- Navios secures 96.0% fleet employment coverage for 2006 PIRAEUS,
Greece, Aug. 17 /PRNewswire-FirstCall/ -- Navios Maritime Holdings
Inc. ("Navios") (NASDAQ:BULKNASDAQ:BULKUNASDAQ:BULKW), a vertically
integrated global shipping company specializing in the dry-bulk
shipping industry, today reported its financial results for the
second quarter and six months ended June 30, 2006. For the
following results and the selected financial data presented herein,
Navios has compiled consolidated statements of operations for the
three and six month periods ended June 30, 2006 (successor) and
2005 (predecessor). Both the 2006 and 2005 information was derived
from unaudited financial statements. The successor period in the
consolidated statement of operations is not directly comparable to
the predecessor period because it includes the effects of fair
value purchase accounting adjustments, which however, do not affect
EBITDA. Second Quarter 2006 Results (in 000's of US Dollars):
Successor Predecessor Three Months ended Three Months ended June
30, 2006 June 30, 2005 (Unaudited) (Unaudited) Revenue 52,862
65,960 EBITDA 24,548 25,818 Net Income 4,924 24,307 Navios earns
revenue from both owned and chartered-in vessels, contracts of
affreightment and port terminal operations. Revenue from vessels
operations for the three month period ended June 30, 2006 was $50.0
million as compared to $63.1 million for the same period in 2005.
This decrease is mainly attributable to (a) the redelivery of
chartered-in vessels during the second quarter of 2006, following
the expiration of these charters, which was partially mitigated by
the increase in the number of vessels owned by the Company (see
"Fleet Employment Profile") and (b) a decline in the freight
market, resulting in lower charter-out daily hire rates in the
second quarter of 2006 as compared to those of the same period in
2005. The available days for the fleet increased 9.1% from 2,377
days in 2005 to 2,593 days in 2006 and the achieved Time Charter
Equivalent (TCE) rate per day, excluding Forward Freight Agreements
(FFAs), decreased 36.4% from $26,249 per day in the three month
period ended June 30, 2005 to $16,687 per day for the same period
in 2006. Revenue from port terminal operations was approximately
$2.86 million in the second quarter of 2006 as compared to $2.90
million during the same period of 2005. The port terminal
throughput in the first quarter of 2006 was 697,000 tons as
compared to 710,000 tons in the same period of 2005. EBITDA was
$24.5 million for the second quarter of 2006 as compared to $25.8
million for the same period of 2005. This decrease in EBITDA is
mainly attributable to (a) a decline in revenues as explained
above, (b) a gain in FFA trading of $1.7 million in the second
quarter of 2006 versus a $3.8 million gain in the same period last
year, resulting in an unfavorable FFA variance of $2.1 million, (c)
a $2.8 million increase in direct vessels expenses due to the
expansion of the owned fleet and (d) a $0.9 million increase in
general and administrative expenses reflecting primarily the effect
of Navios' being a public company. These were mitigated by a
reduction in time charter and voyage expenses from $38.5 million in
the second quarter of 2005 to $22.6 million in the same period of
2006. This was mainly due to the redelivery of higher cost
chartered-in vessels and the exercise of purchase options that
resulted in expansion of the owned fleet. Net income for the second
quarter ended June 30, 2006 was $4.9 million as compared to $24.3
million for the comparable period of 2005. In addition to the
matters discussed above, the following also contributed to the
decrease of net income: (a) a $4.0 million increase in depreciation
due to the expansion of the owned fleet arising from new
acquisitions and exercise of purchase options, as well as purchase
accounting adjustments following the acquisition, (b) a $3.5
increase in amortization costs related to the intangible assets
established on the Company's balance sheet as part of the
acquisition in accordance with purchase accounting principles under
US GAAP and (c) a $10.3 million increase in interest expense due to
the increased indebtedness used to finance the acquisition of the
Company and the purchase of nine additional vessels. First Half
2006 Results (in 000's of US Dollars): Successor Predecessor Six
Months ended Six Months ended June 30, 2006 June 30, 2005
(Unaudited) (Unaudited) Revenue 102,031 127,326 EBITDA 49,145
40,506 Net Income 9,906 37,271 Navios earns revenue from both owned
and chartered-in vessels, contracts of affreightment and port
terminal operations. Revenue from vessels operations for the six
month period ended June 30, 2006 was $98.1 million as compared to
$123.1 million for the same period of 2005. This decrease is mainly
attributable to (a) the redelivery of chartered-in vessels during
the first half of 2006 and 2005, following the expiration of these
charters, which was partially mitigated by the increase in the
number of vessels owned by the Company (see "Fleet Employment
Profile") and (b) a decline in the freight market, resulting in
lower charter-out daily hire rates in the first half of 2006 as
compared to those of the same period in 2005. The available days
for the fleet increased 3.6% from 4,811 days in 2005 to 4,983 days
in 2006 and the achieved TCE rate per day, excluding FFAs,
decreased 28.7% from $24,177 per day in the six month period ended
June 30, 2005 to $17,237 per day for the same period in 2006.
Revenue from port terminal operations for the first half of 2006
was $3.9 million as compared to $4.2 million in the same period of
2005. This is attributable to decreased throughputs in the first
half of 2006 of 1,022,500 tons as compared to 1,044,000 tons in the
same period of 2005. EBITDA was $49.1 million for the first half of
2006 as compared to $40.5 million for the same period of 2005. This
$8.6 million increase in EBITDA is mainly attributable to (a) a
gain in Forward Freight Agreement ("FFA") trading of $3.3 million
in the first half of 2006 versus a $0.8 million loss in the same
period last year, resulting in a favorable FFA variance of $4.1
million, and (b) a reduction in time charter and voyage expenses
from $75.9 million in the first half of 2005 to $43.4 million in
the same period of 2006. This was mainly due to the redelivery of
higher cost chartered-in vessels and the exercise of purchase
options that resulted in expansion of the owned fleet. The 42.8%
reduction in time charter and voyage expenses more than offsets the
decline in revenues as discussed above and increase in direct
vessel expenses due to the expansion of the owned fleet from 6
vessels in the first half of 2005 to 16 vessels for the same period
in 2006. Net income for the six month period ended June 30, 2006
was $9.9 million as compared to $37.3 million for the comparable
period of 2005. In addition to the matters discussed above, the
following also contributed to the decrease of net income: (a) a
$7.8 million increase in depreciation due to the expansion of the
owned fleet arising from new acquisitions and exercise of purchase
options, as well as purchase accounting adjustments following the
acquisition, (b) an $8.6 million increase in amortization costs
related to the intangible assets established on the Company's
balance sheet as part of the acquisition in accordance with
purchase accounting principles under US GAAP and (c) a $19.0
million increase in interest expense due to the increased
indebtedness used to finance the acquisition of the Company and the
purchase of nine additional vessels. Navios' cash and cash
equivalents balance, including restricted cash, on June 30, 2006
was $124.1 million. This amount includes the proceeds from the
exercise of warrants of approximately $65.5 million. Time Charter
Coverage: Navios has extended its Long Term Fleet coverage to 96.0%
for 2006 and 45.1% for 2007 by recently concluding agreements to
charter out three vessels for two years and one vessel for one year
at daily rates which secure strong revenues and an EBITDA of $40.3
million over the charter periods. Charter Revenue Charter Out
Vessels Type Built DWT Daily Rate(1) Period(2) Effective Date(2)
Navios Ultra Mercator Handymax 2002 53,553 19,950 2 Years
12/15/2006 Navios Alegria Panamax 2004 76,466 19,475 2 Years
8/9/2006 Navios Magellan Panamax 2000 74,333 19,950 1 Year 4/1/2007
Navios Gemini S Panamax 1994 68,636 19,523 2 Years 12/06/2006 (1)
Time Charter Revenue Rate per day net of commissions (2) Charter
agreements includes a redelivery time range of 2 to 3 months Ms.
Frangou, Navios' Chairman and CEO said, "It is our objective to
take advantage of the recent strengthening of the market by fixing
vessels for forward delivery and securing favorable cash flows.
