Aegean Marine Petroleum Network Inc. (NYSE:ANW) (“Aegean” or the
“Company”) today announced financial and operating results for the
fourth quarter ended December 31, 2017.
Fourth Quarter Financial
Overview
- Recorded sales volumes of 3,511,023 metric tons.
- Recorded gross profit of $59.8 million.
- Recorded operating loss of $16.8 million.
- Recorded net loss attributable to Aegean shareholders of $28.6
million or $0.70 basic and diluted losses per share (adjusted net
loss was $19.6 million or $0.48 basic and diluted losses per
share).
- Recorded negative EBITDA of $8.8 million (adjusted negative
EBITDA of $1.4 million).
- Reduced quarterly dividend payment to $0.01 per share.
Management Commentary
Jonathan McIlroy, Aegean’s President commented,
“We continue to operate in a highly competitive market that remains
under significant pressure, which is reflected in our fourth
quarter 2017 and full year results. During this period, we have
focused on the consistent implementation of our optimization
strategy, while simultaneously pursuing new business opportunities
to create value and position Aegean for long-term success.
“With uncertainty expected to persist, our board
of directors and management took steps to enhance our expense and
asset optimization efforts while also enabling Aegean to return to
profitable and sustainable growth. The Board unanimously determined
that the acquisition of all the outstanding share capital of H.E.C.
Europe Limited (“HEC”), a complementary business with high margins,
creates a global “one-stop-shop” for the shipping industry through
integrating bunkering and ship waste management. The Board has
determined that this transaction is in the best interest of Aegean
shareholders and we are confident that with HEC, we can achieve
growth significantly greater than what either company could achieve
on a standalone basis.”
Aegean’s Q4 2017 loss of $28.6 million includes
roughly $15.3 million of non-recurring expense items including
$11.0 million of non-cash charges. In addition, the Company
experienced approximately $12 million of hedging losses during the
fourth quarter as a result of the Company’s first in, first out
(FIFO) reporting method of inventory cost. This loss was recovered
in January 2018 when inventory was sold at market prices, and the
hedges were closed. Adjusting for all these non-recurring items,
our net loss would have been $1.3 million. At the end of
December 2017, the Company’s cash position was $71.1 million and
its net debt was $52.1 million.
In the fourth quarter the Company announced its
intention to cease operations as a physical supplier in Singapore.
The Company delivered its last physical cargo in Singapore in
January of 2018. In addition, Aegean has downsized operations in
Fujairah and recalibrated its U.S. West Coast footprint while
expanding in Germany, where the Company established a presence in
Kiel. Aegean continues to seek new opportunities to replace volumes
ceded by the group in both Singapore and Fujairah by seeking volume
growth elsewhere in the network where margins are more sustainable.
Key elements of this strategy are the anticipated expansion in
volumes in the Amsterdam-Rotterdam-Antwerp region, Germany and
Savannah on the East Coast of the US being good examples.
Through a combination of fleet and storage
rationalization and G&A reduction, the Company also achieved
and identified roughly $25 million of annual cost reductions and
expects to reach $30 million in cost reductions over
time.
The Company has also sought to improve its
contract base with significant customers, including renegotiating a
few key contracts in core stations at higher margins in late 2017
for the entirety of the 2018 trading year, with some contracts
extended into 2019.
Spyros Gianniotis, Aegean's Chief Financial
Officer, stated, “Our decision to cease operations in Singapore and
downsize operations in Fujairah in order to focus on higher return
areas contributed to a 15.2% decrease in sales volume when compared
to the prior quarter. Gross spread per metric ton improved by 6.2%
from the prior quarter, which reflects our focus on repositioning
our portfolio towards higher margin business. Despite recent
progress in gross spread improvement, our results are still
significantly below the $21.10 level of Q4 2016, indicating that
market pressures have not abated. We continue to take steps to
right size the business and our financial profile through cost
reduction initiatives, and reduced net operating expenses excluding
non-recurring items by $2.7 million year-on-year.
“While our recent results show the significant
pressures on the markets in which we operate, we remain confident
that we are taking the right steps to position Aegean for long-term
growth. The acquisition of HEC diversifies the Company’s revenue
streams, opens up growth opportunities in the environmental
services market and creates potential for synergies within our
existing network. Once completed, we expect the addition of HEC to
be immediately accretive to our operating and financial results and
the combined company to accelerate growth moving forward. We will
continue our focus on reducing cost, rationalizing and optimizing
our presence in key operating hubs and on maximizing asset
utilization in order to create value for Aegean shareholders.”
