MONACO--(Marketwired - Oct 24, 2016) - Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited
financial results for the third quarter and nine-months ended September 30, 2016.
- Voyage revenues adjusted on a cash basis of $115.5 million and $353.2 million for the three and nine-months ended September
30, 2016, respectively.
- Adjusted EBITDA of $80.8 million and $250.1 million for the three and nine-months ended September 30, 2016, respectively.
- Adjusted Net income available to common stockholders of $28.1 million or $0.37 per share and $92.1 million or $1.21 per
share for the three and nine-months ended September 30, 2016, respectively.
See "Financial Summary" and "Non-GAAP Measures" below for additional detail.
New Business Developments
A. New charter agreements
- The Company entered into the following charter arrangements:
- Agreed to extend the charter of the 2010-built, 8,531 TEU containership Navarino with PIL for a period of 12 to 18
months starting from November 13, 2016, at a daily rate of $9,000.
- Charterers declared their second round voyage option and extended the charter of the 1998-built, 3,842 TEU
containership Itea for a period expiring at the charterer's option during the period from November 20, 2016
through November 25, 2016, at a daily rate of $6,250.
- Agreed to extend the charter of the 2000-built, 2,474 TEU containership Areopolis with Evergreen for a period of 6 to
10 months starting from September 20, 2016, at a daily rate of $5,950.
- Agreed to extend the charter of the 1992-built, 3,351 TEU containership Marina with Evergreen for a period
expiring at the charterer's option during the period from November 30, 2016 through February 28, 2017, at a daily rate of
$5,500.
- Agreed to charter the 1998-built, 1,645 TEU containership Padma with Evergreen for a period of 30 to 90 days
starting from August 29, 2016, at a daily rate of $6,500. Subsequently, agreed to charter the vessel with Evergreen for a
further period of 6 to 9 months at a daily rate of $7,000, starting from November 22, 2016.
- Agreed to charter the 1996-built, 1,504 TEU containership Prosper with Sea Consortium for a period of 3 to 6
months starting from August 16, 2016, at a daily rate of $6,900.
- Agreed to extend the charter of the 1994-built, 1,162 TEU containership Petalidi with CMA CGM for a period of 8 to 12
months starting from October 3, 2016, at a daily rate of $6,950.
- Agreed to charter the 2001-built, 1,078 TEU containership Stadt Luebeck with Sea Consortium for a period of 32
to 90 days starting from August 26, 2016, at a daily rate of $6,500.
B. Newbuild vessel deliveries
- On September 5, 2016, October 4, 2016 and October 24, 2016, respectively, we accepted delivery of the 14,424 TEU
containerships Talos, Taurus and Theseus, three containerships acquired pursuant to our joint venture
with York. The vessels commenced their 10 year time charters with Evergreen. Costamare holds a 40%
interest in the entities that own each vessel. The deliveries mark the completion of this particular project.
- On September 30, 2016, we accepted delivery of the 11,010 TEU containership Cape Akritas acquired
pursuant to our joint venture with York.
C. Newbuild vessel delivery deferrals
- In September 2016, we reached an agreement with Hanjin Heavy Industries to defer the deliveries of the remaining
four 11,010 TEU containerships ordered pursuant to our joint venture with York. Delivery of the vessels is now scheduled
for the first quarter 2017.
D. Dividend announcements
- On October 4, 2016, we declared a dividend for the third quarter ended September 30, 2016, of $0.10 per share on our common
stock, payable on November 4, 2016, to stockholders of record on October 21, 2016.
- On October 4, 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 October 17, 2016 to holders of record on October 14, 2016.
E. New dividend reinvestment plan
- On July 6, 2016, we implemented a dividend reinvestment plan (the "plan"). The plan offers holders of Company common stock
the opportunity to purchase additional shares by having their cash dividends automatically reinvested in Company common stock.
Participation in the plan is optional, and shareholders who decide not to participate in the plan will continue to receive cash
dividends, as declared and paid in the usual manner.
The terms and conditions of the plan are set forth under the heading "Description of Plan" in the prospectus available as
part of the registration statement filed by the Company with the Securities and Exchange Commission (the "SEC") on the SEC's
website at http://www.sec.gov.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
"During the third quarter the Company delivered solid results.
On the chartering side, we continue to employ our vessels, having chartered in total eight ships opening during the last three
months.
Regarding our new building program, we have now accepted delivery of all five 14,000 TEU vessels, which have commenced their
10-year charters. We have also accepted delivery of one 11,000 TEU vessel, bought together with our joint venture partners, and
we have deferred the delivery of the remaining four vessels for the first quarter of 2017.
As mentioned in our latest press release of this month, our goal is to strengthen the Company and enhance long term
shareholder value.
As committed shareholders, members of the founding family, currently controlling an interest of above 65% of the Company, have
each reinvested in full their cash dividends since the inception of the Company's dividend reinvestment plan."
Financial Summary
| |
|
|
|
|
|
|
| |
Nine-month period ended September 30, |
|
Three-month period ended September 30, |
|
| (Expressed in thousands of U.S. dollars, except share and per share data): |
2015 |
2016 |
|
2015 |
2016 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
$ |
368,102 |
$ |
358,055 |
|
$ |
124,033 |
$ |
118,256 |
|
| Accrued charter revenue (1) |
$ |
2,029 |
$ |
(4,894 |
) |
$ |
643 |
$ |
(2,827 |
) |
| Voyage revenue adjusted on a cash basis (2) |
$ |
370,131 |
$ |
353,161 |
|
$ |
124,676 |
$ |
115,429 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA (3) |
$ |
262,018 |
$ |
250,064 |
|
$ |
88,690 |
$ |
80,841 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Adjusted Net Income available to common stockholders (3) |
$ |
97,579 |
$ |
92,081 |
|
$ |
34,569 |
$ |
28,122 |
|
| Weighted Average number of shares |
|
74,952,340 |
|
75,814,641 |
|
|
75,100,826 |
|
76,486,847 |
|
| Adjusted Earnings per share (3) |
$ |
1.30 |
$ |
1.21 |
|
$ |
0.46 |
$ |
0.37 |
|
| |
|
|
|
|
|
|
|
|
|
|
| EBITDA (3) |
$ |
250,669 |
$ |
232,962 |
|
$ |
82,454 |
$ |
67,999 |
|
| Net Income |
$ |
105,436 |
$ |
92,710 |
|
$ |
34,823 |
$ |
20,672 |
|
| Net Income available to common stockholders |
$ |
92,799 |
$ |
76,913 |
|
$ |
29,499 |
$ |
15,348 |
|
| Weighted Average number of shares |
|
74,952,340 |
|
75,814,641 |
|
|
75,100,826 |
|
76,486,847 |
|
| Earnings per share |
$ |
1.24 |
$ |
1.01 |
|
$ |
0.39 |
$ |
0.20 |
|
| |
|
|
|
|
|
|
|
|
|
|
(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 and nine-month
periods ended September 30, 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
| |
|
|
|
|
|
|
|
|
| |
Nine-month period ended September 30, |
|
Three-month period ended September 30, |
|
| (Expressed in thousands of U.S. dollars, except share and per share data) |
2015 |
|
2016 |
|
2015 |
|
2016 |
|
| |
|
|
|
|
|
|
| Net Income |
$ |
105,436 |
|
$ |
92,710 |
|
$ |
34,823 |
|
$ |
20,672 |
|
| Earnings allocated to Preferred Stock |
|
(12,637 |
) |
|
(15,797 |
) |
|
(5,324 |
) |
|
(5,324 |
) |
| Net Income available to common stockholders |
