MONACO--(Marketwired - Apr 20, 2016) - Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2016.
- Voyage revenues adjusted on a cash basis of $119.8 million for the three months ended March 31, 2016
- Adjusted EBITDA of $85.3 million for the three months ended March 31, 2016.
- Adjusted Net income available to common stockholders of $34.3 million or $0.45 per share for the three months ended March 31, 2016.
See "Financial Summary" and "Non-GAAP Measures" below for additional detail.
Dividend Announcements
- On April 1, 2016, we declared a dividend for the first quarter ended March 31, 2016, of $0.29 per share on our common stock, payable on May 4, 2016, to stockholders of record on April 19, 2016.
- On April 1, 2016, we declared a dividend of $0.476563 per share on our Series B Preferred Stock, a dividend of $0.531250 per share on our Series C Preferred Stock and a dividend of $0.546875 per share on our Series D Preferred Stock which were all paid on April 15, 2016 to holders of record on April 14, 2016.
- To date, we have declared dividends in 22 consecutive quarters. Over the past five years, we have increased the dividend 16%.
New Business Developments
- In January 2016, we entered into an agreement to extend the repayment schedule of the Alpha credit facility from December 2017 to December 2020. The Alpha credit facility is secured by the 1997 and 1996 built, 7,403 TEU containerships Maersk Kawasaki and Maersk Kure and had an outstanding balance of $66 million as of March 31, 2016.
- The Company entered into the following charter arrangements:
- Agreed to extend the charters of the MSC Reunion, MSC Namibia II and MSC Sierra II, the 2,000 TEU containerships, built in 1992, 1991 and 1991, respectively, with MSC for a period of minimum 11 and maximum 13 months starting from August 27, 2016, August 2, 2016 and July 1, 2016, respectively, at a daily rate of $6,800.
- Agreed to extend the charter of the 1995-built, 1,162 TEU containership Zagora with MSC for a period of minimum 12 and maximum 14 months starting from June 1, 2016 at a daily rate of $6,200.
- Agreed to extend the charter of the 1991-built, 3,351 TEU containership Karmen with Evergreen for a period of minimum 4 and maximum 9 months starting from February 27, 2016 at a daily rate of $6,500.
- Agreed to extend the charter of the 1998-built, 1,645 TEU containership Padma with Yang Ming for a period of minimum 4 and maximum 10 months starting from April 26, 2016 at a daily rate of $7,250.
- Agreed to charter the 1998-built, 3,842 TEU containership Itea with Hapa-Lloyd for a period of minimum 4 weeks and maximum 6 months starting from April 20, 2016 at a daily rate of $6,250.
- Agreed to charter the 2000-built, 2,474 TEU containership Areopolis with Evergreen for a period of minimum 3 and maximum 8 months starting from March 31, 2016 at a daily rate of $5,950.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
"During the first quarter the Company delivered solid results.
In a challenging market environment we keep employing our vessels, having chartered in total nine ships opening during the first three months of the year.
On the market, charter rates and asset values are at historically low levels as a result of weak demand.
We believe that today's environment provides attractive opportunities and the potential to increase our shareholders' returns."
Financial Summary
| |
|
|
|
|
| |
Three-month period ended March 31, |
|
| (Expressed in thousands of U.S. dollars, except share and per share data): |
2015 |
|
2016 |
|
| |
|
|
|
| |
|
|
|
|
|
|
| Voyage revenue |
$ |
120,850 |
|
$ |
120,274 |
|
| Accrued charter revenue (1) |
$ |
627 |
|
$ |
(452 |
) |
| Voyage revenue adjusted on a cash basis (2) |
$ |
121,477 |
|
$ |
119,822 |
|
| |
|
|
|
|
|
|
| Adjusted EBITDA (3) |
$ |
86,035 |
|
$ |
85,274 |
|
| |
|
|
|
|
|
|
| Adjusted Net Income available to common stockholders (3) |
$ |
28,629 | |
$ |
34,307 |
|
| Weighted Average number of shares |
|
74,801,662 |
|
|
75,400,044 |
|
| Adjusted Earnings per share (3) |
$ |
0.38 |
|
$ |
0.45 |
|
| |
|
|
|
|
|
|
| EBITDA (3) |
$ |
81,908 |
|
$ |
81,994 |
|
| Net Income |
$ |
26,284 |
|
$ |
34,996 |
|
| Net Income available to common stockholders |
$ |
23,274 |
|
$ |
29,789 |
|
| Weighted Average number of shares |
|
74,801,662 |
|
|
75,400,044 |
|
| Earnings per share |
$ |
0.31 |
|
$ |
0.40 |
|
(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 and during the last years of such charter cash received will exceed revenue recognized on a straight line basis.
(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 ("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 available to common stockholders, 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 available to common stockholders to EBITDA and adjusted EBITDA below.
Non-GAAP Measures
The Company reports its financial results in accordance with U.S. 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. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month periods ended March 31, 2016 and 2015. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders, (iii) Adjusted Earnings per share, (iv) EBITDA and (v) Adjusted EBITDA.
