Costamare Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter the company reported voyage revenues of $112.5 million compared to $95.19 million a year ago. On adjusted cash basis, voyage revenues were $116.8 million compared to $97.6 million a year ago. Operating income was $44,265,000 compared to $39,594,000 a year ago. Net income was $26,852,000 compared to $22,931,000 a year ago. Net income available to common stockholders was $25,901,000 or $0.35 per basic and diluted share compared to $22,931,000 or $0.31 per basic and diluted share a year ago. Adjusted EBITDA was $75,692,000 compared to $62,510,000 a year ago. Adjusted net income available to common stockholders was $30,477,000 or $0.41 per basic and diluted share compared to $23,625,000 or $0.32 per basic and diluted share a year ago. EBITDA was $71,116,000 compared to $61,816,000 a year ago. Net cash flows provided by operating activities for the three-month period ended December 31, 2013, increased by $13.1 million to $57.8 million, compared to $44.7 million for the three-month period ended December 31, 2012. The increase was primarily attributable to increased cash from operations of $19.3 million due to cash generated from the chartering of the seven new build vessels delivered to us during the year ended December 31, 2013 and to decreased dry-docking payments of $2.3 million, partly offset by unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $5.1 million. Net cash used in investing activities was $107.9 million in the three-month period ended December 31, 2013, which primarily consisted of $108.1 million advance payments for the construction and purchase of three new build vessels.

The company's revenue increased by 7.3%, or $28.0 million, to $414.2 million during the year ended December 31, 2013, from $386.2 million during the year ended December 31, 2012. This increase was mainly attributable to revenue earned by the new build vessels delivered to the company during the year ended December 31, 2013; partly offset by decreased charter rates in certain of its vessels during the year ended December 31, 2013, compared to the year ended December 31, 2012, and revenues not earned by vessels which were sold for scrap during the years ended December 31, 2013 and 2012. Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), increased by 9.4%, or $36.8 million, to $429.2 million during the year ended December 31, 2013, from $392.4 million during the year ended December 31, 2012. This increase was mainly attributable to revenue earned by the new build vessels delivered to company during the year ended December 31, 2013; partly offset by decreased charter rates in certain of company vessels during the year ended December 31, 2013, compared to the year ended December 31, 2012, and revenues not earned by vessels which were sold for scrap during the years ended December 31, 2013 and 2012. Operating income was $169,015,000 compared to $154,873,000 a year ago. Net income was $103,087,000 compared to $81,129,000 a year ago. Net income available to common stockholders was $101,551,000 or $1.36 per basic and diluted share compared to $81,129,000 or $1.20 per basic and diluted share a year ago. Adjusted EBITDA was $282,414,000 compared to $253,097,000 a year ago. Adjusted net income available to common stockholders was $108,846,000 or $1.46 per basic and diluted share compared to $91,346,000 or $1.35 per basic and diluted share a year ago. EBITDA was $275,119,000 compared to $242,880,000 a year ago. Net cash flows provided by operating activities for the year ended December 31, 2013, increased by $18.6 million to $186.7 million, compared to $168.1 million for the year ended December 31, 2012. The increase was primarily attributable to increased cash from operations of $36.8 million due to cash generated from the charters of the seven new build vessels delivered to us during the year ended December 31, 2013 and to decreased dry-docking payments of $5.0 million, partly offset by unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $20.1 million and increased payments for interest (including swap payments) of $2.7 million. Net cash used in investing activities was $621.1 million in the year ended December 31, 2013, which consisted primarily of (a) $590.4 million advance payments for the construction and purchase of ten new build vessels, (b) $51.9 million in payments for the acquisition of four secondhand vessels.