|
Navios Maritime Acquisition Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2015
MONACO--(Marketwired - Nov 10, 2015) - Navios Maritime Acquisition Corporation (NYSE: NNA)
- Net income
- $23.2 million for Q3; $0.15 per share
- $69.6 million for the nine months; $0.44 per share
- Adjusted EBITDA
- 39.2% increase in Q3 to $55.2 million
- 48.7% increase in the nine months to $164.4 million
- Profit sharing
- $10.0 million for Q3
- $26.2 million for the nine months
- Acquired two VLCCs for $133.0 million - prompt delivery
- Returning capital to shareholders
- Quarterly dividend of $0.05 per share (5.7% current yield)
- Repurchased 2,512,500 shares under the $50.0 million Share Repurchase Program (1.7% of outstanding shares)
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the third quarter and the nine month period ended September 30, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our record results. Navios Acquisition reported net income of $69.6 million for the first nine months of 2015 and $23.2 million for the third quarter of 2015, material improvements over the comparable periods in 2014."
Angeliki Frangou continued, "Navios Acquisition declared a dividend of $0.05 per share for the quarter and repurchased approximately 2.5 million shares of common stock under our share repurchase program. We also acquired two VLCCs for $133.0 million. We are conservatively using our cash flow to satisfy a mix of corporate priorities, including de-levering the balance sheet, returning capital to shareholders through share buybacks and dividends and opportunistic growth."
HIGHLIGHTS -- RECENT DEVELOPMENTS
Dividend of $0.05 per share of common stock
On November 6, 2015, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the third quarter of 2015 of $0.05 per share of common stock. The dividend is payable on December 23, 2015 to stockholders of record as of December 17, 2015 and provides a current yield of 5.7%.
Share repurchase program
Navios Acquisition repurchased 2,512,500 shares for approximately $9.2 million, under the $50.0 million share repurchase program, providing an additional return of 1.7% to our shareholders.
Profit sharing
During the third quarter of 2015, Navios Acquisition benefited from the improved spot market and earned $10.0 million under its profit sharing arrangements. Profit sharing recognized for the nine months ended September 30, 2015 was $26.2 million.
Vessels acquisitions and deliveries
Navios Acquisition has agreed to acquire two vessels, the Nave Spherical, a 2009-built, 297,188 dwt VLCC and the Nave Photon, a 2008-built, 297,395 dwt VLCC from an unaffiliated third party, for an aggregate purchase price of $133.0 million.
The Nave Spherical was delivered on November 6, 2015. The vessel has been chartered out to a quality counterparty for two years at a rate of $41,475 net per day.
The Nave Photon is expected to be delivered within 2015 and is expected to be financed through a new credit facility and cash from the balance sheet.
Credit Facility
In November 2015, Navios Acquisition entered into a term loan facility of up to $125.0 million (divided into five tranches) with Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB for the: (i) financing of the purchase price of the Nave Spherical described above; and (ii) the refinancing of the existing facility with Deutsche Bank AG Filiale Deutschlandgeschäft for four MR2 product tankers. The loan matures in the fourth quarter of 2020. The credit facility bears interest at LIBOR plus 295 bps per annum and has an average amortization profile of approximately eight years.
Time Charter Coverage
Navios Acquisition currently owns 39 vessels; eight are VLCCs, 27 are product tankers and four are chemical tankers of which 38 are currently on-the-water with one vessel expected to be delivered within 2015.
As of November 9, 2015, Navios Acquisition had contracted 99.8% and 51.5% of its available days on a charter-out basis for 2015 and 2016, respectively, expecting to generate revenues of approximately to $288.3 million and $136.8 million, respectively. The average contractual daily charter-out rate for the fleet is expected to be $21,250 and $18,891 for 2015 and 2016, respectively.
FINANCIAL HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three months and nine months ended September 30, 2015 and 2014. The quarterly information for 2015 and 2014 was derived from the unaudited condensed consolidated financial statements for the respective periods.
