![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Costamare Inc | NYSE:CMRE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.19 | -1.33% | 14.10 | 14.12 | 13.66 | 14.03 | 831,617 | 01:00:00 |
Financial Highlights
New Business Developments
Follow-On Offering
Dividend Announcements
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
"During the third quarter of the year, the Company continued to deliver positive results.
"In August we accepted delivery of two second hand vessels, which were acquired through distressed sales. Both vessels have been subsequently chartered for periods ranging between 6 and 18 months. As part of our fleet renewal process we have sold for demolition a 1,068 TEU 1991-built ship.
"In a challenging market we have fixed all the vessels that were coming out of charter during the remainder of the year; at the same time we have minimized our rechartering 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.
"On October 5th we declared a dividend for the third 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.
"Finally on October 19th, we closed the offering of 7 million shares of common stock that was priced at $ 14 per share. Members of the founding family have purchased 700,000 shares in the offering. In today's environment the Company has a strong cash position coupled with low leverage and unencumbered assets.
"We believe that going forward we are well positioned to pursue new business opportunities in a market environment that favors well capitalized players."
Financial Summary Nine-month period ended Three-month period September 30, ended September 30, ----------------------- ----------------------- (Expressed in thousands of U.S. dollars, except share and per share data): 2011 2012 2011 2012 ----------- ----------- ----------- ----------- (Unaudited) ----------------------------------------------- Voyage revenue $ 280,165 $ 290,962 $ 99,886 $ 94,886 Accrued charter revenue (1) $ 23,218 $ 3,909 $ 7,776 $ 2,924 Voyage revenue adjusted on a cash basis (2) $ 303,383 $ 294,871 $ 107,662 $ 97,810 Adjusted EBITDA (3) $ 199,998 $ 190,587 $ 72,891 $ 62,475 Adjusted Net Income (3) $ 80,168 $ 67,721 $ 30,914 $ 20,947 Weighted Average number of shares 60,300,000 65,582,847 60,300,000 67,800,000 Adjusted Earnings per share (3) $ 1.33 $ 1.03 $ 0.51 $ 0.31 EBITDA (3) $ 181,340 $ 181,064 $ 59,368 $ 54,045 Net Income $ 61,510 $ 58,198 $ 17,391 $ 12,517 Weighted Average number of shares 60,300,000 65,582,847 60,300,000 67,800,000 Earnings per share $ 1.02 $ 0.89 $ 0.29 $ 0.18
(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 nine-month and three-month periods ended September 30, 2012 and September 30, 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 Nine-month period ended Three-month period ended September 30, September 30, ------------------------ ------------------------ (Expressed in thousands of U.S. dollars, except share and per share 2011 2012 2011 2012 data) ----------- ----------- ----------- ----------- (Unaudited) ------------------------------------------------- Net Income $ 61,510 $ 58,198 $ 17,391 $ 12,517 Accrued charter revenue 23,218 3,909 7,776 2,924 (Gain)/ Loss on sale/disposal of vessels (10,771) 4,296 - 5,599 Realized (Gain) Loss on Euro/USD forward contracts (1,566) 997 (764) 265 Loss on derivative instruments 6,580 321 6,511 (358) Initial purchases of consumable stores for newly acquired vessels 1,197 - - - ----------- ----------- ----------- ----------- Adjusted Net income $ 80,168 $ 67,721 $ 30,914 $ 20,947 =========== =========== =========== =========== Adjusted Earnings per Share $ 1.33 $ 1.03 $ 0.51 $ 0.31 =========== =========== =========== =========== Weighted average number of shares 60,300,000 65,582,847 60,300,000 67,800,000 =========== =========== =========== ===========
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 partial 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 Nine-month period Three-month period ended September 30, ended September 30, -------------------- -------------------- (Expressed in thousands of U.S. dollars) 2011 2012 2011 2012 --------- --------- --------- --------- (Unaudited) ------------------------------------------ Net Income $ 61,510 $ 58,198 $ 17,391 $ 12,517 Interest and finance costs 55,953 57,840 19,847 19,603 Interest income (354) (1,173) (45) (457) Depreciation 58,092 60,182 20,079 20,301 Amortization of dry-docking and special survey costs 6,139 6,017 2,096 2,081 --------- --------- --------- --------- EBITDA 181,340 181,064 59,368 54,045 Accrued charter revenue 23,218 3,909 7,776 2,924 (Gain)/ Loss on sale/disposal of vessels (10,771) 4,296 - 5,599 Realized (Gain) Loss on Euro/USD forward contracts (1,566) 997 (764) 265 Loss on derivative instruments 6,580 321 6,511 (358) Initial purchases of consumable stores for newly acquired vessels 1,197 - - - --------- --------- --------- --------- Adjusted EBITDA $ 199,998 $ 190,587 $ 72,891 $ 62,475 ========= ========= ========= =========
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 partial 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 September 30, 2012 compared to the three-month period ended September 30, 2011
