SOURCE: Navios Maritime Midstream Partners L.P.

Navios Maritime Midstream Partners L.P.

July 28, 2015 06:30 ET

Navios Maritime Midstream Partners L.P. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2015

MONACO--(Marketwired - Jul 28, 2015) - Navios Maritime Midstream Partners L.P. (NYSE: NAP)

  • Quarterly Cash Distribution of $0.4125 per unit; $1.65 per unit annualized
  • 10% expected increase in Cash Distribution to $0.4525 per unit per quarter through mid-2016; $1.81 per unit annualized
  • Net Income: $5.4 million in Q2; $11.7 million for the six months
  • EBITDA: $14.0 million in Q2; $26.6 million for the six months
  • Operating Surplus: $10.3 million in Q2; $19.7 million for the six months
  • Profit sharing: $1.4 million of profit sharing in Q2; $2.4 million for the six months
  • Acquired two VLCCs with long-term employment

Navios Maritime Midstream Partners L.P. ("Navios Midstream") (NYSE: NAP), an owner and operator of tanker vessels, reported its financial results today for the second quarter and the six month period ended June 30, 2015.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated, "We are excited to report our results for the second quarter of 2015. We earned $18.4 million of revenue, reported $14.0 million of EBITDA and had $5.4 million of net income. We also declared a cash distribution of $0.4125 per unit, providing an annualized distribution of $1.65 per unit and a current yield of 10.7%."

Angeliki Frangou, added, "As a consequence of the recent acquisition of two VLCCs, we anticipate increasing our distribution, commencing in the third quarter of 2015, by 2.4% -- to $0.4225 per unit ($1.69 per unit annualized) and overall expect a 10% distribution growth reaching a quarterly distribution of $0.4525 per unit ($1.81 per unit annualized) by mid-2016."

Angeliki Frangou continued, "VLCC market fundamentals continue to improve. The decline in the price of oil helps to increase oil consumption and oil transportation. As a result, the 2015 year-to-date VLCC spot rate improved more than 100% to an average of approximately $56,000. Not only was the spot rate up significantly, but the charter market has become very active, with the number of long-term time charters fixed in 2015 year-to-date already significantly greater than the number of long term fixtures in each of the last four years."

RECENT DEVELOPMENTS

Quarterly Cash Distribution

The Board of Directors of Navios Midstream declared a cash distribution for the second quarter of 2015 of $0.4125 per unit. The cash distribution is payable on August 12, 2015 to unitholders of record as of August 6, 2015.

Cash Distribution growth

Following the acquisition of the two VLCCs discussed below, Navios Midstream anticipates increasing cash distribution for the third quarter of 2015 by 2.4% to $0.4225 per unit ($1.69 per unit annualized). In total, Navios Midstream expects a 10% distribution growth through mid-2016 to $0.4525 per unit ($1.81 per unit annualized).

The total unit distribution coverage is expected to be about 1.1x with significant upside through profit sharing arrangement on five of six of our vessels.

$205.0 million Term Loan B and Vessel Acquisitions

Term Loan B: In June 2015, Navios Midstream announced the issuance of a $205.0 million Term Loan B facility (the "Term Loan B"). The Term Loan B bears an interest rate of LIBOR + 450 basis points and has a five year term, with 1% per annum amortization profile and a bullet at maturity. It is secured by first priority mortgages covering all vessels owned by subsidiaries of Navios Midstream, in addition to other collateral, and guaranteed by each subsidiary of Navios Midstream.

The net proceeds of the Term Loan B were used as follows: i) $120.7 million to refinance existing indebtedness; ii) $73.0 million, to finance the acquisition of two VLCCs; and iii) to cover fees and expenses.

Vessel Acquisitions: Concurrently with the closing of the Term Loan B, Navios Midstream took delivery of two VLCCs, the C. Dream, a 2000-built VLCC of 298,570 dwt and the Nave Celeste, a 2003-built VLCC of 298,717 dwt, for an aggregate purchase price of $100.0 million. The purchase price consisted of $73.0 million cash consideration and the issuance of 1,592,920 subordinated Series A units to Navios Acquisition.

The Nave Celeste is employed at a net charter rate of $42,705 per day through December 2016 and has a backstop commitment from Navios Maritime Acquisition Corporation ("Navios Acquisition") at $35,000 net per day for a period of two years following the scheduled redelivery of the vessel. The C. Dream is employed at a net charter rate of $29,625 per day with profit sharing through March 2019.

