months ended June 30, 2011 compared to the same period of 2010.
Vessel operating expenses increased 55.9%, or $10.5 million, to $29.3 million in the three months ended June 30, 2011, from $18.8 million in the three months ended June 30, 2010. The increase is mainly attributable to the increased average number of vessels in our fleet during the three months ended June 30, 2011 compared to the same period of 2010, as well as incremental costs with respect to certain vessels, which were on lay-up for 15 days in aggregate during the second quarter of 2011 compared to 477 days in the same period of 2010. The average daily operating cost per vessel increased to $6,166 for the three months ended June 30, 2011, from $5,477 for the three months ended June 30, 2010 (excluding those vessels on lay-up). The increase is mainly attributable to the increased lubricant expenses following the increase of the crude oil prices in the three months ended June 30, 2011 compared to the same period of 2010, as well as upward cost pressure on Euro denominated costs resulting from the weaker US Dollar and the repair and maintenance expenses related to the higher number of drydockings in the three months ended June 30, 2011 compared to the same period of 2010.
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased 46.9%, or $8.3 million, to $26.0 million in the three months ended June 30, 2011, from $17.7 million in the three months ended June 30, 2010. The increase in depreciation expense was due to the increased average number of vessels in our fleet during the three months ended June 30, 2011 compared to the same period of 2010.
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased 5.9%, or $0.1 million, to $1.8 million in the three months ended June 30, 2011, from $1.7 million in the three months ended June 30, 2010.
General and administrative expenses decreased 17.5%, or $1.0 million, to $4.7 million in the three months ended June 30, 2011, from $5.7 million in the same period of 2010. The decrease was mainly the result of reduced legal and advisory fees of $1.6 million recorded in the three months ended June 30, 2011 compared to the same period of 2010, which partially was offset by increased fees of $0.6 million to our Manager in the second quarter of 2011 compared to the same period of 2010, due to the increase in the average number of our vessels in our fleet.
Other Operating Expenses includes Voyage Expenses
Voyage Expenses
Voyage expenses increased 23.5%, or $0.4 million, to $2.1 million in the three months ended June 30, 2011, from $1.7 million in the three months ended June 30, 2010. The increase was the result of increased voyage expenses, such as port, commission and other voyage expenses, due to the increased number of vessels in our fleet in the second quarter of 2011 compared to the same period of 2010.
Interest expense increased by 32.7%, or $3.2 million, to $13.0 million in the three months ended June 30, 2011, from $9.8 million in the three months ended June 30, 2010. The change in interest expense was due to the increase in our average debt by $494.8 million, to $2,791.9 million in the quarter ended June 30, 2011, from $2,297.1 million in the quarter ended June 30, 2010, which was partially offset by the decrease in the margin over LIBOR payable on interest under our credit facilities in the three months ended June 30, 2011 compared to the three months ended June 30, 2010, in accordance with our Comprehensive Financing Plan, which sets the margin at 1.85% (in relation to our credit facilities under our Bank Agreement). Furthermore, the financing of our extensive newbuilding program resulted in interest capitalization, rather than such interest being recognized as an expense, of $3.8 million for the three months ended June 30, 2011 compared to $6.7 million of capitalized interest for the three months ended June 30, 2010.
Interest income increased by $0.1 million, to $0.3 million in the three months ended June 30, 2011, from $0.2 million in the three months ended June 30, 2010.
Other finance costs, net, increased by $2.3 million, to $2.9 million in the three months ended June 30, 2011, from $0.6 million in the three months ended June 30, 2010. The increase is mainly attributable to increased amortization of finance fees of $1.9 million (which were deferred and will be amortized over the life of the respective credit facilities) and $0.4 million of finance fees accrued for the second quarter of 2011 related to our Comprehensive Financing Plan.
Other income/(expenses), net, was an expense of $0.2 million in the three months ended June 30, 2011, from a gain of $0.1 million in the three months ended June 30, 2010. The increase of expense is mainly attributable to fees of $0.2 million directly related to our Comprehensive Financing Plan, which were recorded during the three months ended June 30, 2011.