|
92,799 |
|
|
76,913 |
|
|
29,499 |
|
|
15,348 |
|
| Accrued charter revenue |
|
2,029 |
|
|
(4,894 |
) |
|
643 |
|
|
(2,827 |
) |
| (Gain)/Loss on sale / disposal of vessels |
|
- |
|
|
4,440 |
|
|
- |
|
|
4,440 |
|
| Swaps breakage cost |
|
- |
|
|
9,404 |
|
|
- |
|
|
9,404 |
|
| Unrealized loss from swap option agreement held by a jointly owned company with York included in equity
loss on investments |
|
585 |
|
|
- |
|
|
145 |
|
|
- |
|
| General and administrative expenses - non-cash component |
|
7,219 |
|
|
4,114 |
|
|
1,836 |
|
|
1,368 |
|
| Non-recurring, non-cash write-off of loan deferred financing costs |
|
- |
|
|
586 |
|
|
- |
|
|
586 |
|
| Amortization of prepaid lease rentals |
|
3,726 |
|
|
4,579 |
|
|
1,256 |
|
|
2,102 |
|
| Realized Loss / (Gain) on Euro/USD forward contracts (1) |
|
2,729 |
|
|
(898 |
) |
|
775 |
|
|
(220 |
) |
| (Gain)/ Loss on derivative instruments, excluding interest accrued and realized on non-hedging derivative
instruments (1) |
|
(11,508 |
) |
|
(2,163 |
) |
|
415 |
|
|
(2,079 |
) |
| Adjusted Net income available to common stockholders |
$ |
97,579 |
|
$ |
92,081 |
|
$ |
34,569 |
|
$ |
28,122 |
|
| Adjusted Earnings per Share |
$ |
1.30 |
|
$ |
1.21 |
|
$ |
0.46 |
|
$ |
0.37 |
|
| Weighted average number of shares |
|
74,952,340 |
|
|
75,814,641 |
|
|
75,100,826 |
|
|
76,486,847 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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, loss on sale / disposal of vessels, swaps breakage cost, 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, Non-recurring, non-cash write-off of loan deferred financing costs,
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
| |
|
|
|
|
|
|
|
|
| |
Nine-month period ended September 30, |
|
Three-month period ended September 30, |
|
| (Expressed in thousands of U.S. dollars) |
2015 |
|
2016 |
|
2015 |
|
2016 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
$ |
105,436 |
|
$ |
92,710 |
|
$ |
34,823 |
|
$ |
20,672 |
|
| Interest and finance costs |
|
61,092 |
|
|
55,090 |
|
|
19,222 |
|
|
18,414 |
|
| Interest income |
|
(1,053 |
) |
|
(1,140 |
) |
|
(321 |
) |
|
(403 |
) |
| Depreciation |
|
76,034 |
|
|
75,786 |
|
|
25,623 |
|
|
25,217 |
|
| Amortization of prepaid lease rentals |
|
3,726 |
|
|
4,579 |
|
|
1,256 |
|
|
2,102 |
|
| Amortization of dry-docking and special survey costs |
|
5,434 |
|
|
5,937 |
|
|
1,851 |
|
|
1,997 |
|
| EBITDA |
|
250,669 |
|
|
232,962 |
|
|
82,454 |
|
|
67,999 |
|
| Accrued charter revenue |
|
2,029 |
|
|
(4,894 |
) |
|
643 |
|
|
(2,827 |
) |
| (Gain)/Loss on sale / disposal of vessels |
|
- |
|
|
4,440 |
|
|
- |
|
|
4,440 |
|
| Swaps breakage cost |
|
- |
|
|
9,404 |
|
|
- |
|
|
9,404 |
|
| Unrealized loss from swap option agreement held by a jointly owned company with York included in equity
loss on investments |
|
585 |
|
|
- |
|
|
145 |
|
|
- |
|
| General and administrative expenses - non-cash component |
|
7,219 |
|
|
4,114 |
|
|
1,836 |
|
|
1,368 |
|
| Non-recurring, non-cash write-off of loan deferred financing costs |
|
- |
|
|
586 |
|
|
- |
|
|
586 |
|
| Realized Loss / (Gain) on Euro/USD forward contracts (1) |
|
2,729 |
|
|
(898 |
) |
|
775 |
|
|
(220 |
) |
| (Gain) / Loss on derivative instruments, including interest accrued and realized on non-hedging derivative
instruments (1) |
|
(1,213 |
) |
|
4,350 |
|
|
2,837 |
|
|
91 |
|
| Adjusted EBITDA |
$ |
262,018 |
|
$ |
250,064 |
|
$ |
88,690 |
|
$ |
80,841 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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,
loss on sale / disposal of vessels, swaps breakage cost, 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, Non-recurring, non-cash write-off of loan deferred financing costs 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 September 30, 2016 compared to the three-month period ended September 30,
2015
During the three-month periods ended September 30, 2016 and 2015, we had an average of 53.4 and 55.0 vessels, respectively, in
our fleet. In the three-month period ended September 30, 2016, we sold the 3,351 TEU vessel Karmen. In the three-month
periods ended September 30, 2016 and 2015, our fleet ownership days totaled 4,912 and 5,060 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 September 30, |
|
|
Change |
|
Percentage
Change |
|
| 2015 |
|
|
2016 |
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
$ |
124.0 |
|
|
$ |
118.3 |
|
|
$ |
(5.7 |
) |
(4.6 |
%) |
| Voyage expenses |
|
(0.9 |
) |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
(55.6 |
%) |
| Voyage expenses - related parties |
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
- |
|
- |
|
| Vessels' operating expenses |
|
(28.8 |
) |
|
|
(27.2 |
) |
|
|
(1.6 |
) |
(5.6 |
%) |
| General and administrative expenses |
|
(1.4 |
) |
|
|
(1.4 |
) |
|
|
- |
|
- |
|
| Management fees - related parties |
|
(4.9 |
) |
|
|
(4.9 |
) |
|
|
- |
|
- |
|
| General and administrative expenses - non-cash component |
|
(1.8 |
) |
|
|
(1.4 |
) |
|
|
(0.4 |
) |
(22.2 |
%) |
| Amortization of dry-docking and special survey costs |
|
(1.9 |
) |
|
|
(2.0 |
) |
|
|
0.1 |
|
5.3 |
% |
| Depreciation |
|
(25.6 |
) |
|
|
(25.2 |
) |
|
|
(0.4 |
) |
(1.6 |
%) |
| Amortization of prepaid lease rentals |
|
(1.2 |
) |
|
|
(2.1 |
) |
|
|
0.9 |
|
75.0 |
% |
| Loss on sale / disposal of vessels |
|
- |
|
|
|
(4.4 |
) |
|
|
4.4 |
|
100.0 |
% |
| Foreign exchange gains/ (losses) |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
(50.0 |
%) |
| Interest income |
|
0.3 |
|
|
|
0.4 |
|
|
|
0.1 |
|
33.3 |
% |
| Interest and finance costs |
|
(19.2 |
) |
|
|
(18.4 |
) |
|
|
(0.8 |
) |
(4.2 |
%) |
| Swaps breakage cost |
|
- |
|
|
|
(9.4 |
) |
|
|
9.4 |
|
100.0 |
% |
| Equity gain / (loss) on investments |
|
0.1 |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
(200.0 |
%) |
| Loss on derivative instruments |
|
(2.8 |
) |
|
|
(0.1 |
) |
|
|
(2.7 |
) |
(96.4 |
%) |
| Net Income |
$ |
34.8 |
|
|
$ |
20.7 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars,
except percentages) |
Three-month period ended September 30, |
|
|
Change |
|
Percentage
Change |
|
| 2015 |
|
2016 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
$ |
124.0 |
|
$ |
118.3 |
|
|
$ |
(5.7 |
) |
(4.6 |
%) |
| Accrued charter revenue |
|
0.7 |
|
|
(2.8 |
) |
|
|
(3.5 |
) |
(500.0 |
%) |
| Voyage revenue adjusted on a cash basis |
$ |
124.7 |
|
$ |
115.5 |
|
|
$ |
(9.2 |
) |
(7.4 |
%) |
| |
|
|
|
|
|
|
| Vessels operational data |
Three-month period ended September 30, |
|
|
Percentage
Change |
|
| 2015 |
2016 |
Change |
|
| |
|
|
|
|
|
|
| Average number of vessels |
55.0 |
53.4 |
(1.6 |
) |
(2.9 |
%) |
| Ownership days |
5,060 |
4,912 |
(148 |
) |
(2.9 |
%) |
| Number of vessels under dry-docking |
4 |
- |
(4 |
) |
|
|
Voyage Revenue
Voyage revenue decreased by 4.6%, or $5.7 million, to $118.3 million during the three-month period ended September 30, 2016,
from $124.0 million during the three-month period ended September 30, 2015. The decrease was mainly attributable (i) to decreased
charter rates for certain of our vessels during the three-month period ended September 30, 2016 compared to the three-month
period ended September 30, 2015, (ii) to revenue not earned by two vessels sold for demolition in November 2015 and in August
2016, respectively and (iii) to decreased revenue days of our fleet during the three-month period ended September 30, 2016
compared to the three-month period ended September 30, 2015 ; partly offset by decreased off-hire days of our fleet during the
three-month period ended September 30, 2016 compared to the three-month period ended September 30, 2015.
Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 7.4%, or $9.2
million, to $115.5 million during the three-month period ended September 30, 2016, from $124.7 million during the three-month
period ended September 30, 2015. The decrease was mainly attributable (i) to decreased charter rates for certain of our vessels
during the three-month period ended September 30, 2016 compared to the three-month period ended September 30, 2015, (ii) to
revenue not earned by two vessels sold for demolition in November 2015 and in August 2016, respectively and (iii) to decreased
revenue days of our fleet during the three-month period ended September 30, 2016 compared to the three-month period ended
September 30, 2015; partly offset by decreased off-hire days of our fleet during the three-month period ended September 30, 2016
compared to the three-month period ended September 30, 2015.
Voyage Expenses
Voyage expenses were $0.4 million and $0.9 million, during the three-month periods ended September 30, 2016 and 2015,
respectively. 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 September 30, 2016 and
2015, represent fees of 0.75% in the aggregate on voyage revenues charged by Costamare Shipping Company S.A. ("Costamare
Shipping") and by Costamare Shipping Services Ltd. ("Costamare Services") pursuant to the Framework Agreement between Costamare
Shipping and us dated November 2, 2015 (the "Framework Agreement"), the Services Agreement between Costamare Services and our
vessel-owning subsidiaries dated November 2, 2015 (the "Services Agreement") and the individual ship-management agreements
pertaining to each vessel.
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 5.6%, or $1.6 million, to $27.2 million during the three-month period ended September
30, 2016, from $28.8 million during the three-month period ended September 30, 2015.
General and Administrative Expenses
General and administrative expenses were $1.4 million for the three-month period ended September 30, 2016 and 2015. General
and administrative expenses for the three-month periods ended September 30, 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, in the same amount, was charged by Costamare Shipping pursuant to the Amended and Restated
Group Management Agreement (the "Group Management Agreement"), which was effective from January 1, 2015 until November 2,
2015.
Management Fees -- related parties
Management fees paid to our managers were $4.9 million during each of the three-month periods ended September 30, 2016 and
2015, pursuant to the Framework Agreement, in effect from November 2, 2015, and the Group Management Agreement, in effect
prior to November 2, 2015, respectively.
General and Administrative expenses -- non-cash component
General and administrative expenses -- non-cash component for the three-month period ended September 30, 2016 amounted to $1.4
million, representing the value of the shares issued to Costamare Services on September 30, 2016, pursuant to the Services
Agreement. For the three-month period ended September 30, 2015, the non-cash component of general and administrative expenses was
$1.8 million, representing the value of shares issued to Costamare Shipping on September 30, 2015, pursuant to the Group
Management Agreement. The decrease was attributable to the decrease in the fair value of the shares issued on September 30, 2016
compared to the shares issued on September 30, 2015.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $2.0 million for the three-month period ended September 30,
2016 and $1.9 million for the three-month period ended September 30, 2015. During the three-month period ended September 30,
2016, no vessel underwent any special survey. During the three-month period ended September 30, 2015, four vessels underwent and
completed their special survey.
Depreciation
Depreciation expense decreased by 1.6% or $0.4 million, to $25.2 million during the three-month period ended September 30,
2016, from $25.6 million during the three-month period ended September 30, 2015.
Amortization of Prepaid Lease Rentals
Amortization of prepaid lease rentals was $2.1 million during the three-month period ended September 30, 2016. Amortization of
prepaid lease rentals was $1.2 million during the three-month period ended September 30, 2015.
Loss on sale / disposal of vessels
During the three-month period ended September 30, 2016, we recorded a loss of $4.4 million from the sale of one vessel, the
Karmen. There were no vessels disposed of during the three-month period ended September 30, 2015.
Foreign Exchange Gains / (Losses)
Foreign exchange losses were $0.1 million and $0.2 million during the three-month periods ended September 30, 2016 and 2015,
respectively.
Interest Income
Interest income amounted to $0.4 million and $0.3 million for the three-month periods ended September 30, 2016 and 2015,
respectively.
Interest and Finance Costs
Interest and finance costs decreased by 4.2%, or $0.8 million, to $18.4 million during the three-month period ended September
30, 2016, from $19.2 million during the three-month period ended September 30, 2015. The decrease was mainly attributable to the
decreased average loan balance during the three-month period ended September 30, 2016 compared to the three-month period ended
September 30, 2015.
Swaps Breakage Cost
During the three-month period ended September 30, 2016, we terminated one interest rate derivative instrument that qualified
for hedge accounting and we paid the counterparty breakage costs of $9.4 million.
Equity Gain / (Loss) on Investments
The equity loss on investments of $0.1 million for the three-month period ended September 30, 2016, represents our share of
the net losses of nineteen jointly owned companies pursuant to the Framework Deed dated May 15, 2013, as amended and restated on
May 18, 2015 (the "Framework Deed"), between the Company and a wholly-owned subsidiary, on the one hand, and York Capital
Management Global Advisors LLC and an affiliated fund (collectively, together with the funds it manages or advises, "York") and
is mainly attributable to the pre-delivery expenses charged to certain vessels that were under construction during the
three-month period ended September 30, 2016. We hold a range of 25% to 49% of the capital stock of these companies.
Loss on Derivative Instruments
The fair value of our 19 interest rate derivative instruments which were outstanding as of September 30, 2016 equates to the
amount that would be paid by us or to us should those instruments be terminated. As of September 30, 2016, the fair value of
these 19 interest rate derivative instruments in aggregate amounted to a liability of $32.3 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 September 30, 2016, a net gain of $17.6 million has been
included in OCI and a net gain of $0.1 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 September 30, 2016.