Reconciliation of Net Income to Adjusted Net Income available to common stockholders and Adjusted Earnings per Share
| |
|
|
|
|
|
| |
Three-month period ended March 31, |
|
| (Expressed in thousands of U.S. dollars, except share and per share data) |
2015 |
|
|
2016 |
|
| |
|
|
|
| Net Income |
$ |
26,284 |
|
|
$ |
34,996 |
|
| Earnings allocated to Preferred Stock | |
(3,010 |
) |
|
|
(5,207 |
) |
| Net Income available to common stockholders |
|
23,274 |
|
|
|
29,789 |
|
| Accrued charter revenue |
|
627 |
|
|
|
(452 |
) |
| Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments |
|
380 |
|
|
|
- |
|
| General and administrative expenses - non-cash component |
|
2,634 |
|
|
|
1,344 |
|
| Amortization of prepaid lease rentals |
|
1,228 |
|
|
|
1,238 |
|
| Realized Loss / (Gain) on Euro/USD forward contracts (1) |
|
1,030 |
|
|
|
(239 |
) |
| Loss / (Gain) on derivative instruments (1) |
|
(544 |
) |
|
|
2,627 |
|
| |
|
|
|
|
|
|
|
| Adjusted Net income available to common stockholders |
$ |
28,629 |
|
|
$ |
34,307 |
|
| Adjusted Earnings per Share |
$ |
0.38 |
|
|
$ |
0.45 |
|
| Weighted average number of shares |
|
74,801,662 |
|
|
|
75,400,044 |
|
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent net income after earnings allocated to preferred stock, but before non-cash "Accrued charter revenue" recorded under charters with escalating charter rates, realized loss / (gain) on Euro/USD forward contracts, unrealized loss from a swap option agreement held by a jointly owned company with York, which is included in equity loss on investments, General and administrative expenses - non-cash component, amortization of prepaid lease rentals and non-cash changes in fair value of derivatives. "Accrued charter revenue" is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders 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 available to common stockholders 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 available to common stockholders 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 available to common stockholders 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 available to common stockholders 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 available to common stockholders 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.
(1) Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to adjusted net income. Charges negatively impacting net income are reflected as increases to adjusted net income.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
| |
|
|
|
|
|
| |
Three-month period ended March 31, |
|
| (Expressed in thousands of U.S. dollars) |
2015 |
|
|
2016 |
|
| |
|
|
|
| |
|
|
|
|
|
|
|
| Net Income |
$ |
26,284 |
|
|
$ |
34,996 |
|
| Interest and finance costs |
|
27,943 |
|
|
|
18,906 |
|
| Interest income |
|
(438 |
) |
|
|
(361 |
) |
| Depreciation |
|
25,066 |
|
|
|
25,281 |
|
| Amortization of prepaid lease rentals |
|
1,228 |
|
|
|
1,238 |
|
| Amortization of dry-docking and special survey costs |
|
1,825 |
|
|
|
1,934 |
|
| EBITDA |
|
81,908 |
|
|
|
81,994 |
|
| Accrued charter revenue |
|
627 |
|
|
|
(452 |
) |
| Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments |
|
380 |
|
|
|
- |
|
| General and administrative expenses - non-cash component |
|
2,634 |
|
|
|
1,344 |
|
| Realized Loss / (Gain) on Euro/USD forward contracts (1) |
|
1,030 |
| |
|
(239 |
) |
| Loss / (Gain) on derivative instruments (1) |
|
(544 |
) |
|
|
2,627 |
|
| Adjusted EBITDA |
$ |
86,035 |
|
|
$ |
85,274 |
|
EBITDA represents net income before interest and finance costs, interest income, amortization of prepaid lease rentals, depreciation and amortization of deferred dry-docking and special survey costs. Adjusted EBITDA represents net income before interest and finance costs, interest income, amortization of prepaid lease rentals, depreciation, amortization of deferred dry-docking and special survey costs, non-cash "Accrued charter revenue" recorded under charters with escalating charter rates, realized loss / (gain) on Euro/USD forward contracts, unrealized loss from swap option agreement held by a jointly owned company with York, which is included in equity loss on investments, General and administrative expenses - non-cash component and non-cash changes in fair value of derivatives. "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. 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.
(1) Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to adjusted EBITDA. Charges negatively impacting net income are reflected as increases to adjusted EBITDA.
Results of Operations
Three-month period ended March 31, 2016 compared to the three-month period ended March 31, 2015
During the three-month periods ended March 31, 2016 and 2015, we had an average of 54.0 and 55.0 vessels, respectively, in our fleet. In the three-month periods ended March 31, 2016 and 2015, our fleet ownership days totaled 4,914 and 4,950 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.
