ATHENS, Greece, Feb. 10, 2020 /PRNewswire/ -- Danaos
Corporation ("Danaos") (NYSE: DAC), one of the world's largest
independent owners of containerships, today reported unaudited
results for the fourth quarter and the year ended December 31, 2019.
Highlights for the Fourth Quarter and Year Ended December 31, 2019:
- Adjusted net income1 of $38.0 million, or $2.01 per share2, for the three months
ended December 31, 2019 compared to
$36.6 million, or $2.45 per share2, for the three months
ended December 31, 2018, an increase
of 3.8%. Adjusted net income1 of $148.7 million, or $9.17 per share2, for the year ended
December 31, 2019 compared to
$131.2 million, or $12.35 per share2, for the year ended
December 31, 2018, an increase of
13.3%.
- Operating revenues of $110.2
million for the three months ended December 31, 2019 compared to $115.6 million for the three months ended
December 31, 2018, a decrease of
4.7%. Operating revenues of $447.2
million for the year ended December
31, 2019 compared to $458.7
million for the year ended December
31, 2018, a decrease of 2.5%.
- Adjusted EBITDA1 of $78.1 million for the three months ended
December 31, 2019 compared to
$80.2 million for the three months
ended December 31, 2018, a decrease
of 2.6%. Adjusted EBITDA1 of $310.6 million for the year ended December 31, 2019 compared to $317.8 million for the year ended December 31, 2018, a decrease of 2.3%.
- Total contracted operating revenues were $1.34 billion as of December 31, 2019, with charters extending
through 2028 and remaining average contracted charter duration of
4.1 years, weighted by aggregate contracted charter hire.
- Charter coverage of 86% for the next 12 months based on
current operating revenues and 68% in terms of contracted operating
days.
- Agreed to acquire one 8,463 TEU container vessel in
October 2019 due to be delivered to
us between March and May 2020 and
acquired one 8,626 TEU container vessel in January 2020. Both vessels have been fixed on 2
year charters and are expected to contribute $12 million to EBITDA on an annualized
basis.
Three Months and
Year Ended December 31, 2019
|
Financial Summary
- Unaudited
|
(Expressed
in thousands of United States dollars, except per share
amounts)
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Year
ended
|
|
Year
ended
|
|
December
31,
|
December
31,
|
December
31,
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$110,204
|
|
$115,631
|
|
$447,244
|
|
$458,732
|
|
Net
income/(loss)
|
$33,817
|
|
$(180,983)
|
|
$131,253
|
|
$(32,936)
|
|
Adjusted net
income1
|
$37,969
|
|
$36,605
|
|
$148,675
|
|
$131,186
|
|
Earnings/(loss) per
share, diluted2
|
$1.79
|
|
$(12.12)
|
|
$8.09
|
|
$(3.10)
|
|
Adjusted earnings per
share, diluted1,2
|
$2.01
|
|
$2.45
|
|
$9.17
|
|
$12.35
|
|
Diluted weighted
average number of shares (in thousands)2
|
18,927
|
|
14,939
|
|
16,221
|
|
10,623
|
|
Adjusted
EBITDA1
|
$78,118
|
|
$80,171
|
|
$310,565
|
|
$317,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Adjusted net income, adjusted earnings per share
and adjusted EBITDA are non-GAAP measures. Refer to the
reconciliation of net
income to adjusted net income and net
income to adjusted EBITDA.
|
2 Earnings
per share and weighted average number of shares give retroactive
effect to the reverse stock split of 1-for-14 implemented
on May 2, 2019, for all periods
presented.
|
Danaos' CEO Dr. John Coustas
commented:
"We are pleased to report improved earnings for the year
ended December 31, 2019. The
Company's adjusted net income of $148.7
million for 2019 increased by $17.5
million, or 13.3%, compared to adjusted net income of
$131.2 million for 2018. This
improvement was primarily the result of a $13.7 million decrease in total operating costs
and a $15.1 million decrease in net
finance expenses, partially offset by an $11.5 million decrease in operating revenues.
Adjusted EBITDA for 2019 was $310.6
million, a slight decrease from $317.8 million for 2018.
"The container market, particularly for vessels larger than
5,500 TEU, strengthened throughout the course of 2019 as container
volumes across all main trade lanes increased. Notwithstanding
any near term headwinds related to the rapidly evolving situation
in China, long term fundamentals
remain intact, and the market will continue to rebalance
itself through a combination of moderate trade growth, slowing
fleet growth and a reduction in vessel speeds due to new and
ongoing environmental initiatives. Estimates for world GDP and
trade growth are in flux due to the uncertainty around the impacts
of the spread of the coronavirus in China. The current drop in
demand is being addressed by canceled sailings by liner
companies. However, we expect this dynamic to be short term in
nature and result in a demand surge when supply chains resume. In
the meantime, work stoppages and slowdowns at shipyards in
China will lead to delays in
newbuilding deliveries, scrubber installations and dry-docking
schedules.
"With respect to the new IMO 2020 sulphur limits that went into
effect on January 1, 2020,
the current price differential between high and low sulphur
fuel oil continues to support the investment rationale for
scrubbers. We have already completed the installation of scrubbers
on four out of 11 vessels, and we will benefit from these scrubber
installations through fixed premiums on charter rates for 3-4 year
fixtures that enhance cash flows and contract coverage. We are
well insulated from temporary market disruptions with high charter
coverage of 86% in terms of operating revenues and 68% in terms of
operating days over the next 12 months, which protects our strong
cash flows.
"Danaos also is well-positioned to benefit from a rising market
in the medium term. While our larger vessels remain on
multi-year charters, with some charters extending through 2025, a
large number of our small to mid-sized vessels will be coming off
existing charters over the next two years, creating potential for
incremental cash generation. Additionally, our successful
equity offering in November of 2019 puts us in a strong position to
opportunistically pursue growth initiatives and we have already
acquired two 8,500 TEU container vessels since completing the
offering. These vessels have both been fixed on two year charters
and are expected to contribute an incremental $12 million of EBITDA on an annualized basis,
ensuring an accretive return on our investment. Bank financing for
these acquisitions has also been arranged.
