Business
Capital Product Partners L.P. Announces Second Quarter 2023 Financial Results
ATHENS, Greece, July 28, 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, July 28, 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 second quarter ended June 30, 2023. Highlights Three-month periods ended June 30, 20232022Increase/(Decrease)Revenues$88.5 million$74.0 million20%Expenses (excl. impairment of vessel)$50.6 million$40.9 million24%Net Income before impairment of vessel$15.4 million$20.4 million(25%)Less: Impairment of vessel$8.0 million--Net Income$7.4 million$20.4 million(64%)Net Income per common unit$0.36$1.00(64%)Average number of vessels122.121.05% Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the second quarter of 2023 were $38.2 million and $3.2 million, respectively.Announced common unit distribution of $0.15 for the second quarter of 2023.Took delivery of the M/V Buenaventura Express with long term employment in place.Agreed to sell the 179,221 DWT dry cargo vessel M/V Cape Agamemnon.Repurchased during the second quarter of 2023 156,560 common units at an average cost of $13.30 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 Second Quarter 2023 Results Net income for the quarter ended June 30, 2023, was $7.4 million or $15.4 million before the impairment from the agreed sale of the M/V Cape Agamemnon, compared with net income of $20.4 million for the second 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 June 30, 2023, was $0.36 or $0.75 before the impairment from the agreed sale of the M/V Cape Agamemnon, compared to net income per common unit of $1.00 for the second quarter of 2022. The decrease in net income was primarily attributable to increased intere...