| |
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars,
except percentages) |
|
Three-month period
ended March 31, |
|
|
Change |
|
|
Percentage
Change |
|
| 2015 |
|
|
2016 |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
|
$ |
120.9 |
|
|
$ |
120.3 |
|
|
$ |
(0.6 |
) |
|
(0.5 |
%) |
| Voyage expenses | |
|
(0.6 |
) |
|
|
(0.6 |
) |
|
|
- |
|
|
- |
|
| Voyage expenses - related parties |
|
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
- |
|
|
- |
|
| Vessels' operating expenses |
|
|
(29.6 |
) |
|
|
(27.0 |
) |
|
|
(2.6 |
) |
|
(8.8 |
%) |
| General and administrative expenses |
|
|
(1.3 |
) |
|
|
(1.2 |
) |
|
|
(0.1 |
) |
|
(7.7 |
%) |
| Management fees - related parties |
|
|
(4.8 |
) |
|
|
(4.8 |
) |
|
|
- |
|
|
- |
|
| General and administrative expenses - non-cash component |
|
|
(2.6 |
) |
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
(50.0 |
%) |
| Amortization of dry-docking and special survey costs |
|
|
(1.8 |
) |
|
|
(1.9 |
) |
|
|
0.1 |
|
|
5.6 |
% |
| Depreciation |
|
|
(25.1 |
) |
|
|
(25.3 |
) |
|
|
0.2 |
|
|
0.8 |
% |
| Amortization of prepaid lease rentals |
|
|
(1.2 |
) |
|
|
(1.2 |
) | |
|
- |
|
|
- |
|
| Foreign exchange gains/ (losses) |
|
|
0.2 |
|
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
(150.0 |
%) |
| Interest income |
|
|
0.4 |
|
|
|
0.3 |
|
|
|
(0.1 |
) |
|
(25.0 |
%) |
| Interest and finance costs |
|
|
(27.9 |
) |
|
|
(18.9 |
) |
|
|
(9.0 |
) |
|
(32.3 |
%) |
| Equity loss on investments |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
- |
|
|
- |
|
| Other |
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
33.3 |
% |
| Gain / (Loss) on derivative instruments |
|
|
0.5 |
|
|
|
(2.6 |
) |
|
|
(3.1 |
) |
|
(620.0 |
%) |
| Net Income |
|
$ |
26.3 |
|
|
$ |
35.0 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars,
except percentages) |
|
Three-month period
ended March 31, |
|
|
Change |
|
|
Percentage
Change |
|
| 2015 |
|
2016 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
|
$ |
120.9 |
|
$ |
120.3 |
|
|
$ |
(0.6 |
) |
|
(0.5 |
%) |
| Accrued charter revenue |
|
|
0.6 |
|
|
(0.5 |
) |
|
|
(1.1 |
) |
|
(183.3 |
%) |
| Voyage revenue adjusted on a cash basis |
|
$ |
121.5 |
|
$ |
119.8 |
|
|
$ |
(1.7 |
) |
|
(1.4 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
| Vessels operational data |
|
Three-month period
ended March 31, |
|
|
|
|
Percentage
Change |
|
| 2015 |
|
2016 |
|
Change |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Average number of vessels |
|
55.0 |
|
54.0 |
|
(1.0 |
) |
|
(1.8 |
%) |
| Ownership days |
|
4,950 |
|
4,914 |
|
(36.0 |
) |
|
(0.7 |
%) |
| Number of vessels under dry-docking |
|
2 |
|
3 |
|
1 |
|
|
|
|
Voyage Revenue
Voyage revenue decreased by 0.5%, or $0.6 million, to $120.3 million during the three-month period ended March 31, 2016, from $120.9 million during the three-month period ended March 31, 2015. The decrease was mainly attributable to the decreased average number of vessels and revenue days of our fleet, during the three-month period ended March 31, 2016 compared to the three-month period ended March 31, 2015, partly offset by revenue earned due to increased calendar days by one day during the first quarter of 2016 (91 calendar days) compared to the first quarter of 2015 (90 calendar days).
Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 1.4%, or $1.7 million, to $119.8 million during the three-month period ended March 31, 2016, from $121.5 million during the three-month period ended March 31, 2015. The decrease was mainly attributable to the decreased average number of vessels and revenue days of our fleet, during the three-month period ended March 31, 2016 compared to the three-month period ended March 31, 2015, partly offset by revenue earned due to increased calendar days by one day during the first quarter of 2016 (91 calendar days) compared to the first quarter of 2015 (90 calendar days).
Voyage Expenses
Voyage expenses were $0.6 million, during the three-month periods ended March 31, 2016 and 2015. Voyage expenses mainly include (i) off-hire expenses of our vessels, mainly related to fuel consumption and (ii) third party commissions.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $0.9 million during the three-month periods ended March 31, 2016 and 2015, represent fees of 0.75% on voyage revenues charged to us by Costamare Shipping Company S.A. ("Costamare Shipping") and Costamare Shipping Services Ltd. ("Costamare Services"), as provided under the Framework Agreement and Services Agreement, respectively.
Vessels' Operating Expenses
Vessels' operating expenses, which also include the realized gain / (loss) under derivative contracts entered into in relation to foreign currency exposure, decreased by 8.8%, or $2.6 million, to $27.0 million during the three-month period ended March 31, 2016, from $29.6 million during the three-month period ended March 31, 2015.
General and Administrative Expenses
General and administrative expenses decreased by 7.7%, or $0.1 million, to $1.2 million during the three-month period ended March 31, 2016, from $1.3 million during the three-month period ended March 31, 2015. General and administrative expenses for the three-month periods ended March 31, 2016 and 2015, included $0.63 million which is part of the annual fee that Costamare Services receives based on the Services Agreement, effected on November 2, 2015. Prior to November 2, 2015, this annual fee was charged by Costamare Shipping pursuant to the amended and restated Group Management Agreement.
Management Fees - related parties
Management fees paid to our managers were $4.8 million during the three month periods ended March 31, 2016 and 2015.
General and Administrative expenses - non-cash component
General and administrative expenses - non-cash component for the three-month period ended March 31, 2016 amounted to $1.3 million, representing the value of the shares issued to Costamare Services on March 31, 2016, pursuant to the Services Agreement effected on November 2, 2015. For the three-month period ended March 31, 2015, the non-cash component of general and administrative expenses was $2.6 million, representing the value of shares issued to Costamare Shipping pursuant to the amended and restated group management agreement, which was effective from January 1, 2015 until November 2, 2015.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $1.9 million for the three-month period ended March 31, 2016 and $1.8 million for the three-month period ended March 31, 2015. During the three-month period ended March 31, 2016 one vessel completed its respective works and two were in process. During the three-month period ended March 31, 2015 two vessels underwent and completed their special surveys.
