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Navios Maritime Acquisition Corporation Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012


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© Marketwire 2013
2013-02-12 13:42:06 -

PIRAEUS, GREECE -- (Marketwire) -- 02/12/13 -- Navios Maritime Acquisition Corporation (NYSE: NNA)



  • $97.5 million EBITDA in FY 2012

  • $27.1 million EBITDA in Q4 2012; $0.01 EPS in Q4 2012

  • $2.0 million of profit sharing in 2012, of which $1.1 million earned in Q4 2012

  • 20 vessels in the water, 13 product tankers and 7 VLCCs

  • 1 product tanker to be delivered by February 15, 2013

  • 91.1% and 56.4% of available days contracted for 2013 and 2014, respectively

  • Quarterly dividend declared of $0.05 per share




Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, today reported its financial results for the fourth quarter and year ended December 31, 2012.



Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "Our financial performance is demonstrating the benefits of the economic engine we have created over the past few years. For 2012 we increased revenue by 24.0% to $151.1 million and EBITDA by 26.3% to $97.5 million. As a result of our strong performance, we declared a quarterly dividend of $0.05 per share reflecting a yield of about 7.5% in our common stock."



Angeliki Frangou continued, "We consider forward visibility in our revenue an essential element of Navios Acquisition's risk management. As a result, we have fixed 91.1% of available days in 2013 and 56.4% of available days in 2014. Yet, Navios Acquisition is positioned to capture any strength in the tanker market. 80% of our entire fleet has profit sharing and 83% of our product tanker fleet has profit sharing. These profit sharing mechanisms provided $2.0 million in 2012, or $0.05 per common share, with $1.1 million earned in the fourth quarter of 2012."





HIGHLIGHTS -- RECENT DEVELOPMENTS



Dividend of $0.05 per share of common stock



On February 7, 2013, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the fourth quarter of 2012 of $0.05 per share of common stock. The dividend is payable on April 4, 2013 to stockholders of record as of March 19, 2013. The declaration and payment of any further dividends remains subject to the discretion of the Board 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 may deem advisable.



New Charter Agreements



On February 6, 2013, Navios Acquisition announced that it has chartered out the newbuilding MR2 product tanker, the Nave Capella, to a high-quality counterparty for one year at a rate of $13,825 net per day. The charterer has been granted an option for an additional year at a rate of $14,813 net per day.



In January, 2013, Navios Acquisition extended the existing charters on its two chemical tankers, the Nave Cosmos and the Nave Polaris, for an additional six month period ending in the third quarter of 2013 at the existing base rate with profit sharing increased to 50%. The charterer has also been granted an option to extend the contract for an additional year at a rate of $12,188 net per day plus 50% profit sharing.



Delivery of an MR2 Product Tanker



On January 24, 2013, Navios Acquisition took delivery of the Nave Bellatrix, a 49,999 dwt MR2 product tanker, from a South Korean shipyard. The vessel is chartered-out to a high quality counterparty for three years at a rate of $13,331 net per day plus 50% profit sharing. The charterer will receive the first $1,000 of profits above the base rate and the owner will receive the next $1,000 of profits. Thereafter all profits will be split equally to each party. The charterer has been granted an option for an additional year at a rate of $14,813 net per day plus 50% profit sharing.



Time Charter Coverage



As of February 11, 2013, Navios Acquisition has contracted 91.1%, 56.4% and 36.2% of its available days on a charter-out basis for 2013, 2014 and 2015, respectively, equivalent to $180.0 million, $142.0 million and $111.5 million of revenue, respectively. The average contractual daily charter-out rate for the fleet is $22,042, $25,286 and $29,102 for 2013, 2014 and 2015, respectively.



FINANCIAL HIGHLIGHTS



For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three months and year ended December 31, 2012 and 2011. The quarterly information for 2012 and 2011 and yearly information for 2012 was derived from the unaudited condensed consolidated financial statements for the respective periods.




