Costamare Report Positive Financial Results
Greece-based shipowners, Costamare Inc. (CMRE), report financial statement 2Q & 6 month period ending 30, June 2012
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
"During the second quarter of the year, the Company continued to deliver positive results.
"In May we accepted delivery of two 1998-built, second hand vessels, which replaced two 1984-built vessels in their respective charter arrangements; for an incremental cost of approximately six million per vessel we extended the useful life of those assets by 14 years.
"Last week we agreed to buy from an insolvency administrator a 2001-built 1,078 TEUs container vessel. The acquisition will be funded 100% with bank debt and forms part of a broader agreement between the Company and the vessel's current lending bank.
"At the same time, we have reduced our re-chartering risk for the coming years. The charters for the vessels coming out of employment during the remaining of 2012 and 2013 account for 2% and 4% of our 2012 and 2013 contracted revenues respectively.
"Finally, on July 9 we declared a dividend for the second quarter of $ 0.27 per share. Consistent with our dividend policy, we continue to offer an attractive dividend, which we consider to be sustainable based on the size of our contracted cash flows, the quality of our charterers and the prudent amortization of our debt.
"We believe that going forward the Company is well positioned to pursue new business opportunities in a volatile market environment."
• Voyage revenues of $96.0 million and $196.1 million for the three and the six months ended June 30, 2012, respectively.
• Voyage revenues adjusted on a cash basis of $96.5 million and $197.1 million for the three and the six months ended June 30, 2012, respectively.
• Adjusted EBITDA of $61.0 million and $128.1 million for the three and the six months ended June 30, 2012, respectively.
• Net income of $21.1 million or $0.31 per share and $45.7 million or $0.71 per share for the three and the six months ended June 30, 2012, respectively.
• Adjusted Net Income of $21.6 million or $0.32 per share and $46.8 million or $0.73 per share for the three and six months ended June 30, 2012, respectively.