Loss on fair value of derivatives was reduced by $8.5 million, to a loss of $35.4 million in the three months ended June 30, 2011, from a loss of $43.9 million in the same period of 2010. The decrease is mainly attributable to a non-cash loss in fair value of interest rate swaps of $3.3 million recorded in the three months ended June 30, 2011, due to hedge accounting ineffectiveness, compared to $22.3 million loss in the three months ended June 30, 2010. There was also a realized loss on interest rate swap hedges of $32.1 million recorded during the three months ended June 30, 2011, which is mainly attributable to the higher average notional amount of swaps and the persisting low floating LIBOR rates, compared to a $21.6 million realized loss in the three months ended June 30, 2010.
In addition, realized losses on cash flow hedges of $8.0 million and $10.1 million in the three months ended June 30, 2011 and 2010, respectively, were deferred in "Accumulated Other Comprehensive Loss", rather than such realized losses being recognized as expenses, and will be reclassified into earnings over the depreciable lives of these vessels under construction, which are financed by loans for which their interest rates have been hedged by our interest rate swap contracts. The table below provides an analysis of the items discussed above, and were recorded in the three months ended June 30, 2011 and 2010:
Adjusted EBITDA increased 32.0%, or $19.0 million, to $78.4 million in the three months ended June 30, 2011, from $59.4 million in the three months ended June 30, 2010. Adjusted EBITDA excludes a non-cash loss in fair value of derivatives of $3.3 million recorded in the three months ended June 30, 2011 and a $22.3 million loss recorded in the same period of 2010, realized losses on derivatives of $32.1 million recorded in 2011 compared to $21.6 million in 2010, as well as an expense of $2.8 million for fees related to our Comprehensive Financing Plan ($2.6 million of non-cash, amortizing and accrued finance fees and $0.2 million of other legal fees) recorded in 2011 compared to $1.2 million recorded in 2010 ($0.3 million of non-cash amortization of finance fees and $0.9 million of legal and advisory fees). Tables reconciling Adjusted EBITDA to Net (Loss)/Income can be found at the end of this earnings release.
During the six months ended June 30, 2011, Danaos had an average of 52.7 containerships as compared to 42.4 containerships for the same period of 2010. Our fleet utilization was reduced to 97.1% in the six months ended June 30, 2011 compared to 99.0% in the same period of 2010, mainly due to the increased scheduled off-hire days.
Our adjusted net income was $27.5 million, or $0.25 per share, for the six months ended June 30, 2011 compared to $34.8 million, or $0.64 per share, for the six months ended June 30, 2010, adjusted for a non-cash gain in fair value of derivatives of $6.5 million recorded in the six months ended June 30, 2011 and a $44.8 million loss recorded in the same period of 2010, realized losses on swaps of $19.9 million attributable to our over-hedging position recorded in 2011 compared to a $12.4 million loss in 2010, as well as an expense of $8.8 million for fees related to our Comprehensive Financing Plan ($4.2 million of non-cash, amortizing and accrued finance fees, a non-cash loss in fair value of warrants of $2.3 million recorded in 2011 and $2.3 million of legal and advisory fees) recorded in 2011 compared to legal and advisory fees related to our Comprehensive Financing Plan of $1.9 million and non-cash amortization of finance fees of $0.7 million recorded in 2010, as well as an impairment loss of $71.5 million in relation to the cancellation of three 6,500 TEU newbuilding containerships and a gain on sale of vessels of $1.9 million recorded in the six months ended June 30, 2010.
The decrease of 21.0%, or $7.3 million, in adjusted net income for the six months ended June 30, 2011 compared to the six months ended June 30, 2010 was mainly attributable to increased realized losses on our interest rate swap contracts recorded in our Statement of Income during the six months ended June 30, 2011 compared to the same period of 2010, as well as increased interest expense due to higher average indebtedness in the first six months of 2011 compared to the same period of 2010, which was partially offset by a reduced margin over LIBOR applicable to borrowings following our Bank Agreement (which was reset to 1.85% for all our credit facilities under our Bank Agreement), further offset by increased Income from Operations.
On a non-adjusted basis, our net income was $5.2 million, or $0.05 per share, for the six months ended June 30, 2011, compared to net loss of $94.4 million, or $1.73 per share, for the six months ended June 30, 2010. Refer to the Adjusted Net Income reconciliation table in the last page of this earning release.
