CRUDE CARRIERS CORP.
UNAUDITED CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS
(NOTES 1, 2)
(In thousands of U.S. Dollars, except number of shares and earnings per
share)
For the For the
three month period ended years ended
December 31, December 31,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Revenues $ 12,671 $ 3,906 55,882 16,870
---------- ---------- ---------- ----------
Expenses:
Voyage expenses 1,044 2,727 18,482 6,252
Voyage expenses- related
party 161 - 611 -
Vessel operating expenses 3,050 657 9,152 2,457
Vessel operating expenses
-related party 391 135 1,086 540
General and administrative
expenses 1,664 - 3,264 -
Vessel depreciation 4,006 839 11,317 3,357
Other operating income (1,286) - (1,286) -
---------- ---------- ---------- ----------
Operating income/(loss) $ 3,641 $ (452) 13,256 4,264
---------- ---------- ---------- ----------
Other income (expense),
net:
Interest expense and
finance cost (1,354) (122) (3,687) (530)
Interest and other income 64 - 328 2
---------- ---------- ---------- ----------
Total other expense, net (1,290) (122) (3,359) (528)
---------- ---------- ---------- ----------
Net income/(loss) $ 2,351 $ (574) $ 9,897 $ 3,736
========== ========== ========== ==========
Net income/(loss) per share
(basic and diluted): $ 0.15 ($ 0.27) $ 0.76 $ 1.77
Weighted-average number of
shares
Common shares (basic and
diluted) 13,500,000 - 10,726,027 -
Class B shares (basic and
diluted) 2,105,263 2,105,263 2,105,263 2,105,263
Total shares (basic and
diluted) 15,605,263 2,105,263 12,831,290 2,105,263
CRUDE CARRIERS CORP.
UNAUDITED CONDENSED AND CONSOLIDATED BALANCE SHEETS (NOTE 1)
(In thousands of U.S. Dollars)
As of As of
December 31, December 31,
2010 2009
-------------- --------------
ASSETS
Current assets
Cash and cash equivalents $ 10,925 $ 1
Trade accounts receivable 5,722 1,340
Due from related parties - 1,878
Prepayments and other assets 453 45
Inventories 1,630 1,411
-------------- --------------
Total current assets 18,730 4,675
-------------- --------------
Fixed assets
Vessels, net 392,969 76,238
-------------- --------------
Total fixed assets 392,969 76,238
Other non-current assets
Deferred charges, net 1,598 347
Restricted cash 5,000 -
-------------- --------------
Total non-current assets 399,567 76,585
-------------- --------------
TOTAL ASSETS $ 418,297 $ 81,260
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long term debt $ 9,652 $ -
Current portion of related-party long-term
debt - 3,161
Trade accounts payable 1,726 1,344
Due to related parties 2,333 27
Accrued liabilities 2,038 569
-------------- --------------
Total current liabilities 15,749 5,101
-------------- --------------
Long-term liabilities
Long term debt 124,928 -
Long-term related-party debt - 29,299
-------------- --------------
Total long-term liabilities 124,928 29,299
-------------- --------------
Total liabilities 140,677 34,400
-------------- --------------
Commitments and contingencies
Stockholders' equity
-------------- --------------
Total stockholders' equity 277,620 46,860
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 418,297 $ 81,260
============== ==============
CRUDE CARRIERS CORP.
