Costamare posts results for Q3 and nine-months of 2012
Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited financial results for the third quarter and nine months ended September 30, 2012, the Company press release said.
Financial highlights of the Company are as follows:
- Voyage revenues of $94.9 million and $291.0 million for the three and the nine- months ended September 30, 2012, respectively.
- Voyage revenues adjusted on a cash basis of $97.8 million and $294.9 million for the three and the nine- months ended September 30, 2012, respectively.
- Adjusted EBITDA of $62.5 million and $190.6 million for the three and the nine- months ended September 30, 2012, respectively.
- Net income of $12.5 million or $0.18 per share and $58.2 million or $0.89 per share for the three and the nine- months ended September 30, 2012, respectively.
- Adjusted net income of $20.9 million or $0.31 per share and $67.7 million or $1.03 per share for the three and nine- months ended September 30, 2012, respectively.
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."
Athens, Creece headquartered Costamare Inc. is a leading international owner of containerships. With a fleet of vessels ranging from about 1,000 TEUs to about 9,500 TEUs capacity, Costamare Inc. serves ocean carriers that demand a high standard of safety and reliability and are, in most cases, among the world's largest liner companies. Costamare Inc. and its predecessors draw on a history of more than 37 years in transportation of goods by sea, with more than 27 years of these in container transportation.
