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About Capital Product Partners L.P.
Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands master limited partnership, is an international owner of modern double-hull tankers. The Partnership currently owns 25 vessels, including two VLCCs (Very Large Crude Carriers), four Suezmax crude oil tankers, 18 modern MR (Medium Range) tankers and one Capesize bulk carrier. All of its vessels are under period charters to BP Shipping Limited, Overseas Shipholding Group, Petrobras, Arrendadora Ocean Mexicana, S.A. de C.V., Subtec S.A. de C.V., Cosco Bulk Carrier Co. Ltd. and Capital Maritime & Trading Corp.
For more information about the Partnership, please visit our website: www.capitalpplp.com.
CPLP-F
Capital Product Partners L.P.Unaudited Condensed Consolidated Statements of Comprehensive Income(In thousands of United States Dollars, except number of units and earningsper unit) For the three-month period For the nine-month period ended September 30, ended September 30, 2012 2011 2012 2011Revenues 19,280 22,797 63,063 66,706Revenues - related party 18,674 8,058 52,578 19,655 ------------ ------------ ------------ ------------Total Revenues 37,954 30,855 115,641 86,361 ------------ ------------ ------------ ------------Expenses:Voyage expenses 1,078 1,169 4,337 2,945Voyage expenses related party 137 - 421 -Vessel operating expenses - related party 5,485 7,889 18,907 22,792Vessel operating expenses 5,820 735 15,650 814General and administrative expenses 2,360 3,035 6,907 8,230Gain on sale of vessel to third parties - - (1,296) -Depreciation 12,020 8,611 36,241 24,960 ------------ ------------ ------------ ------------Operating income 11,054 9,416 34,474 26,620 ------------ ------------ ------------ ------------Non-operating income (expense),net:Gain from bargain purchase - 65,927 - 82,453Other income (expense), net:Interest expense and finance cost (3,877) (8,158) (22,806) (24,627)(Loss) / gain on interest rate swap agreement (24) 1,267 1,423 1,267Interest and other income 70 90 727 369 ------------ ------------ ------------ ------------Total other expense, net (3,831) (6,801) (20,656) (22,991) ------------ ------------ ------------ ------------Net income 7,223 68,542 13,818 86,082 ------------ ------------ ------------ ------------Preferred unit holders' interest in Partnership's net income. 3,325 - 7,484 -General Partner's interest in Partnership's net income 78 1,371 127 1,722Common unit holders' interest in Partnership's net income 3,820 67,171 6,207 84,360Net income per:Common units (basic and diluted) 0.06 1.50 0.09 2.07Weighted-average units outstanding:Common units (basic and diluted) 68,266,345 44,154,965 68,213,293 40,046,530Comprehensive income:Partnership's net income 7,223 68,542 13,818 86,082Other Comprehensive income:Unrealized gain on derivative instruments 455 4,325 10,295 12,953 ------------ ------------ ------------ ------------Comprehensive income 7,678 72,867 24,113 99,035 ------------ ------------ ------------ ------------Capital Product Partners L.P.Unaudited Condensed Consolidated Balance Sheets(In thousands of United States Dollars, except number of units and earningsper unit) As of As of September 30, December 31, 2012 2011AssetsCurrent assetsCash and cash equivalents $ 39,822 $ 53,370Trade accounts receivable 1,950 3,415Prepayments and other assets 1,415 1,496Inventories 2,450 4,010 ------------- -------------Total current assets 45,637 62,291 ------------- -------------Fixed assetsVessels, net 1,019,425 1,073,986 ------------- -------------Total fixed assets 1,019,425 1,073,986 ------------- -------------Other non-current assetsTrade accounts receivable 848 -Above market acquired charters 45,240 51,124Deferred charges, net 2,011 2,138Restricted cash 10,500 6,750 ------------- -------------Total non-current assets 1,078,024 1,133,998 ------------- -------------Total assets $ 1,123,661 $ 1,196,289 ------------- -------------Liabilities and Partners' CapitalCurrent liabilitiesCurrent portion of long-term debt $ - $ 18,325Trade accounts payable 7,149 8,460Due to related parties 10,365 10,572Derivative instruments 958 8,255Accrued liabilities 3,408 2,286Deferred revenue 8,462 7,739 ------------- -------------Total current liabilities 30,342 55,637 ------------- -------------Long-term liabilitiesLong-term debt 463,514 615,255Deferred revenue 2,430 3,649Derivative instruments -- 4,422 ------------- -------------Total long-term liabilities 465,944 623,326 ------------- -------------Total liabilities 496,286 678,963 ------------- -------------Partners' capital 627,375 517,326 ------------- -------------Total liabilities and partners' capital $ 1,123,661 $ 1,196,289 ------------- -------------Capital Product Partners L.P.Unaudited Condensed Consolidated Statements of Cash Flows(In thousands of United States Dollars) For the nine months period ended September 30, 2012 2011Cash flows from operating activities:Net income 13,818 86,082Adjustments to reconcile net income to net cash provided by operating activities:Vessel depreciation 36,241 24,960Gain from bargain purchase - (82,453)Amortization of deferred charges 393 651Gain on interest rate swap agreements (1,424) (1,268)Gain on sale of vessel to third parties (1,296) -Amortization of above market acquired charters 5,884 3,514Equity compensation expense 3,051 1,611Changes in operating assets and liabilities:Trade accounts receivable 617 50Due from related parties - (106)Prepayments and other assets 81 (280)Inventories 1,560 (291)Trade accounts payable (3,845) 2,155Due to related parties (56) 974Accrued liabilities 1,041 1,817Deferred revenue (496) 3,707 ------------ ------------Net cash provided by operating activities 55,569 41,123 ------------ ------------Cash flows from investing activities:Vessel acquisitions and improvements (210) (26,643)Cash and cash equivalents acquired in business acquisition - 11,847Additions to restricted cash (3,750) (1,250)Net proceeds from sale of vessel to third parties 19,675 - ------------ ------------Net cash provided by / (used in) investing activities 15,715 (16,046) ------------ ------------Cash flows from financing activities:Net proceeds from issuance of Partnership units 138,908 1,470Proceeds from issuance of long-term debt - 159,580Loan issuance costs (141) (284)Repayments of long-term debt (170,066) (134,580)Dividends paid (53,533) (28,658) ------------ ------------Net cash used in financing activities (84,832) (2,472) ------------ ------------Net (decrease) / increase in cash and cash equivalents (13,548) 22,605 ------------ ------------Cash and cash equivalents at beginning of period 53,370 32,471 ------------ ------------Cash and cash equivalents at end of period 39,822 55,076 ------------ ------------Supplemental cash flow informationCash paid for interest 22,111 23,581Non-cash activitiesUnits issued to acquire the vessel owning company of the M/V Cape Agamemnon - 57,056Acquisition of above market time charter - 48,551Capital expenditures included in liabilities 34 382Unpaid private placement costs 2,489 -Crude's net assets at the completion of the business acquisition - 211,144Units issued to acquire Crude - 155,559Fair value of Crude's Equity Incentive Plan attributable to pre-combination services - 1,505