Dry-bulk industry fundamentals remain solid, and, because of our
flexible structure, we are positioned to capitalize on
opportunities which may present themselves." Purchase Option
Exercised: Navios has exercised its purchase option to acquire
Navios Star for delivery in the fourth quarter of 2006. Navios Star
is a 2002 built, 76,662 DWT Panamax, and is currently employed
under the Company's long-term chartered fleet. The current market
value for this vessel is approximately $15.0 million higher than
the exercise price. Navios has eight additional purchase options
exercisable over the next two years. Dividend: Navios' Board of
Directors has approved the Company's quarterly cash dividend of
$0.0666 per common share, payable on September 27, 2006 to
stockholders of record as of August 31, 2006. Summary Fleet Data:
The following table reflects certain key indicators indicative of
the Company and its fleet performance for the three month and the
six month periods ended June 30, 2006 and 2005. Successor
Predecessor Three Months ended Three Months ended June 30, 2006
June 30, 2005 (Unaudited) (Unaudited) Available Days 2,593 2,377
Operating Days 2,587 2,373 Fleet Utilization 99.76% 99.85% Time
Charter Equivalent including FFAs $17,329 $27,834 Time Charter
Equivalent excluding FFAs $16,687 $26,249 Successor Predecessor Six
Months ended Six Months ended June 30, 2006 June 30, 2005
(Unaudited) (Unaudited) Available Days 4,983 4,811 Operating Days
4,972 4,784 Fleet Utilization 99.78% 99.42% Time Charter Equivalent
including FFAs $17,905 $24,011 Time Charter Equivalent excluding
FFAs $17,237 $24,177 Available days: We define available days for
the fleet as the number of the total calendar days the vessels were
in our possession for the relevant period, after subtracting
off-hire days associated with major repairs and scheduled dry-docks
or special surveys. The shipping industry uses available days to
measure the number of days in a relevant period during which
vessels should be capable to generating revenues. Operating days:
We define operating days as the number of available days in the
relevant period less the aggregate number of days that our vessels
are off-hire due to any reason, including unforeseen circumstances.
The shipping industry uses operating days to measure the aggregate
number of days in a period during which vessels actually generate
revenues. Fleet utilization: We define fleet utilization as the
percentage of time that our vessels were available for revenue
generating, and it is calculated by dividing the number of our
operating days during the relevant period by the number of the
available days during that period. The shipping industry uses fleet
utilization to measure a company's efficiency in finding suitable
employment for its vessels. Time Charter Equivalent (TCE): We
define TCE per ship per day rate as our voyage and time charter
revenues less voyage expenses during the relevant period divided by
the number of our available days during that period, which is
consistent with industry standards. TCE rate is a shipping industry
performance measure used primary to compare daily earnings
generated by vessels on time charters with daily earning generated
by vessels on voyage charters, because charter hire for vessels on
voyage charters are generally not expressed in per day amounts
while charter hire rates for vessels on time charters are generally
expressed in such amounts. Fleet Employment Profile: Following is
the "core fleet" employment profile, including newbuildings to be
delivered. The "core fleet" includes the owned vessels and the long
term chartered-in vessels. Navios' core fleet consists of a total
of 32 vessels, totaling 2.10 million deadweight tons. Two of these
vessels are scheduled to be delivered to the fleet in September
2006 and November 2006 and five within the next two years.
Currently, the Company operates a fleet of 25 vessels of which 16
are owned and 9 are chartered-in under long term time charters.
Following the delivery of Navios Altair and Navios Sagittarius and
the acquisition of Navios Star in 2006, the Company will operate a
fleet of 27 vessels of which 17 will be owned and 10 will be
chartered-in under long term time charters. These vessels aggregate
approximately 1.61 million deadweight tons and have an average age
of 4.5 years. Navios has currently fixed 96.0 % and 45.1% of its
available days on a charter-out basis for 2006 and 2007
respectively, equivalent to $154.5 million and $81.5 million in
revenue, respectively. The average daily charter-out rate for the
