HispanicBusiness

ATHENS, GREECE -- (Marketwire) -- 10/23/12 -- Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited financial results for the third quarter and nine months ended September 30, 2012.

Financial Highlights

•Voyage revenues of $94.9 million and $291.0 million for the three and the nine- months ended September 30, 2012, respectively.

•Voyage revenues adjusted on a cash basis of $97.8 million and $294.9 million for the three and the nine- months ended September 30, 2012, respectively.

•Adjusted EBITDA of $62.5 million and $190.6 million for the three and the nine- months ended September 30, 2012, respectively.

•Net income of $12.5 million or $0.18 per share and $58.2 million or $0.89 per share for the three and the nine- months ended September 30, 2012, respectively.

•Adjusted net income of $20.9 million or $0.31 per share and $67.7 million or $1.03 per share for the three and nine- months ended September 30, 2012, respectively.



New Business Developments

•The Company purchased the 1997-built, 2,458 TEU container vessel Messini (ex. Pembroke) for $6.8 million. The vessel was delivered on August 2, 2012. The acquisition was entirely financed with cash on hand. The Company also entered into a charter agreement with Evergreen for a period of approximately 18 months at a daily rate of $8,100. The vessel was delivered to her charterers on September 24, 2012.

•The Company has agreed to charter the 1992-built, 3,351 TEU container vessel Konstantina to Evergreen for a period of approximately one year at a daily rate of $7,550. The vessel is expected to be delivered to her charterers on October 29, 2012.

•On August 8, 2012, we took delivery of the 2001-built, 1,078 TEU containership Stadt Luebeck. The vessel was purchased from an insolvency administrator for a purchase price of $11.3 million. The acquisition was funded entirely out of bank financing provided by an existing lender to the Company. The vessel is currently chartered to CMA CGM. We have entered into an agreement, subject to final documentation, to extend the time charter agreement with CMA CGM from October 23, 2012 for a further period of a minimum of six months and a maximum of 10 months at a daily rate of $6,200. The charterer has a unilateral option to extend the charter for a period of an additional six months after the initial period at a daily rate of $8,500.

•The Company has entered into an agreement, subject to final documentation, to extend the time charter agreement with Sea Consortium for the 1991-built, 3,351 TEU containership Karmen, from October 1, 2012 for a minimum of four months and a maximum of nine months, at a daily rate of $7,000.

•The Company sold the 1991-built, 1,068 TEU containership Horizon for demolition for a sale price of approximately $3.7 million. The vessel was delivered to its buyers on September 21, 2012. The sale of the Horizon resulted in a book loss of $7.1 million.

•The Company has entered into an agreement, subject to final documentation, to charter the 1996-built, 1,504 TEU containership Prosper with Sinokor for a minimum of one month and a maximum of four months, at a daily rate of $5,750. The vessel is expected to be delivered to its Charterers on October 24, 2012.