"Danaos has consistently remained committed to investing in
operational excellence and technological innovation, which allows
us to be forerunners in preparing for environmental requirements
that will shape our industry in the coming decade. Our commitment
has enabled us to maintain our leadership position in the container
shipping industry throughout multiple market cycles. These are the
attributes that will enhance shareholder value far and above the
steel value of our fleet."
Three months ended December 31,
2019 compared to the three months ended December 31, 2018
During the three months ended December
31, 2019 and December 31,
2018, Danaos had an average of 55 containerships. Our fleet
utilization for the three months ended December 31, 2019 was 97.0% compared to 97.9% for
the three months ended December 31,
2018.
Our adjusted net income amounted to $38.0
million, or $2.01 per share,
for the three months ended December 31,
2019 compared to $36.6
million, or $2.45 per share,
for the three months ended December 31,
2018 (after giving retroactive effect to the reverse stock
split of 1-for-14 implemented on May 2,
2019). We have adjusted our net income in the three months
ended December 31, 2019 for non-cash
fees amortization and accrued financing fees of $4.2 million. Please refer to the Adjusted Net
Income reconciliation table, which appears later in this earnings
release.
The increase of $1.4 million in
adjusted net income for the three months ended December 31, 2019 compared to the three months
ended December 31, 2018 is
attributable mainly to a $5.2 million
decrease in total operating expenses, a $1.0
million decrease in net finance expenses and a $0.6 million increase in the operating
performance of our equity investment in Gemini, which were
partially offset by a $5.4 million
decrease in operating revenues.
On a non-adjusted basis, our net income amounted to $33.8 million, or $1.79 earnings per diluted share, for the three
months ended December 31, 2019
compared to net loss of $181.0
million (including impairment loss described below), or
$12.12 loss per diluted share, for
the three months ended December 31,
2018 (after giving retroactive effect to the reverse stock
split of 1-for-14).
Operating Revenues
Operating revenues decreased by
4.7%, or $5.4 million, to
$110.2 million in the three months
ended December 31, 2019 from
$115.6 million in the three months
ended December 31, 2018.
Operating revenues for the year ended December 31, 2019 reflect:
- a $3.6 million decrease in
revenues in the three months ended December
31, 2019 compared to the three months ended December 31, 2018, mainly due to the
re-chartering of certain of our vessels that concluded long-term
charters over the last twelve months and were re-deployed at lower
spot rates in the three months ended December 31, 2019; and
- a $1.8 million decrease in
revenues due to lower fleet utilization of our vessels in the three
months ended December 31, 2019
compared to the three months ended December
31, 2018, mainly due to scrubber installation related off
hire days.
Vessel Operating Expenses
Vessel operating expenses
decreased by 4.3%, or $1.1 million,
to $24.5 million in the three
months ended December 31, 2019 from
$25.6 million in the three
months ended December 31, 2018. The
average daily operating cost per vessel for vessels on time charter
was $5,215 per day for the three
months ended December 31, 2019
compared to $5,446 per day for the
three months ended December 31, 2018.
Management believes that our daily operating cost ranks as one of
the most competitive in the industry.
Depreciation & Amortization
Depreciation &
Amortization includes Depreciation and Amortization of Deferred
Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense decreased by 9.6%,
or $2.6 million, to $24.4 million in the three months ended
December 31, 2019 from $27.0 million in the three months ended
December 31, 2018 mainly due to
decreased depreciation expense for 10 vessels for which we recorded
an impairment charge on December 31,
2018.
Amortization of Deferred Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special
survey costs decreased by $0.1
million, to $2.2 million in
the three months ended December 31,
2019 from $2.3 million in the
three months ended December 31, 2018.
The decrease was mainly due to a decreased number of vessels
dry-docked.
General and Administrative Expenses
General and
administrative expenses decreased by $0.9
million, to $7.0 million in
the three months ended December 31,
2019, from $7.9 million in the
three months ended December 31, 2018.
The decrease was mainly due to decreased remuneration expenses.
Other Operating Expenses
Other Operating Expenses
include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by
$0.2 million, to $2.8 million in the three months ended
December 31, 2019 from $3.0 million in the three months ended
December 31, 2018.
Impairment Loss
We recognized an impairment loss of
$210.7 million in relation to 10 of
our vessels in the three months ended December 31, 2018 while we did not record any
impairment loss in the three months ended December 31, 2019.
Interest Expense and Interest Income
Interest expense
decreased by 11.4%, or $2.2 million,
to $17.1 million in the three
months ended December 31,
2019 from $19.3 million in the
three months ended December 31, 2018.
The decrease in interest expense is attributable to:
(i) a $0.8 million decrease in
interest expense due to a $109.6
million decrease in our average debt (including leaseback
obligations), to $1,575.1 million in
the three months ended December 31,
2019, compared to $1,684.7
million in the three months ended December 31, 2018, partially offset by an
increase in debt service cost by approximately 0.33%; and
(ii) a $1.4 million decrease in
the amortization of deferred finance costs and debt discount
related to our 2018 debt refinancing.
As of December 31, 2019, our bank
debt outstanding, gross of deferred finance costs, was $1,423.8 million and leaseback obligation was
$138.2 million compared to bank debt
of $1,666.2 million outstanding as of
December 31, 2018.
Interest income increased by $0.2
million to $1.7 million in the
three months ended December 31, 2019
compared to $1.5 million in the three
months ended December 31, 2018.
Other finance costs, net
Other finance costs, net
decreased by $0.1 million to
$0.3 million in the three months
ended December 31, 2019 compared to
$0.4 million in the three months
ended December 31, 2018.