UNAUDITED CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS
(NOTE 1)
(In thousands of U.S. Dollars)
For the years ended
December 31,
2010 2009
--------- ---------
Cash flows from operating activities:
Net income $ 9,897 $ 3,736
Adjustments to reconcile net income to net cash
provided by operating activities:
Vessel depreciation 11,317 3,357
Amortization of deferred charges 617 12
Share based compensation expense 768 -
Changes in operating assets and liabilities:
Trade accounts receivable (7,123) 249
Due from related parties 1,878 (1,822)
Prepayments and other assets (561) 38
Inventories (1,474) (626)
Trade accounts payable 1,549 20
Due to related parties (328) (1,764)
Accrued liabilities 2,215 (39)
--------- ---------
Net cash provided by operating activities 18,755 3,161
--------- ---------
Cash flow for investing activities:
Vessels' acquisitions (399,274) -
Restricted cash (5,000) -
--------- ---------
Net cash used in investing activities (404,274) -
--------- ---------
Cash flows from financing activities:
Offering proceeds 278,545 -
Offering expenses paid (719) (27)
Loan Proceeds 134,580 -
Advances from related party (27) 27
Repayments of related party debt (791) (3,161)
Loans issuance costs paid (2,212) -
Commission paid for vessel acquisition (1,930) -
Dividends paid to stockholders (11,003) -
--------- ---------
Net cash provided by/(used in) financing activities 396,443 (3,161)
--------- ---------
Net increase in cash and cash equivalents 10,924 -
Cash and cash equivalents at beginning of the period 1 1
--------- ---------
Cash and cash equivalents at end of period $ 10,925 $ 1
--------- ---------
Supplemental Cash Flow Information
Cash paid for interest $ 2,348 $ 513
Non Cash Investing and Financing activities
Net liabilities assumed by CMTC upon contribution of
vessel to the Company 56,908 -
Difference of net book value of the M/T Miltiadis M
II over the cash consideration paid to CMTC 4,158 -
Capital expenditures included in liabilities at the
end of the year 24 -
Notes
(1) The unaudited condensed and consolidated statements of operations and
cash flows for the years ended December 31, 2010 and 2009 and for the
three month period ended December 31, 2009 include the results of
operations of M/T Miltiadis M II which was acquired from Capital
Maritime & Trading Corp. ("Capital Maritime"), an entity which prior
to the offering was under common control, on March 31, 2010, as though
the transfer had occurred at the beginning of the earliest period
presented. The unaudited condensed and consolidated balance sheet as
of December 31, 2009 includes the balance sheets of Crude Carriers
Corp. and the vessel-owning company of the M/T Miltiadis M II.
(2) The Company considers the Class B shares as an equity
recapitalization and used the number of Class B shares of 2,105,263
to calculate earnings per share, prior to the offering, for the three
and twelve month periods ended December 31, 2009 and for the period
from January 1, 2010 to March 16, 2010.
Appendix A - Reconciliation of Non-GAAP Financial Measure
(In thousands of U.S. dollars)
Description of Non-GAAP Financial Measure - Cash Available for Distribution
Description of Non-GAAP Financial Measure - Cash Available for Distribution
Cash Available for Distribution is a quantitative standard used in the
publicly-traded Companies to assist in evaluating a Company's ability to
make quarterly cash distributions. Cash Available for Distribution is not
required 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.
We determine our Cash Available for Distribution as:
Net income (loss)
plus
-- depreciation and amortization
-- non-cash items,
-- loan fees amortization
-- any write-offs or other non-recurring items
Less
-- any net income attributable to the historical results of vessels
acquired by the company from Capital Maritime, our Manager.
-- any amount required to maintain a reserve that our board of directors
determines from time to time is appropriate for the conduct and growth
of the company's fleet.
Appendix A - Reconciliation of Non-GAAP Financial Measure - Continued
(In thousands of U.S. dollars)
Description of Non-GAAP Financial Measure - Cash Available for Distribution
The tables below reconcile net income to Cash Available for Distribution
for the three month period ended December 31, 2010
Reconciliation of Non-GAAP Financial Measure - Cash For the three-month
Available for distribution period ended
December 31, 2010
Net Income 2,351
Add:
Depreciation and Amortization 4,068
Share based compensation expense 576
Less:
Recommended Reserves (2,195)
Cash Available for Distribution 4,800
Number of total shares outstanding 15,999,663
Dividend per Share 0.30
Contact Information: For further information please contact: Company contacts: Ioannis Lazaridis President Tel: +30 (210) 4584 950 E-mail: i.lazaridis@crudecarrierscorp.com Jerry Kalogiratos CFO Tel: +30 (210) 4584 950 E-mail: j.kalogiratos@crudecarrierscorp.com Investor Relations / Media: Nicolas Bornozis President Matthew Abenante Capital Link, Inc. 230 Park Avenue - Suite 1536 New York, NY 10160, USA Tel: (212) 661-7566 Fax: (212) 661-7526 E-mail: crudecarriers@capitallink.com www.capitallink.com