Navios Maritime Holdings Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2011
Dividend of $0.06 per Share for Q2 2011 9.1% Increase in Q2 Net Income to $50.9 Million 8.7% Increase in Basic EPS of $0.50 for Q2 2011 13.9% Increase in Q2 EBITDA to $103.7 Million
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 08/22/11 -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the second quarter and six months ended June 30, 2011.
Ms. Angeliki Frangou, Chairman and CEO of Navios, stated, "We are pleased to report an increase in EBITDA of 14%, to $104 million, and net income by more than 9%, to almost $51 million. Given our strong cash flow, we declared a $0.06 dividend for Q2 2011."
Ms. Frangou continued, "Our 43 vessel fleet has long-term charters which are insured through a AA+ European entity. Our business can prosper in a prolonged downturn given this significant cash flow, as well as ample liquidity, conservative leverage ratios and absence of material near-term capital requirements."
Net Debt to Total Capitalization was 44.7% on June 30, 2011. Navios Holdings' total available liquidity, including credit lines, as of June 30, 2011 was approximately $412.6 million. As of August 22, 2011, Navios Holdings' remaining newbuilding vessel capital expenditures commitments amounted to approximately $1.8 million.
On May 30, 2011, Navios Holdings entered into option agreements to acquire four 82,000 dwt bulk carriers. Upon exercise of the options, delivery of the vessels is expected sometime during the second half of 2013 or the first half of 2014. The contract price for each vessel is $35.0 million.
On May 30, 2011, Navios Holdings agreed to acquire a 81,600 dwt bulk carrier scheduled to be delivered in April 2012 from a South Korean shipyard. The aggregate purchase price for the new vessel is approximately $35.5 million to be funded with a credit facility of up to $23.0 million.
Navios Holdings has long-term fleet employment for periods up to 12 years. As of August 19, 2011, Navios Holdings had chartered-out 95.2%, 55.9% and 37.9% of available days for 2011, 2012 and 2013, respectively, equivalent to $305.8 million, $216.8 million and $168.8 million in revenue, respectively. The average daily charter-out rate for the core fleet is $25,824, $28,874 and $32,415 for 2011, 2012 and 2013, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2011 is $10,479.
The above figures do not include the fleet of Navios South American Logistics Inc. ("Navios Logistics") and vessels servicing Contracts of Affreightment ("COA").
During the second quarter and as of August 19, 2011, Navios Logistics used a portion of the proceeds from its offering of senior unsecured notes due 2019 to acquire three pushboats, 66 dry barges and one floating drydock for a cost of approximately $44.0 million, including transportation and other related costs.
On July 25, 2011, Navios Logistics acquired the noncontrolling interests of its joint ventures Thalassa Energy S.A., HS Tankers Inc., HS Navigation Inc., HS Shipping Ltd. Inc. and HS South Inc., in accordance with the terms of certain stock purchase agreements with HS Energy Ltd., an affiliate of Vitol S.A. Navios Logistics paid a total consideration of $8.5 million for such noncontrolling interests, and simultaneously paid $53.2 million in full and final settlement of all amounts of indebtedness of such joint ventures under certain loan agreements.
On August 10, 2011, Navios Holdings received $6.7 million representing the cash distribution from Navios Partners for the second quarter of 2011.
Navios Holdings controls a fleet of 56 vessels totaling 5.9 million dwt, of which 29 are owned and 27 are chartered-in under long-term charters. Navios Holdings currently operates 43 vessels (17 Capesize, nine Panamax, 16 Ultra-Handymax and one Handysize) totaling 4.6 million dwt. Additionally, Navios Holdings has agreed to acquire one newbuilding Panamax vessel expected to be delivered in April 2012 and has 12 newbuilding charter-in vessels expected to be delivered at various dates through 2013 (the "Core Fleet"). Also, as discussed above, Navios Holdings has entered into option agreements to acquire four newbuilding Panamax vessels. The current average age of the operating fleet is 5.0 years.
Exhibit II provides certain details of the "Core Fleet" of Navios Holdings. It does not include the fleet of Navios Logistics.