Operating revenue increased 29.9%, or $49.2 million, to $213.8 million in the six months ended June 30, 2011, from $164.6 million in the six months ended June 30, 2010. The increase was primarily attributable to the addition to our fleet of ten vessels, as follows:
These additions to our fleet contributed revenues of $44.9 million during the six months ended June 30, 2011. Moreover, three 6,500 TEU containerships, the CMA CGM Musset, the CMA CGM Nerval and the YM Mandate, which were added to our fleet on March 12, 2010, May 17, 2010 and May 19, 2010, respectively, and one 3,400 TEU containership, the Hanjin Buenos Aires, which was added to our fleet on May 27, 2010, contributed incremental revenues of $14.1 million during the six months ended June 30, 2011 compared to the same period of 2010. These revenues were offset in part by the sale of one 1,704 TEU containership, the MSC Eagle, on January 22, 2010, that contributed nil revenues in the six months ended June 30, 2011 compared to $0.1 million of revenues in the six months ended June 30, 2010.
In addition, $9.7 million reduction in revenues during the six months ended June 30, 2011 compared to the same period of 2010 was mainly attributable to re-chartering of certain vessels at reduced charter hire rates in the second half of 2010, which was partially offset by higher re-chartering of certain vessels at increased charter hire rates in the first half of 2011. Furthermore, scheduled off-hire revenues days were increased in the six months ended June 30, 2011 compared to the same period of 2010.
Vessel operating expenses increased 54.0%, or $19.6 million, to $55.9 million in the six months ended June 30, 2011, from $36.3 million in the six months ended June 30, 2010. The increase is mainly attributable to the increased average number of vessels in our fleet during the six months ended June 30, 2011 compared to the same period of 2010, as well as incremental costs of certain vessels, which were on lay-up for 105 days in aggregate during the six months ended June 30, 2011 compared to 1,091 days in the same period of 2010. The average daily operating cost per vessel increased to $6,164 for the six months ended June 30, 2011, from $5,549 for the six months ended June 30, 2010 (excluding those vessels on lay-up).
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense increased 43.2%, or $14.6 million, to $48.4 million in the six months ended June 30, 2011, from $33.8 million in the six months ended June 30, 2010. The increase in depreciation expense was due to the increased average number of vessels in our fleet during the six months ended June 30, 2011, compared to the same period of 2010.
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased 5.7%, or $0.2 million, to $3.3 million in the six months ended June 30, 2011, from $3.5 million in the six months ended June 30, 2010. The decrease reflects reduced drydocking costs incurred and amortized during the six months ended June 30, 2011 compared to the same period of 2010.
General and administrative expenses decreased 16.2%, or $1.8 million, to $9.3 million in the six months ended June 30, 2011, from $11.1 million in the same period of 2010. The decrease was mainly the result of reduced legal and advisory fees by $3.1 million recorded in 2010, which partially was offset by increased fees of $1.1 million to our Manager in the six months ended June 30, 2011 compared to the same period of 2010, due to the increase in the average number of our vessels in our fleet.
Other Operating Expenses includes Voyage Expenses.
Voyage Expenses
Voyage expenses increased 30.3%, or $1.0 million, to $4.3 million in the six months ended June 30, 2011, from $3.3 million for the six months ended June 30, 2010. The increase was the result of increased voyage expenses, such as port, commission and other voyage expenses due to the increased number of vessels in our fleet in the six months ended June 30, 2011 compared to the same period of 2010.
Interest expense increased 34.1%, or $6.3 million, to $24.8 million in the six months ended June 30, 2011, from $18.5 million in the six months ended June 30, 2010. The change in interest expense was due to the increase in our average debt by $376.6 million, to $2,696.2 million in the six months ended June 30, 2011, from $2,319.6 million in the six months ended June 30, 2010, which was partially offset by the decrease in the margin over LIBOR payable on interest under our credit facilities in the six months ended June 30, 2011 compared to the six months ended June 30, 2010, in accordance with our Comprehensive Financing Plan, which sets the margin at 1.85% (in relation to our credit facilities under our Bank Agreement). Furthermore, the financing of our extensive newbuilding program resulted in interest capitalization, rather than such interest being recognized as an expense, of $9.7 million for the six months ended June 30, 2011 compared to $13.9 million of capitalized interest for the six months ended June 30, 2010.
Interest income increased by $0.1 million, to $0.6 million in the six months ended June 30, 2011, from $0.5 million in the six months ended June 30, 2010.
Other finance costs, net, increased by $6.2 million, to $7.3 million in the six months ended June 30, 2011, from $1.1 million in the six months ended June 30, 2010. The increase is mainly attributable to increased amortization of finance fees of $2.9 million (which were deferred and are amortized over the life of the respective credit facilities), a non-cash loss in fair value of warrants of $2.3 million and $0.7 million of finance fees accrued for the first half of 2011 related to our Comprehensive Financing Plan.
