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Capital Product Partners L.P. Announces Fourth Quarter 2022 Financial Results
ATHENS, Greece, Feb. 03, 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, Feb. 03, 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 fourth quarter ended December 31, 2022. Highlights Three-month periods ended December 31, 20222021Increase/(Decrease)Revenues$79.9 million$63.6 million26%Expenses$42.1 million$35.7 million18%Net Income$21.1 million$40.0 million(47%)Gain on sale of vessel-$21.4 million-Net Income (excluding gain on sale of vessel)$21.1 million$18.6 million13%Net Income per common unit$1.03$2.03(49%)Net Income per common unit (excluding gain on sale of vessel)$1.03$0.9410%Average number of vessels119.919.33% Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the fourth quarter of 2022 were $37.3 million and $6.3 million, respectively.Announced common unit distribution of $0.15 for the fourth quarter of 2022.In October 2022 and January 2023 respectively, the Partnership took delivery of the M/V Manzanillo Express and the M/V Itajai Express. Upon delivery both commenced their respective ten-year charters with Hapag-Lloyd.Repurchased during the fourth quarter of 2022, 102,838 common units at an average cost of $14.34 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 Fourth Quarter 2022 Results Net income for the quarter ended December 31, 2022, was $21.1 million, compared with net income of $40.0 million for the fourth quarter of 2021. Net income for the fourth quarter of 2021 included a gain of $21.4 million from the sale of the M/V Adonis. 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 December 31, 2022, was $1.03 compared to $0.94 net income per common unit, excluding the gain on sale of ...