During the three-month periods ended September 30, 2012 and 2011, we had an average of 47.1 and 48.5 vessels, respectively, in our fleet. In the three-month period ended September 30, 2012, we accepted delivery of the secondhand vessels Stadt Luebeck and Messini with an aggregate TEU capacity of 3,536 and we sold the second-hand vessel Horizon for scrap with a TEU capacity of 1,068. In the three-month period ended September 30, 2011, we acquired the secondhand vessel MSC Romanos with a TEU capacity of 5,060. In the three-month period ended September 30, 2012 and 2011 our fleet ownership days totaled 4,337 and 4,460 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 (Expressed in millions of U.S. period ended dollars, except percentages) September 30, ---------------- Percentage 2011 2012 Change Change ------- ------- ------- ---------- Voyage revenue $ 99.9 $ 94.9 $ (5.0) (5.0%) Voyage expenses (0.8) (1.7) 0.9 112.5% Voyage expenses - related parties (0.8) (0.7) (0.1) (12.5%) Vessels operating expenses (27.6) (28.3) 0.7 2.5% General and administrative expenses (1.1) (1.0) (0.1) (9.1%) Management fees - related parties (3.8) (3.8) - - Amortization of dry-docking and special survey costs (2.1) (2.1) - - Depreciation (20.1) (20.3) 0.2 1.0% Gain (loss) on sale of vessels - (5.6) 5.6 100.0% Foreign exchange gains / (losses) (0.1) (0.1) - - Interest income 0.1 0.4 0.3 300.0% Interest and finance costs (19.8) (19.6) (0.2) (1.0%) Other 0.1 - (0.1) (100.0%) Gain (loss) on derivative instruments (6.5) 0.4 6.9 106.2% ------- ------- Net Income $ 17.4 $ 12.5 $ (4.9) (28.2%) ======= ======= Three-month (Expressed in millions of U.S. period ended dollars, except percentages) September 30, --------------- Percentage 2011 2012 Change Change ------- ------- ------- ---------- Voyage revenue $ 99.9 $ 94.9 $ (5.0) (5.0%) Accrued charter revenue 7.8 2.9 (4.9) (62.8%) ------- ------- Voyage revenue adjusted on a cash basis $ 107.7 97.8 $ (9.9) (9.2%) ======= ======= Three-month period ended September 30, ------------- Percentage Fleet operational data 2011 2012 Change Change ------ ------ ------ ---------- Average number of vessels 48.5 47.1 (1.4) (2.9%) Ownership days 4,460 4,337 (123) (2.8%) Number of vessels underwent dry-dock during the periods - 4 4
Voyage Revenue
Voyage revenue decreased by 5.0%, or $5.0 million, to $94.9 million during the three-month period ended September 30, 2012, from $99.9 million during the three-month period ended September 30, 2011. The decrease in Voyage revenues is mainly due to decreased ownership days of our fleet by 2.8% during the three-month period ended September 30, 2012 compared to the three month period ended September 30, 2011. Voyage revenues adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 9.2%, or $9.9 million, to $97.8 million during the three-month period ended September 30, 2012, from $107.7 million during the three-month period ended September 30, 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 September 30, 2012 compared to the three-month period ended September 30, 2011.
Voyage Expenses
Voyage expenses increased by 112.5%, or $0.9 million, to $1.7 million during the three-month period ended September 30, 2012, from $0.8 million during the three-month period ended September 30, 2011. The increase was primarily attributable to the off-hire expenses, mainly relating to bunkers consumption of the four vessels that were dry-docked during the three-month period ended September 30, 2012 and of one of our vessels on her way to the shipyard for dry-docking that commenced early October 2012; partly offset by the decreased third party commissions charged to us in the three-month period September 30, 2012 compared to the three-month period ended September 30, 2011.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $0.7 million during the three-month period ended September 30, 2012 and in the amount of $0.8 million during the three-month period ended September 30, 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 4, 2010 (initial public offering completion date).
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 2.5%, or $0.7 million, to $28.3 million during the three-month period ended September 30, 2012, from $27.6 million during the three-month period ended September 30, 2011. The increase is partly attributable to the increase of the average vessel size of the fleet during the three-month period ended September 30, 2012 compared to the same period of 2011; partly offset by the decreased ownership days of our fleet during the three month-period ended September 30, 2012 compared to the same period of 2011.
General and Administrative Expenses
General and administrative expenses decreased by 9.1%, or $0.1 million, to $1.0 million during the three-month period ended September 30, 2012, from $1.1 million during the three-month period ended September 30, 2011. The decrease in the three-month period ended September 30, 2012 was mainly attributable to decreased public-company related expenses charged to us compared to the three-month period ended September 30, 2011. Furthermore, general and administrative expenses for the three-month period ended September 30, 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 4, 2010.