Profit Share

During the second quarter of 2015, Navios Midstream benefited from the improved VLCC spot market and recognized $1.4 million under its profit sharing arrangements. Profit share recognized for the six months ended June 30, 2015, was $2.4 million.

Long-Term Cash Flow

Navios Midstream has entered into long-term time charter-out agreements for its vessels with a remaining average term of 5.8 years, which are expected to provide a stable base of revenue and distributable cash flow. Navios Midstream has currently contracted out 100% of its available days for each of the years 2015 and 2016, expecting to generate revenues of approximately $79.7 million and $89.6 million, respectively. The average expected daily charter-out rate for the fleet is $42,994 and $40,798 for 2015 and 2016, respectively. 

EARNINGS HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Midstream has compiled condensed consolidated and combined statements of operations for the three and six months ended June 30, 2015 and 2014. The quarterly and six month period 2015 and 2014 information was derived from the unaudited condensed consolidated and combined financial statements for the respective periods. EBITDA and Operating Surplus are non-GAAP financial measures and should not be used in isolation or substitution for Navios Midstream's results.

                         
(in $'000 except per unit data)   Three Month
 Period ended
 June 30, 2015
 (unaudited)
    Three Month
 Period ended
 June 30, 2014
 (unaudited
)(1)
    Six Month
 Period ended
 June 30, 2015
 (unaudited)
    Six Month
 Period ended
 June 30, 2014
 (unaudited)
(1)
 
Revenue   $ 18,350     $ 15,695     $ 35,053     $ 31,352  
Net income/(loss)     5,394       (679 )     11,706       (1,416 )
Adjusted net income/(loss)(2)     7,079       (679 )     13,391       (1,416 )
EBITDA     13,987       11,603       26,600       23,267  
Earnings per common unit (basic and diluted)     0.26       --       0.59       --  
Adjusted earnings per common unit (basic and diluted)(2)     0.34       --       0.67       --  
Operating Surplus     10,299       --       19,723       --  
Maintenance and replacement capital expenditure reserve     (2,354 )     --       (4,502 )     --  
 
(1) Prior to the IPO in November 2014, Navios Midstream's four VLCC fleet was part of Navios Acquisition's fleet. All figures prior to the IPO are not directly comparable to periods after the IPO.
(2) Net income and Earnings per common unit (basic and diluted) for the three and the six month periods ended June 30, 2015 have been adjusted to exclude the amount of $1,685 representing a write-off of deferred finance cost associated with debt prepayment.
 

Three month periods ended June 30, 2015 and 2014

Revenue for the three month period ended June 30, 2015 increased by $2.7 million to $18.4 million, as compared to $15.7 million for the same period in 2014. Time Charter Equivalent ("TCE") was $46,545 for the three month period ended June 30, 2015 and $42,379 for the three month period ended June 30, 2014. The increase in revenue was due to the profit share of $1.4 million recognized in the three month period ended June 30, 2015 and the acquisition of the Nave Celeste and the C. Dream in June 2015.

EBITDA increased by $2.4 million to $14.0 million for the three month period ended June 30, 2015, as compared to $11.6 million for the same period in 2014. The increase in EBITDA was mainly due to a: (i) $2.7 million increase in revenue; and (ii) $0.1 million decrease in time charter expenses. The above increase was partially mitigated by a: (a) $0.2 million increase in general and administrative expenses; and (b) $0.1 million increase in management fees.

The reserve for estimated maintenance and replacement capital expenditures for the three month period ended June 30, 2015 was $2.4 million (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the three month period ended June 30, 2015 of $10.3 million. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership's ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the three month period ended June 30, 2015 was negatively affected by $1.7 million write-off of deferred finance cost in association with debt prepayment. Excluding that item, Adjusted net income for the three month period ended June 30, 2015 was $7.1 million compared to a $0.7 million loss for the three month period ended June 30, 2014. The increase in Adjusted net income was due to a: (i) $2.4 million increase in EBITDA; and (ii) $5.6 million decrease in interest expense and finance cost; partially mitigated by a $0.2 million increase in depreciation and amortization.

Six month periods ended June 30, 2015 and 2014

Revenue for the six month period ended June 30, 2015 increased by $3.7 million to $35.1 million, as compared to $31.4 million for the same period in 2014. Time Charter Equivalent ("TCE") was $46,234 for the six month period ended June 30, 2015 and $42,738 for the six month period ended June 30, 2014. The increase in revenue was mainly due to the profit share of $2.4 million recognized in the six month period ended June 30, 2015 and the acquisition of the Nave Celeste and the C. Dream in June 2015.

