ATHENS, GREECE -- (Marketwired) -- 04/29/13 -- Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the quarter ended March 31, 2013.
Highlights for the First Quarter Ended March 31, 2013:
•Operating revenues of $146.1 million for the three months ended March 31, 2013 compared to $134.2 million for the three months ended March 31, 2012, an increase of 8.9%. •Adjusted EBITDA(1) of $108.6 million for the three months ended March 31, 2013 compared to $96.4 million for the three months ended March 31, 2012, an increase of 12.7%. •Adjusted net income(1) of $13.9 million, or $0.13 per share, for the three months ended March 31, 2013 compared to $16.9 million, or $0.15 per share, for the three months ended March 31, 2012. •We managed to maintain our daily vessel operating cost at low levels, of $5,912 per day for the three months ended March 31, 2013 compared to $5,945 per day for the three months ended March 31, 2012. •The remaining average charter duration of our fleet was 9.5 years as of March 31, 2013 (weighted by aggregate contracted charter hire). •Total contracted operating revenues were $4.8 billion as of March 31, 2013, through 2028. •Charter coverage of 90% for the next 12 months in terms of contracted operating days and 98% in terms of operating revenues.
Three Months Ended March 31, 2013 Financial Summary (Expressed in thousands of United States dollars, except per share amounts) Three months Three months ended ended March 31, March 31, ------------- ------------- 2013 2012 ------------- ------------- (unaudited)Operating revenues $ 146,088 $ 134,237Net income $ 13,432 $ 9,342Adjusted net income(1) $ 13,884 $ 16,938Earnings per share $ 0.12 $ 0.09Adjusted earnings per share(1) $ 0.13 $ 0.15Weighted average number of shares (in thousands) 109,653 109,605Adjusted EBITDA(1) $ 108,584 $ 96,438
(1) Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA.
Danaos' CEO Dr. John Coustas commented:
