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Costamare Inc. Reports Results For The Second Quarter And Six-Month Period Ended June 30, 2014

Stocks in this article: CMRE

ATHENS, Greece, July 23, 2014 (GLOBE NEWSWIRE) -- Costamare Inc. ("Costamare" or the "Company") (NYSE:CMRE) today reported unaudited financial results for the second quarter and six months ended June 30, 2014.

  • Voyage revenues of $123.5 million and $238.4 million for the three and the six months ended June 30, 2014, respectively.  
  • Voyage revenues adjusted on a cash basis of $126.0 million and $243.5 million for the three and six months ended June 30, 2014, respectively.  
  • Adjusted EBITDA of $91.4 million and $173.4 million for the three and six months ended June 30, 2014, respectively.  
  • Net income of $27.4 million and $47.2 million for the three and six months ended June 30, 2014, respectively.  
  • Net income available to common stockholders of $24.3 million or $0.32 per share and $41.5 million or $0.55 per share for the three and six months ended June 30, 2014, respectively.  
  • Adjusted Net income available to common stockholders of $36.2 million or $0.48 per share and $62.5 million or $0.84 per share for the three and six months ended June 30, 2014, respectively.

See "Financial Summary" and "Non-GAAP Measures" below for additional detail.

New Business Developments

  • The Company purchased the 2000-built, 2,474 TEU containership Areopolis for a purchase price of $9.5 million. The vessel has been chartered to Cosco for a period of minimum 3 and maximum 5 months starting from June 15, 2014, at a daily rate of $7,000.  
  • The Company sold the 1992-built, 3,351 TEU containership Konstantina for demolition, for a sale price of $7.5 million. The vessel was delivered to her buyers on May 29, 2014. On July 8, 2014 the Company agreed to sell for demolition the 1981-built, 3,876 TEU containership MSC Kyoto for a sale price of $9.5 million. The vessel was delivered to her buyers on July 17, 2014. The Company expects to record a net gain from the two transactions of approximately $0.8 million.  
  • The Company entered into the following charter arrangements:
    • Agreed to substitute the 1998-built, 3,842 TEU containership MSC Koroni (ex. Koroni) into the charter of the MSC Kyoto which was sold for demolition.
    • Agreed to charter the 1998-built, 3,842 TEU containership MSC Itea (ex. Kyparissia) with MSC for a period of approximately 1 year starting from July 7, 2014 at a daily rate of $7,300.
    • Agreed to extend the charter of the 1994-built, 1,162 TEU containership Petalidi with CMA CGM for a period of minimum 12 and maximum 14 months starting from August 3, 2014 at a daily rate of $6,800.
    • Agreed to extend the charter of the 1992-built, 3,351 TEU containership Marina with Evergreen for a period of minimum 8 and maximum 12 months starting from August 12, 2014 at a daily rate of $7,000.
    • Agreed to charter the 1991-built, 3,351 TEU containership Karmen with Wan Hai Lines for a period of minimum 15 and maximum 25 days at a daily rate of $7,500 starting from July 7, 2014.
    • Exercised our option to extend the charters of the MSC Namibia II, MSC Sierra II and MSC Reunion with MSC for a period of approximately two years starting from August 2, July 1 and August 27, 2014 respectively. The daily rate for the first year of the extension has been set at $7,600.

Dividend Announcements

  • On July 3, 2014, we declared a dividend of $0.476563 per share on our Series B Preferred Stock and a dividend of $0.531250 per share on our Series C Preferred Stock, both paid on July 15, 2014, to holders of record on July 14, 2014.  
  • On July 8, 2014, we declared a dividend for the second quarter ended June 30, 2014, of $0.28 per share on our common stock, payable on August 6, 2014, to stockholders of record on July 23, 2014. This will be the Company's fifteenth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

"During the second quarter of the year, the Company continued to deliver positive results.

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