News Column

Costamare Inc. Reports Results for Fourth Quarter and Year Ended December 31, 2012

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ATHENS, GREECE -- (Marketwire) -- 01/23/13 -- Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited financial results for the fourth quarter and year ended December 31, 2012.

Financial Highlights

•Voyage revenues of $95.2 million and $386.2 million for the three months and year ended December 31, 2012, respectively.

•Voyage revenues adjusted on a cash basis of $97.6 million and $392.4 million for the three months and year ended December 31, 2012, respectively.

•Adjusted EBITDA of $62.5 million and $253.1 million for the three months and year ended December 31, 2012, respectively.

•Net income of $22.9 million or $0.31 per share and $81.1 million or $1.20 per share for the three months and the year ended December 31, 2012, respectively.

•Adjusted net income of $23.6 million or $0.32 per share and $91.3 million or $1.35 per share for the three months and year ended December 31, 2012, respectively.



New Business Developments

•The Company purchased the 2003-built, 5,928 TEU container vessel Venetiko (ex. Ace Ireland) for $22.2 million. The vessel is expected to be delivered to the Company no later than February 28, 2013. The acquisition is initially entirely financed with cash on hand. The Company also entered into a charter agreement with Pacific International Lines (Pte) Ltd., Singapore ("PIL") for a period of minimum 12 months and maximum of 15 months at a daily rate of $14,500. The vessel is expected to be delivered to her charterers by the end of March 2013.

•The Company sold the 1984-built, 3,876 TEU containership MSC Washington for demolition for approximately $8.2 million. The vessel was delivered to its buyers on January 2, 2013. The sale of the MSC Washington resulted in a book gain of approximately $3.2 million.

•In January 2013, our manager Costamare Shipping Company S.A. entered into a co-operation agreement (the "Co-operation Agreement") with third party ship managers V Ships Greece Ltd., pursuant to which the two companies will establish a ship management cell (the "Cell") within V Ships Greece Ltd. The Cell will provide technical management services to initially about 22 Costamare Inc. container vessels for which Costamare Shipping will remain the head manager and also to vessels of third party clients. The Co-operation Agreement provides that Costamare Shipping Company S.A. will receive part of the profits generated by the Cell. Costamare Inc. and Costamare Shipping Company S.A. have agreed that Costamare Shipping Company S.A. will pass to Costamare Inc. the net profit it receives pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by Costamare Inc. to Costamare Shipping Company S.A. This arrangement will provide us with the operational flexibility needed to respond to changing market conditions, while reducing our ship management expenditure.



Dividend Announcements

•On January 17, 2013, the Company declared a dividend for the fourth quarter ended December 31, 2012, of $0.27 per share, payable on February 13, 2013 to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on January 30, 2013. This will be the Company's ninth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

"During the fourth quarter of the year, the Company continued to deliver positive results.

"On the ship management front, the Co-operation Agreement between our manager and V-Ships provides us both with the resources needed to achieve our growth plans and the flexibility to adjust the size of our fleet depending on market conditions in a highly cyclical industry.

"At the same time we have addressed the potential for conflicts of interest; by aligning the interests of the listed entity and our manager in the structure. The management company will be passing along to the listed entity its entire share of the profits resulting from the Co-operation Agreement. As a result of this arrangement, we expect that over time the management fees currently paid by Costamare Inc. can be reduced.

"Regarding new transactions, we bought a 2003 built approx. 6,000 TEU container vessel for a purchase price of $22.2 million. The vessel has been chartered for a period of 12-15 months at a rate yielding attractive returns with a lot of upside.

"At the same time we took advantage of a strong demolition market and sold a 29 - year old vessel; the transaction resulted in an accounting gain of approximately $3.2 million.

"In a challenging market we have minimized our re-chartering risk. The charters for the vessels opening in 2013 and 2014 account for approximately 4% and 3% of our 2013 and 2014 contracted revenues respectively.

"Finally, on January 17 we declared a dividend for the fourth quarter of $0.27 per share. Consistent with our dividend policy, we continue to offer an attractive dividend, which we consider to be sustainable based on the size of our contracted cash flows, the quality of our charterers and the prudent amortization of our debt.

"We believe that going forward, a containership market under pressure provides us with the opportunity to expand opportunistically in a low rate and asset values environment."


Financial Summary Three-month period Year ended December 31, ended December 31, ----------------------- -----------------------(Expressed in thousands of U.S. dollars, except share and per share data): 2011 2012 2011 2012 ----------- ----------- ----------- -----------Voyage revenue $ 382,155 $ 386,155 $ 101,990 $ 95,193Accrued charter revenue (1) $ 30,313 $ 6,261 $ 7,095 $ 2,352Voyage revenue adjusted on a cash basis (2) $ 412,468 $ 392,416 $ 109,085 $ 97,545Adjusted EBITDA (3) $ 274,669 $ 253,097 $ 74,671 $ 62,510Adjusted Net Income (3) $ 112,763 $ 91,346 $ 32,595 $ 23,625Weighted Average number of shares 60,300,000 67,612,842 60,300,000 73,658,696Adjusted Earnings per share (3) $ 1.87 $ 1.35 $ 0.54 $ 0.32EBITDA (3) $ 249,498 $ 242,880 $ 68,158 $ 61,816Net Income $ 87,592 $ 81,129 $ 26,082 $ 22,931Weighted Average number of shares 60,300,000 67,612,842 60,300,000 73,658,696Earnings per share $ 1.45 $ 1.20 $ 0.43 $ 0.31




(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period.
(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash "Accrued charter revenue" recorded under charters with escalating charter rates. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described in the notes to the "Fleet List" below.
(3) Adjusted net income, adjusted earnings per share, EBITDA and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to EBITDA and adjusted EBITDA below.

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the years and three-month periods ended December 31, 2012 and December 31, 2011. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income, (iii) Adjusted earnings per share, (iv) EBITDA and (v) Adjusted EBITDA.