Financial Results
- Revenue – The Company reported
total revenue of $1,365.2 million for the fourth quarter of 2017,
an increase of 14.1% compared to the same period in 2016, primarily
due to the increase in oil prices. Voyage and other revenues
decreased to $16.7 million or by 18.9% compared to the same period
in 2016.
- Gross Profit – Gross Profit, which
equals total revenue less directly attributable cost of revenue,
decreased by 34.1% to $59.8 million in the fourth quarter of 2017
compared to $90.8 million in the same period in 2016.
- Operating Expense – Operating
expense for the quarter was $76.6 million for the fourth quarter of
2017, an increase of $10.2 million or 15.4% compared to the same
period in prior year.
- Operating Loss – Operating loss for
the fourth quarter of 2017 adjusted for the sale of non-core
assets, vessel impairment charge and the accelerated amortization
of restricted shares was $9.3 million, a decrease of 138.1%
compared to the same period in the prior year.
- Net Loss – Net loss attributable to
Aegean shareholders adjusted for the sale of non-core assets,
vessel impairment charge and the accelerated amortization of
restricted shares and deferred financing fees was $19.6 million, or
$0.48 basic and diluted losses per share, a decrease of $35.6
million or 222.5% compared to the same period in 2016.
Operational Metrics
- Sales Volume – For the three months
ended December 31, 2017, the Company reported marine fuel sales
volumes of 3,511,023 metric tons, a decrease of 11.2% compared to
the same period in 2016.
- Gross Spread Per Metric Ton of
Marine Fuel Sold – For the three months ended December 31, 2017,
the Company reported gross spread per metric ton of marine fuel
sold on an aggregate basis of $15.5. Gross spread per metric ton of
marine fuel sold in the prior year period was $21.1.
Liquidity and Capital
Resources
- Net cash used in operating
activities was $120.3 million for the three months ended December
31, 2017, primarily due to the increase in oil prices.
- Net cash used in investing
activities was $9.0 million for the three months ended December 31,
2017, due to the purchase of Umnenga I, a floating storage facility
which replaced Umnenga.
- Net cash provided by financing
activities was $124.6 million for the three months ended December
31, 2017.
- As of December 31, 2017, the
Company had cash and cash equivalents of $71.1 million. Non-cash
working capital, or working capital excluding cash and debt, was
$831.9 million.
- As of December 31, 2017, the
Company had $438.3 million of undrawn amounts under its working
capital facilities and $71.1 million of unrestricted cash and cash
equivalents to finance working capital requirements.
- The weighted average basic and
diluted shares outstanding for the three months ended December 31,
2017, was 39,199,061. The weighted average basic and diluted shares
outstanding for the three months ended December 31, 2016 was
37,612,600.
Reduction of Dividend
The Company also announced that it is reducing
its dividend, effective immediately to $0.01 per share. Aegean’s
board of directors will re-evaluate its dividend policy following
the integration of the HEC transaction.
Yiannis Papanicolaou, Chairman of the Board of
Directors of Aegean added, “After extensive consideration and in
light of our challenging financial results in 2017, as well as our
desire to conserve capital, the board of directors of Aegean has
elected to reduce the payment of our quarterly dividend to $0.01
per share, down from $0.02 per share."
