Business
Capital Product Partners L.P. Announces Third Quarter 2019 Financial Results
ATHENS, Greece, Oct. 31, 2019 (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, Oct. 31, 2019 (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 third quarter ended September 30, 2019.\n As previously announced, the share-for-share transaction with DSS Holdings L.P. (the “DSS Transaction”), involving an aggregate repayment of debt in a principal amount of $146.5 million, the full redemption and retirement of our Class B Convertible Preferred Units at par value and the spin-off of our 25 crude and product tankers (the “Tanker Business”), was completed on March 27, 2019. Accordingly, we present our financial results for the three months ended September 30, 2019, as well as comparative periods, on a continuing operations basis, except where reference is made to discontinued operations. We currently own a fleet of 11 vessels, consisting of ten Neo-Panamax container vessels and one drybulk vessel. For the third quarter 2018, our financial results from continuing operations include revenues, expenses and cash flows arising from, in addition to our current 11 vessels, the M/T Amore Mio II, which we sold and delivered on October 15, 2018. This tanker was not part of the Tanker Business that we spun off in the DSS Transaction. All per unit data in this release have been retrospectively adjusted to reflect the impact of the one-for-seven reverse unit split we effected on March 27, 2019. Overview of Third Quarter 2019 Results Net income from continuing operations for the quarter ended September 30, 2019 was $3.4 million, compared with a net loss from continuing operations of $21.7 million (or net income from continuing operations of $7.1 million, excluding a non-cash impairment charge of $28.8 million in relation to the sale of the M/T Amore Mio II) for the third quarter of 2018. After taking into account the interest attributable to the general partner, net income from continuing operations per common unit for the quarter ended September 30, 2019 was $0.18, compared to a net loss from continuing operations per common unit of $1.33 for the third quarter of 2018. Total revenue was $26.4 million for the quarter ended September 30, 2019, reflecting a decrease of 17% compared to $31.8 million during the third quarter of 2018. The decrease in revenue was mainl...