Cash Flows
Three-month periods ended September 30, 2016 and 2015
| Condensed cash flows |
Three-month period ended September 30, |
|
| (Expressed in millions of U.S. dollars) |
2015 |
|
2016 |
|
| Net Cash Provided by Operating Activities |
$ |
59.3 |
|
$ |
49.8 |
|
| Net Cash Used in Investing Activities |
$ |
(9.2 |
) |
$ |
(16.9 |
) |
| Net Cash Used in Financing Activities |
$ |
(75.5 |
) |
$ |
(25.9 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended September 30, 2016, decreased by $9.5 million
to $49.8 million for the three-month period ended September 30, 2016, compared to $59.3 million for the three-month period ended
September 30, 2015. The decrease was mainly attributable to the decreased cash from operations of $9.2 million; partly off-set by
decreased special survey costs of $4.3 million during the three-month period ended September 30, 2016 compared to the three-month
period ended September 30, 2015.
Net Cash Used in Investing Activities
Net cash used in investing activities was $16.9 million in the three-month period ended September 30, 2016, which mainly
consisted of $20.4 million (net of $0.3 million we received as dividend distributions) in advance payments for the construction
of five newbuild vessels, working capital injection in certain entities pursuant to the Framework Deed and $3.6 million in
proceeds we received from the sale of one vessel.
Net cash used in investing activities was $9.2 million in the three-month period ended September 30, 2015, which mainly
consisted of $4.3 million for an advance payment for the construction of one newbuild vessel, ordered pursuant to the Framework
Deed, and $3.2 million, paid for the acquisition of a secondhand vessel pursuant to the Framework Deed.
Net Cash Used in Financing Activities
Net cash used in financing activities was $25.9 million in the three-month period ended September 30, 2016, which mainly
consisted of (a) $49.5 million of indebtedness that we repaid, (b) $7.2 million we repaid relating to our sale and leaseback
agreements, (c) $110.8 million we paid for the prepayment of two of our credit facilities, (d) 151.8 million we received in
connection with the sale and leaseback transaction concluded for two of our vessels, (e) $7.5 million we paid for dividends to
holders of our common stock for the second quarter of 2016 and (f) $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 April 15, 2016 to July 14, 2016.
Net cash used in financing activities was $75.5 million in the three-month period ended September 30, 2015, which mainly
consisted of (a) $49.5 million of indebtedness that we repaid, (b) $3.4 million we repaid relating to our sale and leaseback
agreements (c) $21.8 million we paid for dividends to holders of our common stock for the second quarter of 2015, (d) $1.0
million we paid for dividends to holders of our 7.625% Series B Preferred Stock, $2.1 million we paid for dividends to holders of
our 8.500% Series C Preferred Stock, both for the period from April 15, 2015 to July 14, 2015 and $1.5 million we paid for
dividends to holders of our 8.750% Series D Preferred Stock for the period from May 13, 2015 to July 14, 2015.
Results of Operations
Nine-month period ended September 30, 2016, compared to the nine-month period ended September 30,
2015
During the nine-month periods ended September 30, 2016 and 2015, we had an average of 53.8 and 55.0 vessels, respectively in
our fleet. In the nine-month period ended September 30, 2016, we sold the 3,351 TEU vessel Karmen. In the nine-month
periods ended September 30, 2016 and 2015, our fleet ownership days totaled 14,740 and 15,015 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) |
Nine-month period ended September 30, |
|
|
Change |
|
Percentage
Change |
|
| 2015 |
|
|
2016 |
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
$ |
368.1 |
|
|
$ |
358.1 |
|
|
$ |
(10.0 |
) |
(2.7 |
%) |
| Voyage expenses |
|
(1.9 |
) |
|
|
(1.5 |
) |
|
|
(0.4 |
) |
(21.1 |
%) |
| Voyage expenses - related parties |
|
(2.8 |
) |
|
|
(2.7 |
) |
|
|
(0.1 |
) |
(3.6 |
%) |
| Vessels' operating expenses |
|
(88.6 |
) |
|
|
(79.6 |
) |
|
|
(9.0 |
) |
(10.2 |
%) |
| General and administrative expenses |
|
(4.1 |
) |
|
|
(4.3 |
) |
|
|
0.2 |
|
4.9 |
% |
| Management fees - related parties |
|
(14.6 |
) |
|
|
(14.4 |
) |
|
|
(0.2 |
) |
(1.4 |
%) |
| General and administrative expenses - non-cash component |
|
(7.2 |
) |
|
|
(4.1 |
) |
|
|
(3.1 |
) |
(43.1 |
%) |
| Amortization of dry-docking and special survey costs |
|
(5.4 |
) |
|
|
(5.9 |
) |
|
|
0.5 |
|
9.3 |
% |
| Depreciation |
|
(76.0 |
) |
|
|
(75.8 |
) |
|
|
(0.2 |
) |
(0.3 |
%) |
| Amortization of prepaid lease rentals |
|
(3.7 |
) |
|
|
(4.6 |
) |
|
|
0.9 |
|
24.3 |
% |
| Loss on sale / disposal of vessels |
|
- |
|
|
|
(4.4 |
) |
|
|
4.4 |
|
100.0 |
% |
| Foreign exchange gains / (losses) |
|
- |
|
|
|
(0.3 |
) |
|
|
0.3 |
|
100.0 |
% |
| Interest income |
|
1.1 |
|
|
|
1.1 |
|
|
|
- |
|
- |
|
| Interest and finance costs |
|
(61.1 |
) |
|
|
(55.1 |
) |
|
|
(6.0 |
) |
(9.8 |
%) |
| Swaps breakage cost |
|
- |
|
|
|
(9.4 |
) |
|
|
9.4 |
|
100.0 |
% |
| Equity loss on investments |
|
- |
|
|
|
(0.5 |
) |
|
|
0.5 |
|
100.0 |
% |
| Other |
|
0.4 |
|
|
|
0.5 |
|
|
|
0.1 |
|
25.0 |
% |
| Gain / (Loss) on derivative instruments |
|
1.2 |
|
|
|
(4.4 |
) |
|
|
(5.6 |
) |
(466.7 |
%) |
| Net Income |
$ |
105.4 |
|
|
$ |
92.7 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars,
except percentages) |
Nine-month period ended September 30, |
|
|
Change |
|
Percentage
Change |
|
| 2015 |
|
2016 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
$ |
368.1 |
|
$ |
358.1 |
|
|
$ |
(10.0 |
) |
(2.7 |
%) |
| Accrued charter revenue |
|
2.0 |
|
|
(4.9 |
) |
|
|
(6.9 |
) |
(345.0 |
%) |
| Voyage revenue adjusted on a cash basis |
$ |
370.1 |
|
$ |
353.2 |
|
|
$ |
(16.9 |
) |
(4.6 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Vessels operational data |
Nine-month period ended September 30, |
|
|
Percentage
Change |
|
| 2015 |
2016 |
Change |
|
| |
|
|
|
|
|
|
| Average number of vessels |
55.0 |
53.8 |
(1.2 |
) |
(2.2 |
%) |
| Ownership days |
15,015 |
14,740 |
(275 |
) |
(1.8 |
%) |
| Number of vessels under dry-docking |
7 |
6 |
(1 |
) |
|
|
| |
|
|
|
|
|
|
Voyage Revenue
Voyage revenue decreased by 2.7%, or $10.0 million, to $358.1 million during the nine-month period ended September 30, 2016,
from $368.1 million during the nine-month period ended September 30, 2015. The decrease was mainly attributable (i) to decreased
charter rates for certain of our vessels during the nine-month period ended September 30, 2016 compared to the nine-month period
ended September 30, 2015, (ii) to revenue not earned by two vessels sold for demolition in November 2015 and in August 2016,
respectively and (iii) to decreased revenue days of our fleet during the nine-month period ended September 30, 2016 compared to
the nine-month period ended September 30, 2015; partly offset by decreased off-hire days of our fleet during the nine-month
period ended September 30, 2016 compared to the nine-month period ended September 30, 2015 and by revenue earned due to increased
calendar days by one day during the nine-month period ended September 30, 2016 (274 calendar days) compared to the nine-month
period ended September 30, 2015 (273 calendar days).
Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 4.6%, or $16.9
million, to $353.2 million during the nine-month period ended September 30, 2016, from $370.1 million during the nine-month
period ended September 30, 2015. The decrease was mainly attributable (i) to decreased charter rates for certain of our vessels
during the nine-month period ended September 30, 2016 compared to the nine-month period ended September 30, 2015, (ii) to revenue
not earned by two vessels sold for demolition in November 2015 and in August 2016, respectively and (iii) to decreased revenue
days of our fleet during the nine-month period ended September 30, 2016 compared to the nine-month period ended September 30,
2015; partly offset by decreased off-hire days of our fleet during the nine-month period ended September 30, 2016 compared to the
nine-month period ended September 30, 2015 and by revenue earned due to increased calendar days by one day during the nine-month
period ended September 30, 2016 (274 calendar days) compared to the nine-month period ended September 30, 2015 (273 calendar
days).
Voyage Expenses
Voyage expenses were $1.5 million and $1.9 million during the nine-month periods ended September 30, 2016 and 2015,
respectively. 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 $2.7 million and $2.8 million during the nine-month periods ended
September 30, 2016 and 2015, respectively, represent fees of 0.75% in the aggregate on voyage revenues charged to us by Costamare
Shipping and Costamare Services, as provided under the Framework Agreement and Services Agreement, respectively.
Vessels' Operating Expenses
Vessels' operating expenses, which also includes the realized gain / (loss) under derivative contracts entered into in
relation to foreign currency exposure, decreased by 10.2% or $9.0 million to $79.6 million during the nine-month period ended
September 30, 2016, from $88.6 million during the nine-month period ended September 30, 2015.
General and Administrative Expenses
General and administrative expenses increased by 4.9%, or $0.2 million, to $4.3 million during the nine-month period ended
September 30, 2016, from $4.1 million during the nine-month period ended September 30, 2015. General and administrative expenses
for the nine-month periods ended September 30, 2016 and 2015 included $1.9 million which is part of the annual fee that Costamare
Services receives based on the Services Agreement. Prior to November 2, 2015, this annual fee, in the same amount, was charged by
Costamare Shipping pursuant to the Group Management Agreement, which was effective from January 1, 2015 until November 2,
2015.
Management Fees -- related parties
Management fees paid to our managers decreased by 1.4%, or $0.2 million, to $14.4 million during the nine-month period ended
September 30, 2016, from $14.6 million during the nine-month period ended September 30, 2015 pursuant to the Framework Agreement,
in effect from November 2, 2015, and the Group Management Agreement in effect prior to November 2, 2015, respectively. The
decrease was attributable to the decreased average number of vessels during the nine-month period ended September 30, 2016
compared to the nine-month period ended September 30, 2015.
General and Administrative expenses -- non-cash component
General and administrative expenses -- non-cash component for the nine-month period ended September 30, 2016 amounted to $4.1
million, representing the value of the shares issued to Costamare Services on March 31, 2016, June 30, 2016 and September 30,
2016, pursuant to the Services Agreement. For the nine-month period ended September 30, 2015, the non-cash component of general
and administrative expenses was $7.2 million, representing the value of shares issued to Costamare Shipping on March 31, 2015,
June 30, 2015 and September 30, 2015, respectively, pursuant to the Group Management Agreement.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $5.9 million for the nine-month period ended September 30,
2016 and $5.4 million for the nine-month period ended September 30, 2015. During the nine-month period ended September 30, 2016,
six vessels underwent and completed their special survey. During the nine-month period ended September 30, 2015, seven vessels
underwent and completed their special survey.
Depreciation
Depreciation expense decreased by 0.3%, or $0.2 million, to $75.8 million during the nine-month period ended September 30,
2016, from $76.0 million during the nine-month period ended September 30, 2015.
Amortization of Prepaid Lease Rentals
Amortization of prepaid lease rentals was $4.6 million during the nine-month period ended September 30, 2016. Amortization of
prepaid lease rentals was $3.7 million during the nine-month period ended September 30, 2015.
Loss on sale / disposal of vessels
During the nine-month period ended September 30, 2016, we recorded a loss of $4.4 million from the sale of one vessel. There
were no vessels disposed of during the nine-month period ended September 30, 2015.
Foreign Exchange Gains / (Losses)
Foreign exchange losses were $0.3 million and $0, during the nine-month period ended September 30, 2016 and 2015,
respectively.
Interest Income
Interest income amounted to $1.1 million for the nine-month periods ended September 30, 2016 and 2015.
Interest and Finance Costs
Interest and finance costs decreased by 9.8%, or $6.0 million, to $55.1 million during the nine-month period ended September
30, 2016, from $61.1 million during the nine-month period ended September 30, 2015. The decrease was mainly attributable to the
decreased average loan balance during the nine-month period ended September 30, 2016 compared to the nine-month period ended
September 30, 2015.
Swaps Breakage Cost
During the nine-month period ended September 30, 2016, we terminated one interest rate derivative instrument that qualified
for hedge accounting and we paid the counterparty breakage costs of $9.4 million.
Equity Loss on Investments
The equity loss on investments of $0.5 million for the nine-month period ended September 30, 2016 represents our share of the
net losses of nineteen jointly owned companies pursuant to the Framework Deed and is mainly attributable to the pre-delivery
expenses charged to certain vessels that were under construction during the nine-month period ended September 30, 2016. 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 19 interest rate derivative instruments which were outstanding as of September 30, 2016 equates to the
amount that would be paid by us or to us should those instruments be terminated. As of September 30, 2016, the fair value of
these 19 interest rate derivative instruments in aggregate amounted to a liability of $32.3 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 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
nine-month period ended September 30, 2016, a net gain of $14.6 million has been included in OCI and a net loss of $4.0 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 nine-month period ended September 30, 2016.
Cash Flows
Nine-month periods ended September 30, 2016 and 2015
| Condensed cash flows |
Nine-month period ended September 30, |
|
| (Expressed in millions of U.S. dollars) |
2015 |
|
|
2016 |
|
| Net Cash Provided by Operating Activities |
$ |
179.6 |
|
|
$ |
169.5 |
|
| Net Cash Used in Investing Activities |
$ |
(28.3 |
) |
|
$ |
(31.1 |
) |
| Net Cash Used in Financing Activities |
$ |
(129.8 |
) |
|
$ |
(131.8 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities decreased by $10.1 million to $169.5 million for the nine-month period ended
September 30, 2016, compared to $179.6 million for the nine-month period ended September 30, 2015. The decrease was mainly
attributable to decreased cash from operations of $17.0 million; partly offset by decreased payments for interest (including swap
payments) of $4.8 million during the nine-month period September 30, 2016 compared to the nine-month period ended September 30,
2015.