The Board of Directors declared a quarterly cash dividend for the second quarter of 2011 of $0.06 per share of common stock. The dividend is payable on October 6, 2011 to stockholders of record as of September 22, 2011. The declaration and payment of any further dividend remain subject to the discretion of the Board and will depend on, among other things, Navios Holdings' cash requirements after taking into account market opportunities, restrictions under its credit agreements and other debt obligations and such other factors as the Board may deem advisable.
Net income increased by 9.1% to $50.9 million in the second quarter of 2011 from $46.6 million for the same period in 2010.
EBITDA increased by 13.9% to $103.7 million in the second quarter of 2011 from $91.0 million for the same period in 2010.
Net Debt to Total Capitalization was 44.7% on June 30, 2011.
The quarterly 2011 and 2010 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-U.S. GAAP financial measures, and should not be used in isolation or as substitution for Navios Holdings' results.
From March 30, 2011, Navios Maritime Acquisition Corporation ("Navios Acquisition") is no longer consolidated and is accounted for under the equity method of accounting. The table and the discussion below exclude the impact of Navios Acquisition and are presented to provide investors with a clearer picture of Navios Holdings on a going forward basis.
Navios Holdings' total consolidated revenue for the three months ended June 30, 2011 and 2010 was $165.4 million.
Revenue from drybulk vessel operations for the three months ended June 30, 2011 was $110.7 million as compared to $113.8 million for the same period during 2010. The decrease in drybulk revenue was mainly attributable to (i) a decrease in short-term charter-in and long-term charter-in fleet available days by 30 days and 296 days, respectively, and (ii) a decrease in Time Charter Equivalent ("TCE") per day by 10.4% to $23,681 per day in the second quarter of 2011 from $26,431 per day in the same period of 2010. This decrease was partially offset by an increase in available days for owned vessels by 25.8% to 2,635 days in the first quarter of 2011 from 2,094 days in the same period of 2010.
Revenue from the logistics business was $54.7 million for the three months ended June 30, 2011 as compared to $51.6 million for the same period of 2010. This increase was mainly attributable to: (i) the delivery of the Jiujiang and the Stavroula in June and July 2010, respectively; and (ii) improved performance in iron ore transportation. This increase was partially offset by a decrease in revenues from operations of its dry and liquid ports.
EBITDA of Navios Holdings for the three months ended June 30, 2011 increased by $12.7 million to $103.7 million as compared to $91.0 million for the same period of 2010. EBITDA of Navios Holdings for the three month period ended June 30, 2011 was adjusted for a $38.8 million gain on the sale of the Navios Luz and the Navios Orbiter to Navios Partners, and for the same period of 2010 was adjusted to exclude (i) a $17.7 million gain recognized as a result of the initial consolidation of Navios Acquisition as of May 28, 2010; and (ii) a $1.8 million gain on sale of Navios Pollux to Navios Partners. As a result of these adjustments, the Adjusted EBITDA of Navios Holdings for the three months ended June 30, 2011 decreased by $6.6 million to $64.9 million as compared to $71.5 million for the same period of 2010. The $6.6 million decrease in Adjusted EBITDA was primarily due to: (i) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $10.0 million; (ii) an increase in general and administrative expenses of $2.2 million (excluding share-based compensation expenses); (iii) a $5.6 million decrease in gains from derivatives; (iv) a decrease in equity in earnings by $0.4 million. The overall variance of $18.2 was partially offset by: (i) a decrease in time charter, voyage and port terminal expenses of $9.6 million; (ii) a decrease of $1.7 million in loss attributable to the noncontrolling interest; and (iii) a decrease of $0.3 million in net other expense.
EBITDA of Navios Logistics was $10.5 million for the three month period ended June 30, 2011 as compared to $10.3 million for the same period in 2010.
Navios Acquisition's effect to EBITDA was a loss of $0.8 million for the three month period ended June 30, 2011, and for the same period of 2010 was below $0.1 million.
See Exhibit I under the heading "Disclosure of Non-GAAP Financial Measures" for a discussion of EBITDA and Adjusted EBITDA of Navios Holdings, on a consolidated basis, Navios Acquisition and Navios Logistics, and a reconciliation of such measures to the most comparable measure under U.S. GAAP.