EBITDA increased by $3.3 million to $26.6 million for the six month period ended June 30, 2015, as compared to $23.3 million for the same period in 2014. The increase in EBITDA was mainly due to a: (i) $3.7 million increase in revenue; and (ii) $0.1 million increase in other income, net. The above increase was partially mitigated by a $0.5 million increase in general and administrative expenses.

The reserve for estimated maintenance and replacement capital expenditures for the six month period ended June 30, 2015 was $4.5 million (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Midstream generated an Operating Surplus for the six month period ended June 30, 2015 of $19.7 million. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership's ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the six month period ended June 30, 2015 was negatively affected by $1.7 million write-off of deferred finance cost in association with debt prepayment. Excluding that item, Adjusted net income for the six month period ended June 30, 2015 was $13.4 million compared to a $1.4 million loss for the six month period ended June 30, 2014. The increase in Adjusted net income was mainly due to a: (i) $3.3 million increase in EBITDA; (ii) $11.5 million decrease in interest expense and finance cost; and (iii) $0.1 million decrease in direct vessel expenses; partially mitigated by a $0.2 million increase in depreciation and amortization.

Fleet Employment Profile

The following table reflects certain key indicators of Navios Midstream's core fleet performance for the three and six month periods ended June 30, 2015 and 2014.

                         
    Three Month
 Period ended
 June 30, 2015
 (unaudited)
    Three Month
 Period ended
 June 30, 2014
 (unaudited)
    Six Month
 Period ended
 June 30, 2015
 (unaudited)
    Six Month
 Period ended
 June 30, 2014
 (unaudited)
 
FLEET DATA                                
Available Days(1)     390       364       750       724  
Operating Days(2)     390       364       750       722  
Fleet Utilization(3)     100.0 %     100.0 %     100.0 %     99.7 %
Vessels operating at period end     6       4       6       4  
AVERAGE DAILY RESULTS                                
Time Charter Equivalent (per day)(4)   $ 46,545     $ 42,379     $ 46,234     $ 42,738  
                                 
(1)   Available days for the fleet represent total calendar days the vessels were in Navios Midstream's possession for the relevant period after subtracting off-hire days associated with scheduled repairs, dry dockings or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.
     
(2)   Operating days is the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
     
(3)   Fleet utilization is the percentage of time that Navios Midstream's vessels were available for revenue generating available days, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs, drydockings or special surveys.
     
(4)   Time Charter Equivalent ("TCE") rates: TCE rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.
     

Conference Call details:

Navios Midstream's management will host a conference call today, Tuesday, July 28, 2015 to discuss the results for the second quarter and six months ended June 30, 2015.

Conference Call details:

Call Date/Time: Tuesday, July 28, 2015 at 08:30 am ET
Call Title: Navios Midstream Q2 2015 Financial Results Conference Call
US Dial In: +1.866.703.4207
International Dial In: +1.636.692.6440
Conference ID: 7509 0421

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 7509 0421

Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Midstream's website (www.navios-midstream.com) under "Investors". Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Midstream's website under the "Investors" section by 8:00 am ET on the day of the call.

About Navios Maritime Midstream Partners L.P.

Navios Maritime Midstream Partners L.P. is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit our website at www.navios-midstream.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Midstream's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "may", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates", and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although the Navios Midstream believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Midstream. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us, tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand, the aging of our vessels and resultant increases in operation and drydocking costs, the loss of any customer or charter or vessel, our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, potential liability from litigation and our vessel operations, including discharge of pollutants, general domestic and international political conditions, competitive factors in the market in which Navios Midstream operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Midstream's filings with the Securities and Exchange Commission. Navios Midstream expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Midstream's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

 
 EXHIBIT 1
NAVIOS MARITIME MIDSTREAM PARTNERS L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars)
 
