Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a
provider of global marine transportation services focusing on
product tankers, announced today its financial and operational
results for the quarter and twelve months ended December 31, 2009
and the first quarter ended March 31, 2010.
Fourth Quarter 2009 Results
For the quarter ended December 31, 2009, Omega Navigation
reported total revenues of $14.8 million and Net Income of $2.2
million, or $0.14 per basic share, excluding losses on interest
rate derivative instruments and incentive compensation grants
expense. Including these items the Company reported Net Income of
$0.9 million or $0.06 per basic share. Adjusted EBITDA for the
fourth quarter of 2009 was $8.3 million. Please see below for a
reconciliation of Adjusted EBITDA to Cash from Operating
Activities.
The Company fully owned and operated an average of eight product
carriers during the fourth quarter of 2009, the same number as in
the fourth quarter of 2008. In addition, as previously announced,
since April 2009, the Company, through Stone Shipping Ltd, holds a
50% interest in Omega Duke, a 47,000 dwt double hull product /
chemical tanker built in 2009. Stone Shipping Ltd is an equal
partnership joint venture between Omega and a wholly owned
subsidiary of Glencore International, A. G. Omega Duke is accounted
for by the equity method and is not consolidated in the Company's
financial statements. While all nine vessels were on time charter,
the results of two of the vessels', the Omega Prince and the Omega
Princess, were based on the actual earnings of a pool of nine
vessels of similar characteristics which were operating in the spot
market. The earnings for these vessels have been above spot market
indices but below the level of earnings achieved in the fourth
quarter of 2008. In addition, the Omega King and the Omega Queen
had entered into new time charters during the second quarter of
2009 but these rates were also lower than those in the fourth
quarter of 2008. These lower rates were partially offset by
somewhat higher time charter rates on the Omega Lady Sarah and the
Omega Lady Miriam, which commenced toward the end of the third
quarter of 2009. Excluding profit share, the Panamax vessels
averaged $21,586 per vessel per day and the MR's averaged $12,297
per vessel per day (for each period net of voyage expenses) for the
fourth quarter of 2009. In the fourth quarter of 2008, the Panamax
vessels averaged $24,949 per vessel per day and the MR's averaged
$20,798 per day per vessel (for each period net of voyage
expenses).
Operating expenses for the Company's MR product tankers averaged
$5,454 per vessel per day in the fourth quarter of 2009, versus
$5,110 per vessel per day in the fourth quarter of 2008. Our
Panamax product tankers averaged operating expenses of $6,171 per
vessel per day in the fourth quarter of 2009, versus $5,564 per
vessel per day in the fourth quarter of 2008. The increase of the
daily operating expenses of the vessels relates primarily to
increased crew wages.
Twelve Months 2009 Results
For the twelve months ended December 31, 2009, Omega Navigation
reported total revenues of $64.5 million and Net Income of $13.7
million, or $0.88 per basic share excluding a loss on interest rate
derivative instruments, a gain on warrants revaluation, non cash
incentive compensation grants and a loss related to the termination
of a purchase agreement. Including these items, Net income was $5.7
million or $0.37 per share. Adjusted EBITDA for the twelve months
of 2009 was $39.1 million, excluding loss from termination of a
purchase agreement. Please see below for a reconciliation of
Adjusted EBITDA to Cash from Operating Activities.
Operating Income included revenue of $ 3.2 million attributable
to profit sharing.
The Company fully owned and operated an average of eight product
carriers during the twelve months of 2009, the same as in the
twelve months of 2008. In addition the Company holds a 50% interest
in the Omega Duke. Excluding profit sharing, the Company's Panamax
product carriers earned an average time-charter equivalent rate of
$22,267 per vessel per day during the twelve months of 2009, versus
$25,027 per vessel per day (in each period net of voyage expenses),
during the twelve months of 2008. The Company's Handymax product
tankers earned an average time charter equivalent rate of $15,981
per vessel per day during the twelve months of 2009 versus $20,772
per vessel per day (in each period net of voyage expenses) during
the twelve months of 2008.
Operating expenses for the MR product tankers averaged $5,352
per vessel per day in the twelve months of 2009, versus $4,938 per
vessel per day in the twelve months of 2008. The Company's Panamax
product tankers averaged operating expenses of $6,097 per vessel
per day in the twelve months of 2009, versus $5,406 per vessel per
day in the twelve months of 2008. The increase in operating
expenses was primarily related to maintenance expenses incurred
during scheduled drydockings in the first half of 2009, an
insurance deductible incurred related to a minor collision
involving the Omega Theodore, an increase in crew wages and other
maintenance and repair expenses during the third quarter of
2009.
