Business Context and Reporting Period
This Form 6-K filing by Costamare Inc. (NYSE: CMRE) is dated April 19, 2012. The company is a leading owner and provider of containerships for charter with a fleet of 56 vessels (including 10 newbuilds on order) totaling approximately 324,000 TEU. The filing primarily announces a quarterly dividend declaration for the quarter ended March 31, 2012.
Key Financial Metrics
- Dividend Declaration: $0.27 per common share.
- Payment Date: May 9, 2012.
- Record Date: April 30, 2012.
- Shares Outstanding: 67,800,000 as of April 19, 2012.
- Revenue, Profit, and Cash Flow: The filing text does not provide specific values for revenue, net income, operating cash flow, margins, debt levels, or liquidity ratios for the period.
Material Changes
The filing does not report material changes to financial performance metrics compared to prior periods. The primary material event is the declaration of the sixth consecutive quarterly dividend since the company commenced trading on the NYSE.
Guidance, Outlook, and Management Commentary
Gregory Gikos, Chief Financial Officer, stated that the dividend declaration aligns with the company's policy and is supported by prudent balance sheet management and cash flow from existing fleet operations. Management asserts the ability to pay a "secure dividend" without impacting growth plans. The company's goal remains to continually increase dividend payments over time. 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.
Investor Verification Checklist
- Verify the total dividend payout obligation based on the 67,800,000 shares outstanding and the $0.27 per share rate.
- Confirm the company's ability to meet the May 9, 2012 payment date given current cash requirements and debt covenants.
- Review the Annual Report on Form 20-F for detailed risk factors and historical financial performance not included in this press release.
- Monitor the status of the 10 newbuilds on order and one secondhand vessel to be delivered as part of the growth strategy.