NEW YORK, March 1, 2017 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company")
today announced financial and operating results for the fourth
quarter ended December 31, 2016.
Fourth Quarter Highlights and Full Year Financial
Highlights
- Recorded sales volumes of 3,954,700 metric tons in Q4 2016 and
16,519,079 metric tons for the full year.
- Achieved gross profit of $90.8
million in Q4 and $353.5
million for the full year.
- Generated operating income of $24.4
million in Q4.
- Recorded net income attributable to Aegean shareholders of
$16.0 million or $0.41 basic and diluted earnings per share for
the fourth quarter and $51.9 million
or $1.14 basic and diluted earnings
per share for the full year.
- Adjusted Net income for the full year was $61.4 million or $1.35 basic and diluted earnings per share.
- Generated EBITDA of $32.5 million
in Q4 and $125.6 million for the full
year.
- Full year adjusted EBITDA was $135.2
million.
Fourth Quarter and Full Year Operational Highlights
E. Nikolas Tavlarios, Aegean's
President, commented, "The fourth quarter marked the end of another
strong year for Aegean, despite volatile commodity markets and
increased competition. Our flexible business model continued to
enable Aegean to capitalize on growth opportunities across our
unique platform. As evidenced by consistent portfolio
rationalization, we are focused on strengthening our operations and
enhancing efficiencies across our business. Our global footprint
now includes more than 30 markets and 51 ports, with a team
dedicated to ensuring that customers are better equipped to run
their businesses. We remain committed to executing our
strategy and confident in our ability to generate sustainable
growth to drive shareholder value."
Generated Solid Financial Results
- Revenue – The Company reported total revenue of $1.2 billion for the fourth quarter of 2016, an
increase of 29.0% compared to the same period in 2015, primarily
due to the increase in oil prices. Voyage and other revenues were,
$20.6 million, approximately
$4.4 million more than the same
period in 2015.
- Gross Profit – Gross Profit, which equals total revenue less
directly attributable cost of revenue increased by 2.8% to
$90.8 million in the fourth quarter
of 2016 compared to $88.3 million in
the same period in 2015.
- Operating Expense – The Company reported operating expense of
$66.4 million for the fourth quarter
of 2016, an increase of $2.2 million
or 3.4% compared to the same period in prior
year.
- Operating Income – Operating income for the fourth quarter of
2016 was $24.4 million, in line with
the same period for the prior year.
- Net Income – Net income attributable to Aegean shareholders was
$16.0 million, or $0.41 per basic and diluted share, an increase of
$6.3 million or 64.9% compared to the
same period in 2015. Net income for the full year was
$51.9 million or $1.14 basic and diluted earnings per share.
Net income for the full year adjusted for gains/losses on sales of
assets, impairment charges and the Accelerated Shares was $61.4 million or $1.35 basic and diluted earnings per share.
Operational Metrics
- Sales Volume – For the three months ended December 31, 2016, the Company reported marine
fuel sales volumes of 3,954,700 metric tons, a decrease of 1.9%
compared to the same period in 2015.
- Adjusted EBITDA Per Metric Ton of Marine Fuel Sold – For the
three months ended December 31, 2016,
the Company reported adjusted EBITDA per metric ton of marine
fuel sold of $8.21. Adjusted EBITDA
per metric ton of marine fuel sold in the prior year period was
$8.14 per metric ton.
- Gross Spread Per Metric Ton of Marine Fuel Sold – For the three
months ended December 31, 2016, the
Company reported gross spread per metric ton of marine fuel
sold on an aggregate basis of $21.1.
Gross spread per metric ton of marine fuel sold in the prior year
period was $20.5.
Liquidity and Capital Resources
- Net cash used in operating activities was $32.8 million for the three months ended
December 31, 2016. Net income
as adjusted for non-cash items (as defined in Note 9 below) was
$25.9 million for the same
period.
- Net cash used in investing activities was $2.4 million for the three months ended
December 31, 2016, primarily due to
advances for fixed assets under construction.
- Net cash provided by financing activities was $71.5 million for the three months ended
December 31, 2016, primarily due to
the proceeds from our recent convertible bond offering.
- The weighted average basic and diluted shares outstanding for
the three months ended December 31,
2016 was 37,612,600. The weighted average basic and diluted
shares outstanding for the three months ended December 31, 2015 was 47,436,953.
Spyros Gianniotis, Aegean's Chief
Financial Officer, stated, "Our solid results and accomplishments
during the quarter demonstrate the long-term potential of our
financial strategy. During the fourth quarter we continued
our focus on driving higher margins and profitable volume and
improved our financial strength. We have maintained a strong
balance sheet and are confident our flexibility will support
Aegean's continued success. Looking ahead, we will continue
to deploy our resources into the most effective and profitable
markets to generate the greatest return for Aegean
shareholders."
Summary Consolidated Financial and Other Data
(Unaudited)
|
|
For the Three
Months Ended
December 31,
|
For the Year
Ended
December
31,
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
2016
|
|
|
(in thousands of
U.S. dollars, unless otherwise stated)
|
|
Income Statement
Data:
|
|
|
|
|
|
|
|
|
|
|
Revenues - third
parties
|
$
|
922,464
|
$
|
1,191,718
|
|
$
|
4,211,596
|
$
|
4,055,883
|
|
Revenues - related
companies
|
|
4,872
|
|
4,457
|
|
|
20,058
|
|
20,336
|
|
Total
revenues
|
|
927,336
|
|
1,196,175
|
|
|
4,231,654
|
|
4,076,219
|
|
Cost of
revenues - third parties
|
|
820,839
|
|
1,090,618
|
|
|
3,762,688
|
|
3,658,681
|
|
Cost of revenues–
related companies
|
|
18,180
|
|
14,760
|
|
|
137,137
|
|
64,054
|
|
Total cost of
revenues
|
|
839,019
|
|
1,105,378
|
|
|
3,
899,825
|
|
3,722,735
|
|
Gross
profit
|
|
88,317
|
|
90,797
|
|
|
331,829
|
|
353,484
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution
|
|
52,033
|
|
53,345
|
|
|
205,078
|
|
202,266
|
|
General and
administrative
|
|
11,859
|
|
12,907
|
|
|
43,318
|
|
49,757
|
|
Amortization of
intangible assets
|
|
298
|
|
170
|
|
|
1,421
|
|
1,070
|
|
Loss on sale of
vessels
|
|
-
|
|
-
|
|
|
130
|
|
6,312
|
|
Impairment
Charge
|
|
-
|
|
-
|
|
|
5,308
|
|
-
|
|
Operating
income
|
|
24,127
|
|
24,375
|
|
|
76,574
|
|
94,079
|
|
Net financing
cost
|
|
(9,949)
|
|
(6,091)
|
|
|
(37,556)
|
|
(36,248)
|
|
Foreign exchange
(losses) / gains, net
|
|
(291)
|
|
260
|
|
|
308
|
|
(1,544)
|
|
Income tax
(expense)
|
|
(4,176)
|
|
(2,547)
|
|
|
(3,446)
|
|
(4,358)
|
|
Net income
|
|
9,711
|
|
15,997
|
|
|
35,880
|
|
51,929
|
|
Less (loss)/income
attributable to non-controlling interest
|
|
-
|
|
(28)
|
|
|
-
|
|
58
|
|
Net income
attributable to AMPNI shareholders
|
$
|
9,711
|
$
|
16,025
|
|
$
|
35,880
|
$
|
51,871
|
|
Basic earnings per
share (U.S. dollars)
|
$
|
0.20
|
$
|
0.41
|
|
$
|
0.73
|
$
|
1.14
|
|
Diluted earnings per
share (U.S. dollars)
|
$
|
0.20
|
$
|
0.41
|
|
$
|
0.73
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
$
|
32,797
|
$
|
32,458
|
|
$
|
110,806
|
$
|
125,610
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data:
|
|
|
|
|
|
|
|
|
|
|
Gross spread on
marine petroleum products(2)
|
$
|
84,243
|
$
|
84,068
|
|
$
|
302,052
|
$
|
326,100
|
|
Gross spread on
lubricants(2)
|
|
1,776
|
|
792
|
|
|
5,210
|
|
3,671
|
|
Gross spread on
marine fuel(2)
|
|
82,467
|
|
83,276
|
|
|
296,842
|
|
322,429
|
|
Gross spread per
metric ton of marine
fuel sold (U.S.