                     Three Month   Three Month
                     Period ended  Period ended  Year ended     Year ended
(Expressed in        December 31,  December 31,  December 31,  December 31,
 thousands of U.S.       2012          2011         2012           2011
 dollars)            (unaudited)   (unaudited)   (unaudited)    (unaudited)
                    ------------- ------------- ------------- --------------
Revenue             $      41,674 $   39,651(1) $     151,097 $   121,925(1)
EBITDA              $      27,067 $      26,288 $      97,455 $       77,165
Adjusted EBITDA     $      27,067 $   22,584(2) $      97,455 $  74,396(2,3)
Net income/(loss)   $         333 $       2,515 $     (3,798) $      (3,857)
Adjusted Net
 income/(loss)      $         333 $ (1,189) (2) $     (3,798) $(6,626) (2,3)
Income/(Loss) per
 share (basic and
 diluted)           $        0.01 $        0.05 $      (0.08) $       (0.08)
Adjusted
 Income/(Loss) per
 share (basic and
 diluted)           $        0.01 $  (0.03) (2) $      (0.08) $ (0.14) (2,3)

(1) Positively affected by $3.7 million of compensation for early charter
termination.
(2) Excludes $3.7 million of compensation for early charter termination.
(3) Excludes $0.9 million of write-off of deferred financing costs incurred
in connection of cancellation of committed credit.





EBITDA, Adjusted EBITDA, Adjusted net income/(loss) and Adjusted income/(loss) per share 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 EBITDA and Adjusted EBITDA).



Three month periods ended December 31, 2012 and 2011



Revenue for the three month period ended December 31, 2012 increased by $2.0 million or 5.0% to $41.7 million, as compared to $39.7 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Nave Estella in January 2012, the Nave Atria in July 2012, the Nave Cassiopeia in August 2012, the Nave Cetus in October 2012 and the Nave Aquila in November 2012. As a result of the vessel acquisitions, available days of the fleet increased to 1,679 days for the three month period ended December 31, 2012, as compared to 1,238 days for the three month period ended December 31, 2011. Time charter equivalent ("TCE") decreased to $24,526 for the three month period ended December 31, 2012, from $30,422 for the three month period ended December 31, 2011.



EBITDA for the three month period ended December 31, 2011, was positively impacted by a $3.7 million of compensation for early charter termination. Excluding such compensation, Adjusted EBITDA for the three month period ended December 31, 2012, increased by $4.5 million to $27.1 million, as compared to $22.6 million for the same period in 2011. The increase in Adjusted EBITDA was due to a: (a) $2.0 million increase in revenue as a result of the acquisition of the vessels discussed above; (b) $1.5 million decrease in time charter expenses; (c) $0.1 million decrease in general and administrative expenses; (d) $3.7 million of compensation for early termination incurred in the three month period ended December 31, 2011; and (e) $0.1 million increase in other income/(expense), net. The above increase was partially offset by a $2.9 million increase in management fees.



Net income for the three month period ended December 31, 2011, was positively impacted by $3.7 million of compensation for early charter termination. Excluding such compensation, Adjusted net income for the three month period ended December 31, 2012 increased by $1.5 million to $0.3 million compared to a $1.2 million Adjusted net loss for the three month period ended December 31, 2011. The increase in adjusted net income by $1.5 million was due to a $4.5 million increase in Adjusted EBITDA partially offset by a: (a) $0.4 million increase in direct vessel expenses; (b) $1.8 million increase in depreciation and amortization due to the acquisitions of the vessels discussed above; (c) $0.1 million decrease in interest income; and (d) $0.7 million increase in interest expense and finance cost net.



Year ended December 31, 2012 and 2011



Revenue for the year ended December 31, 2012 increased by $29.2 million or 24.0% to $151.1 million, as compared to $121.9 million for the same period in 2011. The increase was mainly attributable to the acquisition of the Shinyo Kieran in June 2011, the Bull and the Buddy in July 2011, the Nave Andromeda in November 2011, the Nave Estella in January 2012, the Nave Atria in July 2012, the Nave Cassiopeia in August 2012, the Nave Cetus in October 2012 and the Nave Aquila in November 2012. As a result of the vessel acquisitions, available days of the fleet increased to 5,786 days for the year ended December 31, 2012, as compared to 4,053 days for year ended December 31, 2011. TCE decreased to $25,625 for the year ended December 31, 2012, from $29,218 for the year ended December 31, 2011.