Equity income on investments
Equity income on
investments increased by $0.6 million
to $1.1 million in the three months
ended December 31, 2019 compared to
$0.5 million in the three months
ended December 31, 2018 due to the
improved operating performance of Gemini Shipholdings Corporation
("Gemini"), in which the Company has a 49% shareholding
interest.
Loss on derivatives
Amortization of deferred realized
losses on interest rate swaps decreased by $1.4 million to $0.9
million in the three months ended December 31, 2019 compared to $2.3 million in the three months ended
December 31, 2018 due to the
accelerated amortization of accumulated other comprehensive loss
recognized in the three month period ended December 31, 2018.
Other income/(expenses), net
Other income/(expenses),
net was $0.1 million in income in
both the three months ended December 31,
2019 and 2018.
Adjusted EBITDA
Adjusted EBITDA decreased by 2.6%, or
$2.1 million, to $78.1 million in the three months ended
December 31, 2019 from $80.2 million in the three months ended
December 31, 2018. As described
above, the decrease is mainly attributable to a $5.4 million decrease in operating revenues,
which was partially offset by a $2.7
million decrease in operating expenses and a $0.6 million increase in operating performance on
our equity investments. Adjusted EBITDA for the three months ended
December 31, 2019 is adjusted for
stock based compensation of $1.2
million. Tables reconciling Adjusted EBITDA to Net Income
can be found at the end of this earnings release.
Year ended December 31, 2019
compared to the year ended December 31,
2018
During the year ended December 31,
2019 and December 31, 2018,
Danaos had an average of 55 containerships. Our fleet utilization
for the year ended December 31, 2019
was 98.3% compared to 96.8% for the year ended December 31, 2018.
Our adjusted net income amounted to $148.7 million, or $9.17 per share, for the year ended December 31, 2019 compared to $131.2 million, or $12.35 per share, for the year ended December 31, 2018 (after giving retroactive
effect to the reverse stock split of 1-for-14 implemented on
May 2, 2019). We have adjusted our
net income in the year ended December 31,
2019 for non-cash fees amortization and accrued financing
fees of $17.4 million. Please refer
to the Adjusted Net Income reconciliation table, which appears
later in this earnings release.
The increase of $17.5 million in
adjusted net income for the year ended December 31, 2019 compared to the year ended
December 31, 2018 is attributable to
a $15.1 million decrease in net
finance expenses, a $13.7 million
decrease in total operating expenses and a $0.2 million increase in the operating
performance of our equity investment in Gemini, which were
partially offset by a $11.5 million
decrease in operating revenue.
On a non-adjusted basis, our net income amounted to $131.2 million, or $8.09 per diluted share, for the year ended
December 31, 2019 compared to a net
loss of $32.9 million (including gain
on debt extinguishment, impairment loss and refinancing-related
professional fees described below), or $3.10 loss per diluted share, for the year ended
December 31, 2018 (after giving
retroactive effect to the reverse stock split of 1-for-14).
Operating Revenues
Operating revenues decreased by
2.5%, or $11.5 million, to
$447.2 million in the year ended
December 31, 2019 from $458.7 million in the year ended December 31, 2018.
Operating revenues for the year ended December 31, 2019 reflect:
- a $13.6 million decrease in
revenues in the year ended December 31,
2019 compared to the year ended December 31, 2018, mainly due to the
re-chartering of certain of our vessels that concluded long-term
charters over the last twelve months and were re-deployed at lower
spot rates in the year ended December 31,
2019; and
- a $2.1 million increase in
revenues due to higher fleet utilization of our vessels in the year
ended December 31, 2019 compared to
the year ended December 31,
2018.
Vessel Operating Expenses
Vessel operating expenses
decreased by 2.0%, or $2.1 million,
to $102.5 million in the year
ended December 31, 2019 from
$104.6 million in the year ended
December 31, 2018. The average daily
operating cost per vessel for vessels on time charter was
$5,506 per day for the year ended
December 31, 2019 compared to
$5,619 per day for the year ended
December 31, 2018. Management
believes that our daily operating cost ranks as one of the most
competitive in the industry.
Depreciation & Amortization
Depreciation &
Amortization includes Depreciation and Amortization of Deferred
Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense decreased by 10.5%,
or $11.3 million, to $96.5 million in the year ended December 31, 2019 from $107.8 million in the year ended December 31, 2018 mainly due to decreased
depreciation expense for 10 vessels for which we recorded an
impairment charge on December 31,
2018.
Amortization of Deferred Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special
survey costs decreased by $0.5
million, to $8.7 million in
the year ended December 31, 2019
compared to $9.2 million in the year
ended December 31, 2018. The decrease
was mainly due to a decreased number of vessels dry-docked.
General and Administrative Expenses
General and
administrative expenses increased by $0.5
million, to $26.8 million in
the year ended December 31, 2019,
from $26.3 million in the year ended
December 31, 2018. The increase was
mainly due to increased share based compensation costs.
Other Operating Expenses
Other Operating Expenses
include Voyage Expenses.
Voyage Expenses
Voyage expenses decreased by
$0.6 million, to $11.6 million in the year ended December 31, 2019 from $12.2 million in the year ended December 31, 2018. The decrease was mainly due to
decreased bunkering expenses.
Impairment Loss
We recognized an impairment loss of
$210.7 million in relation to 10 of
our vessels in the year ended December 31,
2018 while we did not record any impairment in the year
ended December 31, 2019.
