Costamare Inc. Declares Dividend for the Fourth Quarter Ended December 31, 2015, Payable on February 4, 2016; Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 27, 2016 at 04:16 pm
Share
On January 4, 2016, Costamare Inc. declared a dividend for the fourth quarter ended December 31, 2015, of $0.29 per share on its common stock, payable on February 4, 2016, to stockholders of record on January 21, 2016.
The company announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported voyage revenues of $122,276,000 compared with $120,866,000 for the same period a year ago. Operating income was $54,093,000 compared with $50,691,000 for the same period a year ago. Net income available to common stockholders was $33,062,000 or $0.44 per basic and diluted share compared with $27,722,000 or $0.37 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $86,209,000 compared with $82,734,000 for the same period a year ago. Adjusted net income available to common stockholders was $32,772,000 or $0.44 per share compared with $30,799,000 or $0.41 per share for the same period a year ago. EBITDA was $87,755,000 compared with $80,913,000 for the same period a year ago. The increase in voyage revenue was mainly due to (i) increased charter rates in certain of the company's vessels during the three-month period ended December 31, 2015, compared to the three-month period ended December 31, 2014, (ii) decreased off-hire days, mainly due to scheduled dry-dockings during the three-month period ended December 31, 2015, compared to the three-month period ended December 31, 2014; partly offset by revenue not earned by the vessel sold for demolition during the three-month period ended December 31, 2015. Net cash provided by operating activities was $65.1 million compared with $62.5 million for the same period a year ago.
For the full year, the company reported voyage revenues of $490,378,000 compared with $483,995,000 for the same period a year ago. Operating income was $217,913,000 compared with $214,691,000 for the same period a year ago. Net income available to common stockholders was $125,861,000 or $1.68 per basic and diluted share compared with $103,178,000 or $1.38 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $348,227,000 compared with $343,195,000 for the same period a year ago. Adjusted net income available to common stockholders was $130,351,000 or $1.74 per share compared with $122,938,000 or $1.64 per share for the same period a year ago. EBITDA was $348,719,000 compared with $327,459,000 for the same period a year ago. Net cash provided by operating activities was $244.7 million compared with $243.3 million for the same period a year ago.
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.
Costamare Inc. Declares Dividend for the Fourth Quarter Ended December 31, 2015, Payable on February 4, 2016; Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015