Navios Maritime Midstream Partners L.P. (“Navios Midstream”)
(NYSE:NAP), an owner and operator of tanker vessels, reported its
financial results today for the first quarter of 2017.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Midstream stated, “We are pleased with our results for the first
quarter of 2017. We reported $14.7 million of EBITDA and $4.5
million of net income. We recently announced a distribution of
$0.4225 per unit, providing an annual yield of about 14%. Our
total unit coverage ratio for the distribution was a healthy 1.1x
for the quarter.”
Angeliki Frangou continued, “Investor sentiment in the MLP
sector has materially improved since early 2016. However, we
have been experiencing uncertainty regarding the potential
oversupply of VLCCs. We are being patient and cautiously reviewing
market opportunities. We believe that our patience and
prudence will be rewarded. ”
RECENT DEVELOPMENTS
Cash Distribution
The Board of Directors of Navios Midstream declared a cash
distribution for the first quarter of 2017 of $0.4225 per unit. The
cash distribution is payable on May 11, 2017 to unitholders of
record as of May 5, 2017.
Long – Term Cash Flow
Navios Midstream has entered into long-term charter-out
agreements for its vessels, with a remaining average term of 4.1
years, which are expected to provide a stable base of revenue and
distributable cash flow. Navios Midstream has currently contracted
out 100% of its available days for 2017 and 2018 expecting to
generate revenues, including the backstop commitment provided by
Navios Maritime Acquisition Corporation (“Navios Acquisition”), of
approximately $86.7 million and $86.6 million for 2017 and 2018,
respectively. The average expected daily charter-out rate for the
fleet is $39,580 and $39,559 for 2017 and 2018, respectively.
Continuous Offering Program
Pursuant to the Continuous Offering Program in place, Navios
Midstream issued 315,846 common units in 2017 and received net
proceeds of $3.8 million. In connection with the issuance of
the common units, Navios Midstream issued 6,446 general partnership
units to its general partner in order for it to maintain its 2.0%
general partner interest. The net proceeds from the issuance of the
general partnership units were $0.1 million.
FINANCIAL HIGHLIGHTS
For the following results and the selected financial data
presented herein, Navios Midstream has compiled condensed
consolidated statements of operations for the three month periods
ended March 31, 2017 and 2016. The quarterly 2017 and 2016
information was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA and
Operating Surplus are non-GAAP financial measures and should not be
used in isolation or substitution for Navios Midstream’s
results.
|
|
|
|
|
|
|
(in $‘000
except per unit data) |
|
Three Month Period Ended March 31, 2017 (unaudited) |
|
|
Three
Month Period Ended March 31, 2016 (unaudited) |
|
Revenue |
|
$ |
21,100 |
|
|
$ |
24,149 |
|
Net income |
|
$ |
4,502 |
|
|
$ |
7,495 |
|
EBITDA |
|
$ |
14,700 |
|
|
$ |
17,688 |
|
Earnings per Common
unit (basic and diluted) |
|
$ |
0.22 |
|
|
$ |
0.36 |
|
Operating Surplus |
|
$ |
9,469 |
|
|
$ |
11,271 |
|
Maintenance and
Replacement Capital expenditure reserve |
|
$ |
(2,461 |
) |
|
$ |
(3,580 |
) |
|
|
|
|
|
|
|
|
|
Three month periods ended March 31, 2017 and
2016
Revenue for the three month period ended March 31, 2017
decreased by $3.0 million to $21.1 million, as compared to
$24.1 million for the same period in 2016. Time Charter Equivalent
(“TCE”) was $38,547 for the three month period ended March 31,
2017 and $43,476 for the three month period ended March 31,
2016. The decrease in the TCE was mainly attributable to the
decrease in the market rates during the first quarter ended March
31, 2017, as compared to the same period in 2016.
EBITDA decreased by approximately
$3.0 million to $14.7 million for the three month period
ended March 31, 2017, as compared to $17.7 million for
the same period in 2016. The decrease in EBITDA was due to a:
(a) $3.0 million decrease in revenue; and (b) $0.2
million increase in other expense; partially mitigated by a: (i)
$0.1 million decrease in time charter expenses; (ii) $0.1
million decrease in management fees; and (iii) $0.1 million
decrease in general and administrative expenses.
