Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
announced today its financial results for the fourth quarter and
year ended December 31, 2012.
Financial Highlights:
Fourth Quarter 2012
- Net Revenues of $8.5 million.
- Adjusted EBITDA of negative $1.7 million, which excludes losses
of $109.0 million resulting from vessel sales and non-cash
impairment losses. (*)
- Adjusted Net Loss of $8.0 million, which excludes losses of
$109.0 million resulting from vessel sales and non-cash impairment
losses. (*)
- Debt reduction of $69.9 million, or approximately 25% of the
Company's outstanding indebtedness.
Full Year 2012
- Net Revenues of $55.6 million.
- Adjusted EBITDA of $5.0 million, which excludes losses of
$167.1 million resulting from vessel sales and non-cash impairment
losses. (*)
- Adjusted Net Loss of $26.7 million, which excludes losses of
$167.1 million resulting from vessel sales and non-cash impairment
losses. (*)
- Debt reduction of $137.8 million, or approximately 40% of the
Company's outstanding indebtedness.
(*) These are non-GAAP measures. For a reconciliation of these
measures please refer to the EBITDA, Adjusted EBITDA and Adjusted
Net Income reconciliation section contained in this press
release.
Management Discussion:
Stamatis Tsantanis, the Company's Chief
Executive Officer, stated:
"Seanergy's financial performance in 2012 was adversely affected
by the prevailing low market rates. Our average daily Time Charter
Equivalent ('TCE') rate, for the year, was reduced almost in half
to $7,465 per vessel per day. This is a direct result of our
vessels now employed at significantly lower rates as we experience
one of the lowest freight markets in the dry bulk industry over the
last 15 years.
"In this challenging environment, we continue to work with our
lenders and advisors to improve the balance sheet and place the
Company in a position of strength and increased valuation. Through
this process, we have made significant progress in the
implementation of our restructuring plans. Since the beginning of
2012 and as of the date of this press release, we managed to reduce
our indebtedness by 50% to $173.0 million through finalized
agreements with three out of our five lenders. In particular, we
sold a total of 13 vessels, including the ownership of Bulk Energy
Transport (Holdings) Limited ('BET') and four Handysize owning
subsidiaries. In our continuing effort to improve the Company's
financial position, we remain in discussions with our two lenders
in order to restructure our outstanding indebtedness.
"Regarding general market conditions, in the fourth quarter of
2012, we saw a slightly positive turn in economic activity, fuelled
by renewed optimism about the Chinese economy, improved financial
environment in the United States and relative calm in financial
markets driven by the European Central Bank's commitment to do
everything within its mandate to maintain stability in the
Eurozone. These developments notwithstanding, macroeconomic and
financial conditions remain fragile, as demonstrated by the recent
Cypriot banking crisis. However, against this uncertain economic
backdrop, the industrial activity driving dry bulk shipping remains
healthy and the main cause of low rates remains vessel
oversupply.
"Prospects for dry bulk shipping appear to be improving. On the
demand side we expect that the additional infrastructure
investments recently approved by the Chinese government and the
monetary easing taking place in Japan are likely to have a positive
effect as the two countries have traditionally been the most
important drivers of dry bulk demand. Furthermore, we are seeing a
positive reversal from last year's slump in grain trade volumes,
while Indian demand for seaborne thermal coal is not expected to
abate over the next year. On the supply side, the outstanding
orderbook has shrunk considerably and the market is now in the
process of absorbing excess vessel capacity. 2012 was a record year
for removal of older tonnage, as more than 33 million DWT were
scrapped (a 45% increase as compared to 2011). We believe that
adverse market conditions are likely to result in another strong
year for demolition sales."
Christina Anagnostara, the Company's Chief
Financial Officer, stated:
"During the fourth quarter of 2012, the Company operated an
average of 15.0 wholly-owned vessels earning a daily TCE of $5,592
compared to $14,806 in the same period of 2011. Net revenues, in
the fourth quarter 2012, were $8.5 million, 69% lower than in the
same period in 2011 reflecting the smaller size of our fleet and a
62% reduction of the daily TCE due to the weak market conditions.
Furthermore, a number of Seanergy's vessels came off long term
charter employment on higher daily rates and had to be employed in
the spot market on prevailing lower rates.
"After adjusting for losses on vessel sales, Seanergy's net loss
was $8.0 million compared to net income of $6.6 million in 2011.
This reflects the fact that the lower TCE earned shrank our
operating margins and bottom line profitability.
"For 2012, net revenue was $55.6 million, a reduction of 47%
compared to $104.1 million in the same period last year. Adjusted
net loss was equal to $26.7 million as opposed to an adjusted net
income of $4.1 million in 2011. The cost containment efforts
initiated in 2011 materialized in 2012. Daily vessel operating
expenses and management fees per vessel decreased by 12% and 16%
respectively, while total General and Administrative expenses
reduced by 22%. This however, was not sufficient to compensate the
fall in daily TCE resulting from adverse market conditions.
"Over the course of the year, we continued our efforts to
achieve a viable financial structure that will facilitate
Seanergy's ability to benefit from the eventual rebound in shipping
markets. To this end, we believe that the recent sales of BET and
the four Handysize owning subsidiaries, in full satisfaction of the
associated loan facilities, are positive for Seanergy."
Fourth Quarter 2012 Financial Results:
Net Revenues
Net revenues for the fourth quarter of 2012 decreased to $8.5
million from $27.5 million in the same quarter of 2011. The
decrease of 69% in net revenues reflects lower freight rates earned
in the dry bulk market as compared to the same quarter last year,
as well as a 38% reduction in operating days that resulted from
vessel sales during the period.
EBITDA and Adjusted EBITDA
Adjusted EBITDA was negative $1.7 million for the fourth quarter
of 2012, excluding $109.0 million of losses resulting from vessel
sales and non-cash impairment losses. Including the aforementioned
items, EBITDA was negative $110.7 million. For the fourth quarter
of 2011, EBITDA was $15.6 million.
For more information please refer to the EBITDA and Adjusted
EBITDA reconciliation section contained in this press release.
Net Loss
For the fourth quarter of 2012, Net Loss amounted to $117.0
million or $9.79 loss per basic and diluted share, as compared to a
net profit for the fourth quarter of 2011 of $6.6 million, or $0.91
per basic and diluted share, based on weighted average common
shares outstanding of 11,957,064 basic and diluted for the fourth
quarter of 2012, 7,314,330 basic and diluted for the fourth quarter
of 2011.
For the fourth quarter of 2012, Adjusted Net Loss excluding
losses from vessel sales and non-cash impairment losses was $8.0
million, as compared to Net Income of $6.6 million in 2011.
Debt Reduction
Seanergy ended the fourth quarter of 2012 with $208.6 million of
outstanding debt. This reflects the reduction of our outstanding
indebtedness by $69.9 million, during the three month period ended
December 31, 2012.
Full Year Ended December 31, 2012 Financial
Results:
Net Revenues
Net revenues in 2012 decreased to $55.6 million from $104.1
million during 2011. The decrease in net revenues by 47% is due to
the market-induced weakness in the daily rates earned by our
vessels and the reduced size of our fleet, which resulted in 20%
fewer operating days.
EBITDA and Adjusted EBITDA
Adjusted EBITDA was $5.0 million for 2012, excluding $167.1
million of losses resulting from vessel sales and non-cash
impairment losses, as compared to $53.8 million in 2011. Including
the aforementioned charges, EBITDA was negative $162.1 million in
2012, while EBITDA was negative $148.1 million in 2011.
Excluding the effects of losses resulting from vessel sales and
non-cash impairment losses, a 49% fall in daily TCE and fewer
operating days for the fleet resulted in deteriorating operating
performance in 2012.
For more information please refer to the EBITDA and Adjusted
EBITDA reconciliation section contained in this press release.