Management Fees - related parties
Management fees paid to our managers were $3.8 million during the three-month period ended September 30, 2012 and for the three-month period ended September 30, 2011.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $2.1 million for the three-month period ended September 30, 2012 and for the three-month period ended September 30, 2011. During the three-month period ended September 30, 2012 and 2011 four vessels and no vessels underwent their special survey, respectively.
Depreciation
Depreciation expense increased by 1.0%, or $0.2 million, to $20.3 million during the three-month period ended September 30, 2012, from $20.1 million during the three-month period ended September 30, 2011. The increase was primarily attributable to the depreciation expense charged for the two vessels that were delivered to us during the three-month period ended September 30, 2012 partly offset by the depreciation expense not charged following the sale of one vessel during the three-month period ended September 30, 2012.
Loss on Sale of Vessels
In the three-month period ended September 30, 2012, we recorded a net loss of $5.6 million from the sale of the vessel Horizon (including the effect of the partial reversal of a provision recorded in 2011 for costs associated with the grounding of the vessel Rena). In the three-month period ended September 30, 2011, no vessels were sold.
Foreign Exchange Gains / (Losses)
Foreign exchange losses were $0.1 during the three-month period ended September 30, 2012, and during the three-month period ended September 30, 2011.
Interest Income
During the three-month period ended September 30, 2012, interest income increased by 300.0%, or $0.3 million, to $0.4 million, from $0.1 million during the three-month period ended September 30, 2011. The change in interest income was mainly due to the increased cash deposits in interest bearing accounts during the three-month period ended September 30, 2012, compared to the three month-period ended September 30, 2011, which resulted from the increased average cash balance during the three-month period ended September 30, 2012, compared to the three-month period ended September 30, 2011.
Interest and Finance Costs
Interest and finance costs decreased by 1.0%, or $0.2 million, to $19.6 million during the three-month period ended September 30, 2012, from $19.8 million during the three-month period ended September 30, 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, 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 September 30, 2012, equates to the amount that would be paid by us or to us should those instruments be terminated. As of September 30, 2012, the fair value of these 28 interest rate derivative instruments in aggregate amounted to a liability of $192.8 million. Twenty-seven of the 28 interest rate derivative instruments that were outstanding as at September 30, 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 September 30, 2012, a loss of $9.4 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 September 30, 2012.
Cash Flows
Three-month period ended September 30, 2012 and September 30, 2011
Three-month period Condensed cash flows ended September 30, ---------------------- (Expressed in millions of U.S. dollars) 2011 2012 ---------- ---------- Net Cash Provided by Operating Activities $ 51.3 $ 39.4 Net Cash Used in Investing Activities $ (61.1) $ (55.3) Net Cash Provided by (Used in) Financing Activities $ 10.7 $ (8.6)
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended September 30, 2012, decreased by $11.9 million to $39.4 million, compared to $51.3 million for the three-month period ended September 30, 2011. The decrease was primarily attributable to (a) the decreased cash from operations of $9.9 million deriving from escalating charter rates and (b) the increased dry-docking payments of $4.0 million; partly offset by the 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 $2.9 million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $55.3 million in the three-month period ended September 30, 2012, which consists of (a) $39.9 million advance payments for the construction and purchase of four newbuild vessels, (b) $18.8 million in payments for the acquisition of two secondhand vessels and (c) $3.4 million we received from the sale of one vessel.
Net cash used in investing activities was $61.1 million in the three-month period ended September 30, 2011, which primarily consists of (a) $55.0 million payments for the purchase of MSC Romanos, (b) $6.0 million advance payment for the acquisition of MSC Viviana delivered to us in the fourth quarter of 2011 and (c) $1.8 million in aggregate advance payments we received for the sale of two vessels delivered to their new owners in the fourth quarter of 2011.
Net Cash Provided By (Used in) Financing Activities
Net cash used in financing activities was $8.6 million in the three-month period ended September 30, 2012, which mainly consists of (a) $39.1 million of indebtedness that we repaid, (b) $41.9 million we drew down from three of our credit facilities and (c) $18.3 million we paid for dividends to our stockholders for the second quarter of the year 2012.
Net cash provided by financing activities was $10.7 million in the three-month period ended September 30, 2011, which mainly consists of (a) $34.6 million of indebtedness that we repaid, (b) $61.4 million we drew down from two of our credit facilities and (c) $15.1 million we paid for dividends to our stockholders for the second quarter of the year 2011.
Results of Operations
Nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011
During the nine-month periods ended September 30, 2012 and 2011, we had an average of 46.7 and 47.6 vessels, respectively, in our fleet. In the nine-month period ended September 30, 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 nine-month period ended September 30, 2011, we accepted delivery of nine secondhand vessels MSC Pylos, Zagora, Marina, Prosper, Konstantina, MSC Sierra II, MSC Namibia II, MSC Sudan II and MSC Romanos with an aggregate TEU capacity of 22,518 and we sold three second-hand vessels MSC Sierra, MSC Namibia and MSC Sudan with an aggregate TEU capacity of 4,914. In the nine-month periods ended September 30, 2012 and 2011, our fleet ownership days totaled 12,789 and 12,991 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.
