Navios Maritime Acquisition Corporation Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Cash Flow Guidance for the Fourth Quarter of 2017
During the nine months of 2017, the company recorded $87.8 million of adjusted EBITDA from $143.2 million in 2016. Revenue decreased by 20.6% to $177 million from $223 million last year, reflecting time charter equivalent of $17,814 per day and a 99.8% fleet utilization. Depreciation and amortization was $42.7 million, and net interest expense and finance cost was $57.5 million. As a result, it reported an adjusted net loss of $7.1 million.
Pro forma for the $55.1 million expected cash inflow in fourth quarter from the early repayment of the $50 million loan to NM and the $5.1 million of accrued interest, net debt to book of capitalization ratio improved by 5.4% to 61.5%.