Net Loss
In 2012, Net Loss amounted to $193.8 million, or $16.74 loss per
share, based on weighted average common shares outstanding of
11,576,576 basic and diluted. In 2011, Net Loss was $197.8 million
or $27.04 loss per share, based on weighted average common shares
outstanding of 7,314,636 basic and diluted.
For 2012, Adjusted Net Loss, Net Loss excluding losses from
vessel sales and non-cash impairment losses, was $26.7 million, as
compared to Net Income of $4.1 million in 2011.
Debt Reduction
Seanergy ended 2012 with $208.6 million of outstanding debt.
This reflects a reduction of our overall indebtedness by $137.8
million.
Fourth Quarter 2012 Developments:
Sale and Purchase Transactions
On October 15, 2012, Seanergy delivered the Clipper Grace, a
30,548 DWT Handysize vessel built in 2007, to its new owners. Gross
proceeds amounted to $11.25 million and were used to repay
debt.
On October 29, 2012, Seanergy delivered the BET Intruder, a
69,235 DWT Panamax vessel built in 1993, to its new owners. Gross
proceeds amounted to $4.8 million and were used to repay debt.
On December 4, 2012, Seanergy delivered the Clipper Glory, a
30,570 DWT Handysize vessel built in 2007, to its new owners. Gross
proceeds amounted to $11.25 million and were used for debt
repayment and working capital purposes.
Sale of the Bulk Energy Transport (Holdings)
Limited (BET) Subsidiary
As part of its financial restructuring plan, Seanergy reached an
agreement to sell its 100% ownership interest in BET for a nominal
consideration. On the date of the agreement, the fleet of BET
consisted of two Capesize dry-bulk carrier vessels with a carrying
capacity of 313,061 DWT.
The buyer is a company ultimately controlled by members of the
Restis family, our controlling shareholders. The transaction was
consummated as of December 30, 2012. In connection to the sale, the
Company's board of directors obtained a fairness opinion from an
independent third party. As a result of the sale, our total
indebtedness was reduced by approximately $46.7 million.
The Appointment of New Chief Executive
Officer
Effective October 1, 2012, Stamatis Tsantanis succeeded Dale
Ploughman as the Chief Executive Officer of the Company and has
also served as Director since that date. Mr. Ploughman continues to
serve as the Chairman of the Board of Directors and as a Director
of the Company.
Subsequent Events:
Sale of Subsidiaries in Satisfaction of DVB
Loan
On January 29, 2013 Seanergy's subsidiary, Maritime Capital
Shipping Limited, sold its 100% ownership interest in the four
subsidiaries that owned the Handysize dry bulk vessels Fiesta,
Pacific Fantasy, Pacific Fighter and Clipper Freeway for a nominal
consideration. The buyer is a third-party nominee of the lenders
under the senior secured credit facility with DVB Merchant Bank
(Asia) Ltd., as agent.
In connection to the sale, the Company's Board of Directors
obtained a fairness opinion from an independent third party. In
exchange for the sale, approximately $30.3 million of outstanding
debt was discharged.
Sale and Purchase Transactions
On April 10, 2013, Seanergy sold the African Oryx, a 24,112 DWT
Handysize vessel built in 1997, to its new owners. Gross proceeds
amounted to $4.1 million and were used to repay debt.
Debt Outstanding
Following the two above mentioned transactions, the total
outstanding debt of the Company was reduced from $208.6 million on
December 31, 2012 to $173.0 million as of the date of this press
release.
Financial Developments:
Debt Restructuring
The Company has entered into discussions with its lenders aimed
at developing and implementing a plan for improving the Company's
liquidity and operating flexibility. The goal of the Company's
restructuring plan is to develop a solid capital structure that
will allow the Company to manage the current difficult market
conditions and place Seanergy in a competitive position to re-grow
its fleet and balance sheet in the long term. The Company has
appointed Houlihan Lockey and Axia Ventures Group to advise on the
development of the restructuring plan. To date, the Company has
finalized agreements with 3 out of its 5 lenders, including lenders
acting as agents.