Depreciation
Depreciation expense increased by 0.8%, or $0.2 million, to $25.3 million during the three-month period ended March 31, 2016, from $25.1 million during the three-month period ended March 31, 2015. The increase was mainly attributable to the increased calendar days by one day during the first quarter of 2016 (91 calendar days) compared to the first quarter of 2015 (90 calendar days).
Foreign Exchange Gains/ (Losses)
Foreign exchange losses were $0.1 million during the three-month period ended March 31, 2016. Foreign exchange gains were $0.2 million during the three-month period ended March 31, 2015.
Interest Income
Interest income for the three-month periods ended March 31, 2016 and 2015 amounted to $0.3 million and $0.4 million, respectively.
Interest and Finance Costs
Interest and finance costs decreased by 32.3%, or $9.0 million, to $18.9 million during the three-month period ended March 31, 2016, from $27.9 million during the three-month period ended March 31, 2015. The decrease was partly attributable to the decreased loan interest expense (including interest charged in relation with our interest rate swap arrangements) charged to the consolidated statement of income resulting from the decrease in the outstanding loan amount.
Equity Loss on Investments
The equity loss on investments of $0.2 million for the three-month period ended March 31, 2016, represents our share of the net losses of nineteen jointly owned companies pursuant to the Framework Agreement with York. We hold a range of 25% to 49% of the capital stock of these companies.
Gain / (Loss) on Derivative Instruments
The fair value of our 18 interest rate derivative instruments which were outstanding as of March 31, 2016 equates to the amount that would be paid by us or to us should those instruments be terminated. As of March 31, 2016, the fair value of these 18 interest rate derivative instruments in aggregate amounted to a liability of $54.7 million. The effective portion of the change in the fair value of the interest rate derivative instruments that qualified for hedge accounting is recorded in "Other Comprehensive Income" ("OCI") while the ineffective portion is recorded in the consolidated statements of income. The change in the fair value of the interest rate derivative instruments that did not qualify for hedge accounting is recorded in the consolidated statement of income. For the three-month period ended March 31, 2016, a net loss of $5.1 million has been included in OCI and a net loss of $3.1 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 March 31, 2016.
Cash Flows
Three-month periods ended March 31, 2016 and 2015
| |
|
|
|
|
|
| Condensed cash flows |
Three-month period ended March 31, |
|
| (Expressed in millions of U.S. dollars) |
2015 |
|
|
2016 |
|
| Net Cash Provided by Operating Activities |
$ |
54.9 |
|
|
$ | 57.4 |
|
| Net Cash Used in Investing Activities |
$ |
(13.4 |
) |
|
$ |
(7.0 |
) |
| Net Cash Used in Financing Activities |
$ |
(70.3 |
) |
|
$ |
(69.3 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended March 31, 2016, increased by $2.5 million to $57.4 million, compared to $54.9 million for the three-month period ended March 31, 2015. The increase was mainly attributable to decreased payments for interest (including swap payments) during the period of $2.4 million in the three-month period ended March 31, 2016 compared to the three-month period ended March 31, 2015.
Net Cash Used in Investing Activities
Net cash used in investing activities was $7.0 million in the three-month period ended March 31, 2016, which mainly consisted of $6.5 million (net of $2.7 million we received as dividend distributions) in advance payments for the construction of one newbuild vessel and the acquisition of a secondhand vessel, pursuant to the Framework Agreement with York; we hold equity interests ranging from 25% to 49% in nineteen jointly-owned companies.
Net cash used in investing activities was $13.4 million in the three-month period ended March 31, 2015, which mainly consisted of $13.0 million in advance payments for the construction of two newbuild vessels, pursuant to the Framework Agreement with York; we hold an equity interest ranging from 25% to 49% in jointly-owned companies.
Net Cash Used in Financing Activities
Net cash used in financing activities was $69.3 million in the three-month period ended March 31, 2016, which mainly consisted of (a) $47.9 million of indebtedness that we repaid, (b) $3.5 million we repaid relating to our sale and leaseback agreements (c) $21.9 million we paid for dividends to holders of our common stock for the fourth quarter of 2015, and (d) $1.0 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock ( "Series B Preferred Stock"), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock ( "Series C Preferred Stock") and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock ( "Series D Preferred Stock"), for the period from October 15, 2015 to January 14, 2016.
Net cash used in financing activities was $70.3 million in the three-month period ended March 31, 2015, which mainly consisted of (a) $50.0 million of indebtedness that we repaid, (b) $3.3 million we repaid relating to our sale and leaseback agreements (c) $20.9 million we paid for dividends to holders of our common stock for the second quarter of 2014, and (d) $1.0 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock ( "Series B Preferred Stock") and $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock ( "Series C Preferred Stock"), in both cases for the period from October 15, 2014 to January 14, 2015.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of March 31, 2016, we had a total cash liquidity of $134.4 million, consisting of cash, cash equivalents and restricted cash.
Debt-free vessels
As of April 20, 2016, the following vessels were free of debt.
| |
| Unencumbered Vessels in the water(*) |
| (refer to fleet list for full charter details) |
| |
| Vessel Name |
|
Year
Built |
|
TEU
Capacity |
| NAVARINO |
|
2010 |
|
8,531 |
| VENETIKO |
|
2003 |
|
5,928 |
| MSC ITEA |
|
1998 |
|
3,842 |
| LAKONIA |
|
2004 |
|
2,586 |
| AREOPOLIS |
|
2000 |
|
2,474 |
| MESSINI |
|
1997 |
|
2,458 |
| NEAPOLIS |
|
2000 |
|
1,645 |
(*) Does not include three secondhand vessels acquired and five newbuild vessels ordered pursuant to the Framework Agreement with York, which are also free of debt.