         
    June 30,
2015
  December 31,
2014
ASSETS            
Current assets            
Cash and cash equivalents   $ 34,425   $ 30,877
Accounts receivable, net     3,618     653
Due from related parties     3,800     --
Prepaid expenses and other current assets     83     212
Total current assets     41,926     31,742
Vessels, net     411,282     320,229
Intangible assets     30,093     31,736
Deferred dry dock and special survey costs, net     1,475     1,955
Total non-current assets     442,850     353,920
Total assets   $ 484,776   $ 385,662
LIABILITIES AND PARTNERS' CAPITAL            
Current liabilities            
Accounts payable   $ 942   $ 1,243
Accrued expenses     1,984     4,174
Due to related parties     --     736
Deferred revenue     2,494     1,938
Current portion of long-term debt, net of deferred finance costs and discount     636     10,022
Total current liabilities     6,056     18,113
Long Term Debt, net of current portion, net of deferred finance costs and discount     197,495     114,065
Total non-current liabilities     197,495     114,065
Total liabilities   $ 203,551   $ 132,178
Commitments and contingencies     --     --
Total partners' capital            
Common Unitholders (9,342,692 units issued and outstanding at June 30, 2015 and December 31, 2014)     127,181     127,350
Subordinated Series A Unitholders (1,592,920 units issued and outstanding at June 30, 2015 and none at December 31, 2014 )     27,526     --
Subordinated Unitholders (9,342,692 units issued and outstanding at June 30, 2015 and December 31, 2014)     121,018     121,187
General Partner (413,843 units issued and outstanding at June 30, 2015 and 381,334 issued and outstanding at December 31, 2014)     5,500     4,947
Total partners' capital     281,225     253,484
Total liabilities and partners' capital   $ 484,776   $ 385,662
             
             
   
NAVIOS MARITIME MIDSTREAM PARTNERS L.P.  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(Expressed in thousands of U.S. Dollars, except per unit amounts)  
                         
    Three Month
 Period ended
 June 30, 2015
 (unaudited)
    Three Month
 Period ended
 June 30, 2014
 (unaudited)
    Six Month
 Period ended
 June 30, 2015
 (unaudited)
    Six Month
 Period ended
 June 30, 2014
 (unaudited)
 
Revenue   $ 18,350     $ 15,695     $ 35,053     $ 31,352  
Time charter expenses     (197 )     (269 )     (377 )     (409 )
Direct vessel expenses     (289 )     (289 )     (578 )     (705 )
Management fees (entirely through related party transactions)     (3,705 )     (3,574 )     (7,125 )     (7,174 )
General and administrative expenses     (482 )     (249 )     (1,017 )     (502 )
Depreciation and amortization     (5,076 )     (4,878 )     (9,953 )     (9,755 )
Interest expenses and finance cost     (3,228 )     (7,115 )     (4,363 )     (14,223 )
Other income, net     21       --       66       --  
Net income/ (loss)   $ 5,394     $ (679 )   $ 11,706     $ (1,416 )
                                 
Net income   $ 5,394             $ 11,706          
Earnings per unit (basic and diluted)                                
Common unitholders:   $ 0.26             $ 0.59          
Subordinated Series A unitholders:   $ 1.82             $ 3.63          
Subordinated unitholders:   $ 0.26             $ 0.59          
                                 
                                 
   
NAVIOS MARITIME MIDSTREAM PARTNERS L.P.  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(Expressed in thousands of U.S. Dollars)  
             
    Six Month
 Period Ended
 June 30,
 2015
 (unaudited)
    Six Month
 Period Ended
 June 30,
 2014
 (unaudited)
 
OPERATING ACTIVITIES                
Net income/ (loss)   $ 11,706     $ (1,416 )
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities:                
Depreciation and amortization     9,953       9,755  
Amortization of deferred finance fees and bond premium     1,964       364  
Amortization of dry dock and special survey costs     578       705  
Changes in operating assets and liabilities:                
Decrease in prepaid expenses and other current assets     129       142  
Payment for Drydocking     (99 )     --  
Increase in accounts receivable     (2,965 )     (51 )
Increase / (decrease) in accounts payable     220       (101 )
(Decrease)/ increase in accrued expenses     (135 )     152  
(Decrease)/ increase in due to related parties     (4,190 )     390  
Increase in deferred revenue     556       --  
Net cash provided by operating activities     17,717       9,940  
INVESTING ACTIVITIES                
Acquisition of vessels     (72,252 )     --  
Increase in due from related parties     --       (30,395 )
Net cash used in investing activities     (72,252 )     (30,395 )
FINANCING ACTIVITIES                
Proceeds from Long term debt, net of deferred finance costs and discount     198,081       --  
Loan repayment     (126,000 )     --  
IPO expenses     (2,922 )     --  
Dividend paid     (11,627 )     --  
Proceeds from issuance of general partner units     551       --  
Owner's net investment     --       13,854  
Net cash provided by financing activities   $ 58,083       13,854  
Net increase/ (decrease) in cash and cash equivalents     3,548       (6,601 )
Cash and cash equivalents, beginning of year   $ 30,877       9,152  
Cash and cash equivalents, end of year   $ 34,425       2,551  
Supplemental disclosures of cash flow information                
  Cash interest paid   $ 2,375       14,008  
  Non-cash financing activities                
  Accrued IPO expenses   $ 430       --  
                   
