ATHENS, GREECE -- (Marketwire) -- 11/05/12 -- Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2012.
Highlights for the Third Quarter and Nine Months Ended September 30, 2012:
•Operating revenues of $156.3 million for the three months ended September 30, 2012 compared to $126.0 million for the three months ended September 30, 2011, an increase of 24.0%. Operating revenues of $437.2 million for the nine months ended September 30, 2012 compared to $339.8 million for the nine months ended September 30, 2011, an increase of 28.7%. •Adjusted EBITDA1 of $116.2 million for the three months ended September 30, 2012 compared to $86.2 million for the three months ended September 30, 2011, an increase of 34.8%. Adjusted EBITDA1 of $319.3 million for the nine months ended September 30, 2012 compared to $229.8 million for the nine months ended September 30, 2011, an increase of 38.9%. •Adjusted net income(1) of $15.6 million, or $0.14 per share, for the three months ended September 30, 2012 compared to $17.6 million, or $0.16 per share, for the three months ended September 30, 2011. Adjusted net income1 of $48.8 million, or $0.44 per share, for the nine months ended September 30, 2012 compared to $45.0 million, or $0.41 per share, for the nine months ended September 30, 2011. •We managed to improve our daily vessel operating cost by 8%, to $5,835 per day for the three months ended September 30, 2012 compared to $6,321 per day for the three months ended September 30, 2011. •The remaining average charter duration of our fleet was 9.9 years as of September 30, 2012 (weighted by aggregate contracted charter hire). •Total contracted operating revenues were $5.1 billion as of September 30, 2012, through 2028. •Charter coverage of 84.3% for the next 12 months in terms of contracted operating days and 95.1% in terms of operating revenues.
Three and Nine Months Ended September 30, 2012 Financial Summary(Expressed in thousands of United States dollars, except per share amounts): Three Three months months Nine months Nine months ended ended ended ended September September September September 30, 30, 30, 30, ----------- ----------- ----------- ----------- 2012 2011 2012 2011 ----------- ----------- ----------- ----------- (unaudited) (unaudited) (unaudited) (unaudited)Operating revenues $ 156,289 $ 126,004 $ 437,183 $ 339,757Net income/(loss) $ (7,034) $ (833) $ 11,274 $ 4,379Adjusted net income(1) $ 15,641 $ 17,578 $ 48,754 $ 45,035Earnings/(losses) per share $ (0.06) $ (0.01) $ 0.10 $ 0.04Adjusted earnings per share(1) $ 0.14 $ 0.16 $ 0.44 $ 0.41Weighted average number of shares (in thousands) 109,613 109,003 109,609 108,865Adjusted EBITDA(1) $ 116,164 $ 86,172 $ 319,322 $ 229,797