|
|
|
|
Summary Consolidated Financial and Other Data
(Unaudited) |
|
|
|
|
|
|
For the Three Months Ended
December 31, |
For the Twelve Months Ended
December 31, |
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
(in thousands of U.S. dollars, unless otherwise
stated) |
Income
Statement Data: |
|
|
|
|
|
|
|
|
|
Revenues - third
parties |
$ |
1,191,392 |
|
$ |
1,361,545 |
|
|
$ |
4,055,557 |
|
$ |
5,655,868 |
|
Revenues - related
companies |
|
4,783 |
|
|
3,700 |
|
|
|
20,662 |
|
|
18,419 |
|
Total
revenues |
|
1,196,175 |
|
|
1,365,245 |
|
|
|
4,076,219 |
|
|
5,674,287 |
|
Cost of revenues
- third parties |
|
1,090,618 |
|
|
1,285,606 |
|
|
|
3,658,681 |
|
|
5,296,270 |
|
Cost of revenues–
related companies |
|
14,760 |
|
|
19,796 |
|
|
|
64,054 |
|
|
87,710 |
|
Total cost of
revenues |
|
1,105,378 |
|
|
1,305,402 |
|
|
|
3,722,735 |
|
|
5,383,980 |
|
Gross
profit |
|
90,797 |
|
|
59,843 |
|
|
|
353,484 |
|
|
290,307 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Selling and
distribution |
|
53,345 |
|
|
52,413 |
|
|
|
202,266 |
|
|
210,087 |
|
General and
administrative |
|
12,907 |
|
|
21,389 |
|
|
|
49,757 |
|
|
56,908 |
|
Amortization of
intangible assets |
|
170 |
|
|
170 |
|
|
|
1,070 |
|
|
676 |
|
Loss/(gain) on sale of
vessels |
|
- |
|
|
- |
|
|
|
6,312 |
|
|
(94 |
) |
Vessel impairment
charge |
|
- |
|
|
2,648 |
|
|
|
- |
|
|
2,648 |
|
Operating
income |
|
24,375 |
|
|
(16,777 |
) |
|
|
94,079 |
|
|
20,082 |
|
Net financing cost |
|
(6,091 |
) |
|
(13,742 |
) |
|
|
(36,248 |
) |
|
(53,333 |
) |
Foreign exchange gains
/ (losses), net |
|
260 |
|
|
(7 |
) |
|
|
(1,544 |
) |
|
1,172 |
|
Income tax (expense) /
benefit |
|
(2,547 |
) |
|
1,891 |
|
|
|
(4,358 |
) |
|
2,789 |
|
Net
income/(loss) |
|
15,997 |
|
|
(28,635 |
) |
|
|
51,929 |
|
|
(29,290 |
) |
Less (loss)/income
attributable to non-controlling interest |
|
(28 |
) |
|
(26 |
) |
|
|
58 |
|
|
17 |
|
Net
income/(loss) attributable to AMPNI shareholders |
$ |
16,025 |
|
$ |
(28,609 |
) |
|
$ |
51,871 |
|
$ |
(29,307 |
) |
Basic earnings/(losses)
per share (U.S. dollars) |
$ |
0.41 |
|
$ |
(0.70 |
) |
|
$ |
1.11 |
|
$ |
(0.76 |
) |
Diluted
earnings/(losses) per share (U.S. dollars) |
$ |
0.41 |
|
$ |
(0.70 |
) |
|
$ |
1.11 |
|
$ |
(0.76 |
) |
|
|
|
|
|
|
|
|
|
|
EBITDA(1) |
$ |
32,458 |
|
$ |
(8,785 |
) |
|
$ |
125,610 |
|
$ |
52,519 |
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data: |
|
|
|
|
|
|
|
|
|
Gross spread on marine
petroleum products(2) |
$ |
84,068 |
|
$ |
54,922 |
|
|
$ |
326,100 |
|
$ |
265,157 |
|
Gross spread on
lubricants(2) |
|
792 |
|
|
442 |
|
|
|
3,671 |
|
|
2,527 |
|
Gross spread on marine
fuel(2) |
|
83,276 |
|
|
54,480 |
|
|
|
322,429 |
|
|
262,630 |
|
Gross spread per metric
ton of marine fuel sold (U.S. dollars) (2) |
|
21.1 |
|
|
15.5 |
|
|
|
19.5 |
|
|
15.8 |
|
Net cash used in
operating activities |
$ |
(32,817 |
) |
$ |
(120,255 |
) |
|
$ |
(47,615 |
) |
$ |
(183,410 |
) |
Net cash used in
investing activities |
|
(3,987 |
) |
|
(8,970 |
) |
|
|
(3,788 |
) |
|
(12,062 |
) |
Net cash provided by
financing activities |
|
73,091 |
|
|
124,586 |
|
|
|
5,763 |
|
|
172,885 |
|
|
|
|
|
|
|
|
|
|
|
Sales Volume
Data (Metric Tons): (3) |
|
|
|
|
|
|
|
|
|
Total sales
volumes |
|
3,954,700 |
|
|
3,511,023 |
|
|
|
16,519,079 |
|
|
16,575,404 |
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Data: |
|
|
|
|
|
|
|
|
|
Number of owned
bunkering tankers, end of period(4) |
|
45.0 |
|
|
45.0 |
|
|
|
45.0 |
|
|
45.0 |
|
Average number of owned
bunkering tankers(4)(5) |
|
45.0 |
|
|
45.0 |
|
|
|
47.1 |
|
|
45.0 |
|
Special Purpose
Vessels, end of period(6) |
|
1.0 |
|
|
1.0 |
|
|
|
1.0 |
|
|
1.0 |
|
Number of operating
storage facilities, end of period(7) |
|
13.0 |
|
|
15.0 |
|
|
|
13.0 |
|
|
15.0 |
|
|
|
|
|
Summary Consolidated Financial and Other Data