| |
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|
|
|
|
|
|
|
|
| (Expressed in thousands of U.S. dollars) |
|
Three Month
Period ended
September 30,
2015
(unaudited) |
|
Three Month
Period ended
September 30,
2014
(unaudited) |
|
Nine Month
Period ended
September 30,
2015
(unaudited) |
|
Nine Month
Period ended
September 30,
2014
(unaudited) |
|
| Revenue |
|
$ |
77,692 |
|
$ |
69,309 |
|
$ |
236,711 |
|
$ |
192,520 |
|
| EBITDA |
|
$ |
54,530 |
|
$ |
38,189 |
|
$ |
168,136 |
|
$ |
92,357 |
|
| Adjusted EBITDA(1) |
|
$ |
55,201 |
|
$ |
39,663 | |
$ |
164,354 |
|
$ |
110,513 |
|
| Net income/ (loss) |
|
$ |
23,216 |
|
$ |
1,659 |
|
$ |
69,612 |
|
$ |
(13,963 |
) |
| Adjusted net income (1) |
|
$ |
23,887 |
|
$ |
3,133 |
|
$ |
66,606 |
|
$ |
4,193 |
|
| Net income/(loss) per share (basic) |
|
$ |
0.15 |
|
$ |
0.01 |
|
$ |
0.44 |
|
$ |
(0.10 |
) |
| Net income/(loss) per share (diluted) |
|
$ |
0.14 |
|
$ |
0.01 |
|
$ |
0.43 |
|
$ |
(0.10 |
) |
| Adjusted net income per share (basic) (1) |
|
$ |
0.15 |
|
$ |
0.02 |
|
$ |
0.42 |
|
$ |
0.02 |
|
| Adjusted net income per share (diluted) (1) |
|
$ |
0.15 |
|
$ |
0.02 |
|
$ |
0.41 |
|
$ |
0.02 |
|
| |
|
| (1) |
Adjusted EBITDA, Adjusted net income and Adjusted net income per share (basic and diluted) for the three month period ended September 30, 2015 in this document exclude non-cash stock-based compensation of $0.7 million.
Adjusted EBITDA, Adjusted net income and Adjusted net income per share (basic and diluted) for the three month period ended September 30, 2014 in this document exclude non-cash stock-based compensation of $1.5 million. |
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|
| |
Adjusted EBITDA, Adjusted net income and Adjusted net income per share (basic and diluted) for the nine month period ended September 30, 2015 in this document exclude non-cash stock-based compensation of $2.0 million and gain on sale of vessels of $5.8 million. Adjusted net income and adjusted net income per share (basic and diluted) have been further adjusted to exclude $0.8 million write-off of deferred finance fees and debt prepayment expenses.
Adjusted EBITDA, Adjusted net income and Adjusted net income per share (basic and diluted) for the nine month period ended September 30, 2014 in this document exclude, non-cash stock-based compensation of $4.4 million, impairment loss and loss on sale of vessel of $12.6 million and $1.2 million in connection with the change in fair value of other assets. |
| |
|
EBITDA, Adjusted EBITDA, Adjusted net income and Adjusted net income per share (basic and diluted) are non-GAAP financial measures and should not be used in isolation or substitution for Navios Acquisition's results (see Exhibit II for reconciliation of EBITDA and Adjusted EBITDA).
Three month periods ended September 30, 2015 and 2014
Revenue for the three month period ended September 30, 2015 increased by $8.4 million or 12.1% to $77.7 million, as compared to $69.3 million for the same period in 2014. The increase was mainly attributable to: (i) the increase in revenue following the acquisition of six vessels since July 2014; and (ii) the profit sharing increase by $9.5 million to $10.0 million recognized in the three month period ended September 30, 2015, as compared to $0.5 million for the same period in 2014. The increase was partially mitigated by $22.9 million due to the sale of four VLCCs in November 2014 and two VLCCs in June 2015. Available days of the fleet decreased to 3,397 days for the three month period ended September 30, 2015, as compared to 3,476 days for the three month period ended September 30, 2014. The Time Charter Equivalent Rate ("TCE Rate") increased to $22,551 for the three month period ended September 30, 2015, from $19,327 for the three month period ended September 30, 2014.
Adjusted EBITDA for the three month period ended September 30, 2015 increased by $15.5 million to $55.2 million from $39.7 million in the same period of 2014. The increase in Adjusted EBITDA was due to: (i) a $8.4 million increase in revenue as described above; (ii) a $4.7 million increase in equity in net earnings of affiliated companies; (iii) a $2.0 million decrease in management fees; and (iv) a $1.0 million decrease in time charter expenses. This increase was partially mitigated by a $0.6 million increase in other expense, net. Adjusted net income for the three month period ended September 30, 2015, amounted to $23.9 million, compared to an Adjusted net income of $3.1 million for the three month period ended September 30, 2014. The increase in Adjusted net income by approximately $20.8 million was mainly due to: (i) an increase of $15.5 million in Adjusted EBITDA; (ii) a decrease of $4.2 million in depreciation and amortization; (iii) an increase of $0.3 million in interest income; and (iv) a $0.7 million decrease in interest expense and finance cost.