Nine-month (Expressed in millions of U.S. period ended dollars, except percentages) September 30, ---------------- Percentage 2011 2012 Change Change ------- ------- Voyage revenue $ 280.2 $ 291.0 $ 10.8 3.9% Voyage expenses (3.3) (4.0) 0.7 21.2% Voyage expenses - related parties (2.1) (2.2) 0.1 4.8% Vessels operating expenses (83.3) (84.7) 1.4 1.7% General and administrative expenses (3.7) (3.1) (0.6) (16.2%) Management fees - related parties (11.3) (11.4) 0.1 0.9% Amortization of dry-docking and special survey costs (6.1) (6.0) (0.1) (1.6%) Depreciation (58.1) (60.2) 2.1 3.6% Gain (Loss) on sale/disposal of vessels 10.8 (4.3) (15.1) (139.8%) Foreign exchange gains/ (losses) - 0.2 0.2 100.0% Interest income 0.4 1.1 0.7 175.0% Interest and finance costs (56.0) (57.8) 1.8 3.2% Other 0.6 (0.1) (0.7) (116.7%) Gain (Loss) on derivative instruments (6.6) (0.3) (6.3) (95.5%) ------- ------- Net Income $ 61.5 $ 58.2 $ (3.3) (5.4%) ======= ======= Nine-month (Expressed in millions of U.S. period ended dollars, except percentages) September 30, --------------- Percentage 2011 2012 Change Change ------- ------- Voyage revenue $ 280.2 $ 291.0 $ 10.8 3.9% Accrued charter revenue 23.2 3.9 (19.3) (83.2%) ------- ------- Voyage revenue adjusted on a cash basis $ 303.4 $ 294.9 $ (8.5) (2.8%) ======= ======= Nine-month period ended Fleet operational data September 30, ------------- Percentage 2011 2012 Change Change ------ ------ Average number of vessels 47.6 46.7 (0.9) (1.9%) Ownership days 12,991 12,789 (202) (1.6%) Number of vessels under dry-docking 8 6 (2) -
Voyage Revenue
Voyage revenue increased by 3.9%, or $10.8 million, to $291.0 million during the nine-month period ended September 30, 2012, from $280.2 million during the nine-month period ended September 30, 2011. Ownership days decreased by 1.6% or 202 days to 12,789 days during the nine-month period ended September 30, 2012, from 12,991 days during the nine-month period ended September 30, 2011. The increase in Voyage revenues is mainly due to the fact that larger vessels, chartered on average at higher rates, were employed by the Company during the nine-month period ended September 30, 2012, compared to the nine-month period ended September 30, 2011. Voyage revenues adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 2.8%, or $8.5 million, to $294.9 million during the nine-month period ended September 30, 2012, from $303.4 million during the nine-month period ended September 30, 2011. The decrease is attributable to decreased charter hire received in accordance with certain escalation clauses of our charters during the nine-month period ended September 30, 2012, compared to the nine-month period ended September 30, 2011; partly offset by the fact that larger vessels, chartered on average at higher rates, were employed by the Company during the nine-month period ended September 30, 2012, compared to the nine-month period ended September 30, 2011.
Voyage Expenses
Voyage expenses increased by 21.2%, or $0.7 million to $4.0 million during the nine-month period ended September 30, 2012 from $3.3 million during the nine-month period ended September 30, 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 nine-month period ended September 30, 2012, compared to the nine-month period ended September 30, 2011.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $2.2 million during the nine-month period ended September 30, 2012, and in the amount of $2.1 million during the nine-month period ended September 30, 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 4, 2010 (initial public offering completion date).
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 1.7%, or $1.4 million, to $84.7 million during the nine-month period ended September 30, 2012, from $83.3 million during the nine-month period ended September 30, 2011. The increase is partly attributable to the increase of the average vessel size of the fleet during the nine-month period ended September 30, 2012 compared to the same period of 2011; partly offset by the decreased ownership days of our fleet during the nine-month period ended September 30, 2012, compared to the same period of 2011.
General and Administrative Expenses
General and administrative expenses decreased by 16.2%, or $0.6 million, to $3.1 million during the nine-month period ended September 30, 2012, from $3.7 million during the nine-month period ended September 30, 2011. The decrease in the nine-month period ended September 30, 2012, was mainly attributable to decreased public-company related expenses charged to us compared to the nine-month period ended September 30, 2011. Furthermore, general and administrative expenses for the nine-month periods ended September 30, 2012 and September 30, 2011 include $0.75 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 4, 2010 (initial public offering completion date).
Management Fees - related parties
Management fees paid to our managers increased by 0.9%, or $0.1 million, to $11.4 million during the nine-month period ended September 30, 2012, from $11.3 million during the nine-month period ended September 30, 2011.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs for the nine-month periods ended September 30, 2012 and 2011 was $6.0 million and $6.1 million, respectively. During the nine-month periods ended September 30, 2012 and 2011, 6 vessels and 8 vessels, respectively, underwent their special survey.
