Omega Navigation Enterprises, Inc. reports fourth quarter 2006 and full year 2006 results
Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced today its unaudited financial and operational results for the fourth quarter and for the twelve month period ended December 31, 2006.The company had previously announced the declaration of its quarterly dividend of $0.50 per share payable on February 28, 2007 to shareholders of record as of February 15, 2007.
Omega Navigation Enterprises, Inc. was incorporated in the Marshall Islands in February 2005. On April 7, 2006, the Company successfully completed its Initial Public Offering of 12,000,000 Class A Common Shares at $17 per share raising a total of $204 million in gross proceeds. Omega Navigation's Class A common shares commenced trading on the NASDAQ National Market on April 7, 2006 and on the Singapore Exchange Securities Trading Limited on April 10, 2006.
For the fourth quarter ended December 31, 2006, Omega Navigation reported Total Revenues from continuing and discontinued operations of $13.2 and $3.8 million respectively and Net Income of $4.3 million, or $0.29 per share. EBITDA from continuing and discontinued operations for the fourth quarter of 2006 was $ 11.7 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.
Discontinued operations refer to the operation of the two dry bulk carriers which the Company sold in January 2007.
The Company owned and operated an average of eight vessels during the fourth quarter of 2006, earning an average time-charter equivalent rate of $19,861 per day per ship, for the dry bulk carriers, $20,750 per day per ship for the Handymax product tankers, and $24,921 per day per ship for the Panamax product tankers.
The Company has received cash totaling $1.5 million related to the profit sharing agreements in place during the third and fourth quarter of 2006 on two of its vessels. This profit share revenue will be recognized when final settlement is made with the charterer.
Operating expenses in the fourth quarter of 2006 were higher than anticipated due to one time expenses related to taking delivery of our six product tankers as well as expenses related to initial supplies of the vessels.
For the twelve month period ended December 31, 2006, the Company reported Total Revenues from continuing and discontinued operations of $26.9 and $15.5 million respectively and Net Income of $15.8 million, or $1.34 per share, before taking into account the book loss on the sale of the dry bulk vessels which was previously announced, calculated on 11,829,452 weighted average basic and diluted shares outstanding for the period. Net Income after the book loss on the sale of these vessels was $14.1 million or $1.19 per share. This loss was offset by the gain of $5.0 million recorded in the first quarter of 2006 which was connected to the extinguishment of debt related to these vessels. EBITDA for the period was $32.6 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.
The Company owned and operated an average of 5.1 vessels during the twelve month period ended December 31, 2006, earning an average time-charter equivalent rate of $20,118 per day per vessel for the bulk carriers, $20,673 per day per vessel for the Handymax product tankers and $25,096 per day per vessel for the Panamax product carriers.
Operating expenses in the twelve months of 2006 were higher than anticipated due to one time expenses related to taking delivery of our six product tankers. These one time expenses amounted to $708,000 during 2006.
Omega Navigation Enterprises, Inc. was incorporated in the Marshall Islands in February 2005. On April 7, 2006, the Company successfully completed its Initial Public Offering of 12,000,000 Class A Common Shares at $17 per share raising a total of $204 million in gross proceeds. Omega Navigation's Class A common shares commenced trading on the NASDAQ National Market on April 7, 2006 and on the Singapore Exchange Securities Trading Limited on April 10, 2006.
For the fourth quarter ended December 31, 2006, Omega Navigation reported Total Revenues from continuing and discontinued operations of $13.2 and $3.8 million respectively and Net Income of $4.3 million, or $0.29 per share. EBITDA from continuing and discontinued operations for the fourth quarter of 2006 was $ 11.7 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.
Discontinued operations refer to the operation of the two dry bulk carriers which the Company sold in January 2007.
The Company owned and operated an average of eight vessels during the fourth quarter of 2006, earning an average time-charter equivalent rate of $19,861 per day per ship, for the dry bulk carriers, $20,750 per day per ship for the Handymax product tankers, and $24,921 per day per ship for the Panamax product tankers.
The Company has received cash totaling $1.5 million related to the profit sharing agreements in place during the third and fourth quarter of 2006 on two of its vessels. This profit share revenue will be recognized when final settlement is made with the charterer.
Operating expenses in the fourth quarter of 2006 were higher than anticipated due to one time expenses related to taking delivery of our six product tankers as well as expenses related to initial supplies of the vessels.
For the twelve month period ended December 31, 2006, the Company reported Total Revenues from continuing and discontinued operations of $26.9 and $15.5 million respectively and Net Income of $15.8 million, or $1.34 per share, before taking into account the book loss on the sale of the dry bulk vessels which was previously announced, calculated on 11,829,452 weighted average basic and diluted shares outstanding for the period. Net Income after the book loss on the sale of these vessels was $14.1 million or $1.19 per share. This loss was offset by the gain of $5.0 million recorded in the first quarter of 2006 which was connected to the extinguishment of debt related to these vessels. EBITDA for the period was $32.6 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.
The Company owned and operated an average of 5.1 vessels during the twelve month period ended December 31, 2006, earning an average time-charter equivalent rate of $20,118 per day per vessel for the bulk carriers, $20,673 per day per vessel for the Handymax product tankers and $25,096 per day per vessel for the Panamax product carriers.
Operating expenses in the twelve months of 2006 were higher than anticipated due to one time expenses related to taking delivery of our six product tankers. These one time expenses amounted to $708,000 during 2006.