Nine month periods ended September 30, 2015 and 2014
Revenue for the nine month period ended September 30, 2015 increased by $44.2 million or 23.0% to $236.7 million, as compared to $192.5 million for the same period of 2014. The increase was mainly attributable to: (i) the increase in revenue following deliveries of 11 vessels from January 2014 until September 30, 2015; and (ii) the profit sharing increase by $23.8 million to $26.2 million recognized in the nine month period ended September 30, 2015, as compared to $2.3 million for the same period in 2014. The increase was partially mitigated by $58.6 million due to the sale of five VLCCs in 2014 and two VLCCs in June 2015. Available days of the fleet increased to 10,357 days for the nine month period ended September 30, 2015, as compared to 9,875 days for the nine month period ended September 30, 2014. The TCE Rate increased to $22,538 for the nine month period ended September 30, 2015, from $19,060 for the nine month period ended September 30, 2014.
Adjusted EBITDA for the nine month period ended September 30, 2015 increased by $53.8 million to $164.4 million from $110.5 million in the same period of 2014. The increase in Adjusted EBITDA was due to: (i) a $44.2 million increase in revenue due to the acquisitions of the vessels described above; (ii) a $11.3 million increase in equity in net earnings of affiliated companies; and (iii) a $1.0 million decrease in time charter expenses. This increase was partially mitigated by: (a) a $1.3 million increase in general and administrative expenses; (b) a $1.2 million increase in other expense, net; and (c) a $0.2 million increase in management fees.
Adjusted net income for the nine month period ended September 30, 2015, amounted to $66.6 million, compared to Adjusted net income of $4.2 million for the nine month period ended September 30, 2014. The increase in Adjusted net income by approximately $62.4 million was due to: (i) an increase of $53.8 million in Adjusted EBITDA; (ii) a decrease of $8.1 million in depreciation and amortization; and (iii) a decrease of $0.6 million in direct vessel expenses.
Fleet Employment Profile
The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three and nine months ended September 30, 2015 and 2014.
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Three month period ended
September 30, |
|
|
Nine month period ended
September 30, |
|
| |
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| |
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
| FLEET DATA |
|
|
|
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|
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| Available days(1) |
|
3,397 |
|
|
|
3,476 |
|
|
|
10,357 |
|
|
|
9,875 |
|
| Operating days(2) |
|
3,389 |
|
|
|
3,471 |
|
|
| 10,325 |
|
|
|
9,851 |
|
| Fleet utilization(3) |
|
99.8 |
% |
|
|
99.9 |
% |
|
|
99.7 |
% |
|
|
99.8 |
% |
| Vessels operating at period end |
|
37 |
|
|
|
39 |
|
|
|
37 |
|
|
|
39 |
|
| AVERAGE DAILY RESULTS |
|
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|
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|
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|
|
|
|
| Time Charter Equivalent per day(4) |
$ |
22,551 |
|
|
$ |
19,327 |
|
|
$ |
22,538 |
|
|
$ |
19,060 |
|
| |
|
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|
|
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|
(1) Available days for the fleet represent the total calendar days the vessels were in Navios Acquisition's possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues.
(2) Operating days: Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
(3) Fleet utilization: Fleet utilization is the percentage of time that Navios Acquisition's vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off hire for reasons other than scheduled repairs, drydockings or special surveys.
(4) TCE Rate: Time Charter Equivalent Rate is defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE Rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels of various types of charter contracts for the number of available days of the fleet.
Conference Call, Webcast and Presentation Details:
As previously announced, Navios Acquisition will host a conference call today, Tuesday, November 10, 2015 at 8:30 am ET, at which time Navios Acquisition's senior management will provide highlights and commentary on earnings results for the third quarter and the nine month period ended September 30, 2015.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 5673 2303
The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 5673 2303
The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, www.navios-acquisition.com, under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
A supplemental slide presentation will be available by 8:00 am ET on the day of the call.
About Navios Acquisition
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.
For more information about Navios Acquisition, please visit our website: www.navios-acquisition.com.
