Aegean Marine Petroleum Network Inc. Reports 2Q Results

Tuesday, August 21, 2007
Aegean Marine Petroleum Network Inc. , announced financial and operating results for the second quarter and six months ended June 30, 2007. The company recorded net income of $7m, or $0.17 basic and diluted earnings per share, for the three months ended June 30, 2007. For purposes of comparison, the Company reported net income of $2.1 million, or $0.07 basic and diluted earnings per share, for the three months ended June 30, 2006. Following the Company's $201 million initial public offering (IPO) in December 2006, the weighted average basic and diluted shares outstanding for the three months ended June 30, 2007 were 42,410,000 and 42,471,826, respectively. The weighted average basic and diluted shares outstanding for the three months ended June 30, 2006 were 28,035,000. Excluding the net result of the Aegean Hellas, a 1982-built single-hull Aframax tanker, proforma net income was $6.0 million in the second quarter of 2007 as compared to $2.6 million in the corresponding period a year ago. Results for the Aegean Hellas for the three months ended June 30, 2007 included a gain of $2.7 million from the sale of the vessel on April 17, 2007. Total revenues for the three months ended June 30, 2007, increased by 39.8% to $282.6 million compared to $202.2 million for the same period in 2006. For the three months ended June 30, 2007, sales of marine petroleum products increased by 40.6% to $282.2 million compared to $200.7 million for the year-earlier period. Average marine fuel cost prices for the three months ended June 30, 2007 declined to $328.1 per metric ton compared to average marine fuel cost prices of $334.2 per metric ton for the same period in 2006.
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