Depreciation
Depreciation expense increased by 3.6%, or $2.1 million, to $60.2 million during the nine-month period ended September 30, 2012, from $58.1 million during the nine-month period ended September 30, 2011. The increase was primarily attributable to the depreciation expense charged for the one containership that was delivered to us during the three-month period ended December 31, 2011 and to the five containerships delivered to us during the nine-month period ended September 30, 2012, partly offset by the depreciation expense not charged relating to the eight vessels sold or disposed of during the three-month period ended December 31, 2011 and the nine-month period ended September 30, 2012.
Gain / (Loss) on Sale of Vessels
During the nine-month period ended September 30, 2012, we recorded a net loss of $4.3 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 nine-month period ended September 30, 2011, we recorded a gain of $10.8 million from the sale of three vessels.
Foreign Exchange Gains
Foreign exchange gains amounted to $0.2 million and $0 during the nine-month periods ended September 30, 2012 and 2011, respectively.
Interest Income
During the nine-month periods ended September 30, 2012 and September 30, 2011, interest income was $1.1 million and $0.4 million, respectively. The change in interest income was mainly due to the increased cash deposits in interest bearing accounts during the nine-month period ended September 30, 2012, compared to the nine-month-period ended September 30, 2011, which resulted from the increased average cash balance during the nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011.
Interest and Finance Costs
Interest and finance costs increased by 3.2%, or $1.8 million, to $57.8 million during the nine-month period ended September 30, 2012, from $56.0 million during the nine-month period ended September 30, 2011. The increase is partly attributable to increased interest expense and commitment fees charged to us mainly in relation to new credit facilities we entered into with regards to our new-building program partly offset by the capitalized interest in relation with our newbuilding program.
Gain (Loss) on Derivative Instruments
The fair value of our 28 interest rate derivative instruments which were outstanding as of September 30, 2012, equates to the amount that would be paid by us or to us should those instruments be terminated. As of September 30, 2012, the fair value of these 28 interest rate derivative instruments in aggregate amounted to a liability of $192.8 million. Twenty-seven of the 28 interest rate derivative instruments that were outstanding as at September 30, 2012, qualified for hedge accounting and the effective portion of the change in their fair value is recorded in "Comprehensive loss". For the nine-month period ended September 30, 2012, a loss of $20.5 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 nine-month period ended September 30, 2012.
Cash Flows
Nine-month periods ended September 30, 2012 and 2011
Nine-month period ended Condensed cash flows September 30, ------------------------ (Expressed in millions of U.S. dollars) 2011 2012 ----------- ----------- Net Cash Provided by Operating Activities $ 134.4 $ 123.4 Net Cash Used in Investing Activities $ (256.6) $ (162.0) Net Cash Provided by Financing Activities $ 33.1 $ 157.7
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the nine-month period ended September 30, 2012 decreased by $11.0 million to $123.4 million, compared to $134.4 million for the nine-month period ended September 30, 2011. The decrease was primarily attributable to (a) the decreased cash from operations of $8.5 million deriving from escalating charter rates, (b) the increased dry-docking payments of $1.9 million and (c) increased payments for interest (including swap payments) of $3.1 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 $4.2 million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $162.0 million in the nine-month period ended September 30, 2012, which consisted of (a) $109.0 million advance payments for the construction and purchase of seven newbuild vessels, (b) $73.7 million in payments for the acquisition of five secondhand vessels and (c) $20.8 million we received from the sale of four vessels.
Net cash used in investing activities was $256.6 million in the nine-month period ended September 30, 2011, which consists of (a) $147.3 million advance payments and other capitalized costs for the construction and purchase of ten newbuild vessels, (b) $130.2 million in payments for the acquisition of nine second-hand vessels, (c) $6.0 million in advance payment for the acquisition of one second hand vessel delivered to us in the fourth quarter of 2011, (d) $19.0 million we received for the sale of three vessels (e) $6.1 million we received from the sale of governmental bonds and (f) $1.8 million in aggregate we received as advances for the sale of two vessels delivered to their new owners in the fourth quarter of 2011.
Net Cash Provided By Financing Activities
Net cash provided by financing activities was $157.7 million in the nine-month period ended September 30, 2012, which mainly consisted of (a) $129.3 million of indebtedness that we repaid, (b) $241.2 million we drew down from five of our credit facilities, (c) $52.9 million we paid for dividends to our stockholders for the fourth quarter of the year ended December 31, 2011, the first quarter of the year 2012 and the second quarter of the year 2012 and (d) $100.6 million net proceeds we received from our follow-on offering in March 2012, net of underwriting discounts and expenses incurred in the offering.