The Company continues to use its best efforts to obtain waivers
from its remaining two lenders, relating to various restrictive
covenants and defaults, as well as amendment of debt profile and
maturities and an agreement that lenders will forbear from
exercising remedies under their respective debt arrangements.
However, there can be no assurance that these agreements will be
concluded, in which case the lenders could exercise their remedies,
which in turn would adversely affect our business.
Ability to Continue as a Going Concern
Over the past year, due to shipping sector volatility and
economic difficulties, the Company has experienced significant
losses and reduction in cash which has affected its ability to
satisfy its obligations. The Company experienced significant
reduction in cash flow, as it had to re-charter its vessels at low
prevailing rates.
As a result of the above, the Company defaulted under its loan
agreements in respect of certain covenants (including, in some
cases, the failure to make principal and interest payments, the
failure to satisfy financial covenants and the triggering of cross
default provisions). To date, the Company has not obtained waivers
of all these defaults from its lenders. Since January 1, 2012, the
Company has sold or otherwise disposed a total of 13 vessels (or
the ownership of certain of its vessel owning subsidiaries) in
connection with its restructuring, and any proceeds have been used
to repay the related debt. Proceeds from the sale of additional
vessels are expected to be insufficient to fully repay the related
debt and, therefore, it is likely that the Company will continue to
have significant debt unless it enters into satisfactory
arrangements with its lenders for the discharge of all such
obligations. During the restructuring process, the lenders have
continued to reserve their rights in respect of events of default
under the loan agreements. The lenders have not exercised their
remedies at this time, including demand for immediate payment;
however, the lenders could change their position at any time. As
such, there can be no assurance that a satisfactory final agreement
will be reached with the lenders in the restructuring, or at
all.
While the Company continues to use its best efforts to complete
the restructuring, there can be no assurance that the negotiations
will be successful or that it will obtain waivers or amendments
from the lenders. Failure to obtain such waivers or amendments
could materially and adversely affect the Company's business and
operations. Furthermore, the impact of the final terms of any
restructuring is uncertain. Due to the above, the Company's $208.6
million outstanding debt as of December 31, 2012 is classified as
current.
Fleet Data & Average Daily
Results:
----------------------------------------------------------------------------
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
December December December December
31, 2012 31, 2011 31, 2012 31, 2011
----------------------------------------------------------------------------
Fleet Data
----------------------------------------------------------------------------
Average number of vessels (1) 15.0 20.0 17.6 20.0
----------------------------------------------------------------------------
Ownership days (2) 1,382 1,840 6,442 7,300
----------------------------------------------------------------------------
Available days (3) 1,340 1,833 6,333 7,133
----------------------------------------------------------------------------
Operating days (4) 1,101 1,779 5,559 6,944
----------------------------------------------------------------------------
Fleet utilization (5) 79.7% 96.7% 86.3% 95.1%
----------------------------------------------------------------------------
Fleet utilization excluding
drydocking off hire days (6) 82.2% 97.1% 87.8% 97.4%
----------------------------------------------------------------------------
Average Daily Results
----------------------------------------------------------------------------
TCE rate (7) 5,592 14,806 7,465 14,524
----------------------------------------------------------------------------
Vessel operating expenses (8) 3,502 4,688 4,189 4,757
----------------------------------------------------------------------------
Management fee (9) 355 326 344 410
----------------------------------------------------------------------------
Total vessel operating expenses (10) 3,857 5,014 4,533 5,167
----------------------------------------------------------------------------
(1) Average number of vessels is the number of vessels that constituted the
Company's fleet for the relevant period, as measured by the sum of the
number of days each vessel was a part of the Company's fleet during the
relevant period divided by the number of calendar days in the relevant
period.
(2) Ownership days are the total number of days in a period during which
the vessels in a fleet have been owned. Ownership days are an indicator
of the size of the Company's fleet over a period and affect both the
amount of revenues and the amount of expenses that the Company recorded
during a period.
