ATHENS, GREECE -- (Marketwired) -- 04/30/13 -- Capital Product Partners L.P. (the "Partnership" or "CPLP") (NASDAQ: CPLP), an international owner of modern tanker, dry bulk and container vessels today released its financial results for the first quarter ended March 31, 2013.
The Partnership's net income for the quarter ended March 31, 2013, was $25.0 million, including a $17.5 million gain from bargain purchase, related to the purchase value of the M/V 'Hyundai Premium' and the M/V 'Hyundai Paramount' (together the "5,023 TEU Container Vessels"), as the fair value of the vessels and their attached time charter exceeded the purchase consideration.
After taking into account the $5.3 million preferred interest in net income attributable to the unit holders of the 24,655,554 outstanding Class B Convertible Preferred Units issued during the second quarter of 2012 and the first quarter of 2013 (the "Class B Units" and the "Class B Unitholders"), the result for the quarter ended March 31, 2013 was $0.28 net income per limited partnership unit, which is $0.83 higher than the $0.55 net loss per unit of the previous quarter ended December 31, 2012, and $0.23 higher than the $0.05 net income per unit in the first quarter of 2012.
Operating surplus for the quarter ended March 31, 2013, was $22.6 million, which is $0.1 million higher than the $22.5 million from the fourth quarter of 2012, and $5.1 million higher than the $17.5 million of the first quarter of 2012. The operating surplus adjusted for the payment of distributions to the Class B Unitholders was $17.3 million for the quarter ended March 31, 2013. Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other master limited partnerships. Please refer to the section "Appendix A" at the end of the press release, for a reconciliation of this non-GAAP measure to net income.
Revenues for the first quarter of 2013 were $40.0 million, including $0.3 million in profit sharing revenues, compared to $39.8 million in the first quarter of 2012.
Total expenses for the first quarter of 2013 were $28.9 million compared to $28.6 million in the first quarter of 2012. The vessel operating expenses for the first quarter of 2013 amounted to $12.6 million for the commercial and technical management of our fleet under the terms of our management agreements, compared to $12.1 million in the first quarter of 2012. The total expenses for the first quarter of 2013 also include $11.9 million in depreciation, compared to $12.2 million in the first quarter of 2012. General and administrative expenses for the first quarter of 2013 amounted to $2.6 million, which include a $1.2 million non-cash charge related to the Partnership's Omnibus Incentive Compensation Plans.
In the first quarter of 2013, we reported a gain from bargain purchase of $17.5 million related to the purchase value of the M/V 'Hyundai Premium' and the M/V 'Hyundai Paramount', which were acquired by the Partnership on March 20 and 27, 2013 respectively, as the fair value of the vessels and their attached time charter exceeded the purchase consideration.
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