Highlights for the First Quarter Ended March 31, 2018:
- On June 19, 2018, we reached an agreement with certain of our lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen the Company’s financial position through a debt reduction of approximately $551 million, the resetting of financial and other covenants, modified interest rates and amortization profiles and an extension of existing debt maturities by approximately five years to December 31, 2023. In connection with this refinancing, the consummation of which is subject to definitive documentation and certain closing conditions, we will issue approximately 99.3 million shares of common stock to certain of our lenders. See “Debt Refinancing”.
- Adjusted net income1Â of $27.9 million, or $0.25 per share, for the three months ended March 31, 2018 compared to $24.5 million, or $0.22 per share, for the three months ended March 31, 2017, an increase of 13.9%.
- Operating revenues of $111.9 million for the three months ended March 31, 2018 compared to $110.1 million for the three months ended March 31, 2017, an increase of 1.6%.
- Adjusted EBITDAÂ 1Â of $76.6 million for the three months ended March 31, 2018 compared to $72.5 million for the three months ended March 31, 2017, an increase of 5.7%.
- Total contracted operating revenues were $1.7 billion as of March 31, 2018, with charters extending through 2028 and remaining average contracted charter duration of 5.4 years, weighted by aggregate contracted charter hire.
- Charter coverage of 90% for the next 12 months based on current operating revenues and 81% in terms of contracted operating days.
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Three Months Ended March 31, 2018 |
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Financial Summary – Unaudited |
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( Expressed in thousands of United States dollars, except per share amounts ) |
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Three months |
Three months |
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March 31, |
March 31, |
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2018 |
2017 |
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Operating revenues |
$111,854 |
$110,087 |
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Net income |
$14,992 |
$18,443 |
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Adjusted net income1 |
$27,951 |
$24,522 |
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Earnings per share |
$0.14 |
$0.17 |
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Adjusted earnings per share1 |
$0.25 |
$0.22 |
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Weighted average number of shares (in thousands) |
109,799 |
109,825 |
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Adjusted EBITDA1 |
$76,638 |
$72,546 |
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1Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA. |
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DANAOS CORPORATION |
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Condensed Consolidated Statements of Income – Unaudited |
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(Expressed in thousands of United States dollars, except per share amounts) |
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Three months |
Three months |
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March 31, |
March 31, |
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2018 |
2017 |
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OPERATING REVENUES |
$111,854 |
$110,087 |
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OPERATING EXPENSES |
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Vessel operating expenses |
(26,849) |
(27,455) |
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Depreciation & amortization |
(28,903) |
(30,592) |
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General & administrative |
(5,182) |
(6,129) |
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Other operating expenses |
(3,161) |
(3,839) |
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Income From Operations |
47,759 |
42,072 |
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OTHER INCOME/(EXPENSES) |
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Interest income |
1,375 |
1,471 |
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Interest expense |
(22,849) |
(20,900) |
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Other finance expenses |
(971) |
(1,047) |
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Equity income on investments |
(26) |
206 |
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Other income/(expenses), net |
(9,385) |
(2,448) |
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Realized loss on derivatives |
(911) |
(911) |
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Total Other Expenses, net |
(32,767) |
(23,629) |
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Net Income |
$14,992 |
$18,443 |
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EARNINGS PER SHARE |
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Basic & diluted earnings per share |
$0.14 |
$0.17 |
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Basic & diluted weighted average number of common shares |
109,799 |
109,825 |
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