Print Page  |  Close Window

SEC Filings

6-K
NAVIOS MARITIME ACQUISITION CORP filed this Form 6-K on 11/13/2018
Entire Document
 << Previous Page | Next Page >>


Table of Contents

required principal and interest payments on its indebtedness, provide for the normal working capital requirements of the business and remain in a positive working capital position. Generally, our long-term sources of funds derive from cash from operations, long-term bank borrowings and other debt or equity financings. We expect that we will rely upon cash from operations and upon external financing sources, including bank borrowings, to fund acquisitions, expansion and investment capital expenditures and other commitments we have entered into. We cannot assure you that we will be able to secure adequate financing or obtaining additional funds on favorable terms, to meet our liquidity needs.

Navios Acquisition may use funds to repurchase its outstanding capital stock and/or indebtedness from time to time. Repurchases may be made in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms Navios Acquisition deems appropriate and subject to its cash requirements for other purposes,

compliance with the covenants under Navios Acquisition’s debt agreements, and other factors management deems relevant.

In February 2018, the Board of Directors of Navios Acquisition authorized a stock repurchase program for up to $25.0 million of Navios Acquisition’s common stock, for two years. Stock repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of repurchases under the program will be determined by management based upon market conditions and other factors. Repurchases may be made pursuant to a program adopted under Rule 10b5-1 under the Exchange Act. The program does not require any minimum repurchase or any specific number or amount of shares of common stock and may be suspended or reinstated at any time in Navios Acquisition’s discretion and without notice. The Board of Directors will review the program periodically. Repurchases are subject to restrictions under Navios Acquisition’s credit facilities and indenture. As of November 9, 2018, the Company had repurchased 9,221,255 shares of common stock, at a total cost of approximately $6.8 million.

Cash Flow

Cash flows for the nine month period ended September 30, 2018, as compared to the nine month period ended September 30, 2017:

The following table presents cash flow information for the nine month periods ended September 30, 2018 and 2017.

 

     Nine Month
Period Ended
September 30, 2018
(unaudited)
    Nine Month
Period Ended
September 30, 2017
(unaudited)
 

Expressed in thousands of U.S. dollars

    

Net cash (used in)/ provided by operating activities

   $ (23,855   $ 55,658  

Net cash provided by investing activities

     52,977       97  

Net cash used in financing activities

     (67,267     (50,036)  
  

 

 

   

 

 

 

Net (decrease)/ increase in cash and cash equivalents and restricted cash

   $ (38,145   $ 5,719  

Cash, cash equivalents and restricted cash, beginning of period

     86,458       56,658  
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash, end of period

   $ 48,313     $ 62,377  
  

 

 

   

 

 

 

Cash (used in)/ provided by operating activities for the nine month period ended September 30, 2018, as compared to the nine month period ended September 30, 2017:

Net cash used in operating activities decreased by $79.5 million to $23.9 million outflow for the period ended September 30, 2018, as compared to net cash provided by operating activities of $55.7 million inflow for the same period in 2017. The decrease is analyzed as follows:

The net loss for the nine month period ended September 30, 2018 was $69.9 million compared to $66.9 million loss for the nine month period ended September 30, 2017. In determining net cash used in operating activities for the nine month period ended September 30, 2018, the net loss was adjusted for the effect of depreciation and amortization of $41.8 million, $2.9 million for amortization and write-off of deferred finance fees and bond premium, $5.3 million for the amortization of drydock and special survey costs, $0.8 million for stock based compensation, $0.03 million for gain on sale of vessel and $4.5 million for equity/ (loss) in net earnings of affiliated companies, net of dividends received.

Amounts due from related parties, short-term, increased by $2.7 million to $16.6 million at September 30, 2018 from $13.9 million at December 31, 2017. The balances related mainly to the interest receivable on the Navios Revolving Loans granted to Navios Europe I and Navios Europe II. Please refer to the relevant discussion below, under “Related Party Transactions”.

 

12

 << Previous Page | Next Page >>