Net cash provided by financing activities was $33.1 million in the nine-month period ended September 30, 2011, which mainly consists of (a) $83.9 million of indebtedness that we repaid, (b) $169.0 million we drew down from four of our credit facilities and (c) $45.2 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 and the second quarter of the year 2011.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of September 30, 2012, we had a total cash liquidity of $264.5 million, consisting of cash, cash equivalents and restricted cash.
Debt-free vessels
As of October 22, 2012, the following vessels were free of debt.
Unencumbered Vessels in the water (refer to fleet list in page 17 for full charter details) Year TEU Vessel Name Built Capacity -------------------------------------------------------------- NAVARINO 2010 8,531 AKRITAS 1987 3,152 MSC CHALLENGER 1986 2,633 MESSINI 1997 2,458
Capital commitments
As of October 22, 2012, we had outstanding commitments relating to our contracted newbuilds aggregating $686.7 million payable in installments until the vessels are delivered.
Conference Call details:
On Wednesday, October 24, 2012 at 8:30 a.m., EDT, 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 October 31, 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: 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 37 years of history in the international shipping industry and a fleet of 57 containerships, with a total capacity of approximately 329,000 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 October 22, 2012, 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) ---------------------------------------------------------------------------- COSCO 12 December 1 GUANGZHOU COSCO 2006 9,469 years 36,400 2017 36,400 ---------------------------------------------------------------------------- COSCO 12 January 2 NINGBO COSCO 2006 9,469 years 36,400 2018 36,400 ---------------------------------------------------------------------------- COSCO 12 February 3 YANTIAN COSCO 2006 9,469 years 36,400 2018 36,400 ---------------------------------------------------------------------------- COSCO 12 4 BEIJING COSCO 2006 9,469 years 36,400 April 2018 36,400 ---------------------------------------------------------------------------- COSCO 12 5 HELLAS COSCO 2006 9,469 years 37,519 May 2018 37,519 ---------------------------------------------------------------------------- 1.5 September 6 NAVARINO Evergreen 2010 8,531 years 30,950 2013 30,950 ---------------------------------------------------------------------------- MAERSK A.P. KAWASAKI Moller- 10 December 7 (i) Maersk 1997 7,403 years 37,000 2017 37,000 ---------------------------------------------------------------------------- A.P. MAERSK KURE Moller- 10 December 8 (i) Maersk 1996 7,403 years 37,000 2017 37,000 ---------------------------------------------------------------------------- A.P. MAERSK Moller- 10 February 9 KOKURA (i) Maersk 1997 7,403 years 37,000 2018 37,000 ---------------------------------------------------------------------------- 10 September 10 MSC METHONI MSC 2003 6,724 years 29,000 2021 29,000 ---------------------------------------------------------------------------- A.P. SEALAND NEW Moller- 11 30,375 11 YORK Maersk 2000 6,648 years (3) March 2018 27,325 ---------------------------------------------------------------------------- A.P. Moller- 11 38,179 12 MAERSK KOBE Maersk 2000 6,648 years (4) May 2018 29,789 ---------------------------------------------------------------------------- A.P. SEALAND Moller- 11 30,375 13 WASHINGTON Maersk 2000 6,648 years (5) June 2018 27,484 ---------------------------------------------------------------------------- A.P. SEALAND Moller- 11 25,375 August 14 MICHIGAN Maersk 2000 6,648 years (6) 2018 25,852 ---------------------------------------------------------------------------- A.P. SEALAND Moller- 11 30,375 October 15 ILLINOIS Maersk 2000 6,648 years (7) 2018 27,620 ---------------------------------------------------------------------------- A.P. MAERSK Moller- 11 38,490 November 16 KOLKATA Maersk 2003 6,644 years (8) 2019 31,759 ---------------------------------------------------------------------------- A.P. MAERSK Moller- 11 38,461 February 17 KINGSTON Maersk 2003 6,644 years (9) 2020 32,011 ---------------------------------------------------------------------------- A.P. MAERSK Moller- 11 38,418 18 KALAMATA Maersk 2003 6,644 years (10) April 2020 32,094 ---------------------------------------------------------------------------- 5.3 November 19 MSC ROMANOS MSC 2003 5,050 years 28,000 2016 28,000 ---------------------------------------------------------------------------- ZIM NEW 13 July 2015 20 YORK ZIM 2002 4,992 years 23,150 (11) 23,150 ---------------------------------------------------------------------------- ZIM 13 August 21 SHANGHAI ZIM 2002 4,992 years 23,150 2015 (11) 23,150 ---------------------------------------------------------------------------- ZIM PIRAEUS 10 18,274 22 (ii) ZIM 2004 4,992 years (12) March 2014 31,532 ---------------------------------------------------------------------------- OAKLAND Hapag September 23 EXPRESS Lloyd 2000 4,890 8 years 30,500 2016 30,500 ---------------------------------------------------------------------------- HALIFAX Hapag October 24 EXPRESS Lloyd 2000 4,890 8 years 30,500 2016 30,500 ---------------------------------------------------------------------------- SINGAPORE Hapag 25 EXPRESS Lloyd 2000 4,890 8 years 30,500 July 2016 30,500 ---------------------------------------------------------------------------- MSC 7.8 August 26 MANDRAKI MSC 1988 4,828 years 20,000 2017 20,000 ---------------------------------------------------------------------------- 