dollars) (2)
|
|
20.5
|
|
21.1
|
|
|
22.0
|
|
19.5
|
|
Net cash provided by
/ (used) in operating activities
|
$
|
5,273
|
$
|
(32,817)
|
|
$
|
49,727
|
$
|
(47,615)
|
|
Net cash provided by
/ (used in) investing activities
|
|
588
|
|
(2,426)
|
|
|
(7,614)
|
|
(2,227)
|
|
Net cash provided by
/ (used in) financing activities
|
|
19,243
|
|
71,530
|
|
|
(28,254)
|
|
4,202
|
|
|
|
|
|
|
|
|
|
|
|
Sales Volume Data
(Metric Tons): (3)
|
|
|
|
|
|
|
|
|
|
|
Total sales
volumes
|
|
4,029,567
|
|
3,954,700
|
|
|
13,482,478
|
|
16,519,079
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
Number of owned
bunkering tankers, end of period(4)
|
|
49.0
|
|
45.0
|
|
|
49.0
|
|
45.0
|
|
Average number of
owned bunkering tankers(4)(5)
|
|
49.0
|
|
45.0
|
|
|
48.8
|
|
47.1
|
|
Special Purpose
Vessels, end of period(6)
|
|
1.0
|
|
1.0
|
|
|
1.0
|
|
1.0
|
|
Number of operating
storage facilities, end of period(7)
|
|
12.0
|
|
13.0
|
|
|
12.0
|
|
13.0
|
Summary Consolidated Financial and Other Data
(Unaudited)
|
|
As
of
December
31,
2015
|
As
of
December
31,
2016
|
|
|
|
|
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
|
Balance Sheet
Data:
|
|
|
|
Cash and cash
equivalents
|
|
139,314
|
93,836
|
|
Gross trade
receivables
|
|
317,152
|
512,398
|
|
Allowance for
doubtful accounts
|
|
(7,278)
|
(8,647)
|
|
Inventories
|
|
114,531
|
187,766
|
|
Total Current
assets
|
|
730,950
|
909,252
|
|
Total
assets
|
|
1,450,011
|
1,600,933
|
|
Trade
payables
|
|
72,417
|
131,584
|
|
Total Current
liabilities (including current portion of long-term
debt)
|
|
389,109
|
495,631
|
|
Total debt
|
|
710,015
|
817,631
|
|
Total
liabilities
|
|
828,485
|
1,006,703
|
|
Total stockholder's
equity
|
|
621,526
|
594,230
|
|
|
|
|
|
Working Capital
Data:
|
|
|
|
|
Working
capital(8)
|
|
341,841
|
413,621
|
|
Working capital
excluding cash and debt(8)
|
|
477,594
|
631,451
|
|
|
|
|
|
Notes:
|
|
|
|
1.
|
EBITDA represents net
income before interest, taxes, depreciation and amortization.