The reserve for estimated maintenance and replacement capital
expenditures for the three month period ended March 31, 2017
was $2.5 million (please see Reconciliation of Non-GAAP Financial
Measures in Exhibit 3).
Navios Midstream generated an Operating Surplus for the three
month period ended March 31, 2017 of $9.5 million. Operating
Surplus is a non-GAAP financial measure used by certain investors
to assist in evaluating a partnership’s ability to make quarterly
cash distributions (please see Reconciliation of Non-GAAP Financial
Measures in Exhibit 3).
Net income for the three month period ended
March 31, 2017 was $4.5 million compared to $7.5 million
for the three month period ended March 31, 2016. The decrease in
net income of $3.0 million was due to a: (a) $3.0 million decrease
in EBITDA; and (b) $0.1 million increase in direct vessel expenses;
partially mitigated by a $0.1 million increase in depreciation and
amortization.
Earnings per common unit for the three month
period ended March 31, 2017 were $0.22.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Midstream’s core fleet performance for the
three month periods ended March 31, 2017 and 2016.
|
|
|
|
|
|
|
|
|
|
|
Three MonthPeriodEndedMarch 31,2017(unaudited) |
|
|
Three MonthPeriodEndedMarch 31,2016(unaudited) |
|
FLEET
DATA |
|
|
|
|
|
|
|
|
Available days(1) |
|
|
540 |
|
|
|
546 |
|
Operating days(2) |
|
|
537 |
|
|
|
545 |
|
Fleet
utilization(3) |
|
|
99.5 |
% |
|
|
99.8 |
% |
Vessels operating at
period end |
|
|
6 |
|
|
|
6 |
|
AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
Time Charter Equivalent
per day(4) |
|
$ |
38,547 |
|
|
$ |
43,476 |
|
(1 |
) |
Available days for the fleet represent total calendar days the
vessels were in Navios Midstream’s possession for the relevant
period after subtracting off-hire days associated with scheduled
repairs, dry dockings or special surveys. The shipping industry
uses available days to measure the number of days in a relevant
period during which a vessel is capable of generating
revenues. |
(2 |
) |
Operating days is the number of available days in the relevant
period less the aggregate number of days that the 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 relevant period during which vessels actually
generate revenues. |
(3 |
) |
Fleet
utilization is the percentage of time that Navios Midstream’s
vessels were available for revenue generating available days, and
is determined by dividing the number of operating days during a
relevant period by the number of available days during that period.
The shipping industry uses fleet utilization to measure efficiency
in finding employment for vessels and minimizing the amount of days
that its vessels are off-hire for reasons other than scheduled
repairs, drydockings or special surveys. |
(4 |
) |
Time
Charter Equivalent (“TCE”) rates: TCE rates are defined as voyage
and time charter revenues less voyage expenses during a period
divided by the number of available days during the period. The TCE
rate is a standard shipping industry performance measure used
primarily to present the actual daily earnings generated by vessels
on various types of charter contracts for the number of available
days of the fleet. |
|
|
|
Conference Call details:
Navios Midstream's management will host a
conference call today, Thursday, April 27, 2017 to discuss the
results for the first quarter ended March 31, 2017.
Conference Call details:
Call Date/Time: Thursday, April 27, 2017 at 8:30 am ETCall
Title: Navios Midstream Q1 2017 Financial Results Conference Call
US Dial In: +1.866.703.4207 International Dial In: +1.636.692.6440
Conference ID: 2535 3934
The conference call replay will be available two hours after the
live call and remain available for one week at the following
numbers:
US Replay Dial In: +1.800.585.8367 International Replay Dial In:
+1.404.537.3406 Conference ID: 2535 3934
Slides and audio webcast:There
will also be a live webcast of the conference call, through the
Navios Midstream’s website (www.navios-midstream.com) under
“Investors”. Participants to the live webcast should register on
the website approximately 10 minutes prior to the start of the
webcast.
A supplemental slide presentation will be
available on the Navios Midstream’s website under the "Investors"
section by 8:00 am ET on the day of the call.
About Navios Maritime Midstream Partners
L.P.
