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Monaco - 13 May 2015
• $20.0 million Net Income for Q1 2015; $0.13 per share
• $53.2 million EBITDA for Q1 2015
• $78.6 million Revenue for Q1 2015
• $7.7 million Profit Sharing for Q1 2015
• Quarterly dividend of $0.05 per share
Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the first quarter ended March 31, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "I am pleased with our results for the first quarter of 2015. This has been our best quarter on record -- we grew revenue by 29.0% and EBITDA by approximately 50.0%. We also generated $20.0 million of net income in Q1, significantly more than we have generated in any prior full fiscal year. We declared a quarterly dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 5.5%. This dividend is in addition to the aggregate dividends of $0.90 per share through the end of 2014."
Angeliki Frangou continued, "Our entire fleet of 39 vessels, with an average age of 4.6 years, is in the water -- almost 90.0% of the available days are covered for 2015 and about 32.0% covered for 2016. Our chartering strategy balances market opportunity and risk management. We entered into charter agreements with creditworthy parties while also securing some element of market exposure on almost 74.0% of the remaining days in 2015."
HIGHLIGHTS -- RECENT DEVELOPMENTS
Dividend of $0.05 per share of common stock
On May 11, 2015, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the first quarter of 2015 of $0.05 per share of common stock. The dividend is payable on July 2, 2015 to stockholders of record as of June 18, 2015.
Profit sharing
During the first quarter of 2015 Navios Acquisition benefited from the improved spot market and earned $7.7 million under its profit sharing arrangements.
Time Charter Coverage
Navios Acquisition currently owns and operates 39 vessels, of which eight are VLCCs, 27 are product tankers and four are chemical tankers.
As of May 13, 2015, Navios Acquisition had contracted 88.2% and 31.6% of its available days on a charter-out basis for 2015 and 2016, respectively, equivalent to $212.9 million and $81.9 million of expected revenue, respectively. The average contractual daily charter-out rate for the fleet is $18,381 and $18,522 for 2015 and 2016, respectively.
Full report at: www.navios-acquisition.com
Navios Maritime Acquisition Corporation press release