(Unaudited) |
|
|
|
|
|
|
As ofDecember
31,2016 |
As ofDecember
31,2017 |
|
|
|
|
|
|
(in thousands of U.S. dollars,unless otherwise
stated) |
Balance Sheet Data: |
|
|
Cash
and cash equivalents |
|
93,836 |
|
71,079 |
|
Gross
trade receivables |
|
512,398 |
|
638,037 |
|
Allowance for doubtful accounts |
|
(8,647 |
) |
(11,179 |
) |
Inventories |
|
187,766 |
|
283,922 |
|
Current assets |
|
909,252 |
|
1,081,093 |
|
Total
assets |
|
1,600,933 |
|
1,766,203 |
|
Trade
payables |
|
131,584 |
|
125,262 |
|
Total
debt |
|
817,631 |
|
1,007,896 |
|
Total
liabilities |
|
1,011,342 |
|
1,188,365 |
|
Total
stockholder’s equity |
|
589,591 |
|
577,838 |
|
|
|
|
|
Working capital excluding cash and debt(8) |
|
629,370 |
|
831,909 |
|
|
|
|
|
Notes:
- EBITDA represents net income/loss before interest, taxes,
depreciation and amortization. EBITDA does not represent and should
not be considered as an alternative to net income or cash flow from
operations, as determined by United States generally accepted
accounting principles, or U.S. GAAP, and our calculation of EBITDA
may not be comparable to that recorded by other companies. Adjusted
EBITDA represents net income before interest, taxes, depreciation
and amortization, vessel and investment impairments, gains/losses
on vessel disposals and other non-recurring exceptional
items.Adjusted EBITDA per metric ton of marine fuel sold represents
the net income/loss before interest, taxes, depreciation and
amortization, vessel and investment impairments, gains/losses on
vessel disposals and other non-recurring exceptional items the
Company generates per metric ton of marine fuel sold. The Company
calculates Adjusted EBITDA per metric ton of marine fuel sold by
dividing the EBITDA by the sales volume of marine fuel. Marine fuel
sales do not include sales of lubricants.Adjusted net income/loss
attributable to AMPNI shareholders represents the net income/loss
before vessel and investment impairments, gains/losses on vessel
disposals and other non-recurring exceptional items.These non-GAAP
measures are presented in this press release as the Company
believes that it provides investors with a means of evaluating and
understanding how Aegean’s management evaluates operating
performance. These non-GAAP measures should not be considered in
isolation from, as substitutes for, or superior to financial
measures prepared in accordance with U.S. GAAP. In addition, these
non-GAAP measures do not have a standardized meaning, and are
therefore unlikely to be comparable to similar measures presented
by other companies.The following table reconciles net income/(loss)
attributable to AMPNI to EBITDA, Adjusted EBITDA and Adjusted
EBITDA per metric ton of marine fuel sold for the periods
presented:
|
|
|
|
For the Three Months Ended December
31, |
For the Twelve Months Ended December
31, |
|
2016 |
2017 |
|
2016 |
2017 |
|
|
(in thousands of U.S. dollars,unless otherwise
stated) |
Net
income/(loss) to AMPNI shareholders |
16,025 |
(28,609 |
) |
51,871 |
(29,307 |
) |
|
|
|
|
|
Add: Net financing cost including amortization of financing
costs |
6,091 |
13,742 |
|
36,248 |
53,333 |
|
Add: Income tax expense/(benefit) |
2,547 |
(1,891 |
) |
4,358 |
(2,789 |
) |
Add: Depreciation and amortization excluding
amortization of financing costs |
7,795 |
7,973 |
|
33,133 |
31,282 |
|
|
|
|
|
|
EBITDA |
32,458 |
(8,785 |
) |
125,610 |
52,519 |
|
|
|
|
|
|
Add:
Loss on sale of vessels |
- |
- |
|
6,312 |
(94 |
) |
Add:
Vessel impairment charge |
- |
2,648 |
|
- |
2,648 |
|
Add:
Accelerated Shares |
- |
4,786 |
|
3,230 |
4,786 |
|
Adjusted EBITDA |
32,458 |
(1,351 |
) |
135,152 |
59,859 |
|
|
|
|
|
|
Sales
volume of marine fuel (metric tons) |
3,954,700 |
3,511,023 |
|
16,519,079 |
16,575,404 |
|
Adjusted EBITDA per metric ton of marinefuel sold (U.S.