Net Cash Used in Investing Activities
Net cash used in investing activities was $31.1 million in the nine-month period ended September 30, 2016, which mainly
consisted of (i) $32.1 million (net of $3.0 million we received as dividend distributions) in advance payments for the
construction of seven newbuild vessels, the acquisition of a secondhand vessel and working capital injection in certain entities
pursuant to the Framework Deed, (ii) $1.6 million in payments for upgrades to one of our vessels and (iii) $3.6 million proceeds
we received from the sale of one vessel.
Net cash used in investing activities was $28.3 million in the nine-month period ended September 30, 2015, which mainly
consisted of $21.6 million in advance payments for the construction of three newbuild vessels, ordered pursuant to the Framework
Deed and $3.2 million, paid for the acquisition of a secondhand vessel pursuant to the Framework Deed.
Net Cash Used in Financing Activities
Net cash used in financing activities was $131.8 million in the nine-month period ended September 30, 2016, which mainly
consisted of (a) $142.1 million of indebtedness that we repaid, (b) $14.4 million we repaid relating to our sale and leaseback
agreements, (c) $39.0 million that we drew down from one of our credit facilities, (d) $110.8 million we paid for the prepayment
of two of our credit facilities, (e) $151.8 million we received in connection with the sale and leaseback transaction concluded
for two of our vessels, (f) $51.3 million we paid for dividends to holders of our common stock for the fourth quarter of 2015,
the first and the second quarter of 2016 and (g) $2.9 million we paid for dividends to holders of our Series B Preferred Stock,
$6.4 million we paid for dividends to holders of our Series C Preferred Stock and $6.6 million we paid for dividends to holders
of our Series D Preferred Stock, in each case for each of the periods from October 15, 2015 to January 14, 2016, January 15, 2016
to April 14, 2016 and April 15, 2016 to July 14, 2016.
Net cash used in financing activities was $129.8 million in the nine-month period ended September 30, 2015, which mainly
consisted of (a) $148.2 million of indebtedness that we repaid, (b) $10.0 million we repaid relating to our sale and leaseback
agreements, (c) $64.5 million we paid for dividends to holders of our common stock for the fourth quarter of 2014, first quarter
of 2015 and second quarter of 2015, (d) $2.9 million we paid for dividends to holders of our Series B Preferred Stock and $6.4
million we paid for dividends to holders of our Series C Preferred Stock, in both cases for each of the periods from October 15,
2014 to January 14, 2015, January 15, 2015 to April 14, 2015 and April 15, 2015 to July 14, 2015 and $1.5 million we paid for
dividends to holders of our Series D Preferred Stock for the period from May 13, 2015 to July 14, 2015, (e) $96.6 million net
proceeds we received from our public offering in May 2015, of 4.0 million shares of our Series D Preferred Stock, net of
underwriting discounts and expenses incurred in the offering.
Change in the manner of presentation of certain items
Effective January 1, 2016, we changed the way we present in the statements of income the interest accrued and
realized on non-hedging derivative instruments and have reclassified such from the Interest and Finance costs line item to
Gain / (Loss) on derivative instruments, on the 2016 consolidated statements of income and their comparatives.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of September 30, 2016, we had a total cash liquidity of $154.1 million, consisting of cash, cash equivalents and restricted
cash.
Debt-free vessels
As of October 24, 2016, the following vessels were free of debt.
Unencumbered Vessels
(Refer to fleet list for full charter details)
| Vessel Name |
Year
Built |
TEU
Capacity |
| NCP0152(*) |
2017 |
11,010 |
| ELAFONISSOS(*) |
1999 |
2,526 |
| MONEMVASIA(*) |
1998 |
2,472 |
| MESSINI |
1997 |
2,458 |
| NEAPOLIS |
2000 |
1,645 |
| ARKADIA(*) |
2001 |
1,550 |
(*) Vessels ordered or acquired pursuant to the Framework Deed with York
Capital commitments
As of October 24, 2016, we had outstanding equity commitments relating to our six contracted newbuilds aggregating
approximately $3.2 million payable until the vessels are delivered. The amount represents our interest in the relevant
jointly-owned entities under the Framework Deed, and excludes approximately $21.6 million relating to our interest in the
delivery installment of the last 11,000 TEU vessel on order, which we expect will funded with debt.
Conference Call details:
On Tuesday, October 25, 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: 1-844-887-9405 (from
the US), 0808 238 9064 (from the UK) or +1-412-317-9258 (from outside the US). Please quote "Costamare."
A replay of the conference call will be available until November 25, 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: 10095122.
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 71 containerships, with a total capacity of approximately 464,000
TEU, including six newbuild containerships to be delivered. Eighteen of our containerships, including six newbuilds on order,
have been acquired pursuant to the Framework Deed 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 October 24, 2016, about our fleet of containerships, including our
newbuilds on order, the vessels acquired pursuant to the Framework Deed 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) |
|
Current Daily Charter Rate (U.S. dollars) |
Expiration of Charter(1) |
| 1 |
|
TRITON(*)(***) |
|
Evergreen |
|
2016 |
|
14,424 |
|
|
March 2026 |
| 2 |
|
TITAN(*)(***) |
|
Evergreen |
|
2016 |
|
14,424 |
|
|
April 2026 |
| 3 |
|
TALOS(*)(***) |
|
Evergreen |
|
2016 |
|
14,424 |
|
|
July 2026 |
| 4 |
|
TAURUS(*)(***) |
|
Evergreen |
|
2016 |
|
14,424 |
|
|
August 2026 |
| 5 |
|
THESEUS(*)(***) |
|
Evergreen |
|
2016 |
|
14,424 |
|
|
August 2026 |
| 6 |
|
CAPE AKRITAS(*) |
|
|
|
2016 |
|
11,010 |
|
|
|
| 7 |
|
COSCO GUANGZHOU |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
December 2017 |
| 8 |
|
COSCO NINGBO |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
January 2018 |
| 9 |
|
COSCO YANTIAN |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
February 2018 |
| 10 |
|
COSCO BEIJING |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
April 2018 |
| 11 |
|
COSCO HELLAS |
|
COSCO |
|
2006 |
|
9,469 |
|
37,519 |
May 2018 |
| 12 |
|
MSC AZOV(**) |
|
MSC |
|
2014 |
|
9,403 |
|
43,000 |
November 2023 |
| 13 |
|
MSC AJACCIO(**) |
|
MSC |
|
2014 |
|
9,403 |
|
43,000 |
February 2024 |
| 14 |
|
MSC AMALFI(**) |
|
MSC |
|
2014 |
|
9,403 |
|
43,000 |
March 2024 |
| 15 |
|
MSC ATHENS(**) |
|
MSC |
|
2013 |
|
8,827 |
|
42,000 |
January 2023 |
| 16 |
|
MSC ATHOS(**) |
|
MSC |
|
2013 |
|
8,827 |
|
42,000 |
February 2023 |
| 17 |
|
VALOR |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
April 2020(i) |
| 18 |
|
VALUE |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
April 2020(i) |
| 19 |
|
VALIANT |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
June 2020(i) |
| 20 |
|
VALENCE |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
July 2020(i) |
| 21 |
|
VANTAGE |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
September 2020(i) |
| 22 |
|
NAVARINO |
|
PIL |
|
2010 |
|
8,531 |
|
10,500(3) |
November 2017 |
| 23 |
|
MAERSK KAWASAKI(ii) |
|
A.P. Moller-Maersk |
|
1997 |
|
7,403 |
|
37,000 |
December 2017 |
| 24 |
|
MAERSK KURE(ii) |
|
A.P. Moller-Maersk |
|
1996 |
|
7,403 |
|
37,000 |
December 2017 |
| 25 |
|
MAERSK KOKURA(ii) |
|
A.P. Moller-Maersk |
|
1997 |
|
7,403 |
|
37,000 |
February 2018 |
| 26 |
|
MSC METHONI |
|
MSC |
|
2003 |
|
6,724 |
|
29,000 |
September 2021 |
| 27 |
|
SEALAND NEW YORK |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
26,100 |
March 2018 |
| 28 |
|
MAERSK KOBE |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
26,100 |
May 2018 |
| 29 |
|
SEALAND WASHINGTON |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
26,100 |
June 2018 |
| 30 |
|
SEALAND MICHIGAN |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
26,100 |
August 2018 |
| 31 |
|
SEALAND ILLINOIS |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
26,100 |
October 2018 |
| 32 |
|
MSC KOLKATA |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
26,100 |
November 2019 |
| 33 |
|
MSC KINGSTON |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
26,100 |
February 2020 |
| 34 |
|
MSC KALAMATA |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
26,100 |
April 2020 |
| 35 |
|
VENETIKO |
|
|
|
2003 |
|
5,928 |
|
|
|
| 36 |
|
ENSENADA EXPRESS(*) |
|
|
|
2001 |
|
5,576 |
|
|
|
| 37 |
|
MSC ROMANOS |
|
|
|
2003 |
|
5,050 |
|
|
|
| 38 |
|
ZIM NEW YORK |
|
ZIM |
|
2002 |
|
4,992 |
|
7,736 |
September 2017(4) |
| 39 |
|
ZIM SHANGHAI |
|
ZIM |
|
2002 |
|
4,992 |
|
7,736 |
September 2017(4) |
| 40 |
|
ZIM PIRAEUS |
|
ZIM |
|
2004 |
|
4,992 |
|
5,350 |
December 2016 |
| 41 |
|
OAKLAND EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
30,500(5) |
November 2016 |
| 42 |
|
HALIFAX EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
6,300 |
November 2016 |
| 43 |
|
SINGAPORE EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
6,300 |
November 2016 |
| 44 |
|
MSC MANDRAKI |
|
MSC |
|
1988 |
|
4,828 |
|
20,000 |
June 2017 |
| 45 |
|
MSC MYKONOS |
|
MSC |
|
1988 |
|
4,828 |
|
20,000 |
August 2017 |
| 46 |
|
MSC ULSAN |
|
MSC |
|
2002 |
|
4,132 |
|
16,500 |
March 2017 |
| 47 |
|
MSC KORONI |
|
MSC |
|
1998 |
|
3,842 |
|
13,500(6) |
September 2018 |
| 48 |
|
ITEA |
|
ACL |
|
1998 |
|
3,842 |
|
6,250 |
November 2016 |
| 49 |
|
MARINA |
|
Evergreen |
|
1992 |
|
3,351 |
|
5,500 |
November 2016 |
| 50 |
|
LAKONIA |
|
Evergreen |
|
2004 |
|
2,586 |
|
8,600 |
February 2017 |
| 51 |
|
ELAFONISOS(*) |
|
|
|
1999 |
|
2,526 |
|
|
|
| 52 |
|
AREOPOLIS |
|
Evergreen |
|
2000 |
|
2,474 |
|
5,950 |
March 2017 |
| 53 |
|
MONEMVASIA(*)(iii) |
|
A.P. Moller-Maersk |
|
1998 |
|
2,472 |
|
8,750 |
November 2016 |
| 54 |
|
MESSINI |
|
Evergreen |
|
1997 |
|
2,458 |
|
6,000 |
November 2016 |
| 55 |
|
MSC REUNION |
|
MSC |
|
1992 |
|
2,024 |
|
6,800 |
July 2017 |
| 56 |
|
MSC NAMIBIA II |
|
MSC |
|
1991 |
|
2,023 |
|
6,800 |
July 2017 |
| 57 |
|
MSC SIERRA II |
|
MSC |
|
1991 |
|
2,023 |
|
6,800 |
June 2017 |
| 58 |
|
MSC PYLOS |
|
MSC |
|
1991 |
|
2,020 |
|
6,300 |
January 2017 |
| 59 |
|
PADMA(*) |
|
Evergreen |
|
1998 |
|
1,645 |
|
6,500(7) |
March 2017 |
| 60 |
|
NEAPOLIS |
|
Evergreen |
|
2000 |
|
1,645 |
|
6,900 |
January 2017 |
| 61 |
|
ARKADIA(*) |
|
Evergreen |
|
2001 |
|
1,550 |
|
10,600 |
August 2017 |
| 62 |
|
PROSPER |
|
Sea Consortium |
|
1996 |
|
1,504 |
|
6,600 |
November 2016 |
| 63 |
|
ZAGORA |
|
MSC |
|
1995 |
|
1,162 |
|
6,300 |
June 2017 |
| 64 |
|
PETALIDI(*) |
|
CMA CGM |
|
1994 |
|
1,162 |
|
6,950 |
June 2017 |
| 65 |
|
STADT LUEBECK |
|
Sea Consortium |
|
2001 |
|
1,078 |
|
6,500 |
November 2016 |
Newbuilds
| |
|
Vessel Name |
Shipyard |
Capacity (TEU) |
Charterer |
Expected Delivery(2) |
| 1 |
|
NCP0114(*) |
Hanjin Subic Bay |
11,010 |
|
Q1 2017 |
| 2 |
|
NCP0115(*) |
Hanjin Subic Bay |
11,010 |
|
Q1 2017 |
| 3 |
|
NCP0116(*) |
Hanjin Subic Bay |
11,010 |
|
Q1 2017 |
| 4 |
|
NCP0152(*) |
Hanjin Subic Bay |
11,010 |
|
Q1 2017 |
| 5 |
|
YZJ1206(*) (***) |
Jiangsu New Yangzi |
3,800 |
Hamburg Süd |
Q1 2018 |
| 6 |
|
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) Based on latest shipyard production schedule, subject to change.
(3) This charter rate changes on November 13, 2016 to $9,000 daily until the earliest redelivery date.
(4) 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 Company exercised its option for a second year of extension.
The rate for the second year has been determined at $7,736 per day.
(5) This charter rate changes on October 25, 2016 to $6,300 per day until the earliest redelivery date.
(6) 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.
(7) This charter rate changes on November 22, 2016 to $7,000 per day until the earliest redelivery date.
(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 two periods of 30 months each +/-90 days on
the final period performed, at a rate of $41,700 per day.
(iii) 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 a sale and leaseback transaction
(***) Denotes vessels acquired pursuant to the Framework Deed which are subject to sale and leaseback transactions.
COSTAMARE INC.
