PR Newswire
NEW YORK, March 1, 2017
NEW YORK, March 1, 2017 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company") today announced financial and operating results for the fourth quarter ended December 31, 2016.
Fourth Quarter Highlights and Full Year Financial Highlights
Fourth Quarter and Full Year Operational Highlights
E. Nikolas Tavlarios, Aegean's President, commented, "The fourth quarter marked the end of another strong year for Aegean, despite volatile commodity markets and increased competition. Our flexible business model continued to enable Aegean to capitalize on growth opportunities across our unique platform. As evidenced by consistent portfolio rationalization, we are focused on strengthening our operations and enhancing efficiencies across our business. Our global footprint now includes more than 30 markets and 51 ports, with a team dedicated to ensuring that customers are better equipped to run their businesses. We remain committed to executing our strategy and confident in our ability to generate sustainable growth to drive shareholder value."
Generated Solid Financial Results
Operational Metrics
Liquidity and Capital Resources
Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "Our solid results and accomplishments during the quarter demonstrate the long-term potential of our financial strategy. During the fourth quarter we continued our focus on driving higher margins and profitable volume and improved our financial strength. We have maintained a strong balance sheet and are confident our flexibility will support Aegean's continued success. Looking ahead, we will continue to deploy our resources into the most effective and profitable markets to generate the greatest return for Aegean shareholders."
Summary Consolidated Financial and Other Data (Unaudited)
| | For the Three Months Ended | For the Year Ended | ||||||
| | 2015 | | 2016 | | | 2015 | | 2016 |
| | (in thousands of U.S. dollars, unless otherwise stated) | |||||||
Income Statement Data: | | | | | | | | | |
Revenues - third parties | $ | 922,464 | $ | 1,191,718 | | $ | 4,211,596 | $ | 4,055,883 |
Revenues - related companies | | 4,872 | | 4,457 | | | 20,058 | | 20,336 |
Total revenues | | 927,336 | | 1,196,175 | | | 4,231,654 | | 4,076,219 |
Cost of revenues - third parties | | 820,839 | | 1,090,618 | | | 3,762,688 | | 3,658,681 |
Cost of revenues– related companies | | 18,180 | | 14,760 | | | 137,137 | | 64,054 |
Total cost of revenues | | 839,019 | | 1,105,378 | | | 3, 899,825 | | 3,722,735 |
Gross profit | | 88,317 | | 90,797 | | | 331,829 | | 353,484 |
Operating expenses: | | | | | | | | | |
Selling and distribution | | 52,033 | | 53,345 | | | 205,078 | | 202,266 |
General and administrative | | 11,859 | | 12,907 | | | 43,318 | | 49,757 |
Amortization of intangible assets | | 298 | | 170 | | | 1,421 | | 1,070 |
Loss on sale of vessels | | - | | - | | | 130 | | 6,312 |
Impairment Charge | | - | | - | | | 5,308 | | - |
Operating income | | 24,127 | | 24,375 | | | 76,574 | | 94,079 |
Net financing cost | | (9,949) | | (6,091) | | | (37,556) | | (36,248) |
Foreign exchange (losses) / gains, net | | (291) | | 260 | | | 308 | | (1,544) Werbung Mehr Nachrichten zur Aegean Marine Petroleum Network Aktie kostenlos abonnieren
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