27.05.2010
Navios Maritime Holdings Inc. Reports Financial Results for the First Quarter Ended March 31, 2010
* 84.2% increase in quarterly EBITDA to $78.1 million
* 160.8% increase in quarterly net income to $31.3 million
* Basic EPS of $0.31 for Q1 2010
* Dividend of $0.06 per share for Q1 2010
PIRAEUS, Greece, May 27, 2010 /PRNewswire via COMTEX/ --Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the first quarter ended March 31, 2010.
Angeliki Frangou, Chairman and CEO of Navios Holdings stated, "I am pleased with our performance thus far in 2010. During a period of continued uncertainty, Navios Holdings created liquidity from the sale of three vessels and used the sale proceeds to increase its cash reserves and deleverage. At the same time, Navios Holdings' stable business allowed the board to declare a dividend in respect of Q1 2010 of $0.06 per share."
Ms. Frangou continued, "We were pleased to announce that Navios Acquisition's shareholders approved the acquisition of a fleet of 13 product and chemical tankers. We believe that, in the long term, this acquisition will create significant value; our review of the industry led us to believe that Navios Acquisition is purchasing the fleet toward the low end of the cycle in a recovering and growing industry. As a result of our team's hard work in a difficult market, Navios Holdings ownership interest has a value well in excess of its aggregate cost."
2010 HIGHLIGHTS - RECENT DEVELOPMENTS
Navios Maritime Acquisition Corporation
On April 8, 2010, pursuant to the terms and conditions of the Acquisition Agreement by and between Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA) and Navios Holdings, Navios Acquisition will acquire 13 vessels (11 product tankers and two chemical tankers) plus options to purchase two additional product tankers, for an aggregate purchase price of $457.7 million, of which $334.3 million will be financed with debt and the remaining $123.4 million with existing cash. Each vessel will be commercially and technically managed under a management agreement with a subsidiary of Navios Holdings.
On May 25, 2010, Navios Acquisition announced that at a special meeting of stockholders, Navios Acquisition's stockholders approved (a) the acquisition of 13 vessels (11 product tankers and two chemical tankers) plus options to purchase two additional product tankers, for an aggregate purchase price of $457.7 million, of which $123.4 million will be from existing cash and the $334.3 million balance from debt financing, pursuant to the terms and conditions of the Acquisition Agreement by and between Navios Acquisition and Navios Holdings and (b) certain amendments to Navios Acquisition's amended and restated articles of incorporation.
Following the consummation of the transactions described in the Acquisition Agreement, Navios Holdings will be released from all debt and equity commitments for the above vessels and Navios Acquisition will reimburse Navios Holdings for the $38.8 million equity payments made prior to the stockholders meeting under the purchase contracts for the vessels plus all associated payments previously made by Navios Holdings.
Navios Holdings' Core Fleet Highlights
Vessel Sales
- more here:
http://www.navios.com/Newsroom/default.asp
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Navios Maritime Holdings website:
http://www.navios.com/home.asp
Navis Terminal (100%) website:
http://www.naviosterminals.com/
Kleimar NV; Belgiun (100%) website:
http://www.kleimarnv.com/pub/Category.asp?lang=en&catid=4
-----------------------------------------------------------------------------------Photos: "Navios Krypos" / Navios Terminal, Uruguay
