EBITDA consists of earnings before interest and finance cost, taxes, depreciation and amortization. Adjusted EBITDA consists of earnings before interest and finance cost, taxes, depreciation and amortization and losses on sale of assets. EBITDA, Adjusted EBITDA and Adjusted Net Profit are not measurements of financial performance under accounting principles generally accepted in the United States of America, and do not represent cash flow from operations. EBITDA and Adjusted EBITDA are presented solely as supplemental disclosures because management believes that they are common measures of operating performance and they are useful to investors, securities analysts as well as other interested parties in the assessment of operating performance and liquidity position of different companies in the shipping industry. The definition of EBITDA, Adjusted EBITDA and Adjusted Net Profit used here may not be comparable to that used by other companies in shipping industry due to difference in methods of calculation.
Conference Call and Webcast: May 29, 2012
As announced, the Company's management team will host a conference call today, May 29, 2012, at 9:30 a.m. Eastern Time to discuss the Company's financial results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301 (from outside the US). Please quote "Seanergy."
A replay of the conference call will be available until June 5, 2012. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 2094507#.
Slides and audio webcast:
There will also be a simultaneous live webcast of the conference call over the Internet, through the Seanergy website (www.seanergymaritime.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Balance Sheets March 31, 2012 (unaudited) and December 31, 2011(In thousands of US Dollars, except for share data, unless otherwise stated) March 31, 2012 December 31, (unaudited) 2011 ------------ ------------ASSETSCurrent assets: Cash and cash equivalents 10,992 17,734 Restricted cash 18,302 19,560 Accounts receivable trade, net 2,081 1,764 Due from related parties 855 405 Inventories 2,887 2,512 Other current assets 1,650 1,457 ------------ ------------ Total current assets 36,767 43,432 ------------ ------------Fixed assets: Vessels, net 370,842 381,129 Office equipment, net 12 15 ------------ ------------ Total fixed assets 370,854 381,144 ------------ ------------Other assets Goodwill 4,365 4,365 Deferred charges 5,937 7,358 Other non-current assets 142 177 ------------ ------------ TOTAL ASSETS 418,065 436,476 ============ ============LIABILITIES AND EQUITYCurrent liabilities: Current portion of long-term debt 33,018 45,817 Trade accounts and other payables 2,694 2,595 Due to related parties 1,981 1,097 Accrued expenses 2,103 2,428 Accrued interest 1,547 1,936 Financial instruments 2,774 4,092 Deferred revenue - related party - 142 Deferred revenue 624 590 ------------ ------------ Total current liabilities 44,741 58,697 ------------ ------------Long-term debt, net of current portion 292,682 300,586Financial instruments, net of current portion 83 270 ------------ ------------ Total liabilities 337,506 359,553 ------------ ------------Commitments and contingencies - -EQUITY Seanergy shareholders' equity Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued - - Common stock, $0.0001 par value; 500,000,000 authorized shares as at March 31, 2012 and December 31, 2011; 11,959,282 and 7,317,662 shares issued and outstanding as at March 31, 2012 and December 31, 2011, respectively 1 1 Additional paid-in capital 289,296 279,292 Accumulated deficit (208,738) (202,370) ------------ ------------ Total equity 80,559 76,923 ------------ ------------TOTAL LIABILITIES AND EQUITY 418,065 436,476 ============ ============ Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Income For the three months ended March 31, 2012 and 2011 (In thousands of US Dollars, except for share and per share data, unless otherwise stated) Three months ended March 31, ---------------------------- 2012 2011 ------------- -------------Revenues: Vessel revenue - related party 2,959 10,380 Vessel revenue 15,015 15,660 Commissions - related party (109) (386) Commissions (451) (418) ------------- ------------- Vessel revenue, net 17,414 25,236Expenses: Direct voyage expenses (1,730) (727) Vessel operating expenses (8,321) (8,597) Voyage expenses - related party (162) (73) Management fees - related party (450) (619) Management fees (146) (144) General and administration expenses (1,446) (1,862) General and administration expenses - related party (102) (149) Amortization of deferred dry-docking costs (1,164) (2,633) Depreciation (4,379) (8,027) Loss on sale of vessel (2,333) - ------------- -------------Operating (loss) income (2,819) 2,405Other income (expense), net: Interest and finance costs (3,387) (3,766) Interest income 20 16 Loss on interest rate swaps (140) (99) Foreign currency exchange losses, net (37) (66) ------------- ------------- (3,544) (3,915) ------------- -------------Net