Capital commitments
As of April 20, 2016, we had outstanding equity commitments relating to our twelve contracted newbuilds aggregating approximately $104.5 million payable until the vessels are delivered. The amounts represent our interest in the relevant jointly-owned entities with York. Approximately $86.4 million of the above mentioned commitments, relate to five 11,000 TEU vessels on order, for which we are in discussions to finance with several banks.
Conference Call details:
On Thursday, April 21, 2016, at 8:30 a.m. ET, 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: 1-866-524-3160 (from the US), 0808 238 9064 (from the UK) or +1-412-317-6760 (from outside the US). Please quote "Costamare".
A replay of the conference call will be available until May 21, 2016. The United States replay number is +1-877-344-7529; the standard international replay number is +1-412-317-0088, and the access code required for the replay is: 10084316.
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 42 years of history in the international shipping industry and a fleet of 72 containerships, with a total capacity of approximately 467,000 TEU, including 12 newbuild containerships to be delivered. Eighteen of our containerships, including 12 newbuilds on order, have been acquired pursuant to the Framework Agreement with York Capital Management by vessel-owning joint venture entities in which we hold a minority equity interest. The Company's common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols "CMRE", "CMRE PR B", "CMRE PR C" and "CMRE PR D", respectively.
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 April 20, 2016, about our fleet of containerships, including our newbuilds on order, the vessels acquired pursuant to the Framework Agreement with York and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.
| |
Vessel Name |
Charterer |
Year Built |
Capacity (TEU) |
Time Charter Term(1) |
Current Daily Charter Rate (U.S. dollars) |
Expiration of Charter(1) |
Average Daily Charter Rate Until Earliest Expiry of Charter (U.S. dollars)(2) |
| 1 |
COSCO GUANGZHOU |
COSCO |
2006 |
9,469 |
12 years |
36,400 |
December 2017 |
36,400 |
| 2 |
COSCO NINGBO |
COSCO |
2006 |
9,469 |
12 years |
36,400 |
January 2018 |
36,400 |
| 3 |
COSCO YANTIAN |
COSCO |
2006 |
9,469 |
12 years |
36,400 |
February 2018 |
36,400 |
| 4 |
COSCO BEIJING |
COSCO |
2006 |
9,469 |
12 years |
36,400 |
April 2018 |
36,400 |
| 5 |
COSCO HELLAS |
COSCO |
2006 |
9,469 |
12 years |
37,519 |
May 2018 |
37,519 |
| 6 |
MSC AZOV(**) |
MSC |
2014 |
9,403 |
10 years |
43,000 |
November 2023 |
43,000 |
| 7 |
MSC AJACCIO(**) |
MSC |
2014 |
9,403 |
10 years |
43,000 |
February 2024 |
43,000 |
| 8 |
MSC AMALFI(**) | MSC |
2014 |
9,403 |
10 years |
43,000 |
March 2024 |
43,000 |
| 9 |
MSC ATHENS |
MSC |
2013 |
8,827 |
10 years |
42,000 |
January 2023 |
42,000 |
| 10 |
MSC ATHOS |
MSC |
2013 |
8,827 |
10 years |
42,000 |
February 2023 |
42,000 |
| 11 |
VALOR |
Evergreen |
2013 |
8,827 |
7.0 years(i) |
41,700 |
April 2020(i) |
41,700 |
| 12 |
VALUE |
Evergreen |
2013 |
8,827 |
7.0 years(i) |
41,700 |
April 2020(i) |
41,700 |
| 13 |
VALIANT |
Evergreen |
2013 |
8,827 |
7.0 years(i) |
41,700 |
June 2020(i) |
41,700 |
| 14 |
VALENCE |
Evergreen |
2013 |
8,827 |
7.0 years(i) |
41,700 |
July 2020(i) |
41,700 |
| 15 |
VANTAGE |
Evergreen |
2013 |
8,827 |
7.0 years(i) |
41,700 |
September
2020(i) |
41,700 |
| 16 |
NAVARINO |
PIL |
2010 |
8,531 |
1.0 year |
10,500 |
November
2016(ii) |
10,500 |
| 17 |
MAERSK KAWASAKI(iii) |
A.P. Moller-Maersk |
1997 |
7,403 |
10 years |
37,000 |
December 2017 |
37,000 |
| 18 |
MAERSK KURE(iii) |
A.P. Moller-Maersk |
1996 |
7,403 |
10 years |
37,000 |
December 2017 |
37,000 |
| 19 |
MAERSK KOKURA(iii) |
A.P. Moller-Maersk |
1997 |
7,403 |
10 years |
37,000 |
February 2018 |
37,000 |
| 20 |
MSC METHONI |
MSC |
2003 |
6,724 |
10 years |
29,000 |
September 2021 |
29,000 |
| 21 |
SEALAND NEW YORK |
A.P. Moller-Maersk |
2000 |
6,648 |
11 years |
26,100 |
March 2018 |
26,100 |
| 22 |
MAERSK KOBE |
A.P. Moller-Maersk |
2000 |
6,648 |
11 years |
26,100 |
May 2018 |
26,100 |
| 23 |
SEALAND WASHINGTON |
A.P. Moller-Maersk |
2000 |
6,648 |
11 years |
26,100 |
June 2018 |
26,100 |
| 24 |