Forward Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events including Navios Acquisition's future dividends, opportunities to reinvest cash accretively in a fleet renewal program or otherwise and Navios Acquisition's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "may", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates", and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Acquisition at the time these statements were made. Although Navios Acquisition believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Acquisition. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters for our vessels, fluctuations in charter rates for tanker vessels, our ability to maximize the use of, or changes in demand for, our vessels, changes in the demand for crude oil, the loss of any customer or charter or vessel, the aging of our fleet and resultant increases in operations costs, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Acquisition operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Acquisition's filings with the Securities and Exchange Commission in its Form 20-Fs and Form 6-Ks. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Acquisition's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Acquisition makes no prediction or statement about the performance of its common stock.
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|
| EXHIBIT I |
|
| NAVIOS MARITIME ACQUISITION CORPORATION |
|
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|
| (Expressed in thousands of U.S. Dollars except share data) |
|
| |
|
|
|
|
|
| |
September 30,
2015
(unaudited) |
|
|
December 31,
2014
(unaudited) |
|
| ASSETS |
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
75,728 |
|
|
$ |
54,493 |
|
| Restricted cash |
|
5,710 |
|
|
|
6,669 |
|
| Accounts receivable, net |
|
20,122 |
|
|
|
18,273 |
|
| Due from related parties |
|
20,803 |
|
|
|
1,361 |
|
| Prepaid expenses and other current assets |
|
6,232 |
|
|
|
8,732 |
|
| |
|
|
|
|
|
|
|
| Total current assets |
|
128,595 |
|
|
|
89,528 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
| Vessels, net |
|
1,321,503 |
|
|
|
1,375,931 |
|
| Deposits for vessels acquisitions |
|
-- |
|
|
|
42,276 |
|
| Goodwill |
|
1,579 |
|
|
|
1,579 |
|
| Intangible assets-other than goodwill |
|
-- |
|
|
|
3,300 |
|
| Other long-term assets |
|
480 |
|
|
|
690 |
|
| Deferred dry dock and special survey costs, net |
|
4,504 |
|
|
|
5,312 |
|
| Investment in affiliates |
|
185,470 |
|
|
|
151,966 |
|
| Investment in available-for-sale securities |
|
15,534 |
|
|
|
15,099 |
|
| Loan receivable from affiliates |
|
15,249 |
|
|
|
7,791 |
|
| |
|
|
|
|
|
|
|
| Total non-current assets |
|
1,544,319 |
|
|
|
1,603,944 |
|
| |
|
|
|
|
|
|
|
| Total assets |
$ |
1,672,914 |
|
|
$ |
1,693,472 |
|
| |
|
|
|
|
|
|
|
| |
| |
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
| Accounts payable |
$ |
2,728 |
|
|
$ |
1,599 |
|
| Dividend payable |
|
-- |
|
|
|
7,967 |
|
| Accrued expenses |
|
23,896 |
|
|
|
10,261 |
|
| Due to related parties, short term |
|
-- |
|
|
|
18,489 |
|
| Deferred revenue |
|
2,912 |
|
|
|
1,400 |
|
| Current portion of long-term debt, net of deferred finance costs |
|
30,534 |
|
|
|
31,882 |
|
| |
|
|
|
|
|
|
|
| Total current liabilities |
|
60,070 |
|
|
|
71,598 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
| Long-term debt, net of current portion, premium and net of deferred finance costs |
|
1,066,873 |
|
|
|
1,110,120 |
|
| Due to related parties, long term |
|
-- |
|
|
|
9,625 |
|
| Unfavorable lease terms |
|
-- | |
|
|
2,878 |
|
| Deferred gain on sale of assets |
|
8,982 |
|
|
|
-- |
|
| |
|
|
|
|
|
|
|
| Total non-current liabilities |
|
1,075,855 |
|
|
|
1,122,623 |
|
| |
|
|
|
|
|
|
|
| Total liabilities |
$ |
1,135,925 |
|
|
