Aegean Marine Petroleum Network Inc. announced financial and operating results for the second quarter ended June 30, 2015.

Second Quarter Highlights
Recorded sales volumes of 3,150,950 metric tons.
Recorded gross profit of $78.5 million.
Recorded operating income of $14.8 million.
Recorded net income attributable to Aegean shareholders of $7.1 million or $0.15 basic and diluted earnings per share.

Recorded EBITDA of $24.1 million.
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, commented, "Aegean Marine has built a strong, global platform that has delivered solid returns in a variety of market conditions. While we faced headwinds during the quarter, we are entering the second half of 2015 with several growth drivers in place and we expect to further improve our financial performance. Our Fujairah facility is operating at strong utilization levels, and our expanded global operations position the Company for continued growth, success and value creation."

Mr. Tavlarios continued, "In particular, we are pleased that we have a unique and dynamic business model and strong balance sheet to support strategic expansion opportunities. As the industry improves, Aegean Marine is poised to benefit from our diversification and recent expansion into new markets. We remain focused on advancing our position as a leading fuel supplier, enhancing our network by opportunistically expanding our footprint, and ensuring that we meet and exceed the needs of our customers around the world."

The Company achieved net income attributable to Aegean shareholders for the three months ended June 30, 2015 of $7.1 million, or $0.15 basic and diluted earnings per share. For the three months ended June 30, 2014, the Company recorded net income attributable to Aegean shareholders of $9.3 million, or $0.20 basic and diluted earnings per share.

Total revenues for the three months ended June 30, 2015, decreased by 29.8% to $1,207.7 million compared with $1,720.2 million reported for the same period in 2014 due to the drop in the price of oil. For the three months ended June 30, 2015, sales of marine petroleum products decreased by 30.2% to $1,189.5 million compared with $1,705.2 million for the same period in 2014. Gross profit, which equals total revenue less directly attributable cost of revenue decreased by 7.1% to $78.5 million in the second quarter of 2015 compared with $84.5 million in the same period in 2014.

For the three months ended June 30, 2015, the volume of marine fuel sold by the Company increased by 18.5% to 3,150,950 metric tons compared with 2,659,620 metric tons in the same period in 2014.

Operating income for the second quarter of 2015 amounted to $14.8 million compared to $19.3 million for the same period in 2014. Operating expenses decreased by $1.5million, or 2.3%, to $63.7 million, the three months ended June 30, 2015, compared with $65.2 million for the same period in 2014.

Liquidity and Capital Resources
Net cash used in operating activities was $59.3 million for the three months ended June 30, 2015. Net income, as adjusted for non-cash items (as defined in Note 9) was $29.0 million for the period.
Net cash used in investing activities was $4.8 million for the three months ended June 30, 2015, mainly due to the construction of fixed assets.

Net cash used in financing activities was $11.8 million for the three months ended June 30, 2015, deriving mainly from repayment of long-term debt.
As of June 30, 2015, the Company had cash and cash equivalents of $42.2 million and working capital of $267.7 million. Non-cash working capital, or working capital excluding cash and debt, was $558.1 million.

As of June 30, 2015, the Company had $891.8 million in available liquidity, which includes unrestricted cash and cash equivalents of $42.2 million and available undrawn amounts under the Company's working capital facilities of $849.6 million, to finance working capital requirements.
The weighted average basic and diluted shares outstanding for the three months ended June 30, 2015 were 47,366,134. The weighted average basic and diluted shares outstanding for the three months ended June 30, 2014 were 46,289,429 respectively.

Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "We delivered another quarter of profitability despite market headwinds impacting the business. We are pleased with the recent extension of our global and U.S. credit facilities, with improvements in pricing. Maintaining financial flexibility is the cornerstone of our success. With more than $1.8 billion in working capital credit facilities, we have a strong excellent balance sheet that can support continued profitability over the long-term. Given our financial strengthen, we have been able to move quickly to realize accretive growth opportunities and profitably grow the business, and remain focused on achieving this objective. Looking ahead, we are confident in our ability to continue successfully executing our strategy and drive profitability while returning capital to shareholders."
Full Report

Source: Aegean Marine Petroleum Network