SEALAND MICHIGAN |
A.P. Moller-Maersk |
2000 |
6,648 |
11 years |
26,100 |
August 2018 |
26,100 |
| 25 |
SEALAND ILLINOIS |
A.P. Moller-Maersk |
2000 |
6,648 |
11 years |
26,100 |
October 2018 |
26,100 |
| 26 |
MAERSK KOLKATA |
A.P. Moller-Maersk |
2003 |
6,644 |
11 years |
26,100 |
November 2019 |
26,100 |
| 27 |
MAERSK KINGSTON |
A.P. Moller-Maersk |
2003 |
6,644 |
11 years |
38,461(4) |
February 2020 | 26,161 |
| 28 |
MAERSK KALAMATA |
A.P. Moller-Maersk |
2003 |
6,644 |
11 years |
38,418(5) |
April 2020 |
26,533 |
| 29 |
VENETIKO |
|
2003 |
5,928 |
|
|
|
|
| 30 |
ENSENADA EXPRESS(*) |
|
2001 |
5,576 |
|
|
|
|
| 31 |
MSC ROMANOS |
MSC |
2003 |
5,050 |
5.3 years |
28,000 |
November 2016 |
28,000 |
| 32 |
ZIM NEW YORK |
ZIM |
2002 |
4,992 |
14 years |
14,534 |
September
2016(6) |
14,534 |
| 33 |
ZIM SHANGHAI |
ZIM |
2002 |
4,992 |
14 years |
14,534 |
September
2016(6) |
14,534 |
| 34 |
ZIM PIRAEUS |
ZIM |
2004 |
4,992 |
10 years |
12,500 |
July 2016 |
12,500 |
| 35 |
OAKLAND EXPRESS |
Hapag Lloyd |
2000 |
4,890 |
8.0 years |
30,500 |
September 2016 |
30,500 |
| 36 |
HALIFAX EXPRESS |
Hapag Lloyd |
2000 |
4,890 |
8.0 years |
30,500 |
October 2016 |
30,500 |
| 37 |
SINGAPORE EXPRESS |
Hapag Lloyd |
2000 |
4,890 |
8.0 years |
30,500 | July 2016 |
30,500 |
| 38 |
MSC MANDRAKI |
MSC |
1988 |
4,828 |
7.8 years |
20,000 |
August 2017 |
20,000 |
| 39 |
MSC MYKONOS |
MSC |
1988 |
4,828 |
8.2 years |
20,000 |
September 2017 |
20,000 |
| 40 |
MSC ULSAN |
MSC |
2002 |
4,132 |
5.3 years |
16,500 |
March 2017 |
16,500 |
| 41 |
MSC KORONI |
MSC |
1998 |
3,842 |
9.5 years |
13,500(7) |
September 2018 |
13,500 |
| 42 |
ITEA |
Hapag-Lloyd |
1998 |
3,842 |
0.1 years |
6,250 |
May 2016 |
6,250 |
| 43 |
KARMEN |
Evergreen |
1991 |
3,351 |
1.9 years |
6,500 |
June 2016 |
7,250 |
| 44 |
MARINA |
Evergreen |
1992 |
3,351 |
0.5 years |
8,800 |
May 2016 |
8,800 |
| 45 |
LAKONIA |
Evergreen |
2004 |
2,586 |
2.0 years |
8,600 |
February 2017 |
8,600 |
| 46 |
ELAFONISOS(*) |
CMA CGM |
1999 |
2,526 |
0.3 years |
6,000 |
May 2016 |
6,000 |
| 47 |
AREOPOLIS |
Evergreen |
2000 |
2,474 |
0.3 years |
5,950 | June 2016 |
5,950 |
| 48 |
MONEMVASIA(*)(iv) |
A.P. Moller-Maersk |
1998 |
2,472 |
0.1 years |
8,750 |
May 2016 |
8,750 |
| 49 |
MESSINI |
Evergreen |
1997 |
2,458 |
3.3 years |
6,000 |
August 2016 |
6,000 |
| 50 |
MSC REUNION |
MSC |
1992 |
2,024 |
9.0 years |
11,200(8) |
July 2017 |
8,019 |
| 51 |
MSC NAMIBIA II |
MSC |
1991 |
2,023 |
9.8 years |
11,200(9) |
July 2017 |
7,837 |
| 52 |
MSC SIERRA II |
MSC |
1991 |
2,023 |
8.7 years |
11,200(10) |
June 2017 |
7,569 |
| 53 |
MSC PYLOS |
MSC |
1991 |
2,020 |
6.0 years |
6,300 |
January 2017 |
6,300 |
| 54 |
PADMA(*) |
Yang Ming |
1998 |
1,645 |
1.2 years |
7,400(11) |
August 2016 |
7,256 |
| 55 |
NEAPOLIS(****) |
|
2000 |
1,645 |
|
|
|
|
| 56 |
ARKADIA(*) |
Evergreen |
2001 |
1,550 |
2.0 years |
10,600 |
August 2017 |
10,600 |
| 57 |
PROSPER(****) |
|
1996 |
1,504 |
| |
|
|
| 58 |
ZAGORA |
MSC |
1995 |
1,162 |
5.8 years |
7,400(12) |
June 2017 |
6,321 |
| 59 |
PETALIDI(*) |
CMA CGM |
1994 |
1,162 |
2.0 years |
7,600 |
June 2016 |
7,600 |
| 60 |
STADT LUEBECK |
CMA CGM |
2001 |
1,078 |
2.7 years |
8,000(13) |
May 2016 |
8,000 |
Newbuilds
| |
Vessel Name |
Shipyard |
Capacity (TEU) |
Charterer |
Expected Delivery(3) |
| 1 |
NCP0113(*) |
Hanjin Subic Bay |
11,010 |
|
Q2 2016 |
| 2 |
NCP0114(*) |
Hanjin Subic Bay |
11,010 |
|
Q2 2016 |
| 3 |
NCP0115(*) |
Hanjin Subic Bay |
11,010 |
|
Q3 2016 |
| 4 |
NCP0116(*) |
Hanjin Subic Bay |
11,010 |
|
Q3 2016 |
| 5 |
NCP0152(*) |
Hanjin Subic Bay |
11,010 |
|
Q1 2017 |
| 6 |
S2121(*) (***) |
Samsung Heavy |
14,354 |
Evergreen |
Q2 2016 |
| 7 |
S2122(*) (***) |
Samsung Heavy |
14,354 |
Evergreen |
Q2 2016 |
| 8 |
S2123(*) (***) |
Samsung Heavy |
14,354 | Evergreen |
Q3 2016 |
| 9 |
S2124(*) (***) |
Samsung Heavy |
14,354 |
Evergreen |
Q3 2016 |
| 10 |
S2125(*) (***) |
Samsung Heavy |
14,354 |
Evergreen |
Q4 2016 |
| 11 |
YZJ1206(*) (***) |
Jiangsu New Yangzi |
3,800 |
Hamburg Süd |
Q1 2018 |
| 12 |
YZJ1207 (*) (***) |
Jiangsu New Yangzi |
3,800 |
Hamburg Süd |
Q2 2018 |
(1) Charter terms and expiration dates are based on the earliest date charters could expire. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.