Other income/(expenses), net, was an expense of $2.1 million in the six months ended June 30, 2011, from a gain of $0.1 million in the six months ended June 30, 2010. The increase in expense is mainly attributable to fees of $2.3 million directly related to our Comprehensive Financing Plan, which were recorded during the six months ended June 30, 2011.
Loss on fair value of derivatives, decreased by $28.7 million, to a loss of $53.7 million in the six months ended June 30, 2011, from a loss of $82.4 million in the same period of 2010. The decrease is mainly attributable to a non-cash gain in fair value of interest rate swaps of $6.5 million recorded in the six months ended June 30, 2011, due to hedge accounting ineffectiveness, compared to $44.8 million loss in the six months ended June 30, 2010. There was also a realized loss on interest rate swap hedges of $60.2 million recorded in the six months ended June 30, 2011, which is mainly attributable to the higher average notional amount of swaps and the persisting low floating LIBOR rates, compared to a $37.6 million realized loss in the six months ended June 30, 2010.
In addition, realized losses on cash flow hedges of $17.9 million and $21.8 million in the six months ended June 30, 2011 and 2010, respectively, were deferred in "Accumulated Other Comprehensive Loss", rather than such realized losses being recognized as expenses, and will be reclassified into earnings over the depreciable lives of these vessels under construction, which are financed by loans for which their interest rates have been hedged by our interest rate swap contracts. The table below provides an analysis of the items discussed above, and were recorded in the six months ended June 30, 2011 and 2010:
Adjusted EBITDA increased by $28.1 million, or 24.3%, to $143.6 million in the six months ended June 30, 2011, from $115.5 million in the six months ended June 30, 2010. Adjusted EBITDA mainly excludes a non-cash gain in fair value of derivatives of $6.5 million recorded in 2011 and a $44.8 million loss recorded in 2010, realized losses on derivatives of $60.2 million recorded in 2011 compared to $37.6 million in 2010, as well as an expense of $8.8 million for fees related to our Comprehensive Financing Plan ($4.2 million of non-cash, amortizing and accrued finance fees, a non-cash loss in fair value of warrants of $2.3 million and $2.3 million of legal and advisory fees) recorded in the six months ended June 30, 2011 compared to $2.6 million recorded in the same period of 2010 ($0.7 million of non-cash amortization of finance fees and $1.9 million of fees related to our Comprehensive Financing Plan). Tables reconciling Adjusted EBITDA to Net (Loss) / Income can be found at the end of this earnings release.
On July 8, 2011, the Company took delivery of the newbuilding 8,530 TEU vessel, the CMA CGM Attila. The vessel has been deployed on a 12-year time charter with one of the world's major liner companies.
The Board of Directors of the Company has appointed Mr. Evangelos Chatzis to the position of Chief Financial Officer, effective July 22, 2011.
On Tuesday, July 26, 2011 at 9:00 A.M. EDT, the Company's management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Danaos" to the operator.
A telephonic replay of the conference call will be available until August 2, 2011 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1186615#
There will also be a live and then archived webcast of the conference call through the Danaos website (). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Danaos Corporation is an international owner of containerships, chartering its vessels to many of the world's largest liner companies. Our current fleet of 56 containerships aggregating 265,559 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Danaos is one of the largest US listed containership companies based on fleet size. Furthermore, the company has a contracted fleet of 9 additional containerships aggregating 99,620 TEU with scheduled deliveries up to the second quarter of 2012. The company's shares trade on the New York Stock Exchange under the symbol "DAC".
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, shipyard performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Danaos Corporation's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.
Danaos had 42 unscheduled off-hire days in total in the second quarter of 2011. The following table summarizes vessel utilization and the impact of the off-hire days on the company's revenue relating to the last four quarters.
The following table describes in detail our fleet deployment profile as of July 25, 2011.
The following table describes the expected additions to our fleet as a result of our new building containership program.
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.
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 information 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. See the Tables above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and six months ended June 30, 2011 and 2010. 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.
For further information please contact:
Company Contact:
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6480
E-Mail:
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6400
E-Mail:
Nicolas Bornozis
President
Capital Link, Inc.
New York
Tel. 212-661-7566
E-Mail:
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Datum: 25.07.2011 - 20:05 Uhr
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