Costamare Inc. (CMRE) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $11.01 million, or $ 0.20 a share in the quarter, against a net profit of $38.33 million, or $0.44 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $23.04 million, or $0.28 a share compared with $32.77 million or $0.44 a share, a year ago.
Revenue during the quarter dropped 9.93 percent to $110.13 million from $122.28 million in the previous year period. Total expenses were 94.80 percent of quarterly revenues, up from 55.76 percent for the same period last year. That has resulted in a contraction of 3903 basis points in operating margin to 5.20 percent.
Operating income for the quarter was $5.73 million, compared with $54.09 million in the previous year period.
Operating cash flow declines
Costamare Inc. has generated cash of $226.60 million from operating activities during the year, down 7.40 percent or $18.10 million, when compared with the last year.
The company has spent $34.40 million cash to meet investing activities during the year as against cash outgo of $43 million in the last year.
The company has spent $127.40 million cash to carry out financing activities during the year as against cash outgo of $214.70 million in the last year period.
Cash and cash equivalents stood at $164.90 million as on Dec. 31, 2016, up 64.73 percent or $64.79 million from $100.10 million on Dec. 31, 2015.
Debt comes down
Costamare Inc. has recorded a decline in total debt over the last one year. It stood at $1,414.86 million as on Dec. 31, 2016, down 8.76 percent or $135.85 million from $1,550.71 million on Dec. 31, 2015. Interest coverage ratio deteriorated to 0.32 for the quarter from 2.92 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