First Quarter 2010 Results
For the quarter ended March 31, 2010, Omega Navigation reported
total revenues of $15.5 million and Net Income of $2.1 million, or
$0.13 per basic share, excluding losses on interest rate derivative
instruments and incentive compensation grants expense. Including
these items the Company reported Net Income of $0.5 million or
$0.03 per basic share. Adjusted EBITDA for the first quarter of
2010 was $8.3 million. Please see below for a reconciliation of
Adjusted EBITDA to Cash from Operating Activities.
The Company fully owned and operated an average of eight double
hull product carriers during the first quarter of 2010, the same
number as in the first quarter of 2009. In addition, the company
held during the first quarter of 2010, and continues to hold, a 50%
interest in two additional vessels, the Omega Duke and the Megacore
Honami, as described in detail in the Fleet Development
section.
Six of the vessels, including the ones owned through the 50%
controlled joint ventures, were on fixed rate time charters. The
Omega Prince, Omega Princess and Omega Queen were on time charter
the rate of which was based on the actual earnings of a pool of
vessels of similar characteristics which are operating in the spot
market. In June 2010 Omega King has entered into a one year time
charter agreement with Cape Tankers Inc., whose performance is
guaranteed by SONAP at a daily rate of $16,000. There was no
revenue from profit share in the first quarter of 2010, versus $1.7
million in the first quarter of 2009. Also, revenues in the first
quarter of 2009 were adversely affected by offhire time related to
a minor collision on the Omega Theodore as well as the scheduled
drydocking of the Omega Lady Sarah.
Excluding profit share, the Panamax vessels averaged $ 21,075
per vessel per day and the MR's averaged $15,969 per vessel per day
(in each period net of voyage expenses) for the first quarter of
2010. In the first quarter of 2009, the Panamax vessels averaged
$24,486 per vessel per day and the MR's averaged $20,746 per vessel
per day (in each period net of voyage expenses).
Operating expenses for our MR product tankers averaged $5,555
per vessel per day in the first quarter of 2010, versus $5,248 per
vessel per day in the first quarter of 2009. Our Panamax product
tankers averaged operating expenses of $6,209 per vessel per day in
the first quarter of 2010, versus $6,180 per vessel per day in the
first quarter of 2009. The increase of the daily operating expenses
of the vessels relates primarily to increased crew wages and
travelling expenses. Also, first quarter 2009 operating expenses
included maintenance expenses for the Omega Lady Sarah related to
her scheduled drydock and the insurance deductible on the Omega
Theodore related to the minor collision mentioned above.
Recent Developments
Fleet Development
The Company's current fleet includes twelve double hull product
tankers with a carrying capacity of 680,000 dwt. Eight of the
vessels are fully owned by Omega and four are owned through equal
partnership joint ventures with a wholly owned subsidiary of
Glencore International AG.
The Company has previously announced that it has entered into an
equal partnership joint venture named Megacore Shipping Ltd. with a
wholly owned subsidiary of Glencore International AG to acquire two
Handysize double hull chemical / product tankers and seven Panamax
double hull product tankers to be constructed at Hyundai Mipo
Dockyard in South Korea. Two of the Handysize vessels, the 37,000
dwt. Megacore Honami and Megacore Hibiscus, were delivered in
February and May, 2010, respectively, to companies owned by
Megacore and the first LR1 Panamax tanker is expected to be
delivered later in 2010, with an addition four Panamax vessels
scheduled for delivery in 2011 and two in 2012.
The Megacore Honami and the Megacore Hibiscus were funded with
Bank debt and equity contributions from the shareholders. Upon
delivery, the Megacore Honami commenced a three year time charter
with NYK Line. The Megacore Hibiscus is currently trading in the
spot market.
As mentioned, MegaCore has contracted to take delivery of one
LR1 Panamax vessel in the third quarter of 2010, two LR1's in the
first quarter of 2011 and another two LR1's in the third quarter of
2011 and finally two LR1's are scheduled for delivery in the first
quarter of 2012. The payment terms contracted with the shipyard
provide for five installments, each of 20% of the contract price,
with the last three installments, amounting in total to 60% of the
contract price, payable within five months before the final
delivery date.