(3) Available days are the number of ownership days less the aggregate
number of days that vessels are off-hire due to major scheduled
repairs, dry dockings or special or intermediate surveys. The shipping
industry uses available days to measure the number of ownership days in
a period during which vessels should be capable of generating revenues.
During the quarter ended December 31, 2012, the Company incurred 42 off
hire days for vessel scheduled drydocking. During the twelve months
ended December 31, 2012, the Company incurred 109 off hire days for
vessel scheduled drydocking.
(4) Operating days are the number of available days in a period less the
aggregate number of days that 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.
(5) Fleet utilization is the percentage of time that our vessels were
generating revenue, and is determined by dividing operating days by
ownership days for the relevant period.
(6) Fleet utilization excluding drydocking off hire days is calculated by
dividing the number of the fleet's operating days during a period by
the number of available days during that period. The shipping industry
uses fleet utilization excluding drydocking off hire days to measure a
Company's efficiency in finding suitable employment for its vessels and
excluding the amount of days that its vessels are off hire for reasons
such as scheduled repairs, vessel upgrades, or dry dockings or special
or intermediate surveys.
(7) TCE rates are defined as our net revenues less voyage expenses during a
period divided by the number of our operating days during the period,
which is consistent with industry standards. Voyage expenses include
port charges, bunker expenses, canal charges and other commissions.
(In thousands of US Dollars, except operating days and daily
time charter equivalent rate)
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
---------- ---------- ---------- ----------
Net revenues from vessels * 8,501 27,540 55,616 104,060
Voyage expenses 2,344 1,200 14,119 3,202
---------- ---------- ---------- ----------
Net operating revenues 6,157 26,340 41,497 100,858
========== ========== ========== ==========
Operating days 1,101 1,779 5,559 6,944
Daily time charter equivalent
rate 5,592 14,806 7,465 14,524
* Our TCE rate is calculated as the weighted average of the daily rate
earned under time charter contracts and of the daily rate earned by bareboat
agreements after deducting the relevant fixed operating expense allowance.
Net revenue from vessels under bareboat agreements is net of operating
expense allowance.
(8) Average daily vessel operating expenses, which include crew costs,
provisions, deck and engine stores, lubricating oil, insurance,
maintenance and repairs, are calculated by dividing vessel operating
expenses by ownership days for the relevant time periods:
(In thousands of US Dollars, except ownership days and daily
vessel operating expenses)
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
---------- ---------- ---------- ----------
Operating expenses 4,840 8,625 26,983 34,727
Ownership days 1,382 1,840 6,442 7,300
Daily vessel operating expenses 3,502 4,688 4,189 4,757
(9) Daily management fees are calculated by dividing total management fees
by ownership days for the relevant time period.
(10) Total vessel operating expenses ("TVOE") is a measurement of total
expenses associated with operating the vessels. TVOE is the sum of
vessel operating expenses and management fees. Daily TVOE is calculated
by dividing TVOE by fleet ownership days for the relevant time period.
Fleet Profile and Employment:
As of April 18, 2013
----------------------------------------------------------------------------
Capacity Charter
Vessel Name ----------- Year Charter Expiry
Vessel Class (DWT) Built Rate ($) (latest)
----------------------------------------------------------------------------
M/V Bremen Max Panamax 73,503 1993 Spot May 2013
----------------------------------------------------------------------------
M/V Hamburg Max Panamax 73,498 1994 Spot N/A
----------------------------------------------------------------------------
M/V Davakis G. Supramax 54,051 2008 Spot N/A
----------------------------------------------------------------------------
M/V Delos Ranger Supramax 54,057 2008 Spot Aug. 2013
----------------------------------------------------------------------------
M/V African Joy (1) Handysize 26,482 1996 Floating Apr. 2013
----------------------------------------------------------------------------
M/V African Glory (2) Handysize 24,252 1998 7,000 May 2013
----------------------------------------------------------------------------
M/V Asian Grace Handysize 20,412 1999 Spot May 2013
----------------------------------------------------------------------------
Total 326,255 13.5
----------------------------------------------------------------------------
(1) The calculation of the rate is based on the adjusted Time Charter
Average of the Baltic Handysize Index ("BHSI").