Net income of Navios Holdings for the three months ended June 30, 2011 was $50.9 million as compared to $46.6 million for the same period of 2010. Net income of Navios Holdings for the three months ended June 30, 2011 was adjusted to exclude a $38.8 million gain on the sale of the Navios Luz and the Navios Orbiter to Navios Partners, and for the same period of 2010, was adjusted for (i) a $17.7 million gain recognized as a result of the initial consolidation of Navios Acquisition as of May 28, 2010; and (ii) a $1.8 million gain on sale of Navios Pollux to Navios Partners. As a result of these adjustments, the Adjusted Net Income of Navios Holdings for the three months ended June 30, 2011 was $12.1 million as compared to $27.1 million for the same period of 2010. The decrease of Adjusted Net Income by $15.0 million was mainly due to (i) a decrease in Adjusted EBITDA of $6.6 million as discussed above; (ii) an increase in interest income/expense and finance cost, net of $4.2 million; (iii) an increase in depreciation and amortization of $2.0 million; (iv) an increase of $0.5 million in amortization for drydock and special survey costs; (v) an increase of $0.5 million in share-based compensation expense; and (vi) an increase in income taxes of $1.2 million.
The information for the six month period ended June 30, 2011 and 2010 presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-U.S. GAAP financial measures, and should not be used in isolation or as substitution for Navios Holdings' results.
From March 30, 2011, Navios Acquisition is no longer consolidated and is accounted for under the equity method of accounting. The table and the discussion below exclude the impact of Navios Acquisition and are presented to provide investors with a clearer picture of Navios Holdings on a going forward basis.
Navios Holdings' total consolidated revenue for the six months ended June 30, 2011 increased by $2.2 million to $322.0 million as compared to $319.8 million for the same period during 2010.
Revenue from drybulk vessel operations for the six months ended June 30, 2011 was $222.9 million as compared to $232.0 million for the same period during 2010. The decrease in drybulk revenue was mainly attributable to (i) a decrease in short-term charter-in and long-term charter-in fleet available days by 205 days and 740 days, respectively and (ii) a decrease in TCE per day by 5.0% to $24,143 per day in the first half of 2011 from $25,424 per day in the same period of 2010. This decrease was partially offset by an increase in available days for owned vessels by 22.5% to 5,159 days in the first half of 2011 from 4,212 days in the same period of 2010.
Revenue from the logistics business was $99.1 million for the six months ended June 30, 2011 as compared to $87.8 million for the same period of 2010. This increase was mainly attributable to: (i) the delivery of the Jiujiang and the Stavroula in June and July 2010, respectively; and (ii) improved performance in iron ore transportation. This increase was partially offset by decrease in operations of its dry and liquid ports.
EBITDA of Navios Holdings for the six months ended June 30, 2011 decreased by $54.4 million to $114.7 million as compared to $169.1 million for the same period of 2010. EBITDA of Navios Holdings for the six month period ended June 30, 2011 was adjusted for (i) a $21.2 million of expenses relating to the bond extinguishment in January 2011; (ii) a $35.3 million loss on change in control from the Navios Acquisition deconsolidation; and (iii) a $38.8 million gain on the sale of the Navios Luz and the Navios Orbiter to Navios Partners, and for the same period of 2010 was adjusted to exclude (i) a $17.7 million gain recognized as a result of the initial consolidation of Navios Acquisition as of May 28, 2010; (ii) a $26.1 million gain on the sale of the Navios Hyperion, the Navios Aurora II and the Navios Pollux to Navios Partners; and (iii) a $4.0 million write off of an unfavorable short term charter. As a result of these adjustments, the Adjusted EBITDA of Navios Holdings for the six months ended June 30, 2011 increased by $3.2 million to $132.4 million as compared to $129.2 million for the same period of 2010. The $3.2 million increase in Adjusted EBITDA was primarily due to: (i) an increase in revenue of $2.2 million to $322.0 million in the first half of 2011 from $319.8 million in the same period of 2010; (ii) a decrease in time charter, voyage and port terminal expenses of $27.4 million; and (iii) a decrease of $ 3.3 million in net other expense. The overall variance of $32.9 million was partially offset by: (i) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $15.8 million; (ii) an increase in general and administrative expenses of $1.4 million (excluding share-based compensation expenses); (iii) a $4.1 million increase in losses from derivatives; (iv) a increase of $0.7 million in loss attributable to the noncontrolling interest; (v) a decrease in equity in earnings by $3.7 million; and (vi) a $4.0 million write-off relating to the termination of an unfavorable short-term charter contract that took place during the same period in 2010.