EBITDA does not represent and should not be considered as an
alternative to net income or cash flow from operations, as
determined by United States generally accepted accounting
principles, or U.S. GAAP, and our calculation of EBITDA may not be
comparable to that recorded by other companies. Adjusted EBITDA
represents net income before interest, taxes, depreciation and
amortization, vessel and investment impairments, gains/losses on
vessel disposals and other non-recurring exceptional items. EBITDA
and Adjusted EBITDA are included herein because they are a basis
upon which the Company assesses its operating
performance.
|
|
|
|
|
|
Adjusted EBITDA per
metric ton of marine fuel sold represents the net income before
interest, taxes, depreciation and amortization, vessel and
investment impairments, gains/losses on vessel disposals and other
non-recurring exceptional items the Company generates per metric
ton of marine fuel sold. The Company calculates Adjusted EBITDA per
metric ton of marine fuel sold by dividing the EBITDA by the sales
volume of marine fuel. Marine fuel sales do not include sales of
lubricants.
|
|
|
|
|
|
The following table
reconciles net income attributable to AMPNI to EBITDA, Adjusted
EBITDA and Adjusted EBITDA per metric ton of marine fuel sold for
the periods presented:
|
|
For the Three
Months Ended
December 31,
|
For the Year
Ended
December
31,
|
|
2015
|
2016
|
2015
|
2016
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
|
Net income to AMPNI
shareholders
|
9,711
|
16,025
|
35,880
|
51,871
|
|
|
|
|
|
|
Add: Net financing cost
including amortization of financing costs
|
9,949
|
6,091
|
37,556
|
36,248
|
|
Add: Income
tax expense
|
4,176
|
2,547
|
3,446
|
4,358
|
|
Add:
Depreciation and amortization excluding amortization of financing
costs
|
8,961
|
7,795
|
33,924
|
33,133
|
|
|
|
|
|
|
EBITDA
|
32,797
|
32,458
|
110,806
|
125,610
|
|
|
|
|
|
|
Add: Loss on sale of
vessels
|
-
|
-
|
130
|
6,312
|
|
Add: Impairment
charge
|
-
|
-
|
5,308
|
-
|
|
Add: Accelerated Vesting
of Aegean's Founder Shares
|
-
|
-
|
-
|
3,230
|
|
Adjusted
EBITDA
|
32,797
|
32,458
|
116,244
|
135,152
|
|
|
|
|
|
|
Sales volume of
marine fuel (metric tons)
|
4,029,567
|
3,954,700
|
13,482,478
|
16,519,079
|
|
Adjusted EBITDA per
metric ton of marine
fuel sold (U.S.
dollars)
|
8.14
|
8.21
|
8.62
|
8.18
|
|
2.
|
Gross spread on
marine petroleum products represents the margin the Company
generates on sales of marine fuel and lubricants. Gross spread on
marine fuel represents the margin that the Company generates on
sales of various classifications of marine fuel oil ("MFO") or
marine gas oil ("MGO"). Gross spread on lubricants represents the
margin that the Company generates on sales of lubricants. Gross
spread on marine petroleum products, gross spread of MFO and gross
spread on lubricants are not items recognized by U.S. GAAP and
should not be considered as an alternative to gross profit or any
other indicator of a Company's operating performance required by
U.S. GAAP. The Company's definition of gross spread may not be the
same as that used by other companies in the same or other
industries. The Company calculates the above-mentioned gross
spreads by subtracting from the sales of the respective marine
petroleum product the cost of the respective marine petroleum
product sold and cargo transportation costs. For arrangements in
which the Company physically supplies the respective marine
petroleum product using its bunkering tankers, costs of the
respective marine petroleum products sold represents amounts paid
by the Company for the respective marine petroleum product sold in
the relevant reporting period. For arrangements in which the
respective marine petroleum product is purchased from the Company's
related company, Aegean Oil S.A., or Aegean Oil, cost of the
respective marine petroleum products sold represents the total
amount paid by the Company to the physical supplier for the
respective marine petroleum product and its delivery to the custom
arrangements, in which the Company purchases cargos of marine fuel
for its floating storage facilities. Transportation costs may be
included in the purchase price of marine fuels from the supplier or
may be incurred separately from a transportation provider. Gross
spread per metric ton of marine fuel sold represents the margin the
Company generates per metric ton of marine fuel sold. The Company
calculates gross spread per metric ton of marine fuel sold by
dividing the gross spread on marine fuel by the sales volume of
marine fuel. Marine fuel sales do not include sales of lubricants.