Interest Expense and Interest Income
Interest expense
decreased by 15.9%, or $13.6 million,
to $72.1 million in the year
ended December 31, 2019 from
$85.7 million in the year ended
December 31, 2018. The decrease in
interest expense is attributable to:
(i) a $28.2 million
decrease in interest expense on two of our credit facilities for
which we recognized an interest expense accrual in the third
quarter of 2018, which has been classified on our balance sheet
under "Accumulated accrued interest" and represents future interest
expense for the relevant facilities that has been recognized in
advance as a result of the application of TDR accounting in
connection with our 2018 debt refinancing;
(ii) a $12.7 million
increase in interest expense due to an increase in debt service
cost of approximately 1.89%, partially offset by a $435.0 million decrease in our average debt
(including leaseback obligations), to $1,616.0 million in the year ended December 31, 2019, compared to $2,051.0 million in the year ended December 31, 2018; and
(iii) a $1.9 million increase
in the amortization of deferred finance costs and debt discount
related to our 2018 debt refinancing.
As of December 31, 2019, our bank
debt outstanding, gross of deferred finance costs, was $1,423.8 million and leaseback obligation was
$138.2 million compared to bank
debt of $1,666.2 million outstanding
as of December 31, 2018.
Interest income increased by $0.6
million to $6.4 million in the
year ended December 31, 2019 compared
to $5.8 million in the year ended
December 31, 2018.
Other finance costs, net
Other finance costs, net
decreased by $0.3 million, to
$2.7 million in the year ended
December 31, 2019 from $3.0 million in the year ended December 31, 2018.
Equity income on investments
Equity income on
investments increased by $0.2 million
to $1.6 million in the year ended
December 31, 2019 compared to
$1.4 million in the year ended
December 31, 2018 due to the improved
operating performance of Gemini, in which the Company has a 49%
shareholding interest.
Gain on debt extinguishment
The gain on debt
extinguishment of $116.4 million in
the year ended December 31, 2018
related to our 2018 debt refinancing and consists of debt principal
reduction net of refinancing related fees.
Loss on derivatives
Amortization of deferred realized
losses on interest rate swaps decreased by $1.5 million to $3.6
million in the year ended December
31, 2019 compared to $5.1
million in the year ended December
31, 2018 mainly due to the accelerated amortization of
accumulated other comprehensive loss recognized in the year ended
December 31, 2018.
Other income/(expenses), net
Other income/(expenses),
net was $0.6 million in income in the
year ended December 31, 2019 compared
to $50.5 million in expenses in the
year ended December 31, 2018 mainly
due to $51.3 million of
refinancing-related professional fees in the prior year.
Adjusted EBITDA
Adjusted EBITDA decreased by 2.3%, or
$7.2 million, to $310.6 million in the year ended
December 31, 2019 from $317.8 million in the year ended December 31, 2018. As described above, this
decrease is mainly attributable to a $11.5
million decrease in operating revenue and a $1.2 million increase in other finance costs,
which were partially offset by a $5.3
million decrease in operating expenses and a $0.2 million increase in operating performance on
our equity investments. Adjusted EBITDA for the year ended
December 31, 2019 is adjusted for
stock based compensation of $4.2
million. Tables reconciling Adjusted EBITDA to Net Income
can be found at the end of this earnings release.
Recent Developments
On December 2, 2019, we completed
the sale of 9,418,080 shares in the public offering for aggregate
gross proceeds of $56.5 million. We
will use the net proceeds of the offering for capital expenditures,
including vessel acquisitions, and for other general corporate
purposes.
On October 2, 2019, we entered
into an agreement to acquire an 8,463 TEU container vessel built in
2005 for a gross purchase price of $25.0
million. This vessel is expected to be delivered to us
between March and May 2020 and has
already been fixed for a period of 2 years to one of the world's
leading liner companies.
On January 13, 2020, we entered
into an agreement to acquire an 8,626 TEU container vessel built in
2008 for a gross purchase price of $28.0
million. This vessel was delivered to us on January 23, 2020 and has been fixed on a 2 year
charter due to commence at the beginning of March 2020. The vessel was renamed to Niledutch
Lion.
Conference Call and Webcast
On Tuesday, February 11, 2020 at
9:00 A.M. ET, the Company's
management will host a conference call to discuss the results.
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1 844 802 2437 (US Toll
Free Dial In), 0800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075
441 375 (Standard International Dial In). Please indicate to the
operator that you wish to join the Danaos Corporation earnings
call.
A telephonic replay of the conference call will be available
until February 18, 2020 by dialing 1
877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard
International Dial In) and using 10139277# as the access code.
Audio Webcast
There will also be a live and then
archived webcast of the conference call on the Danaos
website (www.danaos.com). Participants of the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
Slide Presentation
A slide presentation regarding the
Company and the containership industry will also be available on
the Danaos website (www.danaos.com).
About Danaos Corporation
Danaos Corporation is one of
the largest independent owners of modern, large-size
containerships. Our current fleet of 61 containerships aggregating
368,773 TEUs, including five vessels owned by Gemini Shipholdings
Corporation, a joint venture, ranks Danaos among the largest
containership charter owners in the world based on total TEU
capacity. Our fleet is chartered to many of the world's largest
liner companies on fixed-rate charters. Our long track record of
success is predicated on our efficient and rigorous operational
standards and environmental controls. Danaos Corporation's shares
trade on the New York Stock Exchange under the symbol "DAC".
Forward-Looking Statements
Matters discussed in this
release may constitute forward-looking statements within the
meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements reflect our current views
with respect to future events and financial performance and may
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 forward-looking statements in this release are based upon
various assumptions. Although Danaos Corporation believes 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, Danaos Corporation cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the effects of the refinancing
transactions; Danaos' ability to achieve the expected benefits of
the refinancing and comply with the terms of its new credit
facilities and other agreements entered into in connection with the
refinancing; the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled dry-docking, changes in Danaos Corporation's
operating expenses, including bunker prices, dry-docking and
insurance costs, ability to obtain financing and comply with
covenants in our financing arrangements, actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents and
political events or acts by terrorists.
Risks and uncertainties are further described in reports filed
by Danaos Corporation with the U.S. Securities and Exchange
Commission.
