Capital Product Partners today reported revenue in the first quarter of $40.0 million, including $0.3 million in profit-sharing revenues, compared with $39.8 million in the same quarter in the previous year.
Quarterly net income was $25.0 million, improving from $3.2 million in the first quarter of 2012. The profit included a $17.5 million gain from bargain purchase, related to the purchase value of the Hyundai Premium and Hyundai Paramount, two 5,023-TEU container ships, as the fair value of the vessels and their attached time charter exceeded the purchase consideration, the Greek tanker, dry bulk and container vessel owner said in a written statement.
“We are very pleased to have acquired two 5,023-TEU container vessels with long-term period charters, partly financed by the proceeds from our 9.1 million Class B Convertible Preferred Unit issuance,” said Ioannis Lazaridis, CEO and CFO. “We believe that this transaction enhances the cash flow visibility to our shareholders, further diversifies our revenue stream with the addition of HMM to our charterers and will further underpin our existing distribution level and allow for potential distribution growth ahead.”