Aegean Marine Petroleum Network Inc. announces full year 2006 financial results
Aegean Marine Petroleum Network Inc. , a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, announced today financial and operating results for the fourth quarter and full year ended December 31, 2006.
Fourth Quarter and Full Year 2006 Highlights * Recorded net income of $5.9 million, or $0.19 basic and diluted earnings per share, in Q4 2006 and $24.2 million, or $0.84 basic and diluted earnings per share, for the full year * Increased sales volumes to 655,892 metric tons in Q4 2006 and 2,367,289 metric tons for the full year * Generated gross spread on marine petroleum products of $18.0 million in Q4 2006 and $62.0 million for the full year * Improved operating income to $7.3 million in Q4 2006 and $30.5 million for the full year * Commenced physical supply operations in Singapore in June 2006 * Expanded capacity of marine fuel supply network by taking delivery of two double hull bunkering tankers * Completed $201 million initial public offering (IPO) on December 13, 2006For the full year ended December 31, 2006, the Company reported net income of $24.2 million, or $0.84 basic and diluted earnings per share, compared to net income of $21.5 million, or $0.72 basic and diluted earnings per share, for the full year ended December 31, 2005. The weighted average basic and diluted shares outstanding for the full year ended December 31, 2006 were 28,954,521 and 28,954,622, respectively. The weighted average basic and diluted shares outstanding for the full year ended December 31, 2005 were 29,878,398.
Total revenues for the year ended December 31, 2006 increased 55.4% to $803.8 million compared to $517.3 million for the prior year. Sales of marine petroleum products increased 56.4% to $790.6 million in 2006 compared to $505.6 million for the prior year.
Fourth Quarter and Full Year 2006 Highlights * Recorded net income of $5.9 million, or $0.19 basic and diluted earnings per share, in Q4 2006 and $24.2 million, or $0.84 basic and diluted earnings per share, for the full year * Increased sales volumes to 655,892 metric tons in Q4 2006 and 2,367,289 metric tons for the full year * Generated gross spread on marine petroleum products of $18.0 million in Q4 2006 and $62.0 million for the full year * Improved operating income to $7.3 million in Q4 2006 and $30.5 million for the full year * Commenced physical supply operations in Singapore in June 2006 * Expanded capacity of marine fuel supply network by taking delivery of two double hull bunkering tankers * Completed $201 million initial public offering (IPO) on December 13, 2006For the full year ended December 31, 2006, the Company reported net income of $24.2 million, or $0.84 basic and diluted earnings per share, compared to net income of $21.5 million, or $0.72 basic and diluted earnings per share, for the full year ended December 31, 2005. The weighted average basic and diluted shares outstanding for the full year ended December 31, 2006 were 28,954,521 and 28,954,622, respectively. The weighted average basic and diluted shares outstanding for the full year ended December 31, 2005 were 29,878,398.
Total revenues for the year ended December 31, 2006 increased 55.4% to $803.8 million compared to $517.3 million for the prior year. Sales of marine petroleum products increased 56.4% to $790.6 million in 2006 compared to $505.6 million for the prior year.
Aegean Marine Petroleum Network Inc. is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. Through its service centers in Greece, Gibraltar, Singapore, Jamaica and the United Arab Emirates, the Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users.
