ATHENS, GREECE -- (Marketwire) -- 01/23/13 -- Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited financial results for the fourth quarter and year ended December 31, 2012.
•Voyage revenues of $95.2 million and $386.2 million for the three months and year ended December 31, 2012, respectively.
•Voyage revenues adjusted on a cash basis of $97.6 million and $392.4 million for the three months and year ended December 31, 2012, respectively.
•Adjusted EBITDA of $62.5 million and $253.1 million for the three months and year ended December 31, 2012, respectively.
•Net income of $22.9 million or $0.31 per share and $81.1 million or $1.20 per share for the three months and the year ended December 31, 2012, respectively.
•Adjusted net income of $23.6 million or $0.32 per share and $91.3 million or $1.35 per share for the three months and year ended December 31, 2012, respectively.
New Business Developments
•The Company purchased the 2003-built, 5,928 TEU container vessel Venetiko (ex. Ace Ireland) for $22.2 million. The vessel is expected to be delivered to the Company no later than February 28, 2013. The acquisition is initially entirely financed with cash on hand. The Company also entered into a charter agreement with Pacific International Lines (Pte) Ltd., Singapore ("PIL") for a period of minimum 12 months and maximum of 15 months at a daily rate of $14,500. The vessel is expected to be delivered to her charterers by the end of March 2013.
•The Company sold the 1984-built, 3,876 TEU containership MSC Washington for demolition for approximately $8.2 million. The vessel was delivered to its buyers on January 2, 2013. The sale of the MSC Washington resulted in a book gain of approximately $3.2 million.
•In January 2013, our manager Costamare Shipping Company S.A. entered into a co-operation agreement (the "Co-operation Agreement") with third party ship managers V Ships Greece Ltd., pursuant to which the two companies will establish a ship management cell (the "Cell") within V Ships Greece Ltd. The Cell will provide technical management services to initially about 22 Costamare Inc. container vessels for which Costamare Shipping will remain the head manager and also to vessels of third party clients. The Co-operation Agreement provides that Costamare Shipping Company S.A. will receive part of the profits generated by the Cell. Costamare Inc. and Costamare Shipping Company S.A. have agreed that Costamare Shipping Company S.A. will pass to Costamare Inc. the net profit it receives pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by Costamare Inc. to Costamare Shipping Company S.A. This arrangement will provide us with the operational flexibility needed to respond to changing market conditions, while reducing our ship management expenditure.
•On January 17, 2013, the Company declared a dividend for the fourth quarter ended December 31, 2012, of $0.27 per share, payable on February 13, 2013 to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on January 30, 2013. This will be the Company's ninth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.
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