EBITDA for the year ended December 31, 2011, was positively impacted by a $3.7 million of compensation for early charter termination and negatively impacted by a $0.9 million of write-off of deferred finance costs incurred in connection with the cancellation of committed credit. Excluding such items, Adjusted EBITDA for the year ended December 31, 2012, increased by $23.1 million to $97.5 million, as compared to $74.4 million for the same period in 2011. The increase in Adjusted EBITDA was due to a: (a) $29.2 million increase in revenue due to the acquisition of the vessels discussed above; (b) $0.3 million decrease in general and administrative expenses; (c) $0.5 million increase in other income/(expense), net; (d) $3.7 million of compensation for early termination incurred in the year ended December 31, 2011; and (e) $0.7 million decrease in time charter expenses. The above $34.4 million increase was partially offset by an $11.3 million increase in management fees.



Net loss for the year ended December 31, 2011, was positively impacted by a $3.7 million of compensation for early charter termination and negatively impacted by a $0.9 million of write-off of deferred finance costs incurred in connection with the cancellation of committed credit. Excluding such items, Adjusted net loss for year ended December 31, 2012 decreased by $2.8 million to $3.8 million compared to a $6.6 million loss for the year ended December 31, 2011. The decrease in Adjusted net loss was due to a $23.1 million increase in Adjusted EBITDA partially offset by: (a) $2.0 million increase in direct vessel expenses; (b) $6.3 million increase of interest expenses and finance cost, net; (c) $11.0 million increase in depreciation and amortization due to the acquisitions of vessels discussed above; and (d) $1.0 million decrease in interest income.



Fleet Employment Profile



The following table reflects certain key indicators indicative of the performance of Navios Acquisition and its core fleet for the three months and year ended December 31, 2012 and 2011.




                         Three month period ended         Year ended
                               December 31,              December 31,
                             2012         2011         2012         2011
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)
                         -----------  -----------  -----------  -----------
FLEET DATA
Available days (1)             1,679        1,238        5,786        4,053
Operating days (2)             1,672        1,236        5,751        4,004
Fleet utilization (3)           99.6%        99.9%        99.4%        98.8%
Vessels operating at
 period end                       19           14           19           14
AVERAGE DAILY RESULTS
Time Charter Equivalent
 per day (4)             $    24,526  $    30,422  $    25,625  $    29,218

(1) 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.

(4) Time Charter Equivalent: Time Charter Equivalent is defined as voyage
and time charter revenues less voyage expenses during a relevant period
divided by the number of available days during the period.





Conference Call, Webcast and Presentation Details:
As previously announced, Navios Acquisition will host a conference call today, Tuesday, February 12, 2013 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 year ended December 31, 2012.



US Dial In: +1.877.480.3873



International Dial In: +1.404.665.9927



Conference ID: 8967 6283



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: 8967 6283



The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, www.navios-acquisition.com : ctt.marketwire.com/?release=984543&id=2603626&type=1& .. , 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 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 in 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 : ctt.marketwire.com/?release=984543&id=2603629&type=1& .. .



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 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.



###PRECONTENT2###



Disclosure of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA



EBITDA represents net income/ (loss) plus interest expenses and finance cost plus depreciation and amortization and income taxes.



Adjusted EBITDA for the three month period, represents EBITDA excluding the compensation for early charter termination of $3.7 million. Adjusted EBITDA for the year ended December 31, 2011, represents EBITDA excluding the compensation for early charter termination of $3.7 million and the write-off of $0.9 million of the deferred finance costs that were incurred in connection with the cancellation of committed credit.



EBITDA is presented because Navios Acquisition believes that 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. EBITDA and Adjusted EBITDA are "non-GAAP financial measures" 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 EBITDA and Adjusted EBITDA are frequently used as measures of operating results and the ability to meet debt service requirements, the definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.



###PRECONTENT3###



###PRECONTENT4###




Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com : docid: 13984543.nitf -->



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