Bunker Suppliers, Aegean Marine, Show Healthy Q2 2013 Results

MarineLink.com August 20, 2013

Greece headquartered Aegean Marine Petroleum Network Inc. announce financial and operating results for the second quarter ended June 30, 2013.

Second Quarter Highlights

Sales volumes of 2,693,151 metric tons.
Gross profit of $69.5 million.
Operating income of $12.7 million.
Operating income adjusted for the sale of non-core assets was $13.2 million.
Net income attributable to Aegean shareholders of $5.5 million or $0.12 basic and diluted earnings per share.
Net income attributable to Aegean shareholders adjusted for the sale of non-core assets was $6.1 million or $0.13 basic and diluted earnings per share.
EBITDA of $19.7 million. [1]
EBITDA adjusted for the sale of non-core assets was $20.2 million.

E. Nikolas Tavlarios, President, commented, "We extended our track record of operational excellence and strong financial performance in the second quarter, which represented Aegean's tenth consecutive quarter of profitability. During the quarter we entered new markets to strengthen our revenue base, strategically positioning Aegean for continued success as the market emerges from the current shipping cycle."

Mr. Tavlarios continued, "We are taking the right steps to sustain growth and position Aegean for opportunities as they emerge. Our expansion into the Port of Algeciras will increase our presence in the rapidly growing Western Mediterranean market, further diversify our revenue base and improve our fleet utilization. During the quarter we also announced a cooperation agreement with SK Lubricants, which will expand our operations in Asia and increase volumes in our marine lubricants business. As we move into the second half of the fiscal year, we will continue to execute our strategy of strengthening our industry leadership and enhancing shareholder value."