(2) This average rate is calculated based on contracted charter rates for the days remaining between April 20, 2016 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) Based on latest shipyard production schedule, subject to change.
(4) This charter rate changes on April 28, 2016 to $26,100 per day until the earliest redelivery date.
(5) This charter rate changes on June 11, 2016 to $26,100 per day until the earliest redelivery date.
(6) The amounts in the table reflect the current charter terms, giving effect to our agreement with Zim under the 2014 restructuring plan. Based on this agreement, we have been granted charter extensions and have been issued equity securities representing 1.2% of Zim's equity and approximately $8.2 million in interest bearing notes maturing in 2023. In July the Company exercised its option to extend the charters of Zim New York and Zim Shanghai for one year pursuant to its option to extend the charter of two of the three vessels chartered to Zim for successive one year periods at market rate plus $1,100 per day per vessel while the notes remain outstanding. The rate for the first year has been determined at $14,534 per day.
(7) 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.
(8) This charter rate changes on August 27, 2016 to $6,800 per day until the earliest redelivery date.
(9) This charter rate changes on August 2, 2016 to $6,800 per day until the earliest redelivery date.
(10) This charter rate changes on July 1, 2016 to $6,800 per day until the earliest redelivery date.
(11) This charter rate changes on April 26, 2016 to $7,250 per day until the earliest redelivery date.
(12) This charter rate changes on June 1, 2016 to $6,200 per day until the earliest redelivery date.
(13) The charter rate will be $8,000 per day provided that the vessel trades within the Red Sea once every 20 days, while it will change to $7,400 for non-Red Sea trading. As of April 20, 2016, the vessel was earning $8,000 per day.
(i) Assumes exercise of owner's unilateral options to extend the charter of these vessels for two one year periods at the same charter rate. The charterer also has corresponding options to unilaterally extend the charter for the same periods at the same charter rate.
(ii) The charterer has a unilateral option to extend the charter of the vessel for a period of 12 months.
(iii) 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.
(iv) We have entered into a five year charter agreement with Maersk upon the expiry of the current charter agreement, at a rate of $9,250 daily.
(*) Denotes vessels acquired pursuant to the Framework Deed with York. The Company holds an equity interest ranging between 25% and 49% in each of the vessel-owning entities.
(**) Denotes vessels subject to the sale and leaseback transaction with CLC.
(***) Denotes vessels acquired pursuant to the Framework Deed which are subject to sale and leaseback transactions with Chinese financial institutions.
(****) These vessels are currently undergoing repairs.
