Business
Capital Product Partners L.P. Announces First Quarter 2023 Financial Results
ATHENS, Greece, May 05, 2023 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the “Partnership”, “CPLP” or “we” / “us”) (NASDAQ: CPLP), an international
About this update from Capital Clean Energy Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, May 05, 2023 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the “Partnership”, “CPLP” or “we” / “us”) (NASDAQ: CPLP), an international owner of ocean-going vessels, today released its financial results for the first quarter ended March 31, 2023. Highlights Three-month periods ended March 31, 20232022Increase/(Decrease)Revenues$81.0 million$73.4 million10%Expenses$45.1 million$40.2 million12%Net Income$10.0 million$25.1 million(60%)Net Income per common unit$0.49$1.26(61%)Average number of vessels121.421.02% Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the first quarter of 2023 were $36.3 million and $3.0 million, respectively.Announced common unit distribution of $0.15 for the first quarter of 2023.Took delivery of the M/V Itajai Express and the LNG/C Asterix I, both with long term employment in place.Secured new employment for the M/V Akadimos for approximately 24 months.Repaid in full the 2021 CMBFL Panamax Sale and Lease Back Facility (the “CMBFL Facility”) for a total amount of $23.4 million.Repurchased 129,258 common units during the first quarter of 2023 at an average cost of $13.57 per unit. 1 Average number of vessels is measured by aggregating the number of days each vessel was part of our fleet during the period and dividing such aggregate number by the number of calendar days in the period. 2 Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other master limited partnerships. Please refer to Appendix A at the end of the press release for a reconciliation of this non-GAAP measure with net income. Overview of First Quarter 2023 Results Net income for the quarter ended March 31, 2023, was $10.0 million, compared with net income of $25.1 million for the first quarter of 2022. Taking into account the interest attributable to the general partner and the allocation of net income to unvested units, net income per common unit for the quarter ended March 31, 2023, was $0.49, compared to net income per common unit of $1.26 for the first quarter of 2022. The decrease in net income was primarily attributable to the increase in total other expense resulting from the increase in the Partnership’s total average indebtedness and the increase in the weighted average interest rat...