Navios Maritime Acquisition Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. The company's revenue for the three month period ended March 31, 2013 increased by $8.5 million or 23.7% to $44.2 million, as compared to $35.7 million for the same period in 2012. The increase was mainly attributable to the acquisition of the Nave Estella in January 2012, the Nave Atria in July 2012, the Nave Cassiopeia in August 2012, the Nave Cetus in October 2012, the Nave Aquila in November 2012, the Nave Bellatrix in January 2013, the Nave Rigel in February 2013 and the Nave Orion in March 2013. EBITDA for the three month period ended March 31, 2013, increased by $4.3 million to $28.0 million, as compared to $23.7 million for the same period in 2012. The increase was mitigated by a: (a) $3.1 million increase in management fees; (b) $0.7 million increase in other (expense)/income, net; (c) $0.2 million increase in time charter expenses; and (d) $0.2 million increase in general and administrative expenses. Net income for the three month period ended March 31, 2013 increased by $1.5 million to $0.7 million as compared to a $0.8 million loss for the three month period ended March 31, 2012. The increase in net income by $1.5 million was due to a $4.3 million increase in EBITDA mitigated by a: (a) $0.3 million increase in direct vessel expenses; (b) $1.4 million increase in depreciation and amortization due to the acquisitions of vessels discussed above; and (c) $1.1 million increase in interest expense and finance cost net. Net cash provided by operating activities was $18,902,000 against $28,605,000 a year ago. Acquisition of vessels was $27,598,000 against $10,482,000 a year ago.

The Board of Directors of Navios Maritime Acquisition Corporation declared a quarterly cash dividend for the first quarter of 2013 of $0.05 per share of common stock. The dividend is payable on July 3, 2013 to stockholders of record as of June 19, 2013.

Navios Maritime Acquisition Corporation, Q1 2013 Earnings Call, May 02, 2013