dollars) |
8.21 |
(0.38 |
) |
8.18 |
3.61 |
|
|
|
|
|
|
|
|
The following table reconciles net income/(loss)
attributable to AMPNI to Adjusted Net Income/Loss for the periods
presented:
|
|
|
|
For the Three Months EndedDecember
31, |
For the Twelve Months Ended December
31, |
|
2016 |
2017 |
|
2016 |
2017 |
|
|
(in thousands of U.S. dollars,unless otherwise
stated) |
Net
income/(loss) to AMPNI shareholders |
16,025 |
(28,609 |
) |
51,871 |
(29,307 |
) |
|
|
|
|
|
Add:
Loss on sale of vessels |
- |
- |
|
6,312 |
(94 |
) |
Add:
Vessel impairment charge |
- |
2,648 |
|
- |
2,648 |
|
Add:
Accelerated Shares |
- |
4,786 |
|
3,230 |
4,786 |
|
Add:
Accelerated amortization of deferred financing fees |
- |
1,533 |
|
- |
1,533 |
|
Adjusted net income/(loss) to AMPNI shareholders |
16,025 |
(19,642 |
) |
61,413 |
(20,434 |
) |
|
|
|
|
|
|
|
- Gross spread on marine petroleum products represents
the margin the Company generates on sales of marine fuel and
lubricants. Gross spread on marine fuel represents the margin that
the Company generates on sales of various classifications of marine
fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on
lubricants represents the margin that the Company generates on
sales of lubricants. Gross spread on marine petroleum products,
gross spread of MFO and gross spread on lubricants are not items
recognized by U.S. GAAP and should not be considered as an
alternative to gross profit or any other indicator of a Company's
operating performance required by U.S. GAAP. The Company's
definition of gross spread may not be the same as that used by
other companies in the same or other industries. The Company
calculates the above-mentioned gross spreads by subtracting from
the sales of the respective marine petroleum product the cost of
the respective marine petroleum product sold and cargo
transportation costs. For arrangements in which the Company
physically supplies the respective marine petroleum product using
its bunkering tankers, costs of the respective marine petroleum
products sold represents amounts paid by the Company for the
respective marine petroleum product sold in the relevant reporting
period. For arrangements in which the respective marine petroleum
product is purchased from the Company's related company, Aegean Oil
S.A., cost of the respective marine petroleum products sold
represents the total amount paid by the Company to the physical
supplier for the respective marine petroleum product and its
delivery to the custom arrangements, in which the Company purchases
cargos of marine fuel for its floating storage facilities.