Visit our website at www.danaos.com
Appendix
Fleet Utilization
Danaos had 29 unscheduled off-hire days in the three months
ended December 31, 2019. The
following table summarizes vessel utilization and the impact of the
off-hire days on the Company's revenue.
Vessel Utilization
(No. of Days)
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
|
2019
|
2019
|
|
2019
|
|
2019
|
|
Total
|
Ownership
Days
|
4,950
|
|
5,005
|
|
5,060
|
|
5,060
|
|
20,075
|
Less Off-hire
Days:
|
|
|
|
|
|
|
|
|
|
Scheduled Off-hire
Days
|
-
|
|
(22)
|
|
(41)
|
|
(123)
|
|
(186)
|
Other Off-hire
Days
|
(90)
|
|
(10)
|
|
(24)
|
|
(29)
|
|
(153)
|
Operating
Days
|
4,860
|
|
4,973
|
|
4,995
|
|
4,908
|
|
19,736
|
Vessel
Utilization
|
98.2%
|
|
99.4%
|
|
98.7%
|
|
97.0%
|
|
98.3%
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
(in '000s of US Dollars)
|
$112,891
|
|
$112,319
|
|
$111,830
|
|
$110,204
|
|
$447,244
|
Average Gross
Daily Charter Rate
|
$23,229
|
|
$22,586
|
|
$22,388
|
|
$22,454
|
|
$22,661
|
|
|
|
|
|
|
|
|
|
|
Vessel Utilization
(No. of Days)
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
|
2018
|
2018
|
|
2018
|
|
2018
|
|
Total
|
Ownership
Days
|
4,950
|
|
5,005
|
|
5,060
|
|
5,060
|
|
20,075
|
Less Off-hire
Days:
|
|
|
|
|
|
|
|
|
|
Scheduled Off-hire
Days
|
(125)
|
|
(111)
|
|
(22)
|
|
(33)
|
|
(291)
|
Other Off-hire
Days
|
(91)
|
|
(84)
|
|
(111)
|
|
(74)
|
|
(360)
|
Operating
Days
|
4,734
|
|
4,810
|
|
4,927
|
|
4,953
|
|
19,424
|
Vessel
Utilization
|
95.6%
|
|
96.1%
|
|
97.4%
|
|
97.9%
|
|
96.8%
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
(in '000s of US Dollars)
|
$111,854
|
|
$113,466
|
|
$117,781
|
|
$115,631
|
|
$458,732
|
Average Gross
Daily Charter Rate
|
$23,628
|
|
$23,590
|
|
$23,905
|
|
$23,346
|
|
$23,617
|
Fleet List
The following table describes in detail our
fleet deployment profile as of February 7,
2020:
Vessel
Name
|
Vessel
Size
(TEU)
|
|
Year
Built
|
|
Expiration of
Charter(1)
|
Containerships
|
|
|
|
|
|
|
|
|
|
|
|
MSC
Ambition
|
13,100
|
|
2012
|
|
June 2024
|
Maersk
Exeter
|
13,100
|
|
2012
|
|
June 2024
|
Maersk
Enping
|
13,100
|
|
2012
|
|
May 2024
|
Hyundai
Respect
|
13,100
|
|
2012
|
|
March 2024
|
Hyundai
Honour
|
13,100
|
|
2012
|
|
February
2024
|
Express
Rome
|
10,100
|
|
2011
|
|
February
2022
|
Express
Berlin
|
10,100
|
|
2011
|
|
April 2022
|
Express
Athens
|
10,100
|
|
2011
|
|
February
2022
|
Le
Havre
|
9,580
|
|
2006
|
|
March 2023
|
Pusan
C
|
9,580
|
|
2006
|
|
February
2023
|
Niledutch
Lion
|
8,626
|
|
2008
|
|
February
2022
|
CMA CGM
Melisande
|
8,530
|
|
2012
|
|
May 2024
|
CMA CGM
Attila
|
8,530
|
|
2011
|
|
October 2023
|
CMA CGM
Tancredi
|
8,530
|
|
2011
|
|
November
2023
|
CMA CGM
Bianca
|
8,530
|
|
2011
|
|
January
2024
|
CMA CGM
Samson
|
8,530
|
|
2011
|
|
March 2024
|
America
|
8,468
|
|
2004
|
|
January
2023
|
Europe
|
8,468
|
|
2004
|
|
March 2023
|
CMA
CGM Moliere
|
6,500
|
|
2009
|
|
February
2022
|
CMA CGM
Musset
|
6,500
|
|
2010
|
|
August
2022
|
CMA CGM
Nerval
|
6,500
|
|
2010
|
|
October
2022
|
CMA CGM
Rabelais
|
6,500
|
|
2010
|
|
December
2022
|
CMA CGM
Racine
|
6,500
|
|
2010
|
|
January
2023
|
YM
Mandate
|
6,500
|
|
2010
|
|
January
2028
|
YM
Maturity
|
6,500
|
|
2010
|
|
April 2028
|
Performance
|
6,402
|
|
2002
|
|
May 2020
|
Dimitra
C
|
6,402
|
|
2002
|
|
January
2023
|
Seattle C (ex YM
Seattle)
|
4,253
|
|
2007
|
|
March 2020
|
YM
Vancouver
|
4,253
|
|
2007
|
|
April 2020
|
Derby
D
|
4,253
|
|
2004
|
|
May 2020
|
ANL
Tongala
|
4,253
|
|
2004
|
|
May 2020
|
ZIM Rio
Grande
|
4,253
|
|
2008
|
|
May 2020
|
ZIM Sao
Paolo
|
4,253
|
|
2008
|
|
August
2020
|
ZIM
Kingston
|
4,253
|
|
2008
|
|
September
2020
|
ZIM
Monaco
|
4,253
|
|
2009
|
|
November
2020
|
ZIM
Dalian
|
4,253
|
|
2009
|
|
February 2021
|
ZIM
Luanda
|
4,253
|
|
2009
|
|
May 2021
|
Dimitris
C
|
3,430
|
|
2001
|
|
June 2020
|
Express Black
Sea
|
3,400
|
|
2011
|
|
November
2020
|
Express
Spain
|
3,400
|
|
2011
|
|
March 2020
|
Express
Argentina
|
3,400
|
|
2010
|
|
May 2020
|
Express
Brazil
|
3,400
|
|
2010
|
|
September
2020
|
Express
France
|
3,400
|
|
2010
|
|
October
2020
|
Singapore
|
3,314
|
|
2004
|
|
March 2020
|
Colombo
|
3,314
|
|
2004
|
|
March 2020
|
MSC
Zebra
|
2,602
|
|
2001
|
|
September
2020
|
Amalia