EBITDA of Navios Logistics was $20.0 million for the six month period ended June 30, 2011 as compared to $14.4 million during the same period in 2010.
Navios Acquisition's effect to EBITDA for the six month period ended June 30, 2011 was $14.1 million and for the same period of 2010 was below $0.1 million.
See Exhibit I under the heading "Disclosure of Non-GAAP Financial Measures" for a discussion of EBITDA and Adjusted EBITDA of Navios Holdings, on a consolidated basis, Navios Acquisition and Navios Logistics, and a reconciliation of such measures to the most comparable measure under U.S. GAAP.
Net income of Navios Holdings for the six months ended June 30, 2011 was $14.2 million as compared to $77.9 million for the same period of 2010. Net income of Navios Holdings for the six months ended June 30, 2011 was adjusted to exclude (i) $21.2 million of expenses relating to the bond extinguishment in January 2011; (ii) a $35.3 million loss on change in control from the Navios Acquisition deconsolidation; and (iii) a $38.8 million gain on the sale of the Navios Luz and the Navios Orbiter to Navios Partners, and for the same period of 2010, was adjusted for (i) a $17.7 million gain recognized as a result of the initial consolidation of Navios Acquisition as of May 28, 2010; (ii) a $26.1 million gain on the sale of the Navios Hyperion, the Navios Aurora II and the Navios Pollux to Navios Partners and (iii) a $4.0 million write off of an unfavorable short term charter. As a result of these adjustments, the Adjusted Net Income of Navios Holdings for the six months ended June 30, 2011 was $31.9 million as compared to $38.0 million for the same period of 2010. The decrease of Adjusted Net Income by $6.1 million was mainly due to (i) an increase in interest income/expense, net of $3.9 million; (ii) an increase in depreciation and amortization of $2.4 million; (iii) an increase in income taxes of $1.1 million; (iv) an increase of $1.2 million in amortization for drydock and special survey costs; and (v) an increase of $0.7 million in share-based compensation expense. This decrease was partially offset by an increase in Adjusted EBITDA of $3.2 million.
The following table reflects certain key indicators indicative of the performance of the Navios Holdings' drybulk operations and its fleet performance for the three month periods ended June 30, 2011 and 2010.
As previously announced, Navios Holdings will host a conference call today, August 22, 2011, at 8:30 am ET, at which time Navios Holdings' senior management will provide highlights and commentary on the financial results of the second quarter and six months ended June 30, 2011.
A supplemental slide presentation will be available on the Navios Holdings website at under the "Investors" section at 7:45 am ET.
Conference Call details:
Call Date/Time: August 22, 2011, at 8:30 am ET
Call Title: Navios Holdings Q2 2011 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 8515 1892
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: +1.855.859.2056
International Replay Dial In: +1.404.537.3406
Conference ID: 8515 1892
This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, , under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
For more information about Navios Holdings please visit our website: .
Navios Logistics is one of the largest logistics companies in the Hidrovia region of South America, serving the storage and marine transportation needs of a diverse customer base of global petroleum, agricultural and mining companies. Through port terminal, river barge and coastal cabotage operations, the company is focused on providing its customers integrated transportation, storage and related services. For more information about Navios Logistics please visit its website: .
Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit its website: .
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 its 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 Holdings' 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 revenues and time charters. Although Navios Holdings 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 Holdings. 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 dry bulk vessels; competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings' filings with the Securities and Exchange Commission. Navios Holdings 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 Holdings' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, unless otherwise stated. Adjusted EBITDA represents EBITDA excluding certain items as described under "Financial Highlights". EBITDA and Adjusted EBITDA are "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.
EBITDA is presented to provide additional information with respect to the ability of Navios Holdings, Navios Acquisition and Navios Logistics to satisfy its obligations including debt service, capital expenditures, working capital requirements and payment of dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
The following tables provide a reconciliation of EBITDA, in the case of Navios Holdings on a consolidated basis, Navios Acquisition and Navios Logistics, and Adjusted EBITDA in the case of Navios Holdings on a consolidated basis (as defined in the notes to the tables):
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