(2) Represents profit sharing arrangement at a floor rate of $7,000 per day
and a ceiling of $12,000 per day, with a profit sharing arrangement of
75% for the Company and 25% for the charterer applicable between the
$7,000 floor and $12,000 ceiling and, for any amount in excess of the
ceiling, profit sharing of 50% for the Company and 50% for the
charterer. The calculation of the rate is based on the adjusted Time
Charter Average of the Baltic Supramax Index ("BSI").
EBITDA, Adjusted EBITDA and Adjusted Net
(Loss)/Income Reconciliation:
----------------------------------------------------------------------------
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
----------------------------------------------------------------------------
Net (loss) / income (117,029) 6,643 (193,768) (197,756)
----------------------------------------------------------------------------
Plus: Interest and
finance costs, net
(including interest 2,761 3,234 12,421 13,422
income)
----------------------------------------------------------------------------
Plus: Income taxes (7) (11) (2) 40
----------------------------------------------------------------------------
Plus: Depreciation
and amortization 3,615 5,684 19,254 36,169
----------------------------------------------------------------------------
EBITDA (110,660) 15,550 (162,095) (148,125)
----------------------------------------------------------------------------
Plus: Loss on sale
of vessels and 108,992 - 167,098 201,905
impairment charges
----------------------------------------------------------------------------
Adjusted EBITDA (1,668) 15,550 5,003 53,780
----------------------------------------------------------------------------
EBITDA consists of earnings before net interest and finance
cost, taxes, depreciation and amortization. Adjusted EBITDA
consists of earnings before net interest and finance cost, taxes,
depreciation and amortization and losses associated with the sale
of vessels, the impairment of the book values of vessels and the
impairment of goodwill. EBITDA and adjusted EBITDA are not
measurements of financial performance under accounting principles
generally accepted in the United States of America, or U.S. GAAP
and do not represent cash flow from operations. EBITDA and adjusted
EBITDA are presented solely as supplemental disclosures because
management believes that they are common measures of operating
performance in the shipping industry.
----------------------------------------------------------------------------
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
----------------------------------------------------------------------------
Net (loss) / income (117,029) 6,643 (193,768) (197,756)
----------------------------------------------------------------------------
Plus: Loss on sale
of vessels and 108,992 - 167,098 201,905
impairment charges
----------------------------------------------------------------------------
Adjusted Net (loss)
/ income (8,037) 6,643 (26,670) 4,149
----------------------------------------------------------------------------
Adjusted Net Loss consists of Net Loss before losses associated
with the sale of vessels, the impairment of the book values of
vessels and the impairment of goodwill.
Conference Call and Webcast:
As announced, the Company's management team will host a
conference call today, April 18, 2013, at 9:30 a.m. EDT to discuss
the Company's financial results.
Conference Call details
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from
the US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301
(from outside the US). Please quote "Seanergy".
A replay of the conference call will be available until
Thursday, April 25, 2013. The United States replay number is 1(866)
247-4222; from the UK 0(800) 953-1533; the standard international
replay number is (+44) (0) 1452 550 000 and the access code
required for the replay is: 2094507#.
Audio Webcast
There will also be a simultaneous live webcast of the conference
call over the Internet, through the Seanergy website
(www.seanergymaritime.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
Seanergy Maritime Holdings Corp.