The construction and acquisition of the remaining seven LR1
newbuildings, owned by Megacore Shipping Ltd, that are currently
under construction are being funded by debt and equity
contributions by the shareholders. The Company is funding the
pre-delivery construction schedule with respect to three and a half
of these vessels, for all of which bank debt financing commitments
are already in place, including pre-delivery as well as post
delivery financing. Based on prevailing market conditions and also
taking into account our current liquidity and short term debt
obligations, these capital expenditure commitments, as also
discussed under Financial Developments section below, may be funded
with a combination of debt financing, internally generated cash
flow and other capital raises which are currently being
explored.
Moreover, the Company and Glencore International, AG (through
wholly owned subsidiaries) have entered into an equal partnership
joint venture and took delivery on July 8, 2010 of one newbuilding
47,000 dwt double hull product/ chemical tanker named Alpine Marina
(sister ship to the Omega Duke) constructed at Hyundai Mipo
Dockyard in South Korea. The acquisition has been funded with
previously secured bank debt financing and with equity
contributions among the shareholders and will not be consolidated
on Omega's balance sheet. The Alpine Marina, has commenced a five
year time charter to ST Shipping with an excess earnings
arrangement.
Financial Developments
The Company is currently in advanced discussions with its
lenders to extend the term of its loans under the Senior Credit
Facility and the Junior Credit Facility beyond the current maturity
of April 2011. Both the Senior as well as the Junior Facility are
non amortizing until the maturity. While both loans will mature in
nine months, we believe we will reach a satisfactory outcome well
in advance as we are in negotiations to reach a final agreement to
obtain waivers and extend or restructure our debt.
As of December 31, 2009 the Company has been in breach of
financial loan covenant, due to the security value maintenance
(also known as loan to value) in respect of the Junior loan
facility with BTMU and NIBC, that matures in April 2011. However,
the Junior lenders have not declared any event of default.
Moreover, the Junior loan facility is fully subordinated to the
senior loan facility with HSH Nordbank and as a result any rights
of recourse of the Junior lenders are subject to the assent of the
Senior lenders. In the accompanying financial statements, we
present our debt as current and will do so until we reach an
agreement for the extension of both loans with the lenders.
As of March 31, 2010 our total debt, including predelivery
advances for newbuildings and debt incurred on delivery for the
MegaCore Honami which we will not consolidate in the ensuing
quarters, was $355.5 million, and our Net Debt to Book
Capitalization ratio was in compliance with our loan covenants.
As of June 30, 2010, our total debt including predelivery
advances for newbuildings was $331 million while the outstanding
balance under the senior and junior facility was $242.7 million and
$38.3 million respectively. The facilities are secured by 1st and
2nd mortgages of our wholly owned fleet of eight vessels. As of
June 30, 2010, the Company is in compliance with its Minimum
Liquidity Requirements under its financial covenants with its
lenders.
Notwithstanding the above and while delivery dates and
respective capital expenditures are staggered within a time frame
of 20 months from today, the Company is currently in negotiations
to reach a final agreement to obtain waivers and extend or
restructure its debt, and is also exploring, amidst challenging
capital market conditions, various alternatives including capital
raising in order to improve both its short term and long term
liquidity, meet short term commitments and manage its overall
capital exposure.