8.2 September 27 MSC MYKONOS MSC 1988 4,828 years 20,000 2017 20,000 ---------------------------------------------------------------------------- 5.3 28 MSC ULSAN MSC 2002 4,132 years 16,500 March 2017 16,500 ---------------------------------------------------------------------------- 4.3 August 29 MSC ANTWERP MSC 1993 3,883 years 17,500 2013 17,500 ---------------------------------------------------------------------------- MSC 3.2 February 30 WASHINGTON MSC 1984 3,876 years 17,250 2013 17,250 ---------------------------------------------------------------------------- 3.1 31 MSC KYOTO MSC 1981 3,876 years 17,250 June 2013 17,250 ---------------------------------------------------------------------------- 15,200 32 KORONI Evergreen 1998 3,842 2 years (13) April 2014 11,332 ---------------------------------------------------------------------------- 15,200 33 KYPARISSIA Evergreen 1998 3,842 2 years (14) May 2014 11,292 ---------------------------------------------------------------------------- 9.5 17,250 September 34 MSC AUSTRIA MSC 1984 3,584 years (15) 2018 13,518 ---------------------------------------------------------------------------- Sea 1.5 January 35 KARMEN Consortium 1991 3,351 years 7,000 2013 7,000 ---------------------------------------------------------------------------- 1.1 15,200 36 MARINA Evergreen 1992 3,351 years (16) April 2013 8,767 ---------------------------------------------------------------------------- 1.0 7,550 September 37 KONSTANTINA Evergreen 1992 3,351 year (17) 2013 7,550 ---------------------------------------------------------------------------- Hapag August 38 AKRITAS Lloyd 1987 3,152 4 years 12,500 2014 12,500 ---------------------------------------------------------------------------- MSC 4.8 39 CHALLENGER MSC 1986 2,633 years 10,000 July 2015 10,000 ---------------------------------------------------------------------------- 1.5 February 40 MESSINI Evergreen 1997 2,458 years 8,100 2014 8,100 ---------------------------------------------------------------------------- 41 MSC REUNION MSC 1992 2,024 6 years 11,500 June 2014 11,500 ---------------------------------------------------------------------------- MSC NAMIBIA 6.8 42 II MSC 1991 2,023 years 11,500 July 2014 11,500 ---------------------------------------------------------------------------- MSC SIERRA 5.7 43 II MSC 1991 2,023 years 11,500 June 2014 11,500 ---------------------------------------------------------------------------- January 44 MSC PYLOS MSC 1991 2,020 3 years 11,500 2014 11,500 ---------------------------------------------------------------------------- 0.1 5,750 November 45 PROSPER Sinokor 1996 1,504 years (18) 2012 5,750 ---------------------------------------------------------------------------- 1.7 46 ZAGORA MSC 1995 1,162 years 5,500 April 2013 5,500 ---------------------------------------------------------------------------- STADT 0.7 5,800 47 LUEBECK CMA CGM 2001 1.078 years (19) April 2013 6,198 ----------------------------------------------------------------------------
Newbuilds
---------------------------------------------------------------------------- Vessel Name Shipyard Charterer Expected Delivery Approximate (based on latest Capacity shipyard schedule) (TEU) ---------------------------------------------------------------------------- 1 Hull S4010 Sungdong Shipbuilding MSC February 2013 9,000 ---------------------------------------------------------------------------- 2 Hull S4011 Sungdong Shipbuilding MSC February 2013 9,000 ---------------------------------------------------------------------------- 3 Hull S4020 Sungdong Shipbuilding Evergreen May 2013 8,800 ---------------------------------------------------------------------------- 4 Hull S4021 Sungdong Shipbuilding Evergreen May 2013 8,800 ---------------------------------------------------------------------------- 5 Hull S4022 Sungdong Shipbuilding Evergreen July 2013 8,800 ---------------------------------------------------------------------------- 6 Hull S4023 Sungdong Shipbuilding Evergreen July 2013 8,800 ---------------------------------------------------------------------------- 7 Hull S4024 Sungdong Shipbuilding Evergreen August 2013 8,800 ---------------------------------------------------------------------------- 8 H1068A Jiangnan Changxing MSC December 2013 9,000 ---------------------------------------------------------------------------- 9 H1069A Jiangnan Changxing MSC December 2013 9,000 ---------------------------------------------------------------------------- 10 H1070A Jiangnan Changxing MSC February 2014 9,000 ----------------------------------------------------------------------------
(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 October 22, 2012 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) This charter rate changes on January 1, 2013 to $22,150 per day until the earliest redelivery date. In addition, 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 on November 2012 to $10,500 per day and will escalate to $11,500 per day, starting from May 2013 until the earliest redelivery date. (14) The charter rate will change on November 2012 to $10,500 per day and will escalate 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) This charter rate changes in November 2012 to $8,000 per day until the earliest redelivery date. (17) The vessel is expected to be delivered to her charterers by October 29, 2012. (18) The vessel is expected to be delivered to her charterers by October 24, 2012. (19) This charter rate changes on October 23, 2012 to $6,200 per day until the earliest redelivery date. 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.
