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.