Consolidated Balance Sheets
December 31, 2012 and 2011
(In thousands of US Dollars, except for share and per share data, unless
otherwise stated)
2012 2011
(unaudited) (audited)
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents 4,298 17,734
Restricted cash 2,000 19,560
Accounts receivable trade, net 2,287 1,764
Due from related parties - 405
Inventories 471 2,512
Other current assets 2,190 1,457
Vessels held for sale 39,750 -
Deferred charges 1,090 -
------------ ------------
Total current assets 52,086 43,432
------------ ------------
Fixed assets:
Vessels, net 68,511 381,129
Office equipment, net 2 15
------------ ------------
Total fixed assets 68,513 381,144
------------ ------------
Other assets
Goodwill - 4,365
Deferred charges 220 7,358
Other non-current assets 141 177
------------ ------------
TOTAL ASSETS 120,960 436,476
============ ============
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt 208,649 45,817
Trade accounts and other payables 2,514 2,595
Due to related parties 6,135 1,097
Accrued expenses 1,159 2,428
Accrued interest 3,543 1,936
Financial instruments 491 4,092
Deferred revenue - related party - 142
Deferred revenue 86 590
------------ ------------
Total current liabilities 222,577 58,697
------------ ------------
Long-term debt, net of current portion - 300,586
Financial instruments, net of current portion - 270
------------ ------------
Total liabilities 222,577 359,553
------------ ------------
Commitments and contingencies - -
EQUITY
Seanergy shareholders' equity
Preferred stock, $0.0001 par value; 25,000,000
shares authorized; none issued - -
Common stock, $0.0001 par value; 500,000,000
authorized shares as at December 31, 2012 and
2011; 11,959,282 and 7,317,662 shares issued
and outstanding as at December 31, 2012 and
2011, respectively 1 1
Additional paid-in capital 294,520 279,292
Accumulated deficit (396,138) (202,370)
------------ ------------
Total equity (101,617) 76,923
------------ ------------
TOTAL LIABILITIES AND EQUITY 120,960 436,476
============ ============
Seanergy Maritime Holdings Corp.
Consolidated Statements of (Loss) / Income
For the three and twelve months ended December 31, 2012 and 2011
(In thousands of US Dollars, except for share and per share data, unless
otherwise stated)
Three months ended Twelve months ended
December 31, December 31,
------------------------ ------------------------
2012 2011 2012 2011
(unaudited) (unaudited) (unaudited) (audited)
----------- ----------- ----------- -----------
Revenues:
Vessel revenue -
related party 804 7,602 8,221 35,684
Vessel revenue 7,965 20,654 49,026 71,555
Commissions - related
party (33) (306) (298) (1,327)
Commissions (235) (410) (1,333) (1,852)
----------- ----------- ----------- -----------
Vessel revenue, net 8,501 27,540 55,616 104,060
Expenses:
Direct voyage expenses (2,247) (951) (13,587) (2,541)
Vessel operating
expenses (4,840) (8,625) (26,983) (34,727)
Voyage expenses -
related party (97) (249) (532) (661)
Management fees -
related party (339) (456) (1,625) (2,415)
Management fees (152) (144) (588) (576)
General and
administration
expenses (2,364) (1,490) (6,337) (8,070)
General and
administration
expenses - related
party (103) (167) (402) (603)
Loss on bad debts - - (327) -
Amortization of
deferred dry-docking
costs (526) (1,174) (3,648) (7,313)
Depreciation (3,089) (4,510) (15,606) (28,856)
Loss on sale of
vessels (35) - (15,590) -
Impairment loss for
vessels and deferred
charges (108,957) - (147,143) (188,995)
Impairment loss for
goodwill - - (4,365) (12,910)
----------- ----------- ----------- -----------
Operating (loss) /
income (114,248) 9,774 (181,117) (183,607)
Other income /
(expense), net:
Interest and finance
costs (2,765) (3,246) (12,480) (13,482)
Interest income 4 12 59 60
(Loss) / gain on
financial instruments (3) 121 (189) (641)
Foreign currency
exchange loss, net (24) (29) (43) (46)
----------- ----------- ----------- -----------
(2,788) (3,142) (12,653) (14,109)
----------- ----------- ----------- -----------
Net (loss) / income
before taxes (117,036) 6,632 (193,770) (197,716)
----------- ----------- ----------- -----------
Income taxes 7 11 2 (40)
----------- ----------- ----------- -----------
Net (loss) / income (117,029) 6,643 (193,768) (197,756)
=========== =========== =========== ===========
Net (loss) / income per
common share, basic and
diluted (1) (9.79) 0.91 (16.74) (27.04)
=========== =========== =========== ===========
Weighted average common
shares outstanding,
basic and diluted (1) 11,957,064 7,314,330 11,576,576 7,314,636
=========== =========== =========== ===========
(1) Adjusted to give effect to the 1 to 15 reverse stock split that became
effective on June 24, 2011.
