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Capital Product Partners L.P. Announces Third Quarter 2023 Financial Results
ATHENS, Greece, Nov. 13, 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, Nov. 13, 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 third quarter ended September 30, 2023. Highlights Three-month periods ended September 30, 20232022Increase / (decrease)Revenues$95.5 million$71.9 million33%Expenses$51.0 million$40.4 million26%Net Income$17.0 million$58.7 million(71%)Net Income per common unit$0.84$2.90(71%)Less: Gain on sale of vessels-$47.3 million-Adjusted Net Income (excluding gain on sale of vessels)1$17.0 million$11.5 million48%Adjusted Net Income per common unit (excluding gain on sale of vessels)1$0.84$0.5747%Average number of vessels223.019.419% Operating Surplus3 and Operating Surplus after the quarterly allocation to the capital reserve for the third quarter of 2023 were $41.7 million and $7.2 million, respectively.Announced common unit distribution of $0.15 for the third quarter of 2023. 1 Adjusted Net Income (excluding gain on sale of vessels) and Net Income per common unit (excluding gain on sale of vessels), which we believe they are useful to analysts and investors in comparing the results of operations between periods, are not required by accounting principles generally accepted in the United States (“GAAP”) and should not be considered a substitute for Net income and Net Income per common unit prepared in accordance with GAAP or as a measure of profitability. 2Average 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. 3 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 Third Quarter 2023 Results Net income for the quarter ended September 30, 2023, was $17.0 million, compared with net income of $58.7 million for the third quarter of 2022. Net income for the third quarter of 2022 included a gain of $47.3 million from the sale of the M/V Archimidis and the M/V Agamemnon. Taking into account the interest attributable to the gen...