Reconciliation of Net Income to Adjusted Net Income Three-month period ended Year ended December 31, December 31, ------------------------ ------------------------(Expressed in thousands of U.S. dollars, except share and per share data) 2011 2012 2011 2012 ----------- ----------- ----------- -----------Net Income $ 87,592 $ 81,129 $ 26,082 $ 22,931Accrued charter revenue 30,313 6,261 7,095 2,352(Gain)/ Loss on sale/disposal of vessels (13,077) 2,796 (2,306) (1,500)Realized (Gain)/ Loss on Euro/USD forward contracts (1,971) 698 (405) (299)(Gain)/ Loss on derivative instruments 8,709 462 2,129 141Initial purchases of consumable stores for newly acquired vessels 1,197 - - - ----------- ----------- ----------- -----------Adjusted Net income $ 112,763 $ 91,346 $ 32,595 $ 23,625 =========== =========== =========== ===========Adjusted Earnings per Share $ 1.87 $ 1.35 $ 0.54 $ 0.32 =========== =========== =========== ===========Weighted average number of shares 60,300,000 67,612,842 60,300,000 73,658,696 =========== =========== =========== ===========




Adjusted Net income and Adjusted Earnings per Share represent net income before gain/(loss) on sale of vessels, non-cash changes in fair value of derivatives, non-cash "Accrued charter revenue" recorded under charters with escalating charter rates, realized (gain)/loss on Euro/USD forward contracts and the cash of initial purchases of consumable stores for newly acquired vessels. "Accrued charter revenue" is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net income and Adjusted Earnings per Share are not recognized measurements under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted Net income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net income and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.


Reconciliation of Net Income to Adjusted EBITDA Year ended Three-month period December 31, ended December 31, -------------------- --------------------(Expressed in thousands of U.S. dollars) 2011 2012 2011 2012 --------- --------- --------- ---------Net Income $ 87,592 $ 81,129 $ 26,082 $ 22,931Interest and finance costs 75,441 74,734 19,488 16,894Interest income (477) (1,495) (123) (322)Depreciation 78,803 80,333 20,711 20,151Amortization of dry-docking and special survey costs 8,139 8,179 2,000 2,162 --------- --------- --------- ---------EBITDA 249,498 242,880 68,158 61,816Accrued charter revenue 30,313 6,261 7,095 2,352(Gain)/ Loss on sale/disposal of vessels (13,077) 2,796 (2,306) (1,500)Realized (Gain)/ Loss on Euro/USD forward contracts (1,971) 698 (405) (299)Gain/ (Loss) on derivative instruments 8,709 462 2,129 141Initial purchases of consumable stores for newly acquired vessels 1,197 - - - --------- --------- --------- ---------Adjusted EBITDA $ 274,669 $ 253,097 $ 74,671 $ 62,510 ========= ========= ========= =========




EBITDA represents net income before interest and finance costs, interest income, depreciation and amortization of deferred dry-docking & special survey costs. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, amortization of deferred dry-docking & special survey costs, gain/(loss) on sale of vessels, non-cash changes in fair value of derivatives, non-cash "Accrued charter revenue" recorded under charters with escalating charter rates, realized (gain)/loss on Euro/USD forward contracts and the cash of initial purchases of consumable stores for newly acquired vessels. "Accrued charter revenue" is attributed to the time difference between the revenue recognition and the cash collection. However, EBITDA and Adjusted EBITDA are not recognized measurements under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that EBITDA and Adjusted EBITDA are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that EBITDA and Adjusted EBITDA are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of EBITDA and Adjusted EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.

Results of Operations

Three-month period ended December 31, 2012 compared to the three-month period ended December 31, 2011

During the three-month periods ended December 31, 2012 and 2011, we had an average of 47.0 and 48.3 vessels, respectively, in our fleet. In the three-month period ended December 31, 2012, no vessels were acquired or sold. In the three-month period ended December 31, 2011, we acquired the secondhand vessel MSC Methoni with a TEU capacity of 6,724 and we sold three vessels, while the vessel Rena was determined to be a constructive total loss ("CTL") for insurance purposes in October 2011, with an aggregate TEU capacity, including the vessel Rena, of 8,922. In the three-month period ended December 31, 2012 and 2011, our fleet ownership days totaled 4,324 and 4,446 days, respectively. Ownership days are the primary driver of voyage revenue and vessels' operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.


Three-month period ended December 31, --------------------(Expressed in millions of U.S. Percentage dollars, except percentages) 2011 2012 Change Change --------- --------- --------- ----------Voyage revenue $ 102.0 $ 95.2 $ (6.8) (6.7%)Voyage expenses (0.9) (1.5) 0.6 66.7%Voyage expenses - related parties (0.8) (0.7) (0.1) (12.5%)Vessels operating expenses (27.0) (27.8) 0.8 3.0%General and administrative expenses (1.4) (1.0) (0.4) (28.6%)Management fees - related parties (4.1) (3.8) (0.3) (7.3%)Amortization of dry-docking and special survey costs (2.0) (2.2) 0.2 10.0%Depreciation (20.7) (20.2) (0.5) (2.4%)Gain/ (loss) on sale/disposal of vessels 2.3 1.5 (0.8) (34.8%)Foreign exchange gains/ (losses) 0.2 (0.1) (0.3) (150.0%)Interest income 0.1 0.3 0.2 200.0%Interest and finance costs (19.5) (16.9) (2.6) (13.3%)Other - 0.2 0.2 100.0%Gain/ (loss) on derivative instruments (2.1) (0.1) (2.0) (95.2%) --------- ---------Net Income $ 26.1 $ 22.9 $ ========= ========= Three-month period ended December 31, ------------------- (Expressed in millions of U.S. Percentage dollars, except percentages) 2011 2012 Change Change --------- --------- --------- ----------Voyage revenue $ 102.0 $ 95.2 $ (6.8) (6.7%)Accrued charter revenue 7.1 2.4 (4.7) (66.2%) --------- ---------Voyage revenue adjusted on a cash basis $ 109.1 $ 97.6 $ ========= ========= Three-month period ended December 31, ----------------- PercentageFleet operational data 2011 2012 Change Change -------- -------- -------- ----------Average number of vessels 48.3 47.0 (1.3) (2.7%)Ownership days 4,446 4,324 (122) (2.7%)Number of vessels underwent dry- dock and special survey during the periods - 3 3




Voyage Revenue

Voyage revenue decreased by 6.7%, or $6.8 million, to $95.2 million during the three-month period ended December 31, 2012, from $102.0 million during the three-month period ended December 31, 2011. The decrease in Voyage revenue is mainly due to decreased ownership days of our fleet by 2.7% during the three-month period ended December 31, 2012, compared to the three-month period ended December 31, 2011. Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 10.5%, or $11.5 million, to $97.6 million during the three-month period ended December 31, 2012, from $109.1 million during the three-month period ended December 31, 2011. The decrease is mainly attributable to the decreased ownership days of our fleet and the decreased charter hire received in accordance with certain escalation clauses of our charters during the three-month period ended December 31, 2012 compared to the three-month period ended December 31, 2011.

Voyage Expenses

Voyage expenses increased by 66.7%, or $0.6 million, to $1.5 million during the three-month period ended December 31, 2012, from $0.9 million during the three-month period ended December 31, 2011. The increase was primarily attributable to the off-hire expenses, mainly relating to bunkers consumption (i) of three vessels that were dry-docked (ii) of two vessels on their way to their new charters and, (iii) of one vessel on the way to her scrap buyer (delivered for scrap in January 2013) during the three-month period ended December 31, 2012; partly offset by the decreased third party commissions charged to us in the three-month period December 31, 2012, compared to the three-month period ended December 31, 2011.

Voyage Expenses - related parties

Voyage expenses - related parties in the amount of $0.7 million during the three-month period ended December 31, 2012 and in the amount of $0.8 million during the three-month period ended December 31, 2011, represent fees of 0.75% on voyage revenues charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 3, 2010.

Vessels' Operating Expenses

Vessels' operating expenses, which also include the realized gain (loss) under derivative contracts entered into in relation to foreign currency exposure, increased by 3.0%, or $0.8 million, to $27.8 million during the three-month period ended December 31, 2012, from $27.0 million during the three-month period ended December 31, 2011. The increase is partly attributable to the increase of the average vessel size of our fleet during the three-month period ended December 31, 2012, compared to the same period of 2011; partly offset by the decreased ownership days of our fleet during the three-month period ended December 31, 2012, compared to the same period of 2011.

General and Administrative Expenses

General and administrative expenses decreased by 28.6%, or $0.4 million, to $1.0 million during the three-month period ended December 31, 2012, from $1.4 million during the three-month period ended December 31, 2011. The decrease in the three-month period ended December 31, 2012, was mainly attributable to decreased public-company related expenses charged to us compared to the three-month period ended December 31, 2011. Furthermore, General and administrative expenses for the three-month period ended December 31, 2012 and 2011, include $0.25 million for the services of the Company's officers in aggregate charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 3, 2010.

Management Fees - related parties

Management fees paid to our managers decreased by 7.3%, or $0.3 million, to $3.8 million during the three-month period ended December 31, 2012, from $4.1 during the three-month period ended December 31, 2011. The decrease was primarily attributable to the decreased fleet ownership days for the three-month period ended December 31, 2012, compared to the three-month period ended December 31, 2011.

Amortization of Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $2.2 million for the three-month period ended December 31, 2012 and $2.0 for the three-month period ended December 31, 2011. During the three-month period ended December 31, 2012 and 2011, three vessels and no vessels underwent their special survey, respectively.

Depreciation

Depreciation expense decreased by 2.4%, or $0.5 million, to $20.2 million during the three-month period ended December 31, 2012, from $20.7 million during the three-month period ended December 31, 2011. The decrease was primarily attributable to the depreciation expense not charged for eight vessels that were sold during the fourth quarter of 2011 and the year ended December 31, 2012; partly offset by the depreciation expense charged for five vessels that were acquired during the year ended December 31, 2012.

Gain/ (Loss) on Sale/Disposal of Vessels

In the three-month period ended December 31, 2012, we recorded a book gain of $1.5 from the effect of the partial reversal of a provision recorded in 2011 for costs associated with the grounding of the vessel Rena. During the three-month period ended December 31, 2011, we recorded in aggregate, on a net basis, a gain of $2.3 million from the sale of three vessels and the "CTL" of the vessel Rena.

Foreign Exchange Gains/ (Losses)

Foreign exchange gains/ losses were losses of $0.1 million during the three-month period ended December 31, 2012, and gains of $0.2 million during the three-month period ended December 31, 2011.

Interest Income

During the three-month period ended December 31, 2012, interest income increased by 200.0%, or $0.2 million, to $0.3 million, from $0.1 million during the three-month period ended December 31, 2011. The change in interest income was mainly due to the increased cash deposits in interest bearing accounts during the three-month period ended December 31, 2012, compared to the three-month period ended December 31, 2011, which resulted from the increased average cash balance during the three-month period ended December 31, 2012, compared to the three-month period ended December 31, 2011.

Interest and Finance Costs

Interest and finance costs decreased by 13.3%, or $2.6 million, to $16.9 million during the three-month period ended December 31, 2012, from $19.5 million during the three-month period ended December 31, 2011. The decrease is partly attributable to decreased financing costs and commitment fees charged to us mainly in relation to new credit facilities we entered into during the year ended December 31, 2011, in connection with our new building program; partly offset by the capitalized interest in relation to our new-building program.

Gain/ (Loss) on Derivative Instruments

The fair value of our 28 interest rate derivative instruments which were outstanding as of December 31, 2012, equates to the amount that would be paid by us or to us should those instruments be terminated. As of December 31, 2012, the fair value of these 28 interest rate derivative instruments in aggregate amounted to a liability of $180.8 million. Twenty-seven of the 28 interest rate derivative instruments that were outstanding as at December 31, 2012, qualified for hedge accounting and the effective portion of the change in their fair value is recorded in "Comprehensive loss". For the three-month period ended December 31, 2012, a gain of $12.0 million has been included in "Comprehensive loss" and a loss of $0.05 million has been included in "Gain/ (loss) on derivative instruments" in the consolidated statement of income, resulting from the fair market value change of the interest rate derivative instruments during the three-month period ended December 31, 2012.

Cash Flows


Three-month period ended December 31, 2012 and December 31, 2011 Three-month periodCondensed cash flows ended December 31, --------------------(Expressed in millions of U.S. dollars) 2011 2012 --------- ---------Net Cash Provided by Operating Activities $ 60.8 $ 44.7Net Cash Used in Investing Activities $ (27.1) $ (74.5)Net Cash Provided by (Used in) Financing Activities $ (6.2) $ 80.0




Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended December 31, 2012, decreased by $16.1 million to $44.7 million, compared to $60.8 million for the three-month period ended December 31, 2011. The decrease was primarily attributable to (a) the decreased cash from operations of $11.5 million deriving from escalating charter rates, (b) the increased dry-docking payments of $3.1 million and (c) by the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $3.1 million.

Net Cash Used in Investing Activities

Net cash used in investing activities was $74.5 million in the three-month period ended December 31, 2012, which mainly consists of (a) $82.1 million advance payments for the construction and purchase of five newbuild vessels and (b) $7.9 million advance payment we received from the sale of one vessel for scrap which was delivered to her scrap buyers in January 2013.

Net cash used in investing activities was $27.1 million in the three-month period ended December 31, 2011.

Net Cash Provided By (Used in) Financing Activities

Net provided by financing activities was $80.0 million in the three-month period ended December 31, 2012, which mainly consists of (a) $40.8 million of indebtedness that we repaid, (b) $47.5 million we drew down from three of our credit facilities, (c) $20.2 million we paid for dividends to our stockholders for the third quarter of the year 2012 and (d) $93.5 million net proceeds we received from our follow-on offering in October 2012, net of underwriting discounts and expenses incurred in the offering.

Net cash used in financing activities was $6.2 million in the three-month period ended December 31, 2011, which mainly consists of (a) $40.7 million of indebtedness that we repaid, (b) $57.3 million we drew down from two of our credit facilities and (c) $16.3 million we paid for dividends to our stockholders for the third quarter of the year 2011.

Results of Operations

Year ended December 31, 2012 compared to the year ended December 31, 2011

During the years ended December 31, 2012 and 2011, we had an average of 46.8 and 47.8 vessels, respectively, in our fleet. In the year ended December 31, 2012, we accepted delivery of five secondhand vessels MSC Ulsan, Koroni, Kyparissia, Stadt Luebeck and Messini with an aggregate TEU capacity of 15,352 and we sold four vessels Gather, Gifted, Genius I and Horizon with an aggregate TEU capacity of 9,834. In the year ended December 31, 2011, we accepted delivery of ten secondhand vessels MSC Pylos, Zagora, Marina, Prosper, Konstantina, MSC Sierra II, MSC Namibia II, MSC Sudan II, MSC Romanos and MSC Methoni with an aggregate TEU capacity of 29,242 and we sold six second-hand vessels MSC Sierra, MSC Namibia, MSC Sudan, MSC Fado, MSC Tuscany and Garden, while the vessel Rena was determined to be a constructive total loss ("CTL") for insurance purposes in October 2011, with an aggregate TEU capacity of 13,836. In the years ended December 31, 2012 and 2011, our fleet ownership days totaled 17,113 and 17,437 days, respectively. Ownership days are the primary driver of voyage revenue and vessels operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.


Year ended December 31, --------------------(Expressed in millions of U.S. Percentage dollars, except percentages) 2011 2012 Change Change --------- ---------Voyage revenue $ 382.2 $ 386.2 $ 4.0 1.0%Voyage expenses (4.2) (5.5) 1.3 31.0%Voyage expenses - related parties (2.9) (2.9) - -Vessels operating expenses (110.4) (112.5) 2.1 1.9%General and administrative expenses (5.0) (4.0) (1.0) (20.0%)Management fees - related parties (15.3) (15.2) (0.1) (0.7%)Amortization of dry-docking and special survey costs (8.1) (8.2) 0.1 1.2%Depreciation (78.8) (80.3) 1.5 1.9%Gain/ (Loss) on sale/disposal of vessels 13.1 (2.8) (15.9) (121.4%)Foreign exchange gains/ (losses) 0.1 0.1 - -Interest income 0.5 1.5 1.0 200.0%Interest and finance costs (75.4) (74.7) (0.7) (0.9%)Other 0.5 (0.1) (0.6) (120.0%)Gain/ (Loss) on derivative instruments (8.7) (0.5) (8.2) (94.3%) --------- ---------Net Income $ 87.6 $ 81.1 $ ========= ========= Year ended December 31, ------------------- (Expressed in millions of U.S. Percentage dollars, except percentages) 2011 2012 Change Change --------- ---------Voyage revenue $ 382.2 $ 386.2 $ 4.0 1.0%Accrued charter revenue 30.3 6.2 (24.1) (79.5%) --------- ---------Voyage revenue adjusted on a cash basis $ 412.5 $ 392.4 $ ========= ========= Year ended December 31, ----------------- PercentageFleet operational data 2011 2012 Change Change -------- --------Average number of vessels 47.8 46.8 (1.0) (2.1%)Ownership days 17,437 17,113 (324) (1.9%)Number of vessels underwent dry- dock and special survey during the years 8 9 1 -




Voyage Revenue

Voyage revenue increased by 1.0%, or $4.0 million, to $386.2 million during the year ended December 31, 2012, from $382.2 million during the year ended December 31, 2011. Ownership days decreased by 1.9% or 324 days to 17,113 days during the year ended December 31, 2012, from 17,437 days during the year ended December 31, 2011. The increase in Voyage revenue is mainly due to the fact that larger vessels, chartered on average at higher rates, were employed by the Company during the year ended December 31, 2012, compared to the year ended December 31, 2011. Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 4.9%, or $20.1 million, to $392.4 million during the year ended December 31, 2012, from $412.5 million during the year ended December 31, 2011. The decrease is attributable to decreased charter hire received in accordance with certain escalation clauses of our charters during the year ended December 31, 2012, compared to the year ended December 31, 2011; partly offset by the fact that larger vessels, chartered on average at higher rates, were employed by the Company during the year ended December 31, 2012, compared to the year ended December 31, 2011.

Voyage Expenses

Voyage expenses increased by 31.0%, or $1.3 million, to $5.5 million during the year ended December 31, 2012, from $4.2 million during the year ended December 31, 2011. The increase was primarily attributable to the increased off-hire expenses of our fleet, mainly bunkers consumption; partly offset by the decreased third party commissions charged to us during the year ended December 31, 2012, compared to the year ended December 31, 2011.

Voyage Expenses - related parties

Voyage expenses - related parties in the amount of $2.9 million during the years ended December 31, 2012, and 2011, represent fees of 0.75% on voyage revenues charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 3, 2010.

Vessels' Operating Expenses

Vessels' operating expenses, which also include the realized gain or loss under derivative contracts entered into in relation to foreign currency exposure, increased by 1.9%, or $2.1 million, to $112.5 million during the year ended December 31, 2012, from $110.4 million during the year ended December 31, 2011. The increase is partly attributable to the increase of the average vessel size of the fleet during the year ended December 31, 2012, compared to the same period of 2011; partly offset by the decreased ownership days of our fleet during the year ended December 31, 2012, compared to the same period of 2011.

General and Administrative Expenses

General and administrative expenses decreased by 20.0%, or $1.0 million, to $4.0 million during the year ended December 31, 2012, from $5.0 million during the year ended December 31, 2011. The decrease in the year ended December 31, 2012, was mainly attributable to decreased public-company related expenses charged to us compared to the year ended December 31, 2011. Furthermore, General and administrative expenses for the years ended December 31, 2012 and December 31, 2011, include $1.0 million, respectively, for the services of the Company's officers in aggregate charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 3, 2010.

Management Fees - related parties

Management fees paid to our managers decreased by 0.7%, or $0.1 million, to $15.2 million during the year ended December 31, 2012, from $15.3 million during the year ended December 31, 2011. The decrease was primarily attributable to the decreased fleet ownership days for the year ended December 31, 2012, compared to the year ended December 31, 2011.

Amortization of Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs for the years ended December 31, 2012 and 2011 was $8.2 million and $8.1 million, respectively. During the years ended December 31, 2012 and 2011, 9 vessels and 8 vessels, respectively, underwent their special surveys.

Depreciation

Depreciation expense increased by 1.9%, or $1.5 million, to $80.3 million during the year ended December 31, 2012, from $78.8 million during the year ended December 31, 2011. The increase was primarily attributable to the depreciation expense charged for the five larger and younger containerships delivered to us during the year ended December 31, 2012, partly offset by the depreciation expense not charged relating to the four smaller and older vessels sold during the year ended December 31, 2012.

Gain/ (Loss) on Sale/Disposal of Vessels

During the year ended December 31, 2012, we recorded a net loss of $2.8 million mainly from the sale of four vessels (including the effect of the partial reversal of a provision recorded in 2011 for costs associated with the grounding of the vessel Rena). During the year ended December 31, 2011, we recorded in aggregate, on a net basis, a gain of $13.1 million from the sale of six vessels and the "CTL" of the vessel Rena.

Foreign Exchange Gains

Foreign exchange gains amounted to $0.1 million and $0.1 during the years ended December 31, 2012 and 2011, respectively.

Interest Income

During the year ended December 31, 2012, interest income increased by 200.0%, or $1.0 million, to $1.5 million, from $0.5 million during the year ended December 31, 2011. The increase in interest income was mainly due to the increased cash deposits in interest bearing accounts during the year ended December 31, 2012, compared to the year ended December 31, 2011, which resulted from the increased average cash balance during the year ended December 31, 2012, compared to the year ended December 31, 2011.

Interest and Finance Costs

Interest and finance costs decreased by 0.9%, or $0.7 million, to $74.7 million during the year ended December 31, 2012, from $75.4 million during the year ended December 31, 2011. The decrease is partly attributable to the decreased financing costs and capitalized interest in relation with our newbuilding program; partly offset by the increased interest expense charged to us during the year ended December 31, 2012, compared to the year ended December 31, 2011.

Gain/ (Loss) on Derivative Instruments

The fair value of our 28 interest rate derivative instruments which were outstanding as of December 31, 2012, equates to the amount that would be paid by us or to us should those instruments be terminated. As of December 31, 2012, the fair value of these 28 interest rate derivative instruments in aggregate amounted to a liability of $180.8 million. Twenty-seven of the 28 interest rate derivative instruments that were outstanding as at December 31, 2012, qualified for hedge accounting and the effective portion of the change in their fair value is recorded in "Comprehensive loss". For the year ended December 31, 2012, a loss of $8.5 million has been included in "Comprehensive loss" and a loss of $1.6 million has been included in "Gain (loss) on derivative instruments" in the consolidated statement of income, resulting from the fair market value change of the interest rate derivative instruments during the year ended December 31, 2012.

Cash Flows

Year ended December 31, 2012 and 2011


Condensed cash flows Year ended December 31, ------------------------(Expressed in millions of U.S. dollars) 2011 2012 ----------- -----------Net Cash Provided by Operating Activities $ 195.2 $ 168.1Net Cash Used in Investing Activities $ (283.8) $ ( 236.5)Net Cash Provided by Financing Activities $ 26.8 $ 237.7




Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the year ended December 31, 2012 decreased by $27.1 million to $168.1 million, compared to $195.2 million for the year ended December 31, 2011. The decrease was primarily attributable to (a) the decreased cash from operations of $20.1 million deriving from escalating charter rates, (b) the increased dry-docking payments of $5.0 million and (c) increased payments for interest (including swap payments) of $3.5 million; partly offset by favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $1.1 million.

Net Cash Used in Investing Activities

Net cash used in investing activities was $236.5 million in the year ended December 31, 2012, which consisted of (a) $191.2 million advance payments for the construction and purchase of ten newbuild vessels, (b) $74.1 million in payments for the acquisition of five secondhand vessels and (c) $28.7 million we received from the sale of four vessels including the advance payment we received from the sale of one vessel for scrap which was delivered to her scrap buyers in January 2013.

Net cash used in investing activities was $283.8 million in the year ended December 31, 2011.

