Danaos Corporation reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported operating revenues of $146,088,000 against $134,237,000 a year ago. Income from operations was $73,093,000 against $63,532,000 a year ago. Net income was $13,432,000 or $0.12 per basic and diluted share against $9,342,000 or $0.09 per basic and diluted share a year ago. Adjusted net income was $13,884,000 or $0.13 per share against $16,938,000 or $0.15 per share a year ago. Net cash provided by operating activities was $48,673,000 against $65,819,000 a year ago. Vessels under construction and vessels additions were $981,000 against $183,874,000 a year ago. Adjusted EBITDA was $108,584,000 against $96,438,000 a year ago. The decrease of 17.8%, or $3.0 million, in adjusted net income for the three months ended March 31, 2013 compared to the three months ended March 31, 2012, was mainly the result of the softening of the charter market during the last year that led to the cold lay-up of 7 vessels up to the end of 2012 and to the lower re-chartering of certain vessels that currently run at operating break-even levels while they had a positive contribution to operating income during the first quarter of 2012. The above was partially offset by the new vessel additions to fleet (all under long-term charters) over the course of the last year that were accretive both to operating income and the bottom line.

Danaos Corporation, Q1 2013 Earnings Call, Apr 30, 2013

Danaos Corporation announced that they will report Q1, 2013 results at 5:00 PM, GTB Standard Time on Apr 29, 2013