Fleet Data
Panamax Tankers Handymax Tankers
Three months ended Three months ended
-------------------------- --------------------------
March 31, March 31, March 31, March 31,
2010 2009 2010 2009
------------ ------------ ------------ ------------
Number of vessels
at end of period 6 6 3 2
Average age of
fleet (in years) 5 4 3 3
Ownership days (1) 540 540 215 180
Available days
(2) 540 527 215 180
Operating days (3) 540 517 215 180
Fleet Utilization
(4) 100% 98% 100% 100%
Voyage revenues
(net of voyage
expenses) (7) $ 11,380,502 $ 12,904,303 $ 3,433,256 $ 3,734.317
Time charter
equivalent (TCE)
rate $/day (5)(7) 21,075 24,486 15,969 20,746
Vessel operating
expenses $ 3,352,621 $ 3,336,941 $ 1,194,343 $ 944,559
Daily vessel
operating expenses
$/day(6) 6,209 6,180 5,555 5,248
Three months ended Three months ended
-------------------------- --------------------------
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
------------ ------------ ------------ ------------
Number of vessels
at end of period 6 6 2 2
Average age of
fleet (in years) 4 3 3 2
Ownership days (1) 552 552 184 184
Available days
(2) 552 551 184 184
Operating days (3) 552 551 184 184
Fleet Utilization
(4) 100% 100% 100% 100%
Voyage revenues
(net of voyage
expenses) (7) $ 11,915,228 $ 13,746,951 $ 2,262,685 $ 3,826,791
Time charter
equivalent (TCE)
rate $/day (5)(7) 21,586 24,949 12,297 20,798
Vessel operating
expenses $ 3,406,208 $ 3,071,240 $ 1,003,538 $ 940,185
Daily vessel
operating expenses
$/day(6) 6,171 5,564 5,454 5,110
Year ended Year ended
-------------------------- --------------------------
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
------------ ------------ ------------ ------------
Number of vessels
at end of period 6 6 2 2
Average age of
fleet (in years) 4 3 3 2
Ownership days (1) 2,190 2,196 730 732
Available days
(2) 2,158 2,186 730 732
Operating days (3) 2,142 2,186 729 732
Fleet Utilization
(4) 99% 100% 100% 100%
Voyage revenues
(net of voyage
expenses) (7) $ 48,047,635 $ 54,714,307 $ 11,666,142 $ 15,204,973
Time charter
equivalent (TCE)
rate $/day (5)(7) 22,267 25,027 15,981 20,772
Vessel operating
expenses $ 13,352,678 $ 11,871,230 $ 3,906,862 $ 3,614,449
Daily vessel
operating expenses
$/day(6) 6,097 5,406 5,352 4,938
(1) Ownership days are the aggregate number of days in a period during
which each vessel in our fleet has been owned by us. Ownership days
are an indicator of the size of our fleet over a period and affect
both the amount of revenues and the amount of expenses that we
record during a period.
(2) Available days are the number of our ownership days less the
aggregate number of days that our vessels are off-hire due to
scheduled repairs or repairs under guarantee, vessel upgrades or
special surveys. The shipping industry uses available days to measure
the number of days in a period during which vessels should be capable
of generating revenues.
(3) Operating days are the number of available days in a period less the
aggregate number of days that our vessels are off-hire due to
unforeseen circumstances. The shipping industry uses operating days to
measure the aggregate number of days in a period during which vessels
actually generate revenues.
(4) We calculate fleet utilization by dividing the number of our operating
days during a period by the number of our available days during the
period. The shipping industry uses fleet utilization to measure a
company's efficiency in finding suitable employment for its vessels
and minimizing the number of days that its vessels are off-hire for
reasons other than scheduled repairs or repairs under guarantee,
vessel upgrades, special surveys or vessel positioning.
(5) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is
determined by dividing voyage revenues (net of voyage expenses) by
available days for the relevant time period. Voyage expenses primarily
consist of port, canal and fuel costs that are unique to a particular
voyage, which would otherwise be paid by the charterer under a time
charter contract, as well as commissions. TCE is a standard shipping
industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance despite
changes in the mix of charter types (i.e., spot charters, time
charters and bareboat charters) under which the vessels may be
employed between the periods.
(6) Daily vessel operating expenses, which include crew wages and related
costs, the cost of insurance, expenses relating to repairs and
maintenance (excluding drydocking), the costs of spares and consumable
stores, tonnage taxes and other miscellaneous expenses, but excludes
any pre-delivery expenses incurred at or prior to the delivery of the
product tankers, are calculated by dividing vessel operating expenses
by ownership days for the relevant period. For the first quarter 2010
excludes an amount of $0.3 million relating to the predelivery
expenses of Megacore Honami.
(7) For the year ended December 31, 2009 excludes $ 3.2 million of profit
sharing revenue booked in the first nine months of 2009 related to
profit sharing on charters of the vessels Omega Lady Sarah, Omega Lady
Miriam, Omega Emmanuel and Omega Theodore. For the year ended December
31, 2008, excludes $ 6.8 million of profit sharing revenue booked in
the year 2008 related to profit sharing on charters of the vessels
Omega Lady Sarah, Omega Lady Miriam, Omega Emmanuel, Omega Theodore,
Omega Prince and Omega Princess. For the three months ended December
31, 2008, excludes $ 2.2 million of profit sharing revenue booked in
the fourth quarter of 2008 related to profit sharing on charters of
the vessels Omega Lady Sarah, Omega Lady Miriam, Omega Emmanuel and
Omega Theodore.