Seanergy Maritime Holdings Corp.
Consolidated Statements of Changes in Equity
For the years ended December 31, 2012, 2011 and 2010
(In thousands of US Dollars, except for share data, unless otherwise stated)
Common stock
------------------ Additional
# of Par paid-in Accumulated
Shares Value capital deficit
---------- ------ ---------- ------------
Balance, January 1, 2010 2,217,011 - 213,235 (4,746)
---------- ------ ---------- ------------
Issuance of common stock 1,796,333 1 28,525 -
Subsidiaries acquired 3,301,587 - 37,518 -
Net income for the year ended
December 31, 2010 - - - 132
---------- ------ ---------- ------------
Balance, December 31, 2010
(audited) 7,314,931 1 279,278 (4,614)
---------- ------ ---------- ------------
Issuance of non-vested shares 3,332 - - -
Redemption of partial shares due
to reverse stock split (601) - - -
Stock based compensation - - 14 -
Net loss for the year ended
December 31, 2011 - - - (197,756)
---------- ------ ---------- ------------
Balance, December 31, 2011
(audited) 7,317,662 1 279,292 (202,370)
Issuance of common stock 4,641,620 - 10,000 -
Stock based compensation - - 15 -
Sale of subsidiary to entity
under common control - - 5,213
Net loss for the year ended
December 31, 2012 - - - (193,768)
---------- ------ ---------- ------------
Balance, December 31, 2012
(unaudited) 11,959,282 1 294,520 (396,138)
========== ====== ========== ============
Total Seanergy
shareholders' Noncontrolling Total
equity interest equity
-------------- --------------- --------
Balance, January 1, 2010 208,489 18,330 226,819
-------------- --------------- --------
Issuance of common stock 28,526 - 28,526
Subsidiaries acquired 37,518 (19,839) 17,679
Net income for the year ended
December 31, 2010 132 1,509 1,641
-------------- --------------- --------
Balance, December 31, 2010
(audited) 274,665 - 274,665
-------------- --------------- --------
Issuance of non-vested shares - - -
Redemption of partial shares due
to reverse stock split - - -
Stock based compensation 14 - 14
Net loss for the year ended
December 31, 2011 (197,756) - (197,756)
-------------- --------------- --------
Balance, December 31, 2011
(audited) 76,923 - 76,923
Issuance of common stock 10,000 - 10,000
Stock based compensation 15 - 15
Sale of subsidiary to entity
under common control 5,213 - 5,213
Net loss for the year ended
December 31, 2012 (193,768) - (193,768)
-------------- --------------- --------
Balance, December 31, 2012
(unaudited) (101,617) - (101,617)
============== =============== ========
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a Marshall Islands
corporation with its executive offices in Athens, Greece. The
Company is engaged in the transportation of dry bulk cargoes
through the ownership and operation of dry bulk carriers.
As of today, the Company's fleet consists of 7 drybulk carriers
(two Panamax, two Supramax, and three Handysize vessels) with a
total carrying capacity of approximately 326,255 dwt and an average
fleet age of 13.5 years.
The Company's common stock trades on the NASDAQ Capital Market
under the symbol "SHIP".
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. 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. Although the
Company believes 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, the scope and
timing of Securities and Exchange Commission ("SEC") and other
regulatory agency review, 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 SEC. The Company's filings
can be obtained free of charge on the SEC's website at www.sec.gov.
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.
For further information please contact: Investor
Relations / Media Capital Link, Inc. Paul Lampoutis 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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