| |
| |
| COSTAMARE INC. |
| Consolidated Statements of Income |
| |
| |
Three-months ended March 31, |
|
| (Expressed in thousands of U.S. dollars, except share and per share amounts) |
2015 |
|
|
2016 |
|
| |
(Unaudited) |
|
| |
|
|
|
| |
|
|
|
|
|
|
|
| REVENUES: |
|
|
|
|
|
| |
| Voyage revenue |
$ |
120,850 |
|
|
$ |
120,274 |
|
| |
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
| Voyage expenses |
|
(636 |
) |
|
|
(572 |
) |
| Voyage expenses - related parties |
|
(905 |
) |
|
|
(902 |
) |
| Vessels' operating expenses |
|
(29,551 |
) |
|
|
(26,991 |
) |
| General and administrative expenses |
|
(1,315 |
) |
|
|
(1,226 |
) |
| Management fees - related parties |
|
(4,818 |
) |
|
|
(4,785 |
) |
| General and administrative expenses - non-cash component |
|
(2,634 |
) |
|
|
(1,344 |
) |
| Amortization of dry-docking and special survey costs |
|
(1,825 |
) |
|
|
(1,934 |
) |
| Depreciation |
|
(25,066 |
) |
|
|
(25,281 |
) |
| Amortization of prepaid lease rentals |
|
(1,228 |
) |
|
|
(1,238 |
) |
| Foreign exchange gains/ (losses) |
|
290 |
|
|
|
(124 |
) |
| Operating income |
$ |
53,162 |
|
|
$ |
55,877 |
|
| |
|
|
|
|
| |
|
| OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
| Interest income |
$ |
438 |
|
|
$ |
361 |
|
| Interest and finance costs |
|
(27,943 |
) |
|
|
(18,906 |
) |
| Equity loss on investments |
|
(195 |
) |
|
|
(207 |
) |
| Other |
|
278 |
|
|
|
498 |
|
| Gain / (Loss) on derivative instruments |
|
544 |
|
|
|
(2,627 |
) |
| Total other income (expenses) |
$ |
(26,878 |
) |
|
$ |
(20,881 |
) |
| Net Income |
$ |
26,284 |
|
|
$ |
34,996 |
|
| Earnings allocated to Preferred Stock |
|
(3,010 |
) |
|
|
(5,207 |
) |
| Net Income available to common stockholders |
$ |
23,274 |
|
|
$ |
29,789 |
|
| |
|
|
|
|
|
|
|
| Earnings per common share, basic and diluted |
$ |
0.31 |
|
|
$ |
0.40 |
|
| Weighted average number of shares, basic and diluted |
|
74,801,662 |
|
|
|
75,400,044 |
|
| |
|
|
|
|
|
| |
| |
|
|
|
|
|
|
|
| COSTAMARE INC. |
| Consolidated Balance Sheets |
| |
| |
As of December 31, |
|
|
As of March 31, |
|
| (Expressed in thousands of U.S. dollars) |
2015 |
|
|
2016 |
|
| |
(Unaudited) |
|
| ASSETS |
|
|
|
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
100,105 |
|
|
$ |
81,199 |
|
| Restricted cash |
|
14,007 |
|
|
|
6,001 |
|
| Accounts receivable |
|
1,111 |
|
|
|
901 |
|
| Inventories |
|
10,578 |
|
|
|
10,820 |
|
| Due from related parties |
|
6,012 |
|
|
|
2,370 |
|
| Fair value of derivatives |
|
352 |
|
|
|
800 |
|
| Insurance claims receivable |
|
3,906 |
|
|
|
4,274 |
|
| Prepaid lease rentals |
|
4,982 |
|
|
|
4,971 |
|
| Accrued charter revenue |
|
457 |
|
|
|
456 |
|
| Prepayments and other |
|
3,546 |
| |
|
3,985 |
|
| Total current assets |
$ |
145,056 |
|
|
$ |
115,777 |
|
| FIXED ASSETS, NET: |
|
|
|
|
|
|
|
| Capital leased assets |
$ |
242,966 |
|
|
$ |
241,081 |
|
| Vessels, net |
|
2,004,650 |
|
|
|
1,981,844 |
|
| Total fixed assets, net |
$ |
2,247,616 |
|
|
$ |
2,222,925 |
|
| NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
| Investment in affiliates |
$ |
117,931 |
|
|
$ |
124,233 |
|
| Prepaid lease rentals, non-current |
|
35,829 |
|
|
|
34,602 |
|
| Deferred charges, net |
|
22,809 |
|
|
|
23,084 |
|
| Accounts receivable, non-current |
|
1,425 |
|
|
|
1,425 |
|
| Restricted cash |
|
48,708 |
|
|
|
47,159 |
|
| Accrued charter revenue |
|
569 |
|
|
|
493 |
|
| Other non-current assets |
|
12,612 |
|
|
|
12,663 |
|
| Total assets |
$ |
2,632,555 |
|
| $ |
2,582,361 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
|
|
|
| Current portion of long-term debt (*) |
$ |
183,828 |
|
|
$ |
183,801 |
|
| Accounts payable |
|
4,047 |
|
|
|
4,944 |
|
| Due to related parties |
|
371 |
|
|
|
242 |
|
| Capital lease obligations (*) |
|
14,307 |
|
|
|
14,540 |
|
| Accrued liabilities |
|
15,225 |
|
|
|
13,446 |
|
| Unearned revenue |
|
18,356 |
|
|
|
14,292 |
|
| Fair value of derivatives |
|
32,462 |
|
|
|
29,565 |
|
| Other current liabilities |
|
1,712 |
|
|
|
1,753 |
|
| Total current liabilities |
$ |
270,308 |
|
|
$ |
262,583 |
|
| NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
| Long-term debt, net of current portion (*) |
$ |
1,134,764 |
|
|
$ |
1,086,995 |
|
| Capital lease obligations, net of current portion (*) |
|
217,810 |
|
|
|
214,103 |
|
| Fair value of derivatives, net of current portion |
|
19,655 |
|
|
|
25,160 |
|
| Unearned revenue, net of current portion |
|
26,508 |
|
|
|
25,925 |
|
| Total non-current liabilities |
$ |
1,398,737 |
|
|
$ |
1,352,183 |
|
| COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
| Preferred stock |
$ |
- |
|
|
$ |
- |
|
| Common stock |
|
8 |
|
|
|
8 |
|
| Additional paid-in capital |
|
963,904 |
|
|
|
965,248 |
|
| Retained earnings |
|
44,247 |
|
|
|
52,111 |
|
| Accumulated other comprehensive loss |
|
(44,649 |
) |
|
|
(49,772 |
) |
| Total stockholders' equity |
$ |
963,510 |
|
|
$ |
967,595 |
|
| Total liabilities and stockholders' equity |
$ |
2,632,555 |
|
|
$ |
2,582,361 |
|
(*) Amounts net of deferred financing costs