Navios Maritime Midstream Partners L.P. is a
publicly traded master limited partnership which owns and operates
crude oil tankers under long-term employment contracts. For more
information, please visit our website at
www.navios-midstream.com.
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 expectations,
including with respect to Navios Midstream’s future dividends and
Navios Midstream's growth strategy and measures to implement such
strategy; including expected vessel acquisitions and entering into
further time charters. Words such as "may", "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 revenue and time charters. These
forward-looking statements are based on the information available
to, and the expectations and assumptions deemed reasonable by,
Navios Midstream at the time these statements were made. Although
Navios Midstream 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 Navios Midstream. 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, the creditworthiness of
our charterers and the ability of our contract counterparties to
fulfill their obligations to us, tanker industry trends, including
charter rates and vessel values and factors affecting vessel supply
and demand, the aging of our vessels and resultant increases in
operation and drydocking costs, the loss of any customer or charter
or vessel, our ability to repay outstanding indebtedness, to obtain
additional financing and to obtain replacement charters for our
vessels, in each case, at commercially acceptable rates or at all,
increases in costs and expenses, including but not limited to: crew
wages, insurance, provisions, port expenses, lube oil, bunkers,
repairs, maintenance and general and administrative expenses, the
expected cost of, and our ability to comply with, governmental
regulations and maritime self-regulatory organization standards, as
well as standard regulations imposed by our charterers applicable
to our business, potential liability from litigation and our vessel
operations, including discharge of pollutants, general domestic and
international political conditions, competitive factors in the
market in which Navios Midstream operates; risks associated with
operations outside the United States; and other factors listed
from time to time in the Navios Midstream's filings with
the Securities and Exchange Commission including its Form
20-Fs and Form 6-Ks. Navios Midstream 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 Navios Midstream's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based. Navios Midstream makes no prediction
or statement about the performance of its common units.
EXHIBIT 1
|
|
NAVIOS MARITIME MIDSTREAM PARTNERS
L.P. |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(Expressed in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2017 |
|
|
December 31,
2016 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
$ |
38,262 |
|
|
$ |
52,791 |
|
Restricted cash |
|
|
|
|
10,000 |
|
|
|
— |
|
Accounts receivable,
net |
|
|
|
|
3,804 |
|
|
|
2,264 |
|
Prepaid expenses and
other current assets |
|
|
|
|
3,357 |
|
|
|
1,168 |
|
Due from related
parties |
|
|
|
|
11,368 |
|
|
|
4,864 |
|
Total current
assets |
|
|
|
|
66,791 |
|
|
|
61,087 |
|
Vessels, net |
|
|
|
|
372,888 |
|
|
|
378,444 |
|
Intangible assets |
|
|
|
|
24,427 |
|
|
|
25,164 |
|
Deferred dry dock and
special survey costs, net |
|
|
|
|
10,306 |
|
|
|
11,086 |
|
Total
non-current assets |
|
|
|
|
407,621 |
|
|
|
414,694 |
|
Total
assets |
|
|
|
$ |
474,412 |
|
|
$ |
475,781 |
|
LIABILITIES AND
PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
$ |
2,620 |
|
|
$ |
2,386 |
|
Accrued expenses |
|
|
|
|
592 |
|
|
|
602 |
|
Deferred revenue |
|
|
|
|
1,731 |
|
|
|
2,494 |
|
Current portion of