The following table reflects the calculation of gross spread per
metric ton of marine fuel sold for the periods
presented:
|
|
For the Three
Months Ended
December 31,
|
|
For the Year
Ended
December
31,
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
|
Sales of marine
petroleum products
|
911,127
|
|
1,175,578
|
|
4,155,502
|
|
3,996,642
|
|
Less: Cost of marine
petroleum products sold
|
(826,884)
|
|
(1,091,510)
|
|
(3,853,450)
|
|
(3,670,542)
|
|
Gross spread on
marine petroleum products
|
84,243
|
|
84,068
|
|
302,052
|
|
326,100
|
|
Less: Gross spread on
lubricants
|
(1,776)
|
|
(792)
|
|
(5,210)
|
|
(3,671)
|
|
Gross spread on
marine fuel
|
82,467
|
|
83,276
|
|
296,842
|
|
322,429
|
|
|
|
|
|
|
|
|
|
Sales volume of
marine fuel (metric tons)
|
4,029,567
|
|
3,954,700
|
|
13,482,478
|
|
16,519,079
|
|
|
|
|
|
|
|
|
|
Gross spread per
metric ton of marine
fuel sold (U.S.
dollars)
|
20.5
|
|
21.1
|
|
22.0
|
|
19.5
|
|
3.
|
Sales volume of
marine fuel is the volume of sales of various classifications of
MFO and MGO for the relevant period and is denominated in metric
tons. The Company does not include the sales volume of lubricants
in the calculation of gross spread per metric ton of marine fuel
sold.
|
|
|
|
|
4.
|
Bunkering fleet
comprises both bunkering vessels and barges.
|
|
|
|
|
5.
|
Figure represents
average bunkering fleet number for the relevant period, as measured
by the sum of the number of days each bunkering tanker or barge was
used as part of the fleet during the period divided by the
cumulative number of calendar days in the period multiplied by the
number of bunkering tankers at the end of the period. This figure
does not take into account non-operating days due to either
scheduled or unscheduled maintenance.
|
|
|
|
|
6.
|
Special Purpose
Vessels consists of the Orion, a 550 dwt tanker which is based in
our Greek market.
|
|
|
|
|
7.
|
The Company owns two
barges, the Mediterranean and Umnenga, as floating storage
facilities in Greece and South Africa. The Company also operates
on-land storage facilities in Las Palmas, Fujairah, Tangiers, the
U.S.A., Hamburg and Barcelona.
|
|
|
|
|
|
The ownership of
storage facilities allows the Company to mitigate its risk of
supply shortages. Generally, storage costs are included in the
price of refined marine fuel quoted by local suppliers. The Company
expects that the ownership of storage facilities will allow it to
convert the variable costs of this storage fee mark-up per metric
ton quoted by suppliers into fixed costs of operating its owned
storage facilities, thus enabling the Company to spread larger
sales volumes over a fixed cost base and to decrease its refined
fuel costs.
|
|
|
|
|
8.
|
Working capital is
defined as current assets minus current liabilities. Working
capital excluding cash and debt is defined as current assets minus
cash and cash equivalents minus restricted cash minus current
liabilities plus short-term borrowings plus current portion of
long-term debt.
|
|
|
|
|
9.