$ |
1,194,221 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
| Commitments and contingencies |
|
-- |
|
|
|
-- |
|
| Series D Convertible Preferred Stock, 225 and 1,200 shares issued and outstanding with $2,250 and $12,000 redemption amount as of September 30, 2015 and December 31, 2014, respectively |
|
2,250 |
|
|
|
12,000 |
|
| Puttable common stock 525,000 and 0 shares issued and outstanding with $5,250 and $0 redemption amount as of September 30, 2015 and December 31, 2014, respectively |
|
5,250 |
|
|
|
-- |
|
| Stockholders' equity |
|
|
|
|
|
|
|
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 4,378 and 4,540 series B and D shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively |
|
-- |
|
|
|
-- |
|
| Common stock, $0.0001 par value; 250,000,000 shares authorized; 150,733,052 and 151,664,942 issued and outstanding as of September 30, 2015 and December 31, 2014, respectively |
|
15 |
|
|
|
15 |
|
| Additional paid-in capital |
| 529,316 |
|
|
|
557,125 |
|
| Accumulated surplus/ (deficit) |
|
3,265 |
|
|
|
(66,347 |
) |
| Other comprehensive loss |
|
(3,107 |
) |
|
|
(3,542 |
) |
| |
|
|
|
|
|
|
|
| Total stockholders' equity |
|
529,489 |
|
|
|
487,251 |
|
| |
|
|
|
|
|
|
|
| Total liabilities and stockholders' equity |
$ |
1,672,914 |
|
|
$ |
1,693,472 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| NAVIOS MARITIME ACQUISITION CORPORATION |
|
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/ (LOSS) |
|
| (Expressed in thousands of U.S. dollars- except share and per share data) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three
Months
Ended
September 30, 2015
(unaudited) |
|
|
For the Three
Months
Ended
September 30, 2014
(unaudited) |
|
|
For the Nine
Months
Ended
September 30, 2015
(unaudited) |
|
|
For the Nine
Months
Ended
September 30, 2014
(unaudited) |
|
| Revenue |
$ |
77,692 |
|
|
$ |
69,309 |
|
|
$ |
236,711 |
|
|
$ |
192,520 |
|
| Time charter and voyage expenses |
|
(1,095 |
) |
|
|
(2,127 |
) |
|
|
(3,281 |
) |
|
|
(4,305 |
) |
| Direct vessel expenses |
|
(326 |
) |
|
|
(369 |
) |
|
|
(1,023 |
) |
|
|
(1,582 |
) |
| Management fees |
|
(23,092 |
) |
|
|
(25,136 |
) |
|
|
(71,427 |
) |
|
|
(71,223 |
) |
| General and administrative expenses |
|
(3,111 |
) |
|
|
(3,923 |
) |
|
|
(10,179 |
) |
|
|
(11,235 |
) |
| Depreciation and amortization |
|
(13,590 |
) |
|
|
(17,821 |
) |
|
|
(43,361 |
) |
|
|
(51,418 |
) |
| Gain/ (loss) on sale of vessels |
|
-- |
|
|
|
-- |
|
|
|
5,771 |
|
|
|
(904 |
) |
| Impairment loss |
|
-- |
|
|
|
-- |
|
|
|
-- |
| |
|
(11,690 |
) |
| Interest income |
|
489 |
|
|
|
208 |
|
|
|
1,062 |
|
|
|
487 |
|
| Interest expenses and finance cost |
|
(17,887 |
) |
|
|
(18,548 |
) |
|
|
(55,202 |
) |
|
|
(53,807 |
) |
| Change in fair value of other assets |
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
(1,188 |
) |
| Equity in net earnings of affiliated companies |
|
4,817 |
|
|
|
144 |
|
|
|
11,906 |
|
|
|
597 |
|
| Other expense, net |
|
(681 |
) |
|
|
(78 |
) |
|
|
(1,365 |
) |
|
|
(215 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income/ (loss) |
$ |
23,216 |
|
|
$ |
1,659 |
|
|
$ |
69,612 |
|
|
$ |
(13,963 |
) |
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Other comprehensive (loss)/ income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized holding (loss)/ income on investments in available-for-sale-securities |
|
(3,740 |
) |
|
|
-- |
|
|
|
435 |
|
|
|
-- |
|
| Other comprehensive (loss)/ income |
|
(3,740 |
) |
|
|
-- |
|
|
|
435 |
|
|
|
-- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income |
|
19,476 |
|
|
|
-- |
|
|
|
70,047 |
|
|
|
-- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income/ (loss) |
$ |
23,216 |
|
|
$ |
1,659 |
|
|
$ |
69,612 |
|
|
$ |