Omega Navigation Enterprises Inc
Consolidated Statements of Income
(All amounts expressed in thousands of U.S. Dollars)
3 month period 3 month period
ended ended Year ended
------------------ ------------------ ------------------
March March December December December December
31, 2010 31, 2009 31, 2009 31, 2008 31, 2009 31, 2008
-------- -------- -------- -------- -------- --------
CONTINUING (unaudited)(unaudited)(unaudited) (unaudited)
OPERATIONS
Revenues:
Voyage
Revenue 15,505 18,678 14,746 20,066 64,456 77,713
Expenses:
Voyage
expenses 691 300 568 292 1,535 1,032
Vessel
operating
expenses 4,875 4,291 4,410 4,011 17,260 15,486
Depreciation
and
amortization 4,915 4,690 4,850 4,776 19,173 18,868
Management
fees 382 302 314 310 1,283 1,243
General and
administrative
expenses
(including
non cash
compensation
expense of
$174, $649,
$237, and
$203 for the
quarter
ended March
31, 2010,
March 31,
2009,
December 31,
2009 and
2008
respectively
and $1,408
and $1,354
for the year
ended
December 31,
2009 and
2008
respectively) 1,406 1,737 1,294 1,290 6,018 6,085
Foreign
currency
(gains)/losses (24) (1) 28 (31) 122 (44)
-------- -------- -------- -------- -------- --------
Income from
vessels
operation 3,260 7,359 3,282 9,418 19,065 35,043
-------- -------- -------- -------- -------- --------
Loss on
Termination
of purchase
agreements - - - - (3,000) -
Income/(Loss)
from Joint
Venture
companies 132 - 118 - (278) -
-------- -------- -------- -------- -------- --------
Operating
Income/(Expense) 3,392 7,359 3,400 9,418 15,787 35,043
-------- -------- -------- -------- -------- --------
Other income
(expenses)
Interest and
finance
costs (1,627) (1,793) (1,563) (4,046) (7,181) (14,385)
Interest
income 20 45 35 245 138 711
Change in
fair value
of warrants - 1,127 - 2,787 1,127 3,156
Gain/(Loss)
on
derivative
instruments (1,319) (1,071) (972) (12,846) (4,149) (13,586)
-------- -------- -------- -------- -------- --------
Total other
Income/
(expenses),
net (2,926) (1,692) (2,500) (13,860) (10,065) (24,104)
-------- -------- -------- -------- -------- --------
INCOME/(LOSS)
FROM
CONTINUING
OPERATIONS 466 5,667 900 (4,442) 5,722 10,939
DISCONTINUED
OPERATIONS
Income from
discontinued
operations of
the bulk
carrier fleet - - - - - 20
-------- -------- -------- -------- -------- --------
INCOME FROM
DISCONTINUED
OPERATIONS - - - - - 20
-------- -------- -------- -------- -------- --------
Net income 466 5,667 900 (4,442) 5,722 10,959
======== ======== ======== ======== ======== ========
Omega Navigation Enterprises Inc
Consolidated Balance Sheets
(All amounts expressed in thousands of U.S. Dollars)
March 31, December 31, December 31,
2010 2009 2008
(unaudited) (unaudited)
------------ ------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 2,403 15,564 16,811
Accounts receivable, trade 3,221 1,720 596
Inventories 1,232 614 602
Prepayments and other 1,474 1,419 506
Due from related parties - 90 -
Restricted cash 5,631 5,807 123
------------ ------------ ------------
Total current assets 13,961 25,214 18,638
------------ ------------ ------------
FIXED ASSETS:
Vessels, net 464,359 423,762 442,485
Property and equipment, net 96 54 56
Advances for vessels' under
construction and acquisition 53,730 70,620 57,672
------------ ------------ ------------
Total fixed assets 518,185 494,436 500,213
------------ ------------ ------------
OTHER NON CURRENT ASSETS:
Deferred charges 1,941 2,110 1,154
Restricted cash 32 105 5,174
Investments in Joint Venture
companies 5,479 5,347 -
Other non current assets - - 109
Intangible assets 248 221 8
------------ ------------ ------------
Total other non current assets 7,700 7,783 6,445
------------ ------------ ------------
------------ ------------ ------------
Total assets 539,846 527,433 525,296
============ ============ ============
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Current portion of long term
debt 355,457 343,252 138
Accounts payable 3,167 2,401 1,804
Accrued and other current
liabilities 3,711 3,212 1,815
Deferred revenue 243 594 1,368
Warrants - - 3,941
Derivative liability 8,726 9,909 5,839
Dividends payable 75 166 87
------------ ------------ ------------
Total current liabilities 371,379 359,534 14,992
------------ ------------ ------------
NON-CURRENT LIABILITIES:
Long term debt, net of current
portion - - 335,112
Derivative liability - - 8,409
Dividends payable 32 105 174
Other long term liabilities - - 5
------------ ------------ ------------
