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Danaos Corporation Q2 adjusted net income $29.2 million

Danaos Corporation
Danaos Corporation   The company had an average of 55 containerships

Danaos Corporation, one of the world's largest independent owners of containerships, reported unaudited results for the second quarter ended June 30, 2018.


During the three months ended June 30, 2018 and June 30, 2017, Danaos had an average of 55 containerships.

Danaos Corporation adjusted net income amounted to $29.2 million, or $0.27 per share, for the three months ended June 30, 2018 compared to $29.0 million, or $0.26 per share, for the three months ended June 30, 2017.

Danaos Corporation has adjusted net income in the three months ended June 30, 2018 for refinancing related professional fees of $20.1 million and a non-cash amortization charge of $3.2 million for fees related to company's 2011 comprehensive financing plan comprised of non-cash, amortizing and accrued finance fees.

The increase of