Business Context and Reporting Period
This Form 6-K filing by Costamare Inc. (NYSE: CMRE) is dated July 11, 2011. The report primarily serves to announce a quarterly dividend declaration for the quarter ended June 30, 2011. Costamare is a leading owner and provider of containerships for charter, operating a fleet of 58 vessels with a total capacity of approximately 320,000 TEU, including 10 newbuilds on order.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the period. The only quantitative financial data disclosed relates to the dividend distribution:
- Dividend Amount: $0.25 per share.
- Shares Outstanding: 60,300,000 as of July 11, 2011.
- Payment Date: August 9, 2011.
- Record Date: July 27, 2011.
Material Changes
The filing does not report material changes in financial performance or operational metrics compared to prior periods. The primary event is the declaration of the third quarterly dividend since the company commenced trading on the NYSE.
Guidance, Outlook, and Management Commentary
Gregory Zikos, Chief Financial Officer, stated that the dividend aligns with the company's policy and is supported by contracted cash flows and a conservative capital structure. Management expressed confidence in paying a "safe dividend" without compromising growth plans, with a goal to increase dividend payments over time. The filing includes standard forward-looking statements regarding future results, noting that actual outcomes may differ due to global economic conditions and other uncertainties.
Investor Verification Checklist
- Verify the record date (July 27, 2011) and payment date (August 9, 2011) for the $0.25 dividend.
- Confirm the total number of shares outstanding (60,300,000) to calculate total dividend liability.
- Review the company's Form 20-F for detailed risk factors and comprehensive financial statements, as this 6-K does not contain them.
- Monitor the status of the 10 newbuilds on order to assess future capacity growth.