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Total revenues for the three months ended December 31, 2009, increased by 53.7% to $851.8 million compared to $554.3 million for the same period in 2008. For the three months ended December 31, 2009, sales of marine petroleum products increased by 53.2% to $843.4 million compared to $550.5 million for the year-earlier period. Net revenue, which equals total revenue less cost of goods sold and cargo transportation expenses, increased 13.6% to $58.6 million in the fourth quarter of 2009 compared to $51.6 million in the year-earlier period. Results for the fourth quarter of 2009 were primarily driven by a 5.2% increase in the gross spread on marine petroleum products to $50.2 million compared to $47.7 million for the same period in 2008. For the three months ended December 31, 2009, the volume of marine fuel sold increased by 11.4% to 1,748,308 metric tons compared to 1,568,770 metric tons in the year-earlier period, as sales volumes improved in the UAE and Singapore. Furthermore, results for the fourth quarter of 2009 included increased sales volumes from Aegean's new markets. During the three months ended December 31, 2009 the gross spread per metric ton of marine fuel sold decreased to $28.3 per metric ton, compared to $30.2 per metric ton in the year-earlier period. Operating income for the fourth quarter of 2009 was $16.1 million, compared to $18.3 million for the same period in 2008. Operating expenses, excluding the cost of fuel and cargo transportation costs (both of which are included in the calculation of gross spread on marine petroleum products explained above), increased to $42.5 million for the three months ended December 31, 2009 compared to $33.3 million for the same period in 2008. This increase was principally due to the expanded logistics infrastructure during the fourth quarter of 2009 compared to the fourth quarter of 2008. E. Nikolas Tavlarios, President, commented,"Our record performance for the fourth quarter and full year 2009 highlights our significant success in executing management's business plan during a global economic recession and further strengthens Aegean's industry leading brand. In maintaining our commitment to profitable growth, we increased sales volumes and net income by 19.1% and 21.6%, respectively, in 2009 compared to the year-earlier period while actively managing counterparty risk and expanding our future earnings potential. Specifically, we entered three new markets this past year, expanding our presence to 14 strategic locations worldwide. Building upon our new operations in Trinidad and Tobago, Tangiers, Morocco and Patras, Greece, we agreed to acquire Verbeke Bunkering N.V., a leading physical supplier of marine fuel in the vast Antwerp-Rotterdam-Amsterdam region, the world's second largest bunkering market. Including the Verbeke acquisition, which is scheduled to close in March of 2010, Aegean has more than tripled its global reach since the Company's IPO in December of 2006." Mr. Tavlarios added, "Complementing the robust growth in our service network, we continued to expand our high-quality logistics infrastructure with the delivery of 11 double-hull bunkering vessels in 2009 and year-to-date, including seven newbuildings. As we continue to enhance our competitive advantage and meet the strong demand for modern tonnage, we intend to draw upon our considerable financial flexibility and take delivery of 14 additional double-hull bunkering tanker newbuilds for the remainder of 2010. By expanding our integrated marine fuel platform from procurement to delivery as we have consistently done in the past, we expect to further strengthen our leadership position as a full-service independent supplier of marine fuel to blue-chip customers and drive future sales volume growth." For the year ended December 31, 2009, the Company recorded net income of $48.5 million, or $1.13 basic and diluted earnings per share, compared to net income of $39.9 million, or $0.94 basic and diluted earnings per share, for the year-earlier period. The weighted average basic and diluted shares outstanding for the year ended December 31, 2009 were 42,579,187 and 42,644,448 respectively. The weighted average basic and diluted shares outstanding for the year ended December 31, 2008 were 42,497,450 and 42,625,801, respectively. Total revenues for the year ended December 31, 2009 decreased by 10.2% to $2,495.9 million compared to $2,778.0 million for the same period a year ago. For the year ended December 31, 2009, sales of marine petroleum products decreased by 10.6% to $2,474.4 million compared to $2,768.1 million for the same period in 2008. Net revenues for the year ended December 31, 2009 were $198.0 million as compared to $170.9 million in the year-earlier period. Results for the year ended December 31, 2009 were led by a 9.6% increase in the gross spread on marine petroleum products to $176.5 million compared to $161.0 million for the same period a year ago. For the year ended December 31, 2009, the volume of marine fuel sold increased 19.1% to 6,192,755 metric tons compared to 5,200,256 metric tons in the year-earlier period. During the year ended December 31, 2009, the gross spread per metric ton of marine fuel sold decreased by $2.6 to $28.1 per metric ton, compared to $30.7 per metric ton for the same period a year ago. Operating income for the year ended December 31, 2009 was $59.2 million compared to $52.1 million for the same period in 2008. Liquidity and Capital Resources As of December 31, 2009, the Company had cash and cash equivalents of $54.8 million and working capital of $218.5 million. Non-cash working capital, or working capital excluding cash and debt, was $221.8 million as of December 31, 2009. Net cash provided by operating activities was $8.9 million for the three months ended December 31, 2009. Net income, as adjusted for non-cash items, was $20.5 million for the period. Net cash used in investing activities was $19.5 million for the three months ended December 31, 2009, and was composed of payments relating to advances for both vessels under construction and second-hand acquisitions and an increase in restricted cash. Net cash provided by financing activities was $15.1 million for the three months ended December 31, 2009, driven by both an increase in short-term borrowings and an increase in long-term debt financing relating to newbuild vessels. As of December 31, 2009, the Company had approximately $133.7 million in available liquidity to finance working capital requirements, which includes unrestricted cash and cash equivalents and available undrawn amounts under the Company's working capital facilities. Furthermore, as of December 31, 2009, the Company had funds of approximately $61.9 million available under its secured term loans to finance the construction of its new double-hull bunkering tankers. Spyros Gianniotis, Chief Financial Officer, stated, "Aegean's record financial results demonstrate the continued success we have achieved in entering new strategic markets and expanding our modern bunker delivery fleet. In addition to the execution of our growth strategy, we took advantage of our significant working capital base, a core differentiator for our Company, to drive sales volume growth in our existing markets. During 2009, we further enhanced our access to capital by securing new credit under favorable terms, increasing our total to $420 million in working capital credit facilities. In addition to expanding our relationships with top global lending institutions, we completed a $147.1 million equity offering in the first quarter of 2010, underscoring the ongoing support Aegean has received from the capital and banking markets. With a strong financial foundation firmly in place, we remain well positioned to continue to increase our global market share and capitalize on additional consolidation opportunities that drive long-term value for shareholders." About Aegean Marine Petroleum Network Inc. Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 14 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, West Africa, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore and Morocco. Source: Aegean Marine Petroleum Network Inc. |
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Aegean Marine Petroleum Network Inc. Announces Record Fourth Quarter and Full Year 2009 Financial Results