(13,963 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income/ (loss) attributable to common shareholders, basic |
$ |
21,954 |
|
|
$ |
1,280 |
|
|
$ |
65,724 |
|
|
$ |
(14,060 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income/ (loss) attributable to common shareholders, diluted |
$ |
22,093 |
|
|
$ |
1,280 |
|
|
$ |
66,256 |
|
|
$ |
(14,060 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income/ (loss) per share, basic |
$ |
0.15 |
|
|
$ |
0.01 |
|
|
$ |
0.44 |
|
|
$ |
(0.10 |
) |
| Weighted average number of shares, basic |
|
150,040,892 |
|
|
|
149,564,942 |
|
|
|
150,315,899 |
|
|
|
146,772,085 |
|
| |
|
|
|
|
| Net income/ (loss) per share, diluted |
$ |
0.14 |
|
|
$ |
0.01 |
|
|
$ |
0.43 |
|
|
$ |
(0.10 |
) |
| |
|
|
|
|
| Weighted average number of shares, diluted |
|
153,160,110 |
|
|
|
150,764,942 |
|
|
|
153,946,808 |
|
|
|
146,772,085 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NAVIOS MARITIME ACQUISITION CORPORATION |
|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
| (Expressed in thousands of U.S. dollars) |
|
| |
|
|
|
|
|
| |
For the Nine
Months Ended
September 30, 2015
(unaudited) |
|
|
For the Nine
Months Ended
September 30, 2014
(unaudited) |
|
| Operating Activities |
|
|
|
|
|
|
|
| Net income/ (loss) |
$ |
69,612 |
|
|
$ |
(13,963 |
) |
| Adjustments to reconcile net income/ (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
| Depreciation and amortization |
|
43,361 | |
|
|
51,418 |
|
| Amortization and write-off of deferred finance fees and bond premium |
|
2,705 |
|
|
|
2,325 |
|
| Amortization of deferred dry dock and special survey costs |
|
1,023 |
|
|
|
1,582 |
|
| Stock-based compensation |
|
1,989 |
|
|
|
4,374 |
|
| Impairment loss |
|
-- |
|
|
|
11,690 |
|
| (Gain)/ loss on sale of vessels |
|
(5,771 |
) |
|
|
904 |
|
| Change in fair value of other assets |
|
-- |
|
|
|
1,188 |
|
| Equity in affiliates, net of dividends received |
|
(1,613 |
) |
|
|
-- |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| Decrease/ (increase) in prepaid expenses and other current assets |
|
2,500 |
|
|
|
(5,242 |
) |
| (Increase) in accounts receivable |
|
(1,553 |
) |
|
|
(6,702 |
) |
| (Increase)/ decrease in restricted cash |
|
(36 |
) |
|
|
177 |
|
| Decrease in other long term assets |
|
210 |
|
|
|
3,105 |
|
| Increase in accounts payable |
|
1,221 |
|
|
|
860 |
|
| Increase in accrued expenses |
|
13,801 |
|
| |
12,677 |
|
| Payments for dry dock and special survey costs |
|
(268 |
) |
|
|
(609 |
) |
| Increase in due from related parties |
|
(19,442 |
) |
|
|
-- |
|
| (Decrease)/ increase in due to related parties, short term and long term |
|
(17,763 |
) |
|
|
12,562 |
|
| Increase/ (decrease) in deferred revenue |
|
1,512 |
|
|
|
(577 |
) |
| |
|
|
|
|
|
|
|
| Net cash provided by operating activities |
$ |
91,488 |
|
|
$ |
75,768 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
| Investing Activities |
|
|
|
|
|
|
|
| Acquisition of vessels |
|
(29,397 |
) |
|
|
(258,393 |
) |
| Deposits for vessel acquisitions |
|
-- |
|
|
|
(23,358 |
) |
| Dividends received from available-for sale-securities and affiliates |
|
1,588 |
|
|
|
-- |
|
| Net proceeds from sale of vessel |
|
71,224 |
|
|
|
18,315 |
|
| Investment in affiliates |
|
(7,201 |
) |
|
|
-- |
|
| Loan to affiliate |
| -- |
|
|
|
(3,211 |
) |
| Loan receivable from affiliates |
|
(6,614 |
) |
|
|
-- |
|
| |
|
|
|
|
|
|
|
| Net cash provided by/ (used in) investing activities |
$ |
29,600 |
|
|
$ |
(266,647 |
) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
| Financing Activities |
|
|
|
|
|
|
|
| Loan proceeds, net of deferred finance costs |
|
25,954 |
|
|
|
139,132 |
|
| Loan repayments |
|
(73,272 |
) |
|
|
(73,825 |
) |
| Dividend paid |
|
(32,200 |
) |
|
|
(23,668 |
) |
| Payment to related party |
|
(11,265 |
) |
|
|
