Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Changes in Equity For the six months ended June 30, 2012 and 2011 (In thousands of US Dollars, except for share data, unless otherwise stated) Six months ended June 30, -------------------------- 2012 2011 ------------ ------------Cash flows from operating activities:Net loss (34,722) (878)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 8,631 16,142 Amortization and write-off of deferred finance charges 247 674 Amortization of deferred dry-docking costs 2,310 4,053 Payments for dry-docking (988) (4,862) Change in fair value of financial instruments (1,768) (2,079) Amortization of acquired time charters - (151) Amortization of stock based compensation 7 6 Net loss on sale of vessels 15,555 - Impairment loss for vessels 11,785 - Changes in operating assets and liabilities: (Increase) decrease in operating assets Due from related parties (1,543) (1,261) Inventories (276) 89 Accounts receivable trade, net (1,497) (700) Other current assets 296 489 Other non-current assets 41 - Increase (decrease) in operating liabilities Trade accounts and other payables 3,005 (228) Accrued expenses 176 498 Due to related parties 3,499 (4,025) Accrued interest (64) 645 Deferred revenue - related party (142) (1,027) Deferred revenue (210) 90 ------------ ------------Net cash provided by operating activities 4,342 7,475 ------------ ------------Cash flows from investing activities:Proceeds from sale of vessels 16,204 - ------------ ------------Net cash provided by investing activities 16,204 - ------------ ------------Cash flows from financing activities:Proceeds from issuance of common stock 10,000 -Repayments of long term debt (50,185) (26,389)Restricted cash released 9,628 70Deferred finance charges - (144) ------------ ------------Net cash used in financing activities (30,557) (26,463) ------------ ------------Net decrease in cash and cash equivalents (10,011) (18,988)Cash and cash equivalents at beginning of period 17,734 53,787 ------------ ------------Cash and cash equivalents at end of period 7,723 34,799 ============ ============SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest 6,210 5,427
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 17 dry-bulk carriers (two Capesize, three Panamax, two Supramax, and ten Handysize vessels) with a total carrying capacity of approximately 911,914 dwt and an average fleet age of 13.6 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.
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
