Costamare posts Q1 net income of $21.7m
Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) on Thursay reported unaudited financial results for the first quarter ended March 31, 2013.
According to the financinal report the Company's net income for the period totaled $24.7 million or $0.33 per share. Adjusted net income was $21.9 million or $0.29 per share for the three months ended March 31, 2013.
Voyage revenues reached $91.5 million for the three months, voyage revenues adjusted on a cash basis was $94.8 million.
Adjusted three-month EBITDA was $61.2 million.
On March 14 and April 8, 2013, the Company took delivery of the 8,827 TEU newbuild containership vessels MSC Athens and MSC Athos, which were both built by Sungdong Shipbuilding and Marine Engineering in South Korea. Upon delivery, both vessels commenced their 10-year charters with Mediterranean Shipping Company, S.A. (“MSC”).
In the reporting period the Company has reached several sale and charter agreements for its container vessels that generated additional revenues.
On April 10, 2013, the Company declared a dividend for the first quarter ended March 31, 2013, of $0.27 per share, payable on May 8, 2013, to stockholders of record at the close of trading of the Company’s common stock on the New York Stock Exchange on April 24, 2013. This will be the Company’s tenth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.