C
|
2,452
|
|
1998
|
|
March 2020
|
Danae
C
|
2,524
|
|
2001
|
|
February
2020
|
Advance
|
2,200
|
|
1997
|
|
April 2020
|
Future
|
2,200
|
|
1997
|
|
June 2020
|
Sprinter
|
2,200
|
|
1997
|
|
March 2020
|
Stride
|
2,200
|
|
1997
|
|
April 2020
|
Progress
C
|
2,200
|
|
1998
|
|
March 2020
|
Bridge
|
2,200
|
|
1998
|
|
September
2020
|
Highway
|
2,200
|
|
1998
|
|
February
2020
|
Vladivostok
|
2,200
|
|
1997
|
|
March 2020
|
|
|
|
|
|
|
Belita
ľ2)
|
8,533
|
|
2006
|
|
September
2021
|
Catherine C
(2)
|
6,422
|
|
2001
|
|
January
2023
|
Leo C
(2)
|
6,422
|
|
2002
|
|
September
2022
|
Suez
Canal(2)
|
5,610
|
|
2002
|
|
April 2020
|
Genoaľ2)
|
5,544
|
|
2002
|
|
August
2020
|
|
|
|
|
|
|
(1) Earliest
date charters could expire. Some charters include options to extend
their terms.
|
(2) Vessels
acquired by Gemini Shipholdings Corporation, in which Danaos holds
a 49% equity interest.
|
|
DANAOS
CORPORATION
|
|
Condensed
Consolidated Statements of Operations - Unaudited
|
|
(Expressed in
thousands of United States dollars, except per share
amounts)
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Year
ended
|
|
Year
ended
|
|
December
31,
|
December
31,
|
December
31,
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
$110,204
|
|
$115,631
|
|
$447,244
|
|
$458,732
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Vessel operating
expenses
|
(24,467)
|
|
(25,552)
|
|
(102,502)
|
|
(104,604)
|
|
|
Depreciation &
amortization
|
(26,572)
|
|
(29,354)
|
|
(105,238)
|
|
(116,994)
|
|
|
Impairment
loss
|
-
|
|
(210,715)
|
|
-
|
|
(210,715)
|
|
|
General &
administrative
|
(7,054)
|
|
(7,944)
|
|
(26,837)
|
|
(26,334)
|
|
|
Other operating
expenses
|
(2,799)
|
|
(2,977)
|
|
(11,593)
|
|
(12,207)
|
|
Income/(Loss) From
Operations
|
49,312
|
|
(160,911)
|
|
201,074
|
|
(12,122)
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME/(EXPENSES)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
1,663
|
|
1,483
|
|
6,414
|
|
5,781
|
|
|
Interest
expense
|
(17,166)
|
|
(19,328)
|
|
(72,069)
|
|
(85,706)
|
|
|
Other finance
expenses
|
(300)
|
|
(415)
|
|
(2,702)
|
|
(3,026)
|
|
|
Equity income on
investments
|
1,094
|
|
453
|
|
1,602
|
|
1,365
|
|
|
Gain on debt
extinguishment
|
-
|
|
-
|
|
-
|
|
116,365
|
|
|
Other
income/(expenses), net
|
127
|
|
109
|
|
556
|
|
(50,456)
|
|
|
Realized loss on
derivatives
|
(913)
|
|
(2,374)
|
|
(3,622)
|
|
(5,137)
|
|
Total Other
Income/(Expenses), net
|
(15,495)
|
|
(20,072)
|
|
(69,821)
|
|
(20,814)
|
|
Net
Income/(Loss)
|
$33,817
|
|
$(180,983)
|
|
$131,253
|
|
$(32,936)
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
Basic earnings/(loss)
per share1
|
$1.83
|
|
$(12.12)
|
|
$8.29
|
|
$(3.10)
|
|
Diluted
earnings/(loss) per share1
|
$1.79
|
|
$(12.12)
|
|
$8.09
|
|
$(3.10)
|
|
Basic weighted
average number of common shares (in thousands of
shares)1
|
18,494
|
|
14,939
|
|
15,835
|
|
10,623
|
|
Diluted weighted
average number of common shares (in thousands of
shares)1
|
18,927
|
|
14,939
|
|
16,221
|
|
10,623
|
|
|
|
Non-GAAP Measures2
|
|
Reconciliation of
Net Income/(Loss) to Adjusted Net Income – Unaudited
|
|
|
|
|
Three months
ended
December
31,
|
|
Three months
ended
December
31,
|
|
Year
ended
December
31,
|
|
Year
ended
December
31,
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Net
income/(loss)
|
$33,817
|
|
$(180,983)
|
|
$131,253
|
|
$(32,936)
|
|
Gain on debt
extinguishment
|
-
|
|
-
|
|
-
|
|
(116,365)
|
|
Amortization of
financing fees, debt discount & finance fees accrued
|
4,152
|
|
5,584
|
|
17,422
|
|
17,016
|
|
Impairment
loss
|
-
|
|
210,715
|
|
-
|
|
210,715
|
|
Accelerated
amortization of accumulated other comprehensive loss
|
-
|
|
1,443
|
|
-
|
|
1,443
|
|
Refinancing
professional fees
|
-
|
|
(154)
|
|
-
|
|
51,313
|
|
Adjusted Net
Income
|
$37,969
|
|
$36,605
|
|
$148,675
|
|
$131,186
|
|
Adjusted Earnings
Per Share, diluted1
|
$2.01
|
|
$2.45
|
|
$9.17
|
|
$12.35
|
|
Diluted weighted
average number of shares (in thousands)1
|
18,927
|
|
14,939
|
|
16,221
|
|
10,623
|
|
|
1
|
Basic and diluted
earnings per share and basic and diluted weighted average number of
shares give retroactive effect to the 1-for-14 reverse stock
split effected on May 2, 2019, for all
periods presented.
