Business Context and Reporting Period
This Form 6-K filing by Costamare Inc. (NYSE: CMRE) is dated January 12, 2012, covering the month of January 2012. The company is a leading owner and provider of containerships for charter, operating a fleet of 57 vessels with a total capacity of approximately 327,000 TEU, including 10 newbuilds on order and one secondhand vessel pending delivery.
Key Financial Metrics
The filing primarily announces a dividend declaration rather than reporting full period financial results.
- Dividend Declaration: $0.27 per share for the quarter ended December 31, 2011.
- Payment Date: February 8, 2012.
- Record Date: January 25, 2012.
- Shares Outstanding: 60,300,000 as of January 12, 2012.
- Revenue, Profit, Cash Flow, Debt, and Margins: The filing text does not provide specific values for these metrics for the current or prior periods.
Material Changes
The filing does not report material changes in financial performance compared to prior periods. The primary update is the declaration of the fifth consecutive quarterly dividend since the company commenced trading on the New York Stock Exchange.
Guidance, Outlook, and Management Commentary
Gregory G. Zikos, Chief Financial Officer, stated that the dividend is sustainable given the company's contracted revenues and capital structure, without impacting growth plans. Management's goal remains to continually increase dividend payments over time consistent with their policy. The declaration is subject to the Board's discretion and depends on earnings, financial condition, cash requirements, financing availability, debt covenants, and global economic conditions.
Risks and Contingencies: The filing includes a standard forward-looking statement disclaimer, noting that actual results may differ materially from anticipated results due to inherent uncertainties. Investors are directed to the "Risk Factors" section of the Annual Report on Form 20-F for a detailed discussion of risks.
Key Facts for Investor Verification
- Verify the total cash outflow for the dividend payment ($0.27 x 60,300,000 shares).
- Confirm the company's ability to meet the dividend payment on February 8, 2012, given current liquidity.
- Review the Form 20-F for detailed risk factors and historical financial performance not included in this 6-K.
- Monitor the status of the 10 newbuilds and one secondhand vessel to be delivered as part of the growth strategy.