-- |
|
| Decrease in restricted cash |
|
995 |
|
|
|
17,747 |
|
| Net proceeds from equity offering |
|
-- |
|
|
|
54,287 |
|
| Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs and premium |
|
-- |
|
|
|
59,598 |
|
| Redemption of Series D Convertible preferred stock and puttable common stock |
|
(4,500 |
) |
|
|
-- | |
| Acquisition of treasury stock |
|
(5,565 |
) |
|
|
-- |
|
| |
|
|
|
|
|
|
|
| Net cash (used in)/ provided by financing activities |
$ |
(99,853 |
) |
|
$ |
173,271 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
| Net increase/ (decrease) in cash and cash equivalents |
|
21,235 |
|
|
|
(17,608 |
) |
| Cash and cash equivalents, beginning of year |
|
54,493 |
|
|
|
82,835 |
|
| |
|
|
|
|
|
|
|
| Cash and cash equivalents, end of period |
$ |
75,728 |
|
|
$ |
65,227 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| EXHIBIT II |
| |
|
| |
|
| Reconciliation of EBITDA and Adjusted EBITDA to Net Cash from Operating Activities |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Expressed in thousands of U.S. dollars |
Three Month
Period
Ended
September 30,
2015
(unaudited) |
|
|
Three Month
Period
Ended
September 30,
2014
(unaudited) |
|
|
Nine Month
Period
Ended
September 30,
2015
(unaudited) |
|
|
Nine Month
Period
Ended
September 30,
2014
(unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by operating activities |
$ |
37,344 |
|
|
$ |
37,739 |
|
|
$ |
91,488 |
|
|
$ |
75,768 |
|
| Net increase in operating assets |
|
14,134 |
|
|
|
6,198 |
|
|
|
18,589 |
|
|
|
9,271 |
|
| Net (increase)/ decrease in operating liabilities |
|
(13,417 |
) |
|
|
(21,785 |
) |
|
|
1,229 |
|
|
|
(25,521 |
) |
| Net interest cost |
|
17,398 |
|
|
|
18,340 |
|
|
|
54,140 |
|
|
|
53,320 |
|
| Amortization of deferred finance costs | |
(712 |
) |
|
|
(829 |
) |
|
|
(2,705 |
) |
|
|
(2,325 |
) |
| Earnings in affiliates, net of dividends received |
|
454 |
|
|
|
-- |
|
|
|
1,613 |
|
|
|
-- |
|
| Stock based compensation |
|
(671 |
) |
|
|
(1,474 |
) |
|
|
(1,989 |
) |
|
|
(4,374 |
) |
| Gain/ (loss) on sale of vessels |
|
-- |
|
|
|
-- |
|
|
|
5,771 |
|
|
|
(904 |
) |
| Impairment loss |
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
(11,690 |
) |
| Change in fair value of other assets |
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
(1,188 |
) |
| EBITDA |
|
54,530 |
|
|
|
38,189 |
|
|
|
168,136 |
|
|
|
92,357 |
|
| Stock based compensation |
|
671 |
|
|
|
1,474 |
|
|
|
1,989 |
| |
|
4,374 |
|
| (Gain)/ loss on sale of vessels |
|
-- |
|
|
|
-- |
|
|
|
(5,771 |
) |
|
|
904 |
|
| Impairment loss |
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
11,690 |
|
| Change in fair value of other assets |
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
1,188 |
|
| Adjusted EBITDA |
$ |
55,201 |
|
|
$ |
39,663 |
|
|
$ |
164,354 |
|
|
$ |
110,513 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Expressed in thousands of U.S. dollars |
Three Month
Period
Ended
September 30,
2015 |
|
|
Three Month
Period
Ended
September 30,
2014 |
|
|
Nine Month
Period
Ended
September 30,
2015 |
|
|
Nine Month
Period
Ended
September 30,
2014 |
|
| |
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
| Net cash provided by operating activities |
$ |
37,344 |
|
|
$ | 37,739 |
|
|
$ |
91,488 |
|
|
$ |
75,768 |
|
| Net cash (used in)/ provided by investing activities |
$ |
(4,869 |
) |
|
$ |
(57,534 |
) |
|
$ |
29,600 |
|
|
$ |
(266,647 |
) |
| Net cash (used in)/ provided by financing activities |
$ |
(30,544 |
) |
|
$ |
23,734 |
|
|
$ |
(99,853 |
) |
|
$ |
173,271 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
EBITDA for the three and nine month periods ended September 30, 2015 in this document represents net income plus interest and finance costs plus depreciation and amortization and income taxes.
