Costamare Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 23, 2013 at 04:05 pm EST
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Costamare Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company's voyage revenue was $95,193,000 against $101,990,000 a year ago. Operating income was $39,594,000 against $47,545,000 a year ago. Net income was $22,931,000 or $0.31 basic and diluted per share against $26,082,000 or $0.43 basic and diluted per share a year ago. EBITDA was $61,816,000 against $68,158,000 a year ago. Adjusted EBITDA was $62,510,000 against $74,671,000 a year ago. Adjusted net income was $23,625,000 or $0.54 basic and diluted per share against $32,595,000 or $0.32 basic and diluted per share a year ago.
For the year, the company's voyage revenue was $386,155,000 against $382,155,000 a year ago. Operating income was $154,873,000 against $170,662,000 a year ago. Net income was $81,129,000 or $1.20 basic and diluted per share against $87,592,000 or $1.45 basic and diluted per share a year ago. EBITDA was $242,880,000 against $249,498,000 a year ago. Adjusted EBITDA was $253,097,000 against $274,669,000 a year ago. Adjusted net income was $91,346,000 or $1.87 basic and diluted per share against $112,763,000 or $1.35 basic and diluted per share a year ago. Net cash flows provided by operating activities for the year ended December 31, 2012 decreased by $27.1 million to $168.1 million, compared to $195.2 million for the year ended December 31, 2011. The decrease was primarily attributable to the decreased cash from operations of $20.1 million deriving from escalating charter rates. Net cash used in investing activities was $191.2 million advance payments for the construction and purchase of ten newbuild vessels and $74.1 million in payments for the acquisition of five secondhand vessels.
Costamare Inc is a Monaco-based company that provides containerships and dry bulk vessels for charter. The Company is an international shipping industry that offers a fleet of 73 containerships, with a total capacity of approximately 537,000 TEU (including two vessels that have agreed to sell) and 45 dry bulk vessels with a total capacity of approximately 2,436,000 DWT. Its offers containerships of various sizes (including feeder, panamax and post-panamax containerships) serve short, medium, and long-haul routes on a variety of geographical trades. Its dry bulk vessels transport a broad range of bulks such as iron ore, coal, and grains as well as minor bulks such as bauxite, phosphate fertilizers and steel products. The Company serve its customer's needs worldwide and ensure the safety, reliability, and environmental responsibility of services.