Business
Capital Product Partners L.P. Announces Second Quarter 2022 Financial Results
ATHENS, Greece, July 29, 2022 (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, July 29, 2022 (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 second quarter ended June 30, 2022. Highlights Three-month periods ended June 30, 2022 2021 Increase / (Decrease)Revenues $74.0 million $39.8 million 86%Expenses $40.9 million $25.6 million 60%Net Income $20.4 million $35.4 million (42%)Net Income (excluding gain on sale of vessel in 2021) $20.4 million $10.0 million 104%Net Income per common unit $1.00 $1.89 (47%)Net Income per common unit (excluding gain on sale of vessel in 2021) $1.00 $0.53 89%Average number of vessels 1 21.0 16.5 27% 1Average 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. Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the second quarter of 2022 were $43.9 million and $12.7 million, respectively.Announced common unit distribution of $0.15 for the second quarter of 2022.Announced an agreement to acquire one 174,000 cubic meter (“CBM”) Liquefied Natural Gas Carrier vessel (“LNG/C”) and three 13,278 twenty-foot equivalent unit (“TEU”) container vessels between October 2022 and May 2023.Sold the M/V Archimidis and the M/V Agamemnon generating gross cash proceeds after repaying outstanding debt of $102.0 million.Repurchased 185,039 of the Partnership’s common units during the six months ended June 30, 2022, at an average cost of $15.83 per unit. 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. In July 2022, the Partnership successfully concluded a €100.0 million Senior Unsecured Bond (the “Bond”) issued on the Athens Exchange. Overview of Second Quarter 2022 Results Net income for the quarter ended June 30, 2022, was $20.4 million, compared with net income of $35.4 million for the second quarter of 2021. Net income for the second quarter of 2021 included a gain on sale of vessel of $25.4 million f...