Adjusted EBITDA for the three and nine month periods ended September 30, 2015 in this document represents, net income plus interest expense and finance cost, plus depreciation and amortization less interest income, unless otherwise stated and excludes certain items as described under "Financial Highlights".
EBITDA and Adjusted EBITDA are presented because Navios Acquisition believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Acquisition's ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA and Adjusted EBITDA are "non-GAAP financial measures" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
| |
|
| |
EXHIBIT III |
| |
|
| |
Vessels |
|
Type |
|
Year Built/Delivery
Date |
|
DWT |
| |
Owned Vessels |
|
|
|
|
|
|
| |
Nave Constellation |
|
Chemical Tanker |
|
2013 |
|
45,281 |
| |
Nave Universe |
|
Chemical Tanker |
|
2013 |
|
45,513 |
| |
Nave Polaris |
|
Chemical Tanker |
|
2011 |
|
25,145 |
| |
Nave Cosmos |
|
Chemical Tanker |
|
2010 |
|
25,130 |
| |
Nave Velocity |
|
MR2 Product Tanker |
|
2015 | |
49,999 |
| |
Nave Sextans |
|
MR2 Product Tanker |
|
2015 |
|
49,999 |
| |
Nave Pyxis |
|
MR2 Product Tanker |
|
2014 |
|
49,998 |
| |
Nave Luminosity |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| |
Nave Jupiter |
|
MR2 Product Tanker |
|
2014 |
|
49,999 |
| |
Bougainville |
|
MR2 Product Tanker |
|
2013 |
|
50,626 |
| |
Nave Alderamin |
|
MR2 Product Tanker |
|
2013 |
|
49,998 |
| |
Nave Bellatrix |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| |
Nave Capella |
|
MR2 Product Tanker |
|
2013 |
|
49,995 |
| |
Nave Orion |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| |
Nave Titan |
|
MR2 Product Tanker |
|
2013 |
|
49,999 |
| |
Nave Aquila |
|
MR2 Product Tanker |
|
2012 |
|
49,991 |
| |
Nave Atria |
|
MR2 Product Tanker |
|
2012 |
|
49,992 |
| |
Nave Orbit |
|
MR2 Product Tanker |
|
2009 |
|
50,470 |
| |
Nave Equator |
|
MR2 Product Tanker |
|
2009 |
|
50,542 |
| |
Nave Equinox |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| |
Nave Pulsar |
|
MR2 Product Tanker |
|
2007 |
|
50,922 |
| |
Nave Dorado |
|
MR2 Product Tanker |
|
2005 |
|
47,999 |
| |
Nave Lucida |
|
MR2 Product Tanker |
|
2005 | |
47,999 |
| |
Nave Atropos |
|
LR1 Product Tanker |
|
2013 |
|
74,695 |
| |
Nave Rigel |
|
LR1 Product Tanker |
|
2013 |
|
74,673 |
| |
Nave Cassiopeia |
|
LR1 Product Tanker |
|
2012 |
|
74,711 |
| |
Nave Cetus |
|
LR1 Product Tanker |
|
2012 |
|
74,581 |
| |
Nave Estella |
|
LR1 Product Tanker |
|
2012 |
|
75,000 |
| |
Nave Andromeda |
|
LR1 Product Tanker |
|
2011 |
|
75,000 |
| |
Nave Ariadne |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| |
Nave Cielo |
|
LR1 Product Tanker |
|
2007 |
|
74,671 |
| |
Nave Buena Suerte |
|
VLCC |
|
2011 |
|
297,491 |
| |
Nave Quasar |
|
VLCC |
|
2010 |
|
297,376 |
| |
Nave Synergy |
|
VLCC |
|
2010 |
|
299,973 |
| |
Nave Galactic |
|
VLCC |
|
2009 |
|
297,168 |
| |
Nave Spherical |
|
VLCC |
|
2009 |
|
297,188 |
| |
Nave Neutrino |
|
VLCC |
|
2003 |
|
298,287 |
| |
Nave Electron |
|
VLCC |
|
2002 |
|
305,178 |
| |
|
|
|
|
|
|
|
Owned Vessel to be Delivered
| |
|
|
|
|
|
|
|
| |
Nave Photon |
|
VLCC |
|
2008 |
|
297,395 |
| |
|
| |
|
|
|
|
Source: Marketwired (Canada)
(November 10, 2015 - 7:05 AM EST)
News by QuoteMedia
www.quotemedia.com
|
