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Navios Maritime Acquisition Corp (NNA) CEO Angeliki Frangou on Q1 2020 Results - Earnings Call Transcript

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Navios Maritime Acquisition Corp (NNA) Q1 2020 Earnings Conference Call May 6, 2020 8:30 AM ET

Company Participants

Angeliki Frangou - Chairman & CEO

Ted Petrone - Director

Leonidas Korres - CFO & Director

Conference Call Participants


[Abrupt Start]

differ from the forward-looking statements. Such risks are more fully discussed in Navios Acquisition's filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Acquisition does not assume any obligations to update the information contained in this conference call.

The agenda for today's conference call is as follows, Mrs. Frangou will offer opening remarks; then, Mr. Petrone will give an operational update and industry overview; next, Mr. Korres will review Navios Acquisition's financial results; and lastly, we will open the call to take questions.

Now I turn the call over to Navios Acquisition's Chairman and CEO, Mrs. Angeliki Frangou. Angeliki?

Angeliki Frangou

Thank you, Doyce, and good morning to all of you joining us on today's call. I begin by saying how proud I am of the entire Navios family during the fearful time of uncertainty. We provide an essential service. At any given time, our vessels at sea carry over 1,000 people, keeping these vessels moving in and out of granting countries with an ever-changing set of rules and problems, often requires immediate input for many disciplines.

The manager of our vessels has done a magnificent job keeping our fleet functioning during this time of crisis, while also taking the necessary measures to ensure safety of its employees. I am pleased with our results for the first quarter of 2020.

During the quarter, Navios acquisition recorded revenue of $97.9 million and adjusted EBITDA of $56.2 million. Representing increases of about 27% and 36%, respectively, over Q1 2019. NMA also reported adjusted net income of $14.9 million or $0.95

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Comments (6)

>"Our receivables of Navios Europe II, are expected to be transformed into steel and cash."
Except for ".. negatively affected by $13.9 million relating receivables from Navios Europe II",
which we graciously wrote off for an unknown reason which wiped out most of our profit in Q1.
However, we did make enough to cover my management fees which I am grateful. Thank you

Have a nice day..AF
OneBlueSummer profile picture
Wont this give them a bunch of cash to buy bonds, or?
jeffkad profile picture
Same question. Wouldn’t this allow them to buy down the 2021 debt overhang? Which would be a big positive, no?
They need to work on refinancing the 2021 bonds asap.

Not a great time to do so, but normally take care of these well prior to 12 months to maturity.
PipelineDancer profile picture
Interesting commentary on lack of liquid market given crew restrictions
Seems negative.
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