                   
 
EXHIBIT 2
             
             
Owned Vessels   Type   Built   Capacity 
(DWT)
Shinyo Kieran   VLCC   2011   297,066
Shinyo Saowalak   VLCC   2010   298,000
Shinyo Kannika   VLCC   2001   287,175
Shinyo Ocean   VLCC   2001   281,395
C. Dream   VLCC   2000   298,570
Nave Celeste   VLCC   2003   298,717
             
             
             
Option Vessels(1)   Type   Built   Capacity
(DWT)
Nave Buena Suerte   VLCC   2011   297,491
Nave Quasar   VLCC   2010   297,376
Nave Galactic   VLCC   2009   297,168
Nave Neutrino   VLCC   2003   298,287
Nave Electron   VLCC   2002   305,178
             
(1)   Navios Midstream has options, exercisable through November 18, 2016, to acquire up to five VLCCs at fair market value from Navios Maritime Acquisition Corporation.
     
 
EXHIBIT 3
 

Disclosure of Non-GAAP Financial Measures

1. EBITDA

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes.

EBITDA is presented because Navios Midstream believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Midstream's ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

2. Operating Surplus

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Midstream's capital assets.

Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

3. Available Cash  

Available Cash generally means for each fiscal quarter, all cash on hand at the end of the quarter:

  • less the amount of cash reserves established by the Board of Directors to:

    • provide for the proper conduct of Navios Midstream's business (including reserve for maintenance and replacement capital expenditures);

    • comply with applicable law, any of Navios Midstream's debt instruments, or other agreements; or

    • provide funds for distributions to the unitholders and to the general partner for any one or more of the next four quarters; 

  • plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under any revolving credit or similar agreement used solely for working capital purposes or to pay distributions to partners.

Available Cash is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Available cash is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

4. Reconciliation of Non-GAAP Financial Measures

                         
                         
    Three Month
 Period ended
 June 30, 2015
 ($ '000)
 (unaudited)
    Three Month
 Period ended
 June 30, 2014
 ($ '000)
 (unaudited)
    Six Month
 Period ended
 June 30, 2015
 ($ '000)
 (unaudited)
    Six Month
 Period ended
 June 30, 2014
 ($ '000)
 (unaudited)
 
Net cash provided by operating activities   $ 8,011     $ 5,055     $ 17,717     $ 9,940  
Net increase/(decrease) in operating assets     1,935       224       2,935       (91 )
Net decrease / (increase) in operating liabilities     2,654       (606 )     3,549       (441 )
Net interest cost     3,228       7,115       4,363       14,223  
Amortization of deferred finance cost and bond premium     (1,841 )     (185 )     (1,964 )     (364 )
                                 
EBITDA   $ 13,987     $ 11,603     $ 26,600     $ 23,267  
                                 
Net cash provided by operating activities   $ 8,011     $ 5,055     $ 17,717     $ 9,940  
Net cash used in investing activities   $ (72,252 )   $ (18,823 )   $ (72,252 )   $ (30,395 )
Net cash provided by financing activities   $ 65,935     $ 6,927     $ 58,083     $ 13,854  
                                 
                                 
             
    Three Month
Period ended
June 30,
2015
($ '000)
(unaudited)
    Six Month
Period ended
June 30,
2015
($ '000)
(unaudited)
 
EBITDA   $ 13,987     $ 26,600  
Cash interest paid     (1,334 )     (2,375 )
Maintenance and replacement capital expenditures     (2,354 )     (4,502 )
Operating Surplus   $ 10,299     $ 19,723  
Cash distribution paid relating to the first quarter     --       (7,865 )
Cash reserves     (1,763 )     (3,322 )
Available cash for distribution   $ 8,536     $ 8,536  
                 

Contact Information

  • Investor Relations Contacts

    Navios Maritime Midstream Partners L.P.
    +1 (212) 906 8647
    Email Contact