|
Net income as
adjusted for non-cash items, such as depreciation, provision for
doubtful accounts, share-based compensation, amortization, deferred
income taxes, gain/loss on sale of vessels, impairment losses,
unrealized loss/(gain) on derivatives and unrealized foreign
exchange loss/(gain), net, is used to assist in evaluating our
ability to make quarterly cash distributions. Net income as
adjusted for non-cash items is not recognized by accounting
principles generally accepted in the United States and should not
be considered as an alternative to net income or any other
indicator of the Company's performance required by accounting
principles generally accepted in the United States. The following
table reflects the calculation of net income as adjusted for
non-cash items for the periods presented:
|
|
For the Three
Months Ended
December 31,
|
|
For the Year
Ended
December
31,
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
|
Net income
|
9,711
|
|
15,997
|
|
35,880
|
|
51,929
|
|
Add:
Depreciation
|
6,699
|
|
5,997
|
|
25,799
|
|
24,941
|
|
Add: Provision for
doubtful accounts
|
831
|
|
2,433
|
|
1,992
|
|
3,624
|
|
Add: Share based
compensation
|
2,600
|
|
1,990
|
|
10,042
|
|
12,229
|
|
Add:
Amortization
|
5,212
|
|
4,731
|
|
18,998
|
|
18,417
|
|
Add: Net deferred tax
expense / (benefit)
|
4,050
|
|
(450)
|
|
2,388
|
|
(1,121)
|
|
Add: Unrealized (gain)
/ loss on derivatives
|
(14,158)
|
|
(4,007)
|
|
(3,647)
|
|
29,445
|
|
Add: Loss on sale of
vessels
|
-
|
|
-
|
|
130
|
|
6,312
|
|
Add: Impairment
charge
|
-
|
|
-
|
|
5,308
|
|
-
|
|
Add: Unrealized foreign
exchange loss / (gain)
|
4
|
|
(809)
|
|
(446)
|
|
(678)
|
|
Net income as
adjusted for non-cash items
|
14,949
|
|
25,882
|
|
96,444
|
|
145,098
|
Fourth Quarter 2016 Dividend Announcement
On March 1, 2017, the Company's
Board of Directors declared a fourth quarter 2016 dividend of
$0.02 per share payable on or about
March 29, 2017 to shareholders of
record as of March 15, 2017. The
dividend amount was determined in accordance with the Company's
dividend policy of paying cash dividends on a quarterly basis
subject to factors including the requirements of Marshall Islands law, future earnings, capital
requirements, financial condition, future prospects and such other
factors as are determined by the Company's Board of Directors. The
Company anticipates retaining most of its future earnings, if any,
for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine Petroleum Network Inc. will conduct a conference
call and simultaneous Internet webcast on Thursday, March 2nd at 8:30 A.M. Eastern Time, to discuss its fourth
quarter results. Investors may access the webcast and related slide
presentation, by visiting the Company's website at www.ampni.com,
and clicking on the webcast link. The conference call also may be
accessed via telephone by dialing (877) 419-6593 (for U.S.-based
callers) or 719-325-4901 (for international callers) and enter the
passcode: 1920480.
If you are unable to participate at this time, a replay of the
call will be available for two weeks at 888-203-1112 or
719-457-0820. Enter the code 1920480 to access the audio replay.
The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international
marine fuel logistics company that markets and physically supplies
refined marine fuel and lubricants to ships in port and at sea. The
Company procures product from various sources (such as refineries,
oil producers, and traders) and resells it to a diverse group of
customers across all major commercial shipping sectors and leading
cruise lines. Currently, Aegean has a global presence in over 30
markets and a team of professionals ready to serve our customers
wherever they are around the globe. For additional information
please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "intend,"
"anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include our
ability to manage growth, our ability to maintain our business in
light of our proposed business and location expansion, our ability
to obtain double hull secondhand bunkering tankers, the outcome of
legal, tax or regulatory proceedings to which we may become a
party, adverse conditions in the shipping or the marine fuel supply
industries, our ability to retain our key suppliers and key
customers, material disruptions in the availability or supply of
crude oil or refined petroleum products, changes in the market
price of petroleum, including the volatility of spot pricing,
increased levels of competition, compliance or lack of compliance
with various environmental and other applicable laws and
regulations, our ability to collect accounts receivable, changes in
the political, economic or regulatory conditions in the markets in
which we operate, and the world in general, our failure to hedge
certain financial risks associated with our business, our ability
to maintain our current tax treatments and our failure to comply
with restrictions in our credit agreements and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aegean-marine-petroleum-network-inc-announces-fourth-quarter-2016-financial-results-300416281.html
SOURCE Aegean Marine Petroleum Network Inc.