|
2
|
The Company reports
its financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, management believes
that certain non-GAAP financial measures
used in managing the business may provide users of this financial
information additional meaningful comparisons between current results and results in
prior operating periods. Management believes that these non-GAAP
financial measures can provide
additional meaningful reflection of underlying trends of the
business because they provide a comparison of historical
information that excludes certain
items that impact the overall comparability. Management also uses
these non-GAAP financial measures in making financial, operating
and planning decisions and in
evaluating the Company's performance. See the Table above for
supplemental financial data and corresponding reconciliations to GAAP financial measures for the
three months and year ended December 31, 2019 and 2018. Non-GAAP
financial measures should be
viewed in addition to, and not as an alternative for, the Company's
reported results prepared in accordance with GAAP.
|
DANAOS
CORPORATION
|
Condensed
Consolidated Balance Sheets - Unaudited
|
(Expressed in
thousands of United States dollars)
|
|
|
|
|
As
of
|
|
As
of
|
December
31,
|
December
31,
|
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$139,170
|
|
$77,275
|
|
Accounts receivable,
net
|
|
7,145
|
|
9,225
|
|
Other current
assets
|
|
44,071
|
|
33,250
|
|
|
|
190,386
|
|
119,750
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
Fixed assets,
net
|
|
2,389,874
|
|
2,480,329
|
|
Deferred charges,
net
|
|
11,455
|
|
13,031
|
|
Investments in
affiliates
|
|
8,965
|
|
7,363
|
|
Other non-current
assets
|
|
82,339
|
|
59,369
|
|
|
|
2,492,633
|
|
2,560,092
|
TOTAL
ASSETS
|
|
$2,683,019
|
|
$2,679,842
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Long-term debt,
current portion
|
|
$119,673
|
|
$113,777
|
|
Accumulated accrued
interest, current portion
|
|
34,137
|
|
35,782
|
|
Long-term leaseback
obligations, current portion
|
|
16,342
|
|
-
|
|
Accounts payable,
accrued liabilities & other current liabilities
|
|
52,928
|
|
73,142
|
|
|
|
223,080
|
|
222,701
|
LONG-TERM
LIABILITIES
|
|
|
|
|
|
Long-term debt,
net
|
|
1,270,663
|
|
1,508,108
|
|
Accumulated accrued
interest, net of current portion
|
|
156,583
|
|
200,574
|
|
Long-term leaseback
obligations, net
|
|
121,872
|
|
-
|
|
Other long-term
liabilities
|
|
29,131
|
|
57,606
|
|
|
|
1,578,249
|
|
1,766,288
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Common
stock1
|
|
248
|
|
152
|
|
Additional paid-in
capital1
|
|
785,274
|
|
727,562
|
|
Accumulated other
comprehensive loss
|
|
(116,934)
|
|
(118,710)
|
|
Retained
earnings
|
|
213,102
|
|
81,849
|
|
|
|
881,690
|
|
690,853
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$2,683,019
|
|
$2,679,842
|
|
1 Common stock and Additional
paid-in capital as of December 31, 2018 give retroactive effect to
the 1-for-14
reverse stock
split.
|
DANAOS
CORPORATION
|
Condensed
Consolidated Statements of Cash Flows
- Unaudited
|
(Expressed in
thousands of United States dollars)
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Year
ended
|
|
Year
ended
|
December
31,
|
December
31,
|
December
31,
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
$33,817
|
|
$(180,983)
|
|
$131,253
|
|
$(32,936)
|
|
Adjustments to
reconcile net income/(loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
24,364
|
|
27,005
|
|
96,505
|
|
107,757
|
|
Impairment
loss
|
-
|
|
210,715
|
|
-
|
|
210,715
|
|
Amortization of
deferred drydocking & special survey costs, finance cost, debt
discount and other finance fees accrued
|
6,360
|
|
7,933
|
|
26,155
|
|
26,253
|
|
Gain on debt
extinguishment
|
-
|
|
-
|
|
-
|
|
(116,365)
|
|
PIK
interest
|
830
|
|
1,019
|
|
3,375
|
|
1,433
|
|
Payments for
drydocking/special survey
|
(1,943)
|
|
(1,401)
|
|
(7,157)
|
|
(13,306)
|
|
Amortization of
deferred realized losses on cash flow interest rate
swaps
|
913
|
|
2,374
|
|
3,622
|
|
5,137
|
|
Equity income on
investments
|
(1,094)
|
|
(453)
|
|
(1,602)
|
|
(1,365)
|
|
Stock based
compensation
|
1,181
|
|
849
|
|
4,241
|
|
1,006
|
|
Accounts
receivable
|
492
|
|
(407)
|
|
2,080
|
|
(2,723)
|
|
Other assets, current
and non-current
|
(5,754)
|
|
(6,226)
|
|
(19,750)
|
|
2,286
|
|
Accounts payable and
accrued liabilities
|
(2,618)
|
|
(3,338)
|
|
(3,181)
|
|
(4,350)
|
|
Other liabilities,
current and long-term
|
(4,315)
|
|
(3,897)
|
|
(15,663)
|
|
(18,856)
|
Net Cash provided
by Operating Activities
|
52,233
|
|
53,190
|
|
219,878
|
|
164,686
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Vessel additions and
advances
|
(6,598)
|
|
(6,167)
|
|
(21,360)
|
|
(8,250)
|
Net Cash used in
Investing Activities
|
(6,598)
|
|
(6,167)
|
|
(21,360)
|
|
(8,250)
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
-
|
|
-
|
|
-
|
|
325,852
|
|
Proceeds from
sale-leaseback of vessels
|
-
|
|
-
|
|
146,523
|
|
-
|
|
Debt
repayment
|
(31,183)
|
|
(33,883)
|
|
(262,572)
|
|
(440,990)
|
|
Payments of leaseback
obligations
|
(3,160)
|
|
-
|
|
(8,309)
|
|
-
|
|
Payments of
accumulated accrued interest
|
(8,512)
|
|
(7,960)
|
|
(35,358)
|
|
(8,556)
|
|
Finance
costs
|
-
|
|
(8,038)
|
|
(30,474)
|
|
(35,005)
|
|
Paid-in
capital
|
54,440
|
|
-
|
|
54,440
|
|
10,000
|
|
Share issuance
costs
|
(873)
|
|
-
|
|
(873)
|
|
(169)
|
Net Cash used in
Financing Activities
|
10,712
|
|
(49,881)
|
|
(136,623)
|
|
(148,868)
|
Net
Increase/(Decrease) in cash, cash equivalents and restricted
cash
|
56,347
|
|
(2,858)
|
|
61,895
|
|
7,568
|
Cash, cash
equivalents and restricted cash, beginning of period
|
82,823
|
|
80,133
|
|
77,275
|
|
69,707
|
Cash, cash
equivalents and restricted cash, end of period
|
$139,170
|
|
$77,275
|
|
$139,170
|
|
$77,275
|
|
DANAOS
CORPORATION
|
|
Reconciliation of
Net Income/(Loss) to Adjusted EBITDA - Unaudited
|
|
(Expressed in
thousands of United States dollars)
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Year
ended
|
|
Year
ended
|
|
December
31,
|
December
31,
|
December
31,
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Net
income/(loss)
|
$33,817
|
|
$(180,983)
|
|
$131,253
|
|
$(32,936)
|
|
Depreciation
|
24,364
|
|
27,005
|
|
96,505
|
|
107,757
|
|
Amortization of
deferred drydocking & special survey costs
|
2,208
|
|
2,349
|
|
8,733
|
|
9,237
|
|
Amortization of
deferred finance costs, debt discount and other finance fees
accrued
|
4,152
|
|
5,584
|
|
17,422
|
|
17,016
|
|
Amortization of
deferred realized losses on interest rate swaps
|
913
|
|
931
|
|
3,622
|
|
3,694
|
|
Interest
income
|
(1,663)
|
|
(1,483)
|
|
(6,414)
|
|
(5,781)
|
|
Interest
expense
|
13,146
|
|
13,915
|
|
55,203
|
|
70,749
|
|
Impairment
loss
|
-
|
|
210,715
|
|
-
|
|
210,715
|
|
Gain on debt
extinguishment
|
-
|
|
-
|
|
-
|
|
(116,365)
|
|
Accelerated
amortization of accumulated other comprehensive loss
|
-
|
|
1,443
|
|
-
|
|
1,443
|
|
Stock based
compensation
|
1,181
|
|
849
|
|
4,241
|
|
1,006
|
|
Refinancing
professional fees
|
-
|
|
(154)
|
|
-
|
|
51,313
|
|
Adjusted
EBITDA(1)
|
$78,118
|
|
$80,171
|
|
$310,565
|
|
$317,848
|
|
|
1)
|
Adjusted EBITDA
represents net income before interest income and expense,
depreciation, amortization of deferred drydocking & special
survey costs, amortization of deferred finance costs, debt discount
and other finance fees accrued, amortization of deferred realized
losses on interest rate swaps, stock based compensation, impairment
loss, accelerated amortization of accumulated other comprehensive
loss, gain on debt extinguishment and refinancing professional
fees. However, Adjusted EBITDA is not a recognized measurement
under U.S. generally accepted accounting principles, or "GAAP." We
believe that the presentation of Adjusted EBITDA is useful to
investors because it is frequently used by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry. We also believe that Adjusted EBITDA is
useful in evaluating our operating performance compared to that of
other companies in our industry because the calculation of Adjusted
EBITDA generally eliminates the effects of financings, income taxes
and the accounting effects of capital expenditures and
acquisitions, items which may vary for different companies for
reasons unrelated to overall operating performance. In evaluating
Adjusted EBITDA, you should be aware that in the future we may
incur expenses that are the same as or similar to some of the
adjustments in this presentation. Our presentation of Adjusted
EBITDA should not be construed as an inference that our future
results will be unaffected by unusual or non-recurring
items.
|
|
|
|
Note: Items to
consider for comparability include gains and charges. Gains
positively impacting net income are reflected as deductions to net
income. Charges negatively impacting net income are reflected as
increases to net income.
|
|
|
|
The Company reports
its financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, management believes that
certain non-GAAP financial measures used in managing the business
may provide users of these financial information additional
meaningful comparisons between current results and results in prior
operating periods. Management believes that these non-GAAP
financial measures can provide additional meaningful reflection of
underlying trends of the business because they provide a comparison
of historical information that excludes certain items that impact
the overall comparability. Management also uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating the Company's performance. See the
Tables above for supplemental financial data and corresponding
reconciliations to GAAP financial measures for the three months and
year ended December 31, 2019 and 2018. Non-GAAP financial measures
should be viewed in addition to, and not as an alternative for, the
Company's reported results prepared in accordance with
GAAP.
|
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content:http://www.prnewswire.com/news-releases/danaos-corporation-reports-results-for-the-fourth-quarter-and-year-ended-december-31-2019-301002229.html
SOURCE Danaos Corporation