Consolidated Statements of Income
| |
Nine-months ended September 30, |
|
Three-months ended September 30, |
|
| (Expressed in thousands of U.S. dollars, except share and per share amounts) |
2015 |
|
2016 |
|
2015 |
|
2016 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
| REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
$ |
368,102 |
|
$ |
358,055 |
|
$ |
124,033 |
|
$ |
118,256 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage expenses |
|
(1,902 |
) |
|
(1,456 |
) |
|
(874 |
) |
|
(416 |
) |
| Voyage expenses - related parties |
|
(2,757 |
) |
|
(2,686 |
) |
|
(928 |
) |
|
(888 |
) |
| Vessels' operating expenses |
|
(88,554 |
) |
|
(79,648 |
) |
|
(28,774 |
) |
|
(27,189 |
) |
| General and administrative expenses |
|
(4,056 |
) |
|
(4,311 |
) |
|
(1,374 |
) |
|
(1,443 |
) |
| Management fees - related parties |
|
(14,615 |
) |
|
(14,441 |
) |
|
(4,925 |
) |
|
(4,871 |
) |
| General and administrative expenses - non-cash component |
|
(7,219 |
) |
|
(4,114 |
) |
|
(1,836 |
) |
|
(1,368 |
) |
| Amortization of dry-docking and special survey costs |
|
(5,434 |
) |
|
(5,937 |
) |
|
(1,851 |
) |
|
(1,997 |
) |
| Depreciation |
|
(76,034 |
) |
|
(75,786 |
) |
|
(25,623 |
) |
|
(25,217 |
) |
| Amortization of prepaid lease rentals |
|
(3,726 |
) |
|
(4,579 |
) |
|
(1,256 |
) |
|
(2,102 |
) |
| Loss on sale / disposal of vessels |
|
- |
|
|
(4,440 |
) |
|
- |
|
|
(4,440 |
) |
| Foreign exchange gains / (losses) |
|
15 |
|
|
(334 |
) |
|
(215 |
) |
|
(105 |
) |
| Operating income |
$ |
163,820 |
|
$ |
160,323 |
|
$ |
56,377 |
|
$ |
48,220 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
$ |
1,053 |
|
$ |
1,140 |
|
$ |
321 |
|
$ |
403 |
|
| Interest and finance costs |
|
(61,092 |
) |
|
(55,090 |
) |
|
(19,222 |
) |
|
(18,414 |
) |
| Swaps breakage cost |
|
- |
|
|
(9,404 |
) |
|
- |
|
|
(9,404 |
) |
| Equity gain / (loss) on investments |
|
38 |
|
|
(460 |
) |
|
85 |
|
|
(55 |
) |
| Other |
|
404 |
|
|
551 |
|
|
99 |
|
|
13 |
|
| Gain /(Loss) on derivative instruments |
|
1,213 |
|
|
(4,350 |
) |
|
(2,837 |
) |
|
(91 |
) |
| Total other income / (expenses) |
$ |
(58,384 |
) |
$ |
(67,613 |
) |
$ |
(21,554 |
) |
$ |
(27,548 |
) |
| Net Income |
$ |
105,436 |
|
$ |
92,710 |
|
$ |
34,823 |
|
$ |
20,672 |
|
| Earnings allocated to Preferred Stock |
|
(12,637 |
) |
|
(15,797 |
) |
|
(5,324 |
) |
|
(5,324 |
) |
| Net Income available to common stockholders |
$ |
92,799 |
|
$ |
76,913 |
|
$ |
29,499 |
|
$ |
15,348 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share, basic and diluted |
$ |
1.24 |
|
$ |
1.01 |
|
$ |
0.39 |
|
$ |
0.20 |
|
| Weighted average number of shares, basic and diluted |
|
74,952,340 |
|
|
75,814,641 |
|
|
75,100,826 |
|
|
76,486,847 |
|
COSTAMARE INC.
Consolidated Balance Sheets
| |
As of December 31, |
|
As of September 30, |
|
| (Expressed in thousands of U.S. dollars) |
2015 |
|
2016 |
|
| |
(Unaudited) |
|
| ASSETS |
|
|
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
100,105 |
|
$ |
106,720 |
|
| Restricted cash |
|
14,007 |
|
|
6,365 |
|
| Accounts receivable |
|
1,111 |
|
|
1,218 |
|
| Inventories |
|
10,578 |
|
|
10,350 |
|
| Due from related parties |
|
6,012 |
|
|
3,346 |
|
| Fair value of derivatives |
|
352 |
|
|
- |
|
| Insurance claims receivable |
|
3,906 |
|
|
5,720 |
|
| Prepaid lease rentals |
|
4,982 |
|
|
8,745 |
|
| Accrued charter revenue |
|
457 |
|
|
427 |
|
| Prepayments and other |
|
3,546 |
|
|
7,430 |
|
| Total current assets |
$ |
145,056 |
|
$ |
150,321 |
|
| FIXED ASSETS, NET: |
|
|
|
|
|
|
| Capital leased assets |
$ |
242,966 |
|
$ |
388,029 |
|
| Vessels, net |
|
2,004,650 |
|
|
1,753,300 |
|
| Total fixed assets, net |
$ |
2,247,616 |
|
$ |
2,141,329 |
|
| NON-CURRENT ASSETS: |
|
|
|
|
|
|
| Investment in affiliates |
$ |
117,931 |
|
$ |
149,563 |
|
| Prepaid lease rentals, non-current |
|
35,829 |
|
|
53,877 |
|
| Deferred charges, net |
|
22,809 |
|
|
22,668 |
|
| Accounts receivable, non-current |
|
1,425 |
|
|
1,500 |
|
| Restricted cash |
|
48,708 |
|
|
41,044 |
|
| Accrued charter revenue |
|
569 |
|
|
288 |
|
| Other non-current assets |
|
12,612 |
|
|
12,864 |
|
| Total assets |
$ |
2,632,555 |
|
$ |
2,573,454 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
|
|
| Current portion of long-term debt (*) |
$ |
183,828 |
|
$ |
181,353 |
|
| Accounts payable |
|
4,047 |
|
|
4,178 |
|
| Due to related parties |
|
371 |
|
|
205 |
|
| Capital lease obligations (*) |
|
14,307 |
|
|
28,779 |
|
| Accrued liabilities |
|
15,225 |
|
|
15,161 |
|
| Unearned revenue |
|
18,356 |
|
|
19,747 |
|
| Fair value of derivatives |
|
32,462 |
|
|
19,752 |
|
| Other current liabilities |
|
1,712 |
|
|
1,876 |
|
| Total current liabilities |
$ |
270,308 |
|
$ |
271,051 |
|
| NON-CURRENT LIABILITIES |
|
|
|
|
|
|
| Long-term debt, net of current portion (*) |
$ |
1,134,764 |
|
$ |
924,096 |
|
| Capital lease obligations, net of current portion (*) |
|
217,810 |
|
|
338,566 |
|
| Fair value of derivatives, net of current portion |
|
19,655 |
|
|
12,505 |
|
| Unearned revenue, net of current portion |
|
26,508 |
|
|
19,446 |
|
| Total non-current liabilities |
$ |
1,398,737 |
|
$ |
1,294,613 |
|
| COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
| Preferred stock |
$ |
- |
|
$ |
- |
|
| Common stock |
|
8 |
|
|
8 |
|
| Additional paid-in capital |
|
963,904 |
|
|
982,399 |
|
| Retained earnings |
|
44,247 |
|
|
55,435 |
|
| Accumulated other comprehensive loss |
|
(44,649 |
) |
|
(30,052 |
) |
| Total stockholders' equity |
$ |
963,510 |
|
$ |
1,007,790 |
|
| Total liabilities and stockholders' equity |
$ |
2,632,555 |
|
$ |
2,573,454 |
|
(*) Amounts net of deferred financing costs