Transportation costs may be included in the purchase price of
marine fuels from the supplier or may be incurred separately from a
transportation provider. Gross spread per metric ton of marine fuel
sold represents the margin the Company generates per metric ton of
marine fuel sold. The Company calculates gross spread per metric
ton of marine fuel sold by dividing the gross spread on marine fuel
by the sales volume of marine fuel. Marine fuel sales do not
include sales of lubricants. The following table reflects the
calculation of gross spread per metric ton of marine fuel sold for
the periods presented:
|
|
|
|
|
For the Three Months EndedDecember
31, |
|
For the Twelve Months
EndedDecember 31, |
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
(in thousands of U.S. dollars,unless otherwise
stated) |
Sales
of marine petroleum products |
1,175,578 |
|
|
1,348,534 |
|
|
3,996,642 |
|
|
5,599,658 |
|
Less: Cost of marine petroleum products sold |
(1,091,510 |
) |
|
(1,293,612 |
) |
|
(3,670,542 |
) |
|
(5,334,501 |
) |
Gross
spread on marine petroleum products |
84,068 |
|
|
54,922 |
|
|
326,100 |
|
|
265,157 |
|
Less: Gross spread on lubricants |
(792 |
) |
|
(442 |
) |
|
(3,671 |
) |
|
(2,527 |
) |
Gross
spread on marine fuel |
83,276 |
|
|
54,480 |
|
|
322,429 |
|
|
262,630 |
|
|
|
|
|
|
|
|
Sales
volume of marine fuel (metric tons) |
3,954,700 |
|
|
3,511,023 |
|
|
16,519,079 |
|
|
16,575,404 |
|
|
|
|
|
|
|
|
Gross
spread per metric ton of marinefuel sold (U.S. dollars) |
21.1 |
|
|
15.5 |
|
|
19.5 |
|
|
15.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales volume of marine fuel is the volume of sales of
various classifications of MFO and MGO for the relevant period and
is denominated in metric tons. The Company does not include the
sales volume of lubricants in the calculation of gross spread per
metric ton of marine fuel sold.
- Bunkering fleet comprises both bunkering vessels and
barges.
- Figure represents average bunkering fleet number for the
relevant period, as measured by the sum of the number of days each
bunkering tanker or barge was used as part of the fleet during the
period divided by the cumulative number of calendar days in the
period multiplied by the number of bunkering tankers at the end of
the period. This figure does not take into account non-operating
days due to either scheduled or unscheduled maintenance.
- Special Purpose Vessels consists of the Orion, a 550 dwt tanker
which is based in our Greek market.
- The Company owns three barges, the Mediterranean, Umnenga and
Umnenga I, as floating storage facilities in Greece and South
Africa. The Company also operates on-land storage facilities in Las
Palmas, Fujairah, Tangiers, the U.S.A. and Hamburg.The ownership of
storage facilities allows the Company to mitigate its risk of
supply shortages. Generally, storage costs are included in the
price of refined marine fuel quoted by local suppliers. The Company
expects that the ownership of storage facilities will allow it to
convert the variable costs of this storage fee mark-up per metric
ton quoted by suppliers into fixed costs of operating its owned
storage facilities, thus enabling the Company to spread larger
sales volumes over a fixed cost base and to decrease its refined
fuel costs.
- Working capital excluding cash and debt is defined as
current assets minus cash and cash equivalents minus restricted
cash minus current liabilities plus short-term borrowings plus
current portion of long-term debt.
- Net income as adjusted for non-cash items, such as
depreciation, provision for doubtful accounts, share-based
compensation, amortization, deferred income taxes, gain/loss on
sale of vessels, impairment losses, unrealized loss/(gain) on
derivatives and unrealized foreign exchange loss/(gain), net, is
used to assist in evaluating our ability to make quarterly cash
distributions. Net income as adjusted for non-cash items is not
recognized by accounting principles generally accepted in the
United States and should not be considered as an alternative to net
income or any other indicator of the Company's performance required
by accounting principles generally accepted in the United States.