Total non-current liabilities 32 105 343,700
------------ ------------ ------------
------------ ------------ ------------
COMMITMENTS AND CONTINGENCIES: - - -
------------ ------------ ------------
Stockholders' equity:
Common stock 159 158 151
Additional paid-in capital 201,792 201,618 198,402
Accumulated deficit (33,516) (33,982) (31,949)
------------ ------------ ------------
Total stockholders' equity 168,435 167,794 166,604
------------ ------------ ------------
------------ ------------ ------------
Total liabilities and
stockholders' equity 539,846 527,433 525,296
============ ============ ============
Omega Navigation Enterprises Inc
Consolidated Statements of Cash Flows
(All amounts expressed in thousands of U.S. Dollars)
Three months ended Three months ended Year ended
March March December December December December
31, 31, 31, 31, 31, 31,
2010 2009 2009 2008 2009 2008
-------- -------- --------- --------- --------- ---------
(unaudited)(unaudited)(unaudited) (unaudited)
Cash flows
from
operating
activities
Net income/
(loss) from
continuing
operations 466 5,667 900 (4,442) 5,722 10,939
Net cash
provided
by/(used in)
continuing
operating
activities 3.353 10,400 (97) 10,656 19,283 40,055
-------- -------- --------- --------- --------- ---------
Net cash
provided
by /(used in)
continuing
and
discontinued
operating
activities 3,353 10,400 (97) 10,656 19,283 40,055
-------- -------- --------- --------- --------- ---------
Cash flows
used in
investing
activities
Net cash
used in
investing
activities-
continuing
operations (28.717) (211) (18,269) (475) (18,605) (12,820)
-------- -------- --------- --------- --------- ---------
Net cash
used in
investing
activities-
continuing
and
discontinued
operations (28,717) (211) (18,269) (475) (18,605) (12,820)
-------- -------- --------- --------- --------- ---------
Cash flows
provided
by /(used in)/
financing
activities
Net cash
(used in)/
provided by
financing
activities-
continuing
operations 12,203 (7,707) 11,574 (7,212) (1,925) (19,317)
-------- -------- --------- --------- --------- ---------
Net cash
(used in)/
provided by
financing
activities-
continuing
and
discontinued
operations 12,203 (7,707) 11,574 (7,212) (1,925) (19,317)
-------- -------- --------- --------- --------- ---------
Net
(decrease)/
increase in
cash and cash
equival-
ents (13,161) 2,482 (6,792) 2,969 (1,247) 7,918
Cash and
cash
equivalents
at the
beginning
of the
period 15,564 16,811 22,356 13,842 16,811 8,893
-------- -------- --------- --------- --------- ---------
Cash and
cash
equivalents
at end of
period 2,403 19,293 15,564 16,811 15,564 16,811
======== ======== ========= ========= ========= =========
Reconciliation of Adjusted EBITDA (1) to Cash from Operating Activities
(All amounts expressed in thousands of U.S. Dollars)
CONTINUING & DISCONTINUED OPERATIONS Three months ended
March 31, March 31,
2010 2009
----------- -----------
(unaudited) (unaudited)
Net cash from operating activities 3,353 10,400
Net increase/(decrease) in current assets and non
current assets 2,082 276
Net (increase)/decrease in current liabilities
excluding bank debt (914) (1,943)
Net interest expense 4.108 3,409
Warrants settled liabilities - 1,127
Stock based compensation expense (174) (649)
Payments for drydocking costs - 704
Amortization of financing costs (148) (148)
----------- -----------
Adjusted EBITDA 8,307 13,176
=========== ===========
CONTINUING
OPERATIONS Three months ended Year ended
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
------------ ------------ ------------ ------------
(unaudited) (unaudited)
Net cash from
operating
activities (97) 10,656 19,283 40,055
Net
increase/(decrease)
in current
assets and non
current assets 1,234 377 2,030 285
Net
(increase)/decrease
in current
liabilities
excluding bank
debt 3,533 (461) (1,216) 466
Net interest
expense 3,965 3,973 15,532 14,591
Warrants settled
liabilities - 2,787 1,127 3,156
Stock based
compensation
expense (237) (203) (1,408) (1,355)
Payments for
drydocking costs - 10 1,521 538
Loss on
termination of
purchase
agreement - - 3,000 -
Amortization of
financing costs (149) (157) (782) (668)
------------ ------------ ------------ ------------
Adjusted EBITDA 8,249 16,982 39,087 57,068
============ ============ ============ ============
CONTINUING &
DISCONTINUED
OPERATIONS Three months ended Year ended
December 31, December December 31, December
2009 31, 2008 2009 31, 2008
------------ ------------ ------------ ------------
