(In thousands of US Dollars)
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, losses on sale of assets and impairment losses. 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: September 20, 2012
As announced, the Company's management team will host a conference call today, September 20, 2012, at 9:00 a.m. EDT 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 September 27, 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. Condensed Consolidated Balance Sheets June 30, 2012 (unaudited) and December 31, 2011(In thousands of US Dollars, except for share data, unless otherwise stated) June 30, 2012 December 31, (unaudited) 2011 ------------ ------------ASSETSCurrent assets: Cash and cash equivalents 7,723 17,734 Restricted cash 9,932 19,560 Accounts receivable trade, net 3,261 1,764 Due from related parties 1,948 405 Inventories 2,316 2,512 Other current assets 1,161 1,457 ------------ ------------ Total current assets 26,341 43,432 ------------ ------------Fixed assets: Vessels, net 330,436 381,129 Office equipment, net 9 15 ------------ ------------ Total fixed assets 330,445 381,144 ------------ ------------Other assets Goodwill 4,365 4,365 Deferred charges 4,751 7,358 Other non-current assets 136 177 ------------ ------------TOTAL ASSETS 366,038 436,476 ============ ============LIABILITIES AND EQUITYCurrent liabilities: Current portion of long-term debt 37,513 45,817 Trade accounts and other payables 5,600 2,595 Due to related parties 4,596 1,097 Accrued expenses 2,570 2,428 Accrued interest 1,872 1,936 Financial instruments 2,594 4,092 Deferred revenue - related party - 142 Deferred revenue 380 590 ------------ ------------ Total current liabilities 55,125 58,697 ------------ ------------Long-term debt, net of current portion 258,705 300,586Financial instruments, net of current portion - 270 ------------ ------------ Total liabilities 313,830 359,553 ------------ ------------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 June 30, 2012 and December 31, 2011; 11,959,282 and 7,317,662 shares issued and outstanding as at June 30, 2012 and December 31, 2011, respectively 1 1 Additional paid-in capital 289,299 279,292 Accumulated deficit (237,092) (202,370) ------------ ------------ Total equity 52,208 76,923 ------------ ------------TOTAL LIABILITIES AND EQUITY 366,038 436,476 ============ ============ Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Income For the three and six months ended June 30, 2012 and 2011 (In thousands of US Dollars, except for share and per share data, unless otherwise stated) Three months ended Six months ended June 30, June 30, ---------------------- ---------------------- 2012 2011 2012 2011 ---------- ---------- ---------- ----------Revenues: Vessel revenue - related party 2,405 10,366 5,364 20,746 Vessel revenue 16,246 18,270 31,261 33,930 Commissions - related party (90) (365) (199) (751) Commissions (419) (512) (870) (930) ---------- ---------- ---------- ---------- Vessel revenue, net 18,142 27,759 35,556 52,995Expenses: Direct voyage expenses (3,838) (764) (5,568) (1,491) Vessel operating expenses (6,956) (8,294) (15,277) (16,891) Voyage expenses - related party (160) (176) (322) (249) Management fees - related party (430) (144) (880) (1,287) Management fees (145) (668) (291) (288) General and administration expenses (1,135) (3,304) (2,581) (5,166) General and administration expenses - related party (100) (154) (202) (303) Amortization of deferred dry-docking costs (1,146) (1,420) (2,310) (4,053) Depreciation (4,252) (8,115) (8,631) (16,142) Loss on sale of vessels (13,222) - (15,555) - Impairment loss for vessels (11,785) - (11,785) - ---------- ---------- ---------- ----------Operating (loss) income (25,027) 4,720 (27,846) 7,125Other income (expense), net: Interest and finance costs (3,349) (3,363) (6,736) (7,129) Interest income 15 15 35 31 Loss on financial instruments (22) (651) (162) (750) Foreign currency exchange gain (loss), net 53 (45) 16 (111) ---------- ---------- ---------- ---------- (3,303) (4,044) (6,847) (7,959) ---------- ---------- ---------- ----------Net (loss) income before taxes (28,330) 676 (34,693) (834) ---------- ---------- ---------- ---------- Income taxes (24) (28) (29) (44) ---------- ---------- ---------- ----------Net (loss) income (28,354) 648 (34,722) (878) ========== ========== ========== ==========Net (loss) income per common share Basic (2.37) 0.09 (2.92) (0.12) ========== ========== ========== ========== Diluted (2.37) 0.09 (2.92) (0.12) ========== ========== ========== ==========Weighted average common shares outstanding Basic 11,957,064 7,314,930 11,880,499 7,314,930 ========== ========== ========== ========== Diluted 11,957,064 7,314,930 11,880,499 7,314,930 ========== ========== ========== ========== 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) 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 3,333 - - - -Amortization of stock based compensation - - 6 - 6Net loss for the six months ended June 30, 2011 - - - (878) (878) ---------- ----- ---------- ----------- -------Balance, June 30, 2011 7,318,264 1 279,284 (5,492) 273,793 ---------- ----- ---------- ----------- ------- 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 - - 7 - 7Net loss for the six months ended June 30, 2012 - - - (34,722) (34,722) ---------- ----- ---------- ----------- -------Balance, June 30, 2012 11,959,282 1 289,299 (237,092) 52,208 ========== ===== ========== =========== =======