(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 +/-60 days at a rate of $27,500 per day.
COSTAMARE INC. Consolidated Statements of Income Nine-months ended Three-months ended September 30, September 30, ------------------------ ------------------------ (Expressed in thousands of U.S. dollars, except share and per share amounts) 2011 2012 2011 2012 ----------- ----------- ----------- ----------- (Unaudited) REVENUES: Voyage revenue $ 280,165 $ 290,962 $ 99,886 $ 94,886 EXPENSES: Voyage expenses (3,320) (3,990) (799) (1,707) Voyage expenses - related parties (2,110) (2,161) (753) (709) Vessels' operating expenses (83,312) (84,700) (27,579) (28,335) General and administrative expenses (3,567) (3,086) (1,102) (987) Management fees - related parties (11,275) (11,418) (3,792) (3,845) Amortization of dry- docking and special survey costs (6,139) (6,017) (2,096) (2,081) Depreciation (58,092) (60,182) (20,079) (20,301) Gain/ (Loss) on sale of vessels 10,771 (4,296) - (5,599) Foreign exchange gains (losses) (4) 167 (77) (25) ----------- ----------- ----------- ----------- Operating income $ 123,117 $ 115,279 $ 43,609 $ 31,297 ----------- ----------- ----------- ----------- OTHER INCOME (EXPENSES): Interest income $ 354 $ 1,173 $ 45 $ 457 Interest and finance costs (55,953) (57,840) (19,847) (19,603) Other 572 (93) 95 8 Gain/ (Loss) on derivative instruments (6,580) (321) (6,511) 358 ----------- ----------- ----------- ----------- Total other income (expenses) $ (61,607) $ (57,081) $ (26,218) $ (18,780) ----------- ----------- ----------- ----------- Net Income $ 61,510 $ 58,198 $ 17,391 $ 12,517 =========== =========== =========== =========== Earnings per common share, basic and diluted $ 1.02 $ 0.89 $ 0.29 $ 0.18 =========== =========== =========== =========== Weighted average number of shares, basic and diluted 60,300,000 65,582,847 60,300,000 67,800,000 =========== =========== =========== =========== COSTAMARE INC. Consolidated Balance Sheets As of As of December 31, September 30, ------------- ------------- (Expressed in thousands of U.S. dollars) 2011 2012 ------------- ------------- (Audited) (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 97,996 $ 217,131 Restricted cash 7,371 5,454 Receivables 2,150 2,816 Inventories 9,335 11,080 Due from related parties 3,585 3,354 Fair value of derivatives - 258 Insurance claims receivable 3,076 2,923 Accrued charter revenue 13,428 5,041 Prepayments and other 1,910 2,528 ------------- ------------- Total current assets $ 138,851 $ 250,585 ------------- ------------- FIXED ASSETS, NET: Advances for vessels acquisitions $ 148,373 $ 257,421 Vessels, net 1,618,887 1,606,489 ------------- ------------- Total fixed assets, net $ 1,767,260 $ 1,863,910 ------------- ------------- NON-CURRENT ASSETS: Deferred charges, net $ 32,641 $ 33,605 Restricted cash 38,707 41,902 Accrued charter revenue 5,086 14,405 ------------- ------------- Total assets $ 1,982,545 $ 2,204,407 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 153,176 $ 158,520 Accounts payable 4,057 5,457 Accrued liabilities 13,455 12,979 Unearned revenue 6,901 8,557 Fair value of derivatives 46,481 54,725 Other current liabilities 2,519 2,406 ------------- ------------- Total current liabilities $ 226,589 $ 242,644 ------------- ------------- NON-CURRENT LIABILITIES Long-term debt, net of current portion $ 1,290,244 $ 1,396,733 Fair value of derivatives, net of current portion 125,194 138,040 Unearned revenue, net of current portion 10,532 13,942 ------------- ------------- Total non-current liabilities $ 1,425,970 $ 1,548,715 ------------- ------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock $ 6 $ 7 Additional paid-in capital 519,971 620,554 Accumulated deficit (48,854) (43,549) Accumulated other comprehensive loss (141,137) (163,964) ------------- ------------- Total stockholders' equity $ 329,986 $ 413,048 ------------- ------------- Total liabilities and stockholders' equity $ 1,982,545 $ 2,204,407 ============= =============
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
1 Year Costamare Chart |
1 Month Costamare Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions