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 tanker, container and dry bulk vessels. The Partnership currently owns 27 vessels, including four Suezmax crude oil tankers, 18 modern MR (Medium Range) product tankers, two post panamax container vessels, two 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., Hyundai Merchant Marine Co. Ltd., 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 earnings per unit) For the three months period ended March 31, 2013 2012Revenues $ 26,511 $ 23,659Revenues - related party 13,454 16,180 ----------- -----------Total Revenues 39,965 39,839 ----------- -----------Expenses:Voyage expenses 1,772 2,822Voyage expenses - related party 80 140Vessel operating expenses - related party 4,297 7,290Vessel operating expenses 8,299 4,791General and administrative expenses 2,601 2,288Gain on sale of vessel to third parties - (956)Depreciation 11,867 12,195 ----------- -----------Operating income 11,049 11,269 ----------- -----------Non operating income (expense),net: ----------- -----------Gain from bargain purchase 17,475 - ----------- -----------Other income (expense), net:Interest expense and finance cost (3,715) (8,829)Gain on interest rate swap agreement 4 640Interest and other income 200 145 ----------- -----------Total other expense, net (3,511) (8,044) ----------- -----------Net income $ 25,013 $ 3,225 ----------- -----------Preferred unit holders' interest in Partnership's net income 5,270 -General Partner's interest in Partnership's net income 395 65Common unit holders' interest in Partnership's net income 19,348 3,160Net income per: -- Common units (basic and diluted) 0.28 0.05Weighted-average units outstanding: -- Common units (basic and diluted) 68,383,911 68,185,404Comprehensive income:Partnership's net income $ 25,013 $ 3,225Other Comprehensive income:Unrealized gain on derivative instruments 462 4,172 ----------- -----------Comprehensive income $ 25,475 $ 7,397 ----------- -----------Capital Product Partners L.P.Unaudited Condensed Consolidated Balance Sheets(In thousands of United States Dollars, except number of units and earnings per unit) As of As of December March 31, 31, 2013 2012AssetsCurrent assetsCash and cash equivalents $ 35,942 $ 43,551Trade accounts receivable 4,533 2,346Prepayments and other assets 1,317 1,259Above market acquired charters 2,481 -Inventories 3,110 2,333 ----------- -----------Total current assets 47,383 49,489 ----------- -----------Fixed assetsVessels, net 1,055,683 959,550 ----------- -----------Total fixed assets 1,055,683 959,550 ----------- -----------Other non-current assetsTrade accounts receivable, net 848 848Above market acquired charters 82,328 47,720Deferred charges, net 1,945 2,021Restricted cash 13,500 10,500 ----------- -----------Total non-current assets 1,154,304 1,020,639 ----------- -----------Total assets $ 1,201,687 $ 1,070,128 =========== ===========Liabilities and Partners' CapitalCurrent liabilitiesCurrent portion of long-term debt $ 5,400 $ -Trade accounts payable 5,958 4,776Due to related parties 17,320 17,447Derivative instruments - 467Accrued liabilities 3,804 2,781Deferred revenue 7,176 10,302 ----------- -----------Total current liabilities 39,658 35,773 ----------- -----------Long-term liabilitiesLong-term debt 506,965 458,365Deferred revenue 1,863 2,162 ----------- -----------Total long-term liabilities 508,828 460,527 ----------- -----------Total liabilities 548,486 496,300 ----------- -----------Commitments and contingencies ----------- -----------Partners' capital 653,201 573,828 ----------- -----------Total liabilities and partners' capital $ 1,201,687 $ 1,070,128 =========== ===========Capital Product Partners L.P.Unaudited Condensed Consolidated Statements of Cash Flows(In thousands of United States Dollars) For the three-month period ended March 31, 2013 2012Cash flows from operating activities:Net income 25,013 3,225Adjustments to reconcile net income to net cash provided by operating activities:Vessel depreciation 11,867 12,195Gain from bargain purchase (17,475)Amortization of deferred charges 46 158Gain on interest rate swap agreements (4) (640)Gain on sale of vessel to third parties - (956)Amortization of above market acquired charters 2,386 1,955Equity compensation expense 1,169 1,027Changes in operating assets and liabilities:Trade accounts receivable (2,187) (1,140)Prepayments and other assets (58) 390Inventories (777) 2,394Trade accounts payable 1,014 1,849Due to related parties (127) (202)Accrued liabilities 399 (364)Deferred revenue (3,384) (18) ---------- -----------Net cash provided by operating activities 17,882 19,873 ---------- -----------Cash flows from investing activities:Vessel acquisitions and improvements (130,000) (19)(Additions)/Reduction to restricted cash (3,000) 250Net proceeds from sale of vessel to third parties - 9,821 ---------- -----------Net cash (used in) / provided by investing activities (133,000) 10,052 ---------- -----------Cash flows from financing activities:Proceeds from issuance of Partnership units 75,075 -Expenses paid for issuance of Partnership units (1,772) -Proceeds from issuance of long-term debt 54,000 -Loan issuance costs (11) (33)Payments of long-term debt - (10,000)Dividends paid (19,783) (16,458) ---------- -----------Net cash provided by / (used in) financing activities 107,509 (26,491) ---------- -----------Net (decrease) / increase in cash and cash equivalents (7,609) 3,434Cash and cash equivalents at beginning of period 43,551 53,370 ---------- -----------Cash and cash equivalents at end of period 35,942 56,804 ---------- -----------Supplemental cash flow informationCash paid for interest 3,461 $ 8,548Non-Cash Investing and Financing ActivitiesPrivate placement costs relating to Class B preferred units included in liabilities 791 -Appendix A - Reconciliation of Non-GAAP Financial Measure(In thousands of U.S. dollars)
Description of Non-GAAP Financial Measure - Operating Surplus
Operating Surplus represents net income adjusted for non-cash items such as depreciation and amortization expense, the gain from bargain purchase and deferred revenue. Operating Surplus is a quantitative standard used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Operating Surplus is a non-GAAP financial measure and should not be considered as an alternative to net income or any other indicator of the Partnership's performance required by accounting principles generally accepted in the United States. The table below reconciles Operating Surplus to net income for the three-months period ended March 31, 2013.
For the three-monthReconciliation of Non-GAAP Financial Measure - period ended Operating Surplus March 31, 2013Net income $ 25,013Adjustments to reconcile net income to net cash provided by operating activitiesDepreciation and amortization 13,119Deferred revenue 1,910Gain from bargain purchase (17,475) ---------------------OPERATING SURPLUS PRIOR TO CLASS B PREFERRED UNITS DISTRIBUTION 22,567 ---------------------Class B preferred units distribution (5,270) ---------------------ADJUSTED OPERATING SURPLUS 17,297 ---------------------Increase in recommended reserves (839) ---------------------AVAILABLE CASH $ 16,458 ---------------------
Contact Details:
Capital GP L.L.C.
Ioannis Lazaridis
CEO and CFO
+30 (210) 4584 950
E-mail: i.lazaridis@capitalpplp.com
Investor Relations / Media
Matthew Abenante
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: cplp@capitallink.com
Capital Maritime & Trading Corp.
Jerry Kalogiratos
Finance Director
+30 (210) 4584 950
j.kalogiratos@capitalpplp.com
