Navios Maritime Acquisition Corporation Reports Financial Results for the First Quarter Ended March 31, 2015
(firmenpresse) - MONACO -- (Marketwired) -- 05/13/15 -- 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 first quarter ended March 31, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our results for the first quarter of 2015. This has been our best quarter on record -- we grew revenue by 29.0% and EBITDA by approximately 50.0%. We also generated $20.0 million of net income in Q1, significantly more than we have generated in any prior full fiscal year. We declared a quarterly dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 5.5%. This dividend is in addition to the aggregate dividends of $0.90 per share through the end of 2014."
Angeliki Frangou continued, "Our entire fleet of 39 vessels, with an average age of 4.6 years, is in the water -- almost 90.0% of the available days are covered for 2015 and about 32.0% covered for 2016. Our chartering strategy balances market opportunity and risk management. We entered into charter agreements with creditworthy parties while also securing some element of market exposure on almost 74.0% of the remaining days in 2015."
On May 11, 2015, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the first quarter of 2015 of $0.05 per share of common stock. The dividend is payable on July 2, 2015 to stockholders of record as of June 18, 2015.
During the first quarter of 2015 Navios Acquisition benefited from the improved spot market and earned $7.7 million under its profit sharing arrangements.
Navios Acquisition currently owns and operates 39 vessels, of which eight are VLCCs, 27 are product tankers and four are chemical tankers.
As of May 13, 2015, Navios Acquisition had contracted 88.2% and 31.6% of its available days on a charter-out basis for 2015 and 2016, respectively, equivalent to $212.9 million and $81.9 million of expected revenue, respectively. The average contractual daily charter-out rate for the fleet is $18,381 and $18,522 for 2015 and 2016, respectively.
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statements of comprehensive income/ (loss) for the three months ended March 31, 2015 and 2014. The quarterly information for 2015 and 2014 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) 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 March 31, 2015 increased by $17.6 million or 28.9% to $78.6 million, as compared to $61.0 million for the same period in 2014. The increase was attributable to the acquisition of 11 vessels since January 2014, and was partially mitigated due to the sale of five VLCCs in 2014. As a result of vessel acquisitions, available days of the fleet increased to 3,438 days for the three month period ended March 31, 2015, as compared to 3,079 days for the three month period ended March 31, 2014. TCE increased to $22,521 for the three month period ended March 31, 2015, from $19,544 for the three month period ended March 31, 2014.
Adjusted EBITDA for the three month period ended March 31, 2015 increased by $18.0 million to $53.9 million from $35.9 million in the same period of 2014. The increase in Adjusted EBITDA was due to: (i) a $17.6 million increase in revenue due to the acquisitions of the vessels described above; and (ii) a $3.4 million increase in equity in net earnings of affiliated companies. This increase was partially mitigated by a (a) $1.7 million increase in management fees; (b) $0.4 million increase in time charter expenses; (c) $0.3 million increase in general and administrative expenses; and (d) $0.6 million increase in other (expense)/ income, net.
Net income for the three month period ended March 31, 2015, amounting to $20.0 million, was adversely affected by a $0.7 million non-cash share based compensation expense. Excluding this item, Adjusted net income for the three month period ended March 31, 2015, amounted to $20.7 million, compared to net income of $1.5 million for the three month period ended March 31, 2014. The increase in Adjusted net income by $19.2 million was due to: (a) an increase of $18.0 million in Adjusted EBITDA; (b) a decrease of $1.7 million in depreciation and amortization; (c) a decrease of $0.4 million in direct vessel expenses; and (d) an increase of $0.2 million in interest income, mitigated by a $1.1 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 month periods ended March 31, 2015 and 2014.
As previously announced, Navios Acquisition will host a conference call today, Wednesday, May 13, 2015 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, 2015.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 2289 8491
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: 2289 8491
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 on 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 our continued ability to enter into long-term time charters for our vessels, fluctuations in charter rates for tanker vessels, our ability to maximize the use of, or changes in demand for, our vessels, changes in the demand for crude oil, the loss of any customer or charter or vessel, the aging of our fleet and resultant increases in operations costs, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, 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, 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.
Adjusted EBITDA for the three month period ended March 31, 2015 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.
Navios Maritime Acquisition Corporation
+1.212.906.8644
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Datum: 13.05.2015 - 11:14 Uhr
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