fleet is $17,579 for 2006. The current average daily charter-in
rate for the active long term chartered-in vessels is $9,646. Owned
Vessels Vessels Type Built DWT Charter Expiration Rate (1) Date (2)
Navios Ionian Ultra Handymax 2000 52,068 15,152 03/03/2007 Navios
Apollon Ultra Handymax 2000 52,073 16,150 09/28/2007 Navios Horizon
Ultra Handymax 2001 50,346 14,725 06/16/2008 Navios Herakles Ultra
Handymax 2001 52,061 15,437 03/28/2007 Navios Achilles Ultra
Handymax 2001 52,063 15,533 12/21/2006 Navios Meridian Ultra
Handymax 2002 50,316 20,045 12/15/2006 14,250 08/23/2007 Navios
Mercator Ultra Handymax 2002 53,553 21,175 12/15/2006 19,950
12/15/2008 Navios Arc Ultra Handymax 2003 53,514 15,438 04/22/2007
Navios Hios Ultra Handymax 2003 55,180 19,237 11/15/2006 Navios
Kypros Ultra Handymax 2003 55,222 16,844 05/13/2007 Navios Gemini S
Panamax 1994 68,636 16,150 12/06/2006 19,523 12/21/2008 Navios
Libra II Panamax 1995 70,136 17,385 09/27/2006 Navios Felicity
Panamax 1997 73,857 9,144 04/25/2008 Navios Magellan Panamax 2000
74,333 14,963 04/01/2007 19,950 04/01/2008 Navios Galaxy I Panamax
2001 74,195 24,062 01/25/2008 Navios Alegria Panamax 2004 76,466
19,475 08/09/2008 Long Term Chartered-in Vessels Vessels Type Built
DWT Purchase Charter Expiration Option(3) Rate(1) Date(2) Navios
Vector Ultra Handymax 2002 50,296 No 8,811 12/17/2007 Navios Astra
Ultra Handymax 2006 53,400 Yes 17,100 06/01/2007 Navios Star(3)
Panamax 2002 76,662 Exercised 15,343 01/13/2007 Navios Cielo
Panamax 2003 75,834 No 16,863 11/14/2006 Navios Hyperion Panamax
2004 75,500 Yes 15,400 01/05/2007 Navios Orbiter Panamax 2004
76,602 Yes 16,150 12/31/2006 Navios Aurora Panamax 2005 75,200 Yes
24,063 07/06/2008 Navios Orion Panamax 2005 76,000 No 21,175
02/13/2007 Navios Titan Panamax 2005 82,936 No 20,000 11/24/2007
Long Term Chartered-in Vessels on Order Vessels Type To Be Built
Purchase DWT Option Navios Altair Panamax 09/2006 No 82,300 Navios
Sagittarius Panamax 11/2006 Yes 75,500 Navios TBN Ultra Handymax
04/2007 Yes 53,500 Navios TBN Panamax 09/2007 Yes 82,000 Navios TBN
Panamax 11/2007 No 75,200 Navios TBN Panamax 03/2008 Yes 76,500
Navios TBN Ultra Handymax 05/2008 No 55,100 (1) Time Charter
Revenue Rate per day net of commissions (2) Estimated dates of
redelivery by charterers (3) On August 2, 2006, Navios exercised
its purchase option to acquire Navios Star Conference Call and
Webcast: As already announced, today, Thursday, August 17, 2006,
08:30 AM EDT, the Company's management will host a conference call
to discuss the results. Conference Call Details: Participants
should dial into the call 10 minutes before the scheduled time
using the following numbers: (877) 412-8086 (from the US) or (973)
582-2842 (from outside the US). Pass Code: 7667156 A telephonic
replay of the conference call will be available until August 24,
2006; 11:59 PM EDT, by dialing (877) 519-4471 (from the US) or
(973) 341- 3080 (from outside the US). Pass Code: 7667156 Webcast:
This call will simultaneously be Webcast at the following Web
address: http://www.videonewswire.com/event.asp?id=35096 The
Webcast will be archived and available at this same Web address for
one year following the call. ABOUT NAVIOS MARITIME INC. On August
25, 2005, pursuant to a Stock Purchase Agreement dated February 28,
2005, as amended, by and among International Shipping Enterprises,
Inc. ("ISE"), Navios Maritime Holdings Inc. ("Navios") and all the
shareholders of Navios, ISE acquired Navios through the purchase of
all of its outstanding shares of common stock. As a result of this
acquisition, Navios became a wholly-owned subsidiary of ISE. In
addition, on August 25, 2005, simultaneously with the acquisition
of Navios, ISE effected a reincorporation from the State of
Delaware to the Republic of the Marshall Islands through a
downstream merger with and into its newly acquired wholly-owned
subsidiary, whose name was and continued to be Navios Maritime
Holdings Inc. Navios owns and operates a fleet of ten Ultra
Handymax and six Panamax vessels. It also time charters-in and
operates a fleet of two Ultra Handymax and seven Panamax vessels
that are employed to provide worldwide transportation of bulk
commodities. Furthermore, it also operates a port and transfer
terminal located in Nueva Palmira, Uruguay. The facility consists
of docks, conveyors and silo storage capacity totaling 270,440
tons. The core fleet has a total capacity of 2,106,549 dwt and an
average age of approximately 4.5 years. After the exercise of the
purchase option on the Navios Star, the Company has options to
acquire eight chartered-in vessels. Furthermore, it also has seven
