This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Capital Product Partners' CEO Discusses Q2 2012 Results - Earnings Call Transcript

I would now turn the – hand over to your speaker today, Mr. Lazaridis. Please go ahead, sir.

Ioannis Lazaridis

Thank you, (Scott). Thank you all for joining us today. As a reminder, we will be referring to supporting slides available on our website as we go through today’s presentation.

Starting with Slide 1, I’m going to make some comparisons on today’s call between the second quarter of 2012 and the second quarter of 2011 as this is the most meaningful analogy in our business.

On July 23, 2012, our board of director declared a cost distribution of $0.2325 per common unit for the second quarter of 2012 in line with management’s annual distribution guidance.

The second quarter common unit cash distribution will be paid on August 15, 2012 to unit holders of record on August 7, 2012.

The partnership’s operating surplus for the quarter amounted to $16.9 million or $12.7 million adjusted for the payment of distributions to the Class B unit holders following the issuance of 15,555,554 Class B convertible preferred units during the second quarter.

Revenues for the second quarter include $1.1 million in profit sharing revenues generated primarily by three of our crude vessels as a good spot tanker market rebounded during the first half of the year.

The profit sharing arrangements in the charters of a number of our good vessels allow us to share the success of the base rate, on a 50/50 basis with our charters and are settled biannually.

I would also like to remind you that on May 14, 2012, we announced a very important transaction for the partnership as we agreed to issue $140 million of Class B units to a group of investors, including Kayne Anderson Capital Advisors, (Strong) Capital LLC, (inaudible) Partner, and the partnership sponsor, Capital Maritime.

The Class B units were apprised at $9 per unit and are convertible at any time into common units of the partnership on a one-for-one basis.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs