Navios Maritime Partners L.P. Reports Unaudited Financial Results for the Fourth Quarter and the Year Ended December 31, 2011
January 26, 2012 at 12:26 pm
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Navios Maritime Partners L.P. reported unaudited financial results for the fourth quarter and the year ended December 31, 2011. For the quarter, revenue was $50,464,000 against $42,489,000 a year ago. Net income was $18,661,000 against $18,397,000 a year ago. Adjusted net income was $18,661,000 against $18,397,000 a year ago. EBITDA was $38,588,000 against $32,220,000 a year ago. Adjusted EBITDA was $38,588,000 against $32,220,000 a year ago. Earnings per common unit were $0.35 against $0.38 per unit a year ago. Adjusted earnings per common unit were $0.35 against $0.38 per unit a year ago. The increase in EBITDA was due to an $8.0 million increase in revenue following the acquisitions of the Navios Melodia and the Navios Fulvia on November 15, 2010 and the Navios Luz and the Navios Orbiter on May 19, 2011.
For the year, revenue was $186,953,000 against $143,231,000 a year ago. Net income was $65,335,000 against $60,511,000 a year ago. Adjusted net income was $69,314,000 against $60,511,000 a year ago. EBITDA was $137,790,000 against $107,120,000 a year ago. Adjusted EBITDA was $141,769,000 against $107,120,000 a year ago. Earnings per common unit were $1.33 against $1.51 per unit a year ago. Adjusted earnings per common unit were $1.40 against $1.51 per unit a year ago. Net cash provided by operating activities was $127,464,000 against $96,018,000 a year ago. Acquisition of intangibles was $43,780,000 against $156,166,000 a year ago. The reserve for estimated maintenance and replacement capital expenditures for the year ended December 31, 2011 and 2010 was $18.6 million and $14.7 million, respectively.
Navios Maritime Partners LP is a Monaco-based international owner and operator of dry cargo and container vessels. The Company is engaged in the seaborne transportation services with a range of dry cargo commodities, including iron ore, coal, grain, fertilizer, and containers. It owns and operates its worldwide fleet with a diversified customer base which focuses on providing seaborne shipping services under long-term time charters. Panamax vessels carry a range of dry cargo commodities, including iron ore, coal, grain and fertilizer and being accommodated in various discharge ports. Capesize vessels are dedicated to the carriage of iron ore and coal. Ultra-Handymax vessels works with less carrying capacity and have self-loading and discharging gear on board to accommodate undeveloped ports. It also acts as a trusted partner for industrial end users, ship owners, financial business partners, agents and brokers.