long term chartered-in vessels on order which are expected to be
delivered at various dates from September 2006 to May 2008. Forward
Looking Statements This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth
strategy and measures to implement such strategy; including
expected vessel acquisitions and entering into further time
charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words
and similar expressions are intended to identify forward-looking
statements. Such statements include comments regarding expected
revenues and time charters. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to changes in the demand for dry bulk vessels, competitive
factors in the market in which the Company operates; risks
associated with operations outside the United States; and other
factors listed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company expressly disclaims
any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based. NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS (expressed in thousands of US Dollars)
June 30, December 31, 2006 2005 (unaudited) ASSETS Current Assets
Cash and cash equivalents $100,201 $37,737 Restricted cash 23,936
4,086 Accounts receivable, net 10,955 13,703 Short term derivative
asset 60,889 45,556 Short term backlog asset 5,474 7,019 Prepaid
expenses and other current assets 11,355 6,438 Total current assets
212,810 114,539 Deposit on exercise of vessels purchase options
8,322 Vessels, port terminal and other fixed assets, net 488,512
365,997 Long term derivative assets 291 28 Deferred financing
costs, net 10,449 11,677 Deferred dry dock and special survey
costs, net 3,447 2,448 Investments in affiliates 371 657 Long term
backlog asset 5,142 7,744 Trade name 87,619 89,014 Port terminal
operating rights 30,344 30,728 Favorable lease terms and purchase
options 80,295 117,440 Goodwill 40,789 40,789 Total non-current
assets 747,259 674,844 Total Assets $960,069 $789,383 LIABILITIES
AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable
$15,163 $13,886 Dividends payable 4,088 - Accrued expenses 16,919
11,253 Deferred voyage revenue 8,195 6,143 Short term derivative
liability 67,917 39,992 Short term backlog liability 8,109 8,109
Current portion of long term debt 61,319 54,221 Total current
liabilities 181,710 133,604 Long term debt, net of current portion
499,389 439,179 Long term liabilities 1,268 2,297 Long term
derivative liability 2,528 598 Long term backlog liability 1,925
5,947 Total non-current liabilities 505,110 448,021 Total
liabilities 686,820 581,625 Commitments and Contingencies
Stockholders' Equity Preferred stock - $0.0001 par value,
authorized 1,000,000 shares. None issued - - Common stock - $
0.0001 par value, authorized 120,000,000 shares, issued and
outstanding 61,379,134 and 44,239,319 as of June 30, 2006 and
December 31, 2005 respectively 6 4 Additional paid-in capital
272,995 205,593 Shares to be issued 3,184 - Accumulated other
comprehensive income/(loss) (7,891) - Retained earnings 4,955 2,161
Total stockholders' equity 273,249 207,758 Total Liabilities and
Stockholders' Equity $960,069 $789,383 NAVIOS MARITIME HOLDINGS
INC. CONSOLIDATED STATEMENTS OF OPERATIONS (expressed in thousands
of US Dollars - except per share data) Successor Predecessor
Successor Predecessor Three Month Three Month Six Month Six Month
Period ended Period ended Period ended Period ended June 30, June
30, June 30, June 30, 2006 2005 2006 2005 (unaudited) (unaudited)
(unaudited) (unaudited) Revenue $52,862 $65,960 $102,031 $127,326
Gain (loss) on Forward Freight Agreements 1,665 3,768 3,327 (799)
Time charter, voyage and port terminal expenses (22,622) (38,463)
(43,390) (75,933) Direct vessel expenses (5,047) (2,245) (9,211)
(4,354) General and administrative expenses (4,042) (3,104) (7,637)
(6,748) Depreciation and amortization (9,024) (1,493) (19,144)
(2,982) Interest income 661 559 1,129 861 Interest expense and
finance cost, net (10,787) (515) (19,993) (990) Other income 1,215
(125) 2,640 845 Other expense (99) (372) (142) (595) Income before
equity in net earnings of affiliate companies 4,782 23,970 9,610
36,631 Equity in net Earnings of Affiliated Companies 142 337 296
640 Net income $4,924 $24,307 $9,906 $37,271 Earnings per share,
basic $0.10 $27.80 $0.21 $42.62 Weighted average number of shares,
basic 49,801,893 874,584 47,581,444 874,584 Earnings per share,
diluted $0.10 $27.80 $0.21 $42.62 Weighted average number of
shares, diluted 49,801,893 874,584 47,581,444 874,584 NAVIOS
MARITIME HOLDINGS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in thousands of US Dollars) Successor Predecessor Six
Month Six Month Period ended Period ended June 30, 2006 June 30,
2005 (unaudited) (unaudited) OPERATING ACTIVITIES Net income $9,906
$37,271 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 19,144 2,982
Amortization of deferred financing cost 1,228 27 Amortization of
deferred dry dock costs 606 124 Amortization of backlog 625 -
Provision for losses on accounts receivable (3) (880) Unrealized
(gain)/loss on FFA derivatives (4,453) 25,019 Unrealized loss on
foreign exchange contracts - 401 Unrealized (gain)/loss on interest
rate swaps (1,489) (111) Earnings in affiliates, net of dividends
received 286 (157) Changes in operating assets and liabilities:
(Increase) decrease in restricted cash (19,850) 596 Decrease
(increase) in accounts receivable 2,751 (3,337) (Increase) decrease
in prepaid expenses and other current assets (4,917) 2,455 Increase
(decrease) in accounts payable 1,277 (3,248) Increase (decrease) in
accrued expenses 5,666 (2,124) Increase (decrease) in deferred
voyage revenue 2,052 (3,354) (Decrease) in long term liability
(1,029) (206) Increase (decrease) in derivative liability 12,311
(5,611) Payments for drydock and special survey costs (1,605) - Net
cash provided by operating activities 22,506 49,647 INVESTING
ACTIVITIES: Acquisition of vessels (88,561) - Purchase of property
and equipment (1,219) (2,841) Net cash used in investing activities
(89,780) (2,841) FINANCING ACTIVITIES: Proceeds from long term loan
97,659 - Repayment of long term debt (30,351) (500) Dividends paid
(3,024) - Issuance of common stock 65,454 - Net cash provided (used
in) by financing activities 129,738 (500) (Decrease) increase in
cash and cash equivalents 62,464 46,306 Cash and cash equivalents,
beginning of year 37,737 46,758 Cash and cash equivalent, end of
year $100,201 $93,064 SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION Cash paid for interest $9,127 $1,922 Disclosure of
Non-GAAP Financial Measures EBITDA represents net income plus
interest and finance costs plus depreciation and amortization and
income taxes, if any. EBITDA is included because it is used by
certain investors to measure a company's financial performance.
EBITDA is a "non-GAAP financial measure" and should not be
considered a substitute for net income, cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with accounting principles generally
accepted in the United States or as a measure of profitability or
liquidity. EBITDA is presented to provide additional information
with respect to the Company's ability to satisfy its obligations
including debt service, capital expenditures, working capital
requirements and determination of dividends. While EBITDA is
frequently used as a measure of operating results and the ability
to meet debt service requirements, the definition of EBITDA used
here may not be comparable to that used by other companies due to
differences in methods of calculation. EBITDA Reconciliation to
Cash from Operations: (in thousands of US Dollars) Successor
Predecessor Three Months Ended Three Months Ended June 30, 2006
June 30, 2005 (unaudited) (unaudited) Net cash provided by
operating activities $13,809 $31,470 Net increase (decrease) in
operating assets 26,948 (10,053) Net (increase) decrease in
operating liabilities (29,389) 12,973 Net interest cost (income)
10,126 (44) Deferred finance charges (575) (14) Provision for
losses on accounts receivable 3 (32) Unrealized gain (loss) on FFA
derivatives, FECs and interest rate swaps 3,138 (8,819) Earnings in
affiliates, net of dividends received 15 337 Payments for drydock
and special survey costs 473 - EBITDA $24,548 $25,818 Successor
Predecessor Six Months Ended Six Months Ended June 30, 2006 June
30, 2005 (unaudited) (unaudited) Net cash provided by operating
activities $22,506 $49,647 Net increase in operating assets 22,016
286 Net (increase) decrease in operating liabilities (20,277)
14,743 Net interest cost 18,864 129 Deferred finance charges
(1,228) (27) Provision for losses on accounts receivable 3 880
Unrealized gain (loss) on FFA derivatives, FECs and interest rate
swaps 5,942 (25,309) Earnings in affiliates, net of dividends
received (286) 157 Payments for drydock and special survey costs
1,605 - EBITDA $49,145 $40,506 Public & Investor Relations
Contact: Navios Maritime Holdings Inc. Investor Relations
212-279-8820
http://www.videonewswire.com/event.asp?id=35096DATASOURCE: Navios
Maritime Holdings Inc. CONTACT: Navios Maritime Holdings Inc.,
Investor Relations, +1-212-279-8820,
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