Net Cash Provided By Financing Activities

Net cash provided by financing activities was $237.7 million in the year ended December 31, 2012, which mainly consisted of (a) $170.2 million of indebtedness that we repaid, (b) $288.6 million we drew down from six of our credit facilities, (c) $73.1 million we paid for dividends to our stockholders for the fourth quarter of the year ended December 31, 2011, first quarter of the year 2012, the second quarter of the year 2012 and the third quarter of the year 2012 and (d) $194.1 million net proceeds we received from our two follow-on offerings in March 2012 and October 2012, net of underwriting discounts and expenses incurred in the offerings.

Net cash provided by financing activities was $26.8 million in the year ended December 31, 2011, which mainly consists of (a) $124.6 million of indebtedness that we repaid, (b) $226.3 million we drew down from five of our credit facilities and (c) $61.5 million, in aggregate, we paid for dividends to our stockholders for the fourth quarter of the year 2010, the first quarter of the year 2011, the second quarter of the year 2011 and the third quarter of the year 2011.

Liquidity and Capital Expenditures

Cash and cash equivalents

As of December 31, 2012, we had a total cash liquidity of $314.6 million, consisting of cash, cash equivalents and restricted cash.

Debt-free vessels

As of January 23, 2013, the following vessels were free of debt.


Unencumbered Vessels in the water (refer to fleet list on page 17 for full charter details) Year TEUVessel Name Built Capacity-------------------------------------- ---------- ----------NAVARINO 2010 8,531VENETIKO (ex. ACE IRELAND) 2003 5,928MSC KYOTO 1981 3,876AKRITAS 1987 3,152MSC CHALLENGER 1986 2,633MESSINI 1997 2,458




Capital commitments

As of January 23, 2012, we had outstanding commitments relating to our contracted newbuilds aggregating $629.5 million payable in installments until the vessels are delivered. In addition we had $17.8 million outstanding commitment relating to the acquisition of the secondhand vessel Venetiko (ex. Ace Ireland) payable upon delivery of the vessel.

Conference Call details:

On Thursday, January 24, 2013 at 8:30 a.m., EST, Costamare's management team will hold a conference call to discuss the financial results.

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 "Costamare."

A replay of the conference call will be available until January 31, 2013. 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: 25306424#.

Live webcast:

There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com) under the "Investors" section. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Costamare Inc.

Costamare Inc. is one of the world's leading owners and providers of containerships for charter. The Company has 38 years of history in the international shipping industry and a fleet of 57 containerships, with a total capacity of approximately 331,000 TEU, including 10 newbuild containerships on order. Costamare Inc.'s common shares trade on the New York Stock Exchange under the symbol "CMRE."

Forward-Looking Statements

This earnings release contains "forward-looking statements". In some cases, you can identify these statements by forward-looking words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "could" and "expect" and similar expressions. These statements are not historical facts but instead represent only Costamare's belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare's control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in Costamare Inc.'s Annual Report on Form 20-F (File No. 001-34934) under the caption "Risk Factors."

Fleet List

The tables below provide additional information, as of January 23, 2013, about our fleet of 57 containerships, including 10 newbuilds on order. Each vessel is a cellular containership, meaning it is a dedicated container vessel.