loss before taxes (6,363) (1,510) ------------- ------------- Income taxes (5) (16) ------------- -------------Net loss (6,368) (1,526) ============= =============Net loss per common share Basic (0.54) (0.21) ============= ============= Diluted (0.54) (0.21) ============= =============Weighted average common shares outstanding Basic 11,803,933 7,314,931 ============= ============= Diluted 11,803,933 7,314,931 ============= ============= Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Changes in Equity For the three months ended March 31, 2012 and 2011(In thousands of US Dollars, except for share data, unless otherwise stated) Common stock ------------------- Additional # of Par paid-in Accumulated Total Shares Value capital deficit equity ---------- -------- ------------ ------------ ----------- ---------- -------- ------------ ------------ -----------Balance, December 31, 2010 7,314,931 1 279,278 (4,614) 274,665 ---------- -------- ------------ ------------ -----------Issuance of non- vested shares 3,332 - - - -Amortization of stock based compensation - - 2 - 2Net loss for the three months ended March 31, 2011 - - - (1,526) (1,526) ---------- -------- ------------ ------------ -----------Balance, March 31, 2011 7,318,263 1 279,280 (6,140) 273,141 ---------- -------- ------------ ------------ ----------- Common stock ------------------- Additional # of Par paid-in Accumulated Total Shares Value capital deficit equity ---------- -------- ------------ ------------ ----------- ---------- -------- ------------ ------------ -----------Balance, December 31, 2011 7,317,662 1 279,292 (202,370) 76,923 ---------- -------- ------------ ------------ -----------Issuance of common stock 4,641,620 - 10,000 - 10,000Amortization of stock based compensation - - 4 - 4Net loss for the three months ended March 31, 2012 - - - (6,368) (6,368) ---------- -------- ------------ ------------ -----------Balance, March 31, 2012 11,959,282 1 289,296 (208,738) 80,559 ========== ======== ============ ============ =========== Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Cash Flows For the three months ended March 31, 2012 and 2011 (All amounts in footnotes in thousands of US Dollars, except for share and per share data) Three months ended March 31, ---------------------------- 2012 2011 ------------- -------------Cash flows from operating activities:Net loss (6,368) (1,526)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 4,379 8,027 Amortization and write-off of deferred finance charges 144 173 Amortization of deferred dry-docking costs 1,164 2,633 Payments for dry-docking (651) (3,339) Change in fair value of financial instruments (1,505) (2,378) Amortization of acquired time charters - (76) Amortization of stock based compensation 4 2 Net loss on sale of vessel 2,333 - Changes in operating assets and liabilities: (Increase) decrease in operating assets Due from related parties (450) (70) Inventories (624) (110) Accounts receivable trade, net (317) 183 Other current assets (193) 26 Other non-current assets 35 - Increase (decrease) in operating liabilities Trade accounts and other payables 99 (660) Accrued expenses (62) 680 Due to related parties 884 (1,412) Accrued interest (389) 200 Deferred revenue - related party (142) - Deferred revenue 34 212 ------------- -------------Net cash (used in) provided by operating activities (1,625) 2,565 ------------- -------------Cash flows from investing activities:Proceeds from sale of vessel 4,328 - ------------- -------------Net cash provided by investing activities 4,328 - ------------- -------------Cash flows from financing activities:Proceeds from issuance of common stock 10,000 -Repayments of long term debt (20,703) (11,098)Restricted cash released (retained) 1,258 (1,065) ------------- -------------Net cash used in financing activities (9,445) (12,163) ------------- -------------Net decrease in cash and cash equivalents (6,742) (9,598)Cash and cash equivalents at beginning of period 17,734 53,787 ------------- -------------Cash and cash equivalents at end of period 10,992 44,189 ============= =============SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest 3,490 2,960
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.
The Company's current fleet consists of 19 dry-bulk carriers (four Capesize, three Panamax, two Supramax, and ten Handysize vessels) with a total carrying capacity of approximately 1,257,236 dwt and an average fleet age of 13.9 years.
The Company's common stock trades on the NASDAQ Global Market under the symbol "SHIP."
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of Securities and Exchange Commission ("SEC") and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Maritime Holdings Corp.
Dale Ploughman
Chairman & Chief Executive Officer
Christina Anagnostara
Chief Financial Officer
Tel: +30 213 0181507
E-mail: ir@seanergymaritime.com
Investor Relations / Media
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