The following table reflects the calculation of net income/(loss)
as adjusted for non-cash items for the periods presented:
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Twelve Months
EndedDecember 31, |
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
(in thousands of U.S. dollars,unless otherwise
stated) |
Net
income/(loss) |
15,997 |
|
|
(28,635 |
) |
|
51,929 |
|
|
(29,290 |
) |
Add: Depreciation |
6,001 |
|
|
6,004 |
|
|
24,941 |
|
|
23,762 |
|
Add: Provision for doubtful accounts |
2,433 |
|
|
672 |
|
|
3,624 |
|
|
2,532 |
|
Add: Share based compensation |
1,990 |
|
|
8,154 |
|
|
12,229 |
|
|
16,865 |
|
Add: Amortization |
4,731 |
|
|
6,750 |
|
|
18,417 |
|
|
21,756 |
|
Add: Net deferred tax expense / (benefit) |
2,108 |
|
|
(8,415 |
) |
|
1,437 |
|
|
(4,180 |
) |
Add: Unrealized loss / (gain) on derivatives |
(4,007 |
) |
|
(632 |
) |
|
29,445 |
|
|
(5,248 |
) |
Add: Loss / (gain) on sale of vessels |
- |
|
|
- |
|
|
6,312 |
|
|
(94 |
) |
Add: Vessel impairment charge |
- |
|
|
2,648 |
|
|
- |
|
|
2,648 |
|
Add: Unrealized foreign exchange (gain)/loss |
(809 |
) |
|
680 |
|
|
(678 |
) |
|
612 |
|
Net
income/(loss) as adjusted for non-cash items |
28,444 |
|
|
(12,774 |
) |
|
147,660 |
|
|
29,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2017 Dividend
Announcement On March 7, 2018, the Company's Board of
Directors declared a fourth quarter 2017 dividend of $0.01 per
share payable on or about April 4, 2018 to shareholders of record
as of March 21, 2018. The dividend amount was determined in
accordance with the Company's dividend policy of paying cash
dividends on a quarterly basis subject to factors including the
requirements of Marshall Islands law, future earnings, capital
requirements, financial condition, future prospects and such other
factors as are determined by the Company's Board of Directors. The
Company anticipates retaining most of its future earnings, if any,
for use in operations and business expansion.
Conference Call and Webcast
Information Aegean Marine Petroleum Network Inc. will
conduct a conference call and simultaneous Internet webcast
Thursday, March 8, 2018 at 8:30 A.M. Eastern Time, to discuss its
fourth quarter results. 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 (Standard International Dial In). Please
quote "Aegean."
A telephonic replay of the conference call will
be available until Thursday, March 15, 2018. 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: 88442018#.
The webcast will also be archived on the
Company's website: http://www.ampni.com.
About Aegean Marine Petroleum Network
Inc. Aegean Marine Petroleum Network Inc. is an
international marine fuel logistics company that markets and
physically supplies refined marine fuel and lubricants to ships in
port and at sea. The Company procures product from various sources
(such as refineries, oil producers, and traders) and resells it to
a diverse group of customers across all major commercial shipping
sectors and leading cruise lines. Currently, Aegean has a global
presence in more than 30 markets and a team of professionals ready
to serve our customers wherever they are around the globe. For
additional information please visit: www.ampni.com
About HECHEC, through its affiliates, is an
environmental company active in the treatment of maritime
and offshore waste, using both chemical and mechanical
technologies, in order to support vessel and terminal
operators, as well as various governmental and regulatory bodies
and port authorities. The vision of HEC is to create a dynamic
global network (Global Green Ports) that will become one of
the largest international reception facilities networks
worldwide. HEC, through its affiliates, provides its services
to some of the largest international shipping and oil and gas
companies. HEC operates in a highly regulated and legislation
driven market. Treatment of marine waste is mandatory
with regulations applying to all vessels prohibiting the
dumping of vessel-generated waste at sea. The waste treatment
process takes place both in HEC’s modern land-based facilities and
in their floating facilities.
Cautionary Statement Regarding
Forward-Looking StatementsMatters discussed in this press
release may constitute forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"intend," "anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include our ability to manage growth, our ability to
maintain our business in light of our proposed business and
location expansion or other changes in our business, our ability to
obtain double hull secondhand bunkering tankers, the outcome of
legal, tax or regulatory proceedings to which we may become a
party, adverse conditions in the shipping or the marine fuel supply
industries, our ability to retain our key suppliers and key
customers, material disruptions in the availability or supply of
crude oil or refined petroleum products, changes in the market
price of petroleum, including the volatility of spot pricing,
increased levels of competition, compliance or lack of compliance
with various environmental and other applicable laws and
regulations, our ability to collect accounts receivable, changes in
the political, economic or regulatory conditions in the markets in
which we operate, and the world in general, our failure to hedge
certain financial risks associated with our business, our ability
to maintain our current tax treatments and our failure to comply
with restrictions in our credit agreements and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
CONTACTS:CompanyAegean
Marine Petroleum Network Inc.Tel.
+1-212-430-1098Email:
investor@ampni.com
Investor Relations / Media
AdvisorNicolas Bornozis / Daniela
GuerreroCapital Link, Inc.Tel.
+1-212-661-7566Email:
aegean@capitallink.com