---------------------------------------------------------------------------- Average Daily Charter Current Rate Time Daily Until Year Capacity Charter Charter Expiration Earliest Vessel Name Charterer Built (TEU) Term Hire of Charter Expiry (1) (U.S. (1) of dollars) Charter (U.S. dollars) (2)----------------------------------------------------------------------------1 COSCO COSCO 2006 9,469 12 36,400 December 36,400 GUANGZHOU years 2017----------------------------------------------------------------------------2 COSCO COSCO 2006 9,469 12 36,400 January 36,400 NINGBO years 2018----------------------------------------------------------------------------3 COSCO COSCO 2006 9,469 12 36,400 February 36,400 YANTIAN years 2018----------------------------------------------------------------------------4 COSCO COSCO 2006 9,469 12 36,400 April 2018 36,400 BEIJING years----------------------------------------------------------------------------5 COSCO COSCO 2006 9,469 12 37,519 May 2018 37,519 HELLAS years----------------------------------------------------------------------------6 NAVARINO Evergreen 2010 8,531 1.5 30,950 September 30,950 years 2013----------------------------------------------------------------------------7 MAERSK A.P. 1997 7,403 10 37,000 December 37,000 KAWASAKI Moller- years 2017 (i) Maersk----------------------------------------------------------------------------8 MAERSK KURE A.P. 1996 7,403 10 37,000 December 37,000 (i) Moller- years 2017 Maersk----------------------------------------------------------------------------9 MAERSK A.P. 1997 7,403 10 37,000 February 37,000 KOKURA (i) Moller- years 2018 Maersk----------------------------------------------------------------------------10 MSC METHONI MSC 2003 6,724 10 29,000 September 29,000 years 2021----------------------------------------------------------------------------11 SEALAND NEW A.P. 2000 6,648 11 30,375 March 2018 27,174 YORK Moller- years (3) Maersk----------------------------------------------------------------------------12 MAERSK KOBE A.P. 2000 6,648 11 38,179 May 2018 29,383 Moller- years (4) Maersk----------------------------------------------------------------------------13 SEALAND A.P. 2000 6,648 11 30,375 June 2018 27,349 WASHINGTON Moller- years (5) Maersk----------------------------------------------------------------------------14 SEALAND A.P. 2000 6,648 11 25,375 August 25,874 MICHIGAN Moller- years (6) 2018 Maersk----------------------------------------------------------------------------15 SEALAND A.P. 2000 6,648 11 30,375 October 27,497 ILLINOIS Moller- years (7) 2018 Maersk----------------------------------------------------------------------------16 MAERSK A.P. 2003 6,644 11 38,865 November 31,671 KOLKATA Moller- years (8) 2019 Maersk----------------------------------------------------------------------------17 MAERSK A.P. 2003 6,644 11 38,461 February 31,780 KINGSTON Moller- years (9) 2020 Maersk----------------------------------------------------------------------------18 MAERSK A.P. 2003 6,644 11 38,418 April 2020 31,870 KALAMATA Moller- years (10) Maersk----------------------------------------------------------------------------19 VENETIKO PIL 2003 5,928 1.0 14,500 March 2014 14,500 (ex. ACE year IRELAND) (ii)----------------------------------------------------------------------------20 MSC ROMANOS MSC 2003 5,050 5.3 28,000 November 28,000 years 2016----------------------------------------------------------------------------21 ZIM NEW ZIM 2002 4,992 13 23,150 July 23,150 YORK years 2015(11)----------------------------------------------------------------------------22 ZIM ZIM 2002 4,992 13 23,150 August 23,150 SHANGHAI years 2015(11)----------------------------------------------------------------------------23 ZIM PIRAEUS ZIM 2004 4,992 10 22,150 March 2014 34,315 (iii) years (12)----------------------------------------------------------------------------24 OAKLAND Hapag 2000 4,890 8 years 30,500 September 30,500 EXPRESS Lloyd 2016----------------------------------------------------------------------------25 HALIFAX Hapag 2000 4,890 8 years 30,500 October 30,500 EXPRESS Lloyd 2016----------------------------------------------------------------------------26 SINGAPORE Hapag 2000 4,890 8 years 30,500 July 2016 30,500 EXPRESS Lloyd----------------------------------------------------------------------------27 MSC MSC 1988 4,828 7.8 20,000 August 20,000 MANDRAKI years 2017----------------------------------------------------------------------------28 MSC MYKONOS MSC 1988 4,828 8.2 20,000 September 20,000 years 2017----------------------------------------------------------------------------29 MSC ULSAN MSC 2002 4,132 5.3 16,500 March 2017 16,500 years----------------------------------------------------------------------------30 MSC ANTWERP MSC 1993 3,883 4.3 17,500 August 17,500 years 2013----------------------------------------------------------------------------31 MSC KYOTO MSC 1981 3,876 3.1 17,250 June 2013 17,250 years----------------------------------------------------------------------------32 KORONI Evergreen 1998 3,842 2 years 10,500 April 2014 11,225 (13)----------------------------------------------------------------------------33 KYPARISSIA Evergreen 1998 3,842 2 years 10,500 May 2014 11,268 (14)----------------------------------------------------------------------------34 MSC AUSTRIA MSC 1984 3,584 9.5 13,500 September 13,500 years (15) 2018----------------------------------------------------------------------------35 KARMEN Sea 1991 3,351 1.5 7,000 January 7,000 Consortium years 2013----------------------------------------------------------------------------36 MARINA Evergreen 1992 3,351 1.1 8,000 April 2013 8,000 years----------------------------------------------------------------------------37 KONSTANTINA Evergreen 1992 3,351 1.0 7,550 September 7,550 year 2013----------------------------------------------------------------------------38 AKRITAS Hapag 1987 3,152 4 years 12,500 August 12,500 Lloyd 2014----------------------------------------------------------------------------39 MSC MSC 1986 2,633 4.8 10,000 July 2015 10,000 CHALLENGER years----------------------------------------------------------------------------40 MESSINI Evergreen 1997 2,458 1.5 8,100 February 8,100 years 2014----------------------------------------------------------------------------41 MSC REUNION MSC 1992 2,024 6 years 11,500 June 2014 11,500 (iv)----------------------------------------------------------------------------42 MSC NAMIBIA MSC 1991 2,023 6.8 11,500 July 2014 11,500 II (iv) years----------------------------------------------------------------------------43 MSC SIERRA MSC 1991 2,023 5.7 11,500 June 2014 11,500 II (iv) years----------------------------------------------------------------------------44 MSC PYLOS MSC 1991 2,020 3 years 11,500 January 11,500 (iv) 2014----------------------------------------------------------------------------45 PROSPER 1996 1,504----------------------------------------------------------------------------46 ZAGORA (iv) MSC 1995 1,162 1.7 5,500 April 2013 5,500 years----------------------------------------------------------------------------47 STADT CMA CGM 2001 1.078 0.7 6,200 April 2013 6,200 LUEBECK (v) years----------------------------------------------------------------------------




Newbuilds


----------------------------------------------------------------------------Vessel Name Shipyard Charterer Expected Capacity Delivery (TEU)(16) (based on latest shipyard schedule)----------------------------------------------------------------------------1 Hull S4010 Sungdong Shipbuilding MSC March 2013 8,770----------------------------------------------------------------------------2 Hull S4011 Sungdong Shipbuilding MSC March 2013 8,770----------------------------------------------------------------------------3 Hull S4020 Sungdong Shipbuilding Evergreen May 2013 8,770----------------------------------------------------------------------------4 Hull S4021 Sungdong Shipbuilding Evergreen May 2013 8,770----------------------------------------------------------------------------5 Hull S4022 Sungdong Shipbuilding Evergreen July 2013 8,770----------------------------------------------------------------------------6 Hull S4023 Sungdong Shipbuilding Evergreen July 2013 8,770----------------------------------------------------------------------------7 Hull S4024 Sungdong Shipbuilding Evergreen August 2013 8,770----------------------------------------------------------------------------8 H1068A Jiangnan Changxing MSC November 2013 9,400----------------------------------------------------------------------------9 H1069A Jiangnan Changxing MSC December 2013 9,400----------------------------------------------------------------------------10 H1070A Jiangnan Changxing MSC February 2014 9,400----------------------------------------------------------------------------




(1) Charter terms and expiration dates are based on the earliest date charters could expire.
(2) This average rate is calculated based on contracted charter rates for the days remaining between January 23, 2013 and the earliest expiration of each charter. Certain of our charter rates change until their earliest expiration dates, as indicated in the footnotes below.
(3) This charter rate changes on May 8, 2014 to $26,100 per day until the earliest redelivery date.
(4) This charter rate changes on June 30, 2014 to $26,100 per day until the earliest redelivery date.
(5) This charter rate changes on August 24, 2014 to $26,100 per day until the earliest redelivery date.
(6) This charter rate changes on October 20, 2014 to $26,100 per day until the earliest redelivery date.
(7) This charter rate changes on December 4, 2014 to $26,100 per day until the earliest redelivery date.
(8) This charter rate changes on January 13, 2016 to $26,100 per day until the earliest redelivery date.
(9) This charter rate changes on April 28, 2016 to $26,100 per day until the earliest redelivery date.
(10) This charter rate changes on June 11, 2016 to $26,100 per day until the earliest redelivery date.
(11) Charterers shall have the option to terminate the charter by giving six months' notice, in which case they will have to make a one-time payment which shall be the $6.9 million reduced proportionately by the amount of time by which the original 3-year extension period is shortened.
(12) The charterer is required to pay approximately $5.0 million no later than July 2016, representing accrued charter hire, the payment of which was deferred.
(13) The charter rate will change to $11,500 per day, starting from May 2013 until the earliest redelivery date.
(14) The charter rate will change to $11,500 per day, starting from June 2013 until the earliest redelivery date.
(15) As from December 1, 2012 until redelivery, the charter rate is to be a minimum of $13,500 per day plus 50% of the difference between the market rate and the charter rate of $13,500. The market rate is to be determined annually based on the Hamburg ConTex type 3500 TEU index published on October 1 of each year until redelivery.
(16) Based on finalized vessel specifications.

(i) The charterer has a unilateral option to extend the charter of the vessel for two periods of 30 months each +/-90 days on the final period performed, at a rate of $41,700 per day.
(ii) The charterer has a unilateral option to extend the charter of the vessel for a period of 12 months at a rate of $28,000 per day.
(iii) The charterer has a unilateral option to extend the charter of the vessel for a period of 12 months +/-60 days at a rate of $27,500 per day.
(iv) Owners have a unilateral option to extend the charters of the vessels for an additional period of two years at market rate, to be defined annually, based on the closest category on the Contex index.
(v) The charterer has a unilateral option to extend the charter for an additional six months after the initial period at a daily rate of $8,500.


COSTAMARE INC. Consolidated Statements of Income Three months ended Year ended December 31, December 31, ------------------------ ------------------------(Expressed in thousands of U.S. dollars, except share and per share amounts) 2011 2012 2011 2012 ----------- ----------- ----------- -----------REVENUES:Voyage revenue $ 382,155 $ 386,155 $ 101,990 $ 95,193EXPENSES:Voyage expenses (4,218) (5,533) (898) (1,543)Voyage expenses - related parties (2,877) (2,873) (767) (712)Vessels' operating expenses (110,359) (112,462) (27,047) (27,762)General and administrative expenses (4,958) (4,045) (1,391) (959)Management fees - related parties (15,349) (15,171) (4,074) (3,753)Amortization of dry- docking and special survey costs (8,139) (8,179) (2,000) (2,162)Depreciation (78,803) (80,333) (20,711) (20,151)Gain/ (Loss) on sale of vessels 13,077 (2,796) 2,306 1,500Foreign exchange gains (losses) 133 110 137 (57) ----------- ----------- ----------- -----------Operating income $ 170,662 $ 154,873 $ 47,545 $ 39,594 ----------- ----------- ----------- -----------OTHER INCOME (EXPENSES):Interest income $ 477 $ 1,495 $ 123 $ 322Interest and finance costs (75,441) (74,734) (19,488) (16,894)Other 603 (43) 31 50Gain/ (Loss) on derivative instruments (8,709) (462) (2,129) (141) ----------- ----------- ----------- -----------Total other income (expenses) $ (83,070) $ (73,744) $ (21,463) $ (16,663) ----------- ----------- ----------- -----------Net Income $ 87,592 $ 81,129 $ 26,082 $ 22,931 =========== =========== =========== ===========Earnings per common share, basic and diluted $ 1.45 $ 1.20 $ 0.43 $ 0.31 =========== =========== =========== ===========Weighted average number of shares, basic and diluted 60,300,000 67,612,842 60,300,000 73,658,696 =========== =========== =========== =========== COSTAMARE INC. Consolidated Balance Sheets As of As of December 31, December 31, ------------- ------------- (Expressed in thousands of U.S. dollars) 2011 2012 ------------- ------------- (Audited)ASSETSCURRENT ASSETS:Cash and cash equivalents $ 97,996 $ 267,321Restricted cash 7,371 5,330Receivables 2,150 2,237Inventories 9,335 9,398Due from related parties 3,585 2,616Fair value of derivatives - 165Insurance claims receivable 3,076 1,454Accrued charter revenue 13,428 5,100Prepayments and other 1,910 1,862Vessels held for sale - 4,441 ------------- -------------Total current assets $ 138,851 $ 299,924 ------------- -------------FIXED ASSETS, NET:Advances for vessels acquisitions $ 148,373 $ 339,552Vessels, net 1,618,887 1,582,345 ------------- -------------Total fixed assets, net $ 1,767,260 $ 1,921,897 ------------- -------------NON-CURRENT ASSETS:Deferred charges, net $ 32,641 $ 34,099Restricted cash 38,707 41,992Accrued charter revenue 5,086 13,422 ------------- -------------Total assets $ 1,982,545 $ 2,311,334 ============= =============LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Current portion of long-term debt $ 153,176 $ 162,169Accounts payable 4,057 5,882Accrued liabilities 13,455 9,292Unearned revenue 6,901 5,595Fair value of derivatives 46,481 55,701Other current liabilities 2,519 10,772 ------------- -------------Total current liabilities $ 226,589 $ 249,411 ------------- -------------NON-CURRENT LIABILITIESLong-term debt, net of current portion $ 1,290,244 $ 1,399,720Fair value of derivatives, net of current portion 125,194 125,110Unearned revenue, net of current portion 10,532 16,641 ------------- -------------Total non-current liabilities $ 1,425,970 $ 1,541,471 ------------- -------------COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS' EQUITY:Common stock $ 6 $ 8Additional paid-in capital 519,971 714,100Accumulated deficit (48,854) (40,814)Accumulated other comprehensive loss (141,137) (152,842) ------------- -------------Total stockholders' equity $ 329,986 $ 520,452 ------------- -------------Total liabilities and stockholders' equity $ 1,982,545 $ 2,311,334 ============= =============





Contacts:

Company Contact:
Gregory Zikos
Chief Financial Officer
Konstantinos Tsakalidis
Business Development
Costamare Inc., Athens, Greece
Tel: (+30) 210-949-0000
Email: ir@costamare.com

Investor Relations Advisor/ Media Contact:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (+1) 212-661-7566
E-mail: costamare@capitallink.com



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