About Capital Product Partners L.P.
Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands master limited partnership, is an international owner of a modern tanker, container and dry bulk vessels. The Partnership currently owns 25 vessels, including four Suezmax crude oil tankers, 18 modern MR (Medium Range) product tankers, two post panamax container vessels and one Capesize bulk carrier. All of its vessels are under period charters to BP Shipping Limited, Overseas Shipholding Group, Petrobras, A.P. Moller-Maersk A.S., 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 (Loss) / Income
(In thousands of United States Dollars, except number of units and earnings per unit)
For the three-month period For the year ended ended December 31, December 31, 2012 2011 2012 2011Revenues 20,949 31,810 84,012 98,517Revenues - related party 17,360 12,144 69,938 31,799 ---------- ---------- ---------- ----------Total Revenues 38,309 43,954 153,950 130,316 ---------- ---------- ---------- ----------Expenses:Voyage expenses 777 8,620 5,114 11,565Voyage expenses related party 133 165 554 165Vessel operating expenses - related party 4,727 7,752 23,634 30,516Vessel operating expenses 6,476 4,107 22,126 4,949General and administrative expenses 2,252 2,378 9,159 10,609Gain on sale of vessel to third parties - - (1,296) -Depreciation 11,994 12,253 48,235 37,214Vessels' impairment charge 43,178 - 43,178 - ---------- ---------- ---------- ----------Operating (loss) / income (31,228) 8,679 3,246 35,298 ---------- ---------- ---------- ----------Non-operating income (expense),net:Gain from bargain purchase - - - 82,453Other income (expense), net:Interest expense and finance cost (3,852) (9,001) (26,658) (33,820)Gain on interest rate swap agreement 25 1,043 1,448 2,310Interest and other income 48 318 775 879 ---------- ---------- ---------- ----------Total other expense, net (3,779) (7,640) (24,435) (30,631) ---------- ---------- ---------- ----------Net (loss) / income (35,007) 1,039 (21,189) 87,120 ---------- ---------- ---------- ----------Preferred unit holders' interest in Partnership's net income 3,325 - 10,809 -General Partner's interest in Partnership's net (loss) / income (767) 21 (640) 1,742Common unit holders' interest in Partnership's net (loss) / income (37,565) 1,018 (31,358) 85,378Net (loss) / income per:-- Common units (basic and diluted) (0.55) 0.02 (0.46) 1.78Weighted-average units outstanding:-- Common units (basic and diluted) 68,383,478 68,182,501 68,256,072 47,138,336Comprehensive (loss) / income:Partnership's net (loss) / income (35,007) 1,039 (21,189) 87,120Other Comprehensive income:Unrealized gain on derivative instruments 467 4,565 10,762 17,518 ---------- ---------- ---------- ----------Comprehensive (loss) / income (34,540) 5,604 (10,427) 104,638 ---------- ---------- ---------- ----------