(unaudited) (unaudited)
Net cash from
operating
activities (97) 10,656 19,283 40,055
Net
increase/(decrease)
in current
assets and non
current assets 1,234 377 2,030 285
Net
(increase)/decrease
in current
liabilities
excluding bank
debt 3,533 (461) (1,216) 486
Net interest
expense 3,965 3,973 15,532 14,591
Warrants settled
liabilities - 2,787 1,127 3,156
Stock based
compensation
expense (237) (203) (1,408) (1,355)
Payments for
drydocking costs - 10 1,521 538
Loss on
termination of
purchase
agreement - - 3,000 -
Amortization of
financing costs (149) (157) (782) (668)
------------ ------------ ------------ ------------
Adjusted EBITDA 8,249 16,982 39,087 57,088
============ ============ ============ ============
(1) Adjusted EBITDA represents net income before interest, taxes,
gains/losses on derivative instruments, depreciation and amortization.
Adjusted EBITDA does not represent and should not be considered as an
alternative to net income or cash flow from operations, as determined
by US GAAP and our calculation of adjusted EBITDA may not be
comparable to that reported by other companies. Adjusted EBITDA is
included here because it is a basis upon which we assess our liquidity
position because we believe it presents useful information to
investors regarding our ability to service and/or incur indebtedness.
About Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. is an international provider
of global marine transportation services through the ownership and
operation of double hull product tankers. The current fleet
includes twelve hull product tankers with a carrying capacity of
about 680,000 dwt, of which two double hull product / chemical
tankers, with a capacity of 47,000 dwt, and two double hull product
/ chemical tankers, with a capacity of 37,000 dwt., are owned
through equal partnership joint ventures with a wholly owned
subsidiary of Glencore International, A.G..Furthermore, as
previously announced, the joint venture company has entered into
shipbuilding contracts with Hyundai Mipo Dockyard in South Korea,
to construct and acquire seven additional double hull product
tankers with a capacity of 74,000 dwt each scheduled for delivery
between October 2010 and early 2012.
The Company was incorporated in the Marshall Islands in February
2005. Its principal executive offices are located in Athens, Greece
and it also maintains an office in the United States.
Omega Navigation's common shares are traded on the NASDAQ
National Market under the symbol "ONAV" and are also listed on the
Singapore Exchange Securities Trading Limited under the symbol
"ONAV 50".
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential,"
"will," "may," "should," "expect" "pending" and similar expressions
identify forward-looking statements.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, the Company's
management's examination of historical operating trends, data
contained in the Company's records and other data available from
third parties. Although the Company believes that these assumptions
were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company's
control, the Company cannot assure you that the Company will
achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors other important factors
that, in the Company's view, could cause actual results to differ
materially from those discussed in the forward-looking statements
include the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand for product tanker and dry bulk
shipping capacity, changes in the Company's operating expenses,
including bunker prices, drydocking and insurance costs, the market
for the Company's vessels, availability of financing and
refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due
to accidents or political events, vessels breakdowns and instances
of off-hires and other factors. Please see the Company's filings
with the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
Contacts: Company Contact: Gregory A. McGrath Chief Financial
Officer Omega Navigation Enterprises, Inc. PO Box 272 Convent
Station, NJ 07961 Tel. (551) 580-0532 E-mail:
gmcgrath@omeganavigation.com www.omeganavigation.com Investor
Relations / Financial Media: Nicolas Bornozis President Capital
Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel.
(212) 661-7566 E-mail: omeganavigation@capitallink.com
www.capitallink.com
Omega Navigation Enterprises, Inc. (MM) (NASDAQ:ONAV)
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