Important factors that could cause actual results to differ include our future operating or financial results, the ability to manage growth adverse conditions in the marine field supply industries, and increased levels of competition.
For further information, please refer to Aegean Marine Petroleum Network, Inc’s report and filings with the Securities and Exchange Commission.
As outlined on page four of the presentation, I will provide our recent highlights. I will then review our financial results and Peter will review our company’s strategy. After that, we will open the floor to questions.
I will not turn the call over to Peter.Peter Georgiopoulos
Thank you, Nick. During the second quarter, management continued to steadily enhance Aegean’s operational and financial performance in the challenging market environment. The cumulus success we have achieved executing our strategy outlined a year and a half ago has enable Aegean to significantly strengthen its’ work class integrated marine field logistics chain and deliver strong and sustainable results for shareholders. We continue to markedly increase operating efficiencies to the sale of non-core assets. And maintain a diverse customer base with strong credit quality while strengthening the company’s future prospects. Specifically, we recently announced expansion plans in Barcelona providing an attractive opportunity to further leverage Aegean’s high quality of logistics infrastructure and increase utilization. With an expansive and more efficient global full service platform combined with a strong financial foundation, we remain well positioned to strengthen Aegean’s leading brand as an independent supply of marine fuel on a worldwide basis and expand the company’s future earnings power. I will now begin my discussion on slide six with a presentation. During the three months ended June 30, 2012, sales volumes increased slightly to 2,714,176 metric tons. While Nick will provide more details regarding our financial results, I’d like to note that based on the ongoing implementation of our strategy and the enhancing profitability combined with higher sales volumes, gross profit in Q2 was $80 million, an increase of 15% to the year earlier period. For the three months ended June 30, 2012, we reported adjusted operating income of $19.5 million and EBITDA of $21 million on an adjusted basis, which excludes a net non-cash loss from the sale of non-core vessels EBITDA for the second quarter was $25.2 million representing an increase of 34% from the year earlier period when there were no vessel sales.