long-term debt, net of deferred finance costs and discount |
|
|
|
|
665 |
|
|
|
661 |
|
Total current
liabilities |
|
|
|
|
5,608 |
|
|
|
6,143 |
|
Long-term debt, net of
deferred finance costs and discount |
|
|
|
|
196,342 |
|
|
|
196,515 |
|
Total
non-current liabilities |
|
|
|
|
196,342 |
|
|
|
196,515 |
|
Total
liabilities |
|
|
|
$ |
201,950 |
|
|
$ |
202,658 |
|
Commitments and
contingencies |
|
|
|
|
— |
|
|
|
— |
|
Total Partners’
capital |
|
|
|
|
|
|
|
|
|
|
Common Unitholders
(9,991,641 units and 9,675,795 units issued and outstanding at
March 31, 2017 and December 31, 2016, respectively) |
|
|
|
|
127,299 |
|
|
|
125,635 |
|
Subordinated Series A
Unitholders (1,592,920 units issued and outstanding at
March 31, 2017 and none at December 31, 2016) |
|
|
|
|
26,256 |
|
|
|
26,593 |
|
Subordinated
Unitholders (9,342,692 units issued and outstanding at
March 31, 2017 and December 31, 2016) |
|
|
|
|
113,576 |
|
|
|
115,552 |
|
General Partner
(427,087 units issued and outstanding at March 31, 2017 and
420,641 issued and outstanding at December 31, 2016) |
|
|
|
|
5,331 |
|
|
|
5,343 |
|
Partners’
capital |
|
|
|
|
272,462 |
|
|
|
273,123 |
|
Total
liabilities and Partners’ capital |
|
|
|
$ |
474,412 |
|
|
$ |
475,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME MIDSTREAM PARTNERS
L.P. |
|
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
|
(Expressed in thousands of U.S. Dollars, except per
unit amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three MonthPeriod
endedMarch 31,2017(unaudited) |
|
|
Three MonthPeriod
endedMarch 31,2016(unaudited) |
|
Revenue (includes
related party revenue of $1,155 and $0 for the three months ended
March 31, 2017 and 2016, respectively) |
|
|
|
$ |
21,100 |
|
|
$ |
24,149 |
|
Time charter
expenses |
|
|
|
|
(285 |
) |
|
|
(411 |
) |
Direct vessel
expenses |
|
|
|
|
(780 |
) |
|
|
(636 |
) |
Management fees
(entirely through related party transactions) |
|
|
|
|
(5,130 |
) |
|
|
(5,187 |
) |
General and
administrative expenses |
|
|
|
|
(724 |
) |
|
|
(826 |
) |
Depreciation and
amortization |
|
|
|
|
(6,293 |
) |
|
|
(6,401 |
) |
Interest expenses and
finance cost |
|
|
|
|
(3,131 |
) |
|
|
(3,156 |
) |
Interest income |
|
|
|
|
6 |
|
|
|
— |
|
Other expense, net |
|
|
|
|
(261 |
) |
|
|
(37 |
) |
Net
income |
|
|
|
$ |
4,502 |
|
|
$ |
7,495 |
|
Earnings
attributable to: |
|
|
|
|
|
|
|
|
|
|
Common unit
holders |
|
|
|
$ |
2,108 |
|
|
$ |
3,384 |
|
Subordinated Series A
unit holders |
|
|
|
$ |
336 |
|
|
$ |
577 |
|
Subordinated unit
holders |
|
|
|
$ |
1,971 |
|
|
$ |
3,384 |
|
General Partner |
|
|
|
$ |
87 |
|
|
$ |
150 |
|
Earnings per
unit (basic and diluted) |
|
|
|
|
|
|
|
|
|
|
Common
unitholders: |
|
|
|
$ |
0.22 |
|
|
$ |
0.36 |
|
Subordinated Series A
unitholders: |
|
|
|
$ |
0.21 |
|
|
$ |
0.36 |
|
Subordinated
unitholders: |
|
|
|
$ |
0.19 |
|
|
$ |
0.36 |
|
General Partner: |
|
|
|
$ |
0.21 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME MIDSTREAM PARTNERS
L.P. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(Expressed in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three MonthPeriod
endedMarch 31,2017(unaudited) |
|
|
Three MonthPeriod
endedMarch 31,2016(unaudited) |
|
OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
$ |
4,502 |
|
|
$ |
7,495 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
|
|
6,293 |
|
|
|
6,401 |
|
Amortization of
deferred finance fees |
|
|
|
|
|
344 |
|
|
|
351 |
|
Amortization of dry
dock and special survey costs |
|
|
|
|
|
780 |
|
|
|
636 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
(Increase)/ decrease in
prepaid expenses and other current assets |
|
|
|
|
|
(2,189 |
) |
|
|
35 |
|
Increase in accounts
receivable |
|
|
|
|
|
(1,540 |
) |
|
|
(379 |
) |
Increase in accounts
payable |
|
|
|
|
|
234 |
|
|
|
1,404 |
|
(Decrease)/ increase in
accrued expenses |
|
|
|
|
|
(10 |
) |
|
|
12 |
|
Increase in due from/
to related parties |
|
|
|
|
|
(6,504 |
) |
|
|
(6,588 |
) |
(Decrease)/ increase in
deferred revenue |
|
|
|
|
|
(763 |
) |
|
|
563 |
|
Net cash
provided by operating activities |
|
|
|
|
$ |
1,147 |
|
|
$ |
9,930 |
|
INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
vessels |
|
|
|
|
|
— |
|
|
|
(500 |
) |
Net cash used
in investing activities |
|
|
|
|
$ |
— |
|
|
$ |
(500 |
) |
FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Loan repayment |
|
|
|
|
|
(513 |
) |
|
|
(513 |
) |
Dividend paid |
|
|
|
|
|
(9,019 |
) |
|
|
(8,742 |
) |
Proceeds from issuance
of general partner units |
|
|
|
|
|
79 |
|
|
|
— |
|
Proceeds from issuance
of common units |
|
|
|
|
|
3,777 |
|
|
|
— |
|
Increase in restricted
cash |
|
|
|
|
|
(10,000 |
) |
|
|
— |
|
Net cash used
in financing activities |
|
|
|
|
$ |
(15,676 |
) |
|
$ |
(9,255 |
) |
Net (decrease)/
increase in cash and cash equivalents |
|
|
|
|
|
(14,529 |
) |
|
|
175 |
|
Cash and cash
equivalents, beginning of year |
|
|
|
|
$ |
52,791 |
|
|
$ |
37,834 |
|
Cash and cash
equivalents, end of year |
|
|
|
|
$ |
38,262 |
|
|
$ |
38,009 |
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
Cash interest paid |
|
|
|
|
$ |
2,777 |
|
|
$ |
2,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT 2
Owned Vessels |
|
Type |
|
Built |
|
Capacity (DWT) |
|
Shinyo Kieran |
|
VLCC |
|
2011 |
|
|
297,066 |
|
Shinyo Saowalak |
|
VLCC |
|
2010 |
|
|
298,000 |
|
Nave Celeste |
|
VLCC |
|
2003 |
|
|
298,717 |
|
Shinyo Kannika |
|
VLCC |
|
2001 |
|
|
287,175 |
|
Shinyo Ocean |
|
VLCC |
|
2001 |
|
|
281,395 |
|
C. Dream |
|
VLCC |
|
2000 |
|
|
298,570 |
|
|
|
|
|
|
|
|
|
|
Option Vessels(1) |
|
Type |
|
Built |
|
Capacity (DWT) |
|
Expiration date |
|
Nave Buena Suerte |
|
VLCC |
|
2011 |
|
|
297,491 |
|
November 18, 2018 |
|
Nave Neutrino |
|
VLCC |
|
2003 |
|
|
298,287 |
|
November 18, 2018 |
|
Nave Electron |
|
VLCC |
|
2002 |
|
|
305,178 |
|
November 18, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Navios Midstream has options, to acquire up to three VLCCs
at fair market value from Navios Maritime Acquisition Corporation
until November 18, 2018.
EXHIBIT 3
Disclosure of Non-GAAP Financial
Measures
1. EBITDA
EBITDA represents net income before interest and finance costs,
before depreciation and amortization and income taxes. We use
EBITDA as a liquidity measure and reconcile EBITDA to net cash
provided by/(used in) operating activities, the most comparable
U.S. GAAP liquidity measure. EBITDA in this document is calculated
as follows: net cash provided by/(used in) operating activities
adding back, when applicable and as the case may be, the effect of:
(i) net increase/(decrease) in operating assets; (ii) net
(increase)/decrease in operating liabilities; (iii) net interest
cost; (iv) amortization of deferred finance charges and other
related expenses; (v) provision for losses on accounts receivable;
(vi) equity in affiliates, net of dividends received; (vii)
payments for drydock and special survey costs; (viii) gain/(loss)
on sale of assets/subsidiaries; and (ix) impairment charges. Navios
Midstream believes that EBITDA is the basis upon which liquidity
can be assessed and presents useful information to investors
regarding Navios Midstream’s ability to service and/or incur
indebtedness, pay capital expenditures, meet working capital
requirements and make cash distributions. Navios Midstream also
believes that EBITDA is used (i) by potential lenders to
evaluate potential transactions; (ii) to evaluate and price
potential acquisition candidates; and (iii) by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry.
EBITDA has limitations as an analytical tool, and should not be
considered in isolation or as a substitute for the analysis of
Navios Midstream’s results as reported under U.S. GAAP. Some of
these limitations are: (i) EBITDA does not reflect changes in, or
cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA does not reflect any cash
requirements for such capital expenditures. As a result of these
limitations, EBITDA should not be considered as a principal
indicator of Navios Midstream’s performance. Furthermore, our
calculation of EBITDA may not be comparable to that reported by
other companies due to differences in methods of calculation.
2. Operating Surplus
Operating Surplus represents net income adjusted
for depreciation and amortization expense, non-cash interest
expense and estimated maintenance and replacement capital
expenditures. Maintenance and replacement capital expenditures are
those capital expenditures required to maintain over the long term
the operating capacity of, or the revenue generated by, Navios
Midstream’s capital assets.
Operating Surplus is a quantitative measure used
in the publicly-traded partnership investment community to assist
in evaluating a partnership’s ability to make quarterly cash
distributions. Operating Surplus is not required by accounting
principles generally accepted in the United States 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.
3. Available Cash
Available Cash generally means for each fiscal
quarter, all cash on hand at the end of the quarter:
• less the amount of cash reserves established by the Board
of Directors to:
- provide for the proper conduct of Navios Midstream’s business
(including reserve for maintenance and replacement capital
expenditures);
- comply with applicable law, any of Navios Midstream’s debt
instruments, or other agreements; or
- provide funds for distributions to the unitholders and to the
general partner for any one or more of the next four quarters;
• plus all cash on hand on the date of determination of
available cash for the quarter resulting from working capital
borrowings made after the end of the quarter. Working capital
borrowings are generally borrowings that are made under any
revolving credit or similar agreement used solely for working
capital purposes or to pay distributions to partners.
Available Cash is a quantitative measure used in
the publicly-traded partnership investment community to assist in
evaluating a partnership’s ability to make quarterly cash
distributions. Available cash is not required by accounting
principles generally accepted in the United States 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.
4. Reconciliation of
Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
Three MonthPeriod
endedMarch 31,2017($’000)(unaudited) |
|
|
Three MonthPeriod
endedMarch 31,2016($’000)(unaudited) |
|
|
Net cash provided by
operating activities |
|
$ |
1,147 |
|
|
$ |
9,930 |
|
|
Net increase in
operating assets |
|
|
3,729 |
|
|
|
344 |
|
|
Net decrease in
operating liabilities |
|
|
7,043 |
|
|
|
4,609 |
|
|
Net interest cost |
|
|
3,125 |
|
|
|
3,156 |
|
|
Amortization of
deferred finance cost and bond premium |
|
|
(344 |
) |
|
|
(351 |
) |
|
EBITDA |
|
$ |
14,700 |
|
|
$ |
17,688 |
|
|
Cash interest paid |
|
$ |
(2,777 |
) |
|
$ |
(2,837 |
) |
|
Cash interest
income |
|
|
7 |
|
|
|
— |
|
|
Maintenance and
replacement capital expenditures |
|
$ |
(2,461 |
) |
|
$ |
(3,580 |
) |
|
Operating
Surplus |
|
$ |
9,469 |
|
|
$ |
11,271 |
|
|
Cash reserves |
|
$ |
(447 |
) |
|
$ |
(2,529 |
) |
|
Available cash
for distribution |
|
$ |
9,022 |
|
|
$ |
8,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three MonthPeriod
endedMarch 31,2017($’000)(unaudited) |
|
|
Three MonthPeriod
endedMarch 31,2016($’000)(unaudited) |
|
Net cash provided by
operating activities |
|
$ |
1,147 |
|
|
$ |
9,930 |
|
Net cash used in
investing activities |
|
$ |
— |
|
|
$ |
(500 |
) |
Net cash used in
financing activities |
|
$ |
(15,676 |
) |
|
$ |
(9,255 |
) |
|
|
|
|
|
|
|
|
|
Investor Relations Contacts
Navios Maritime Midstream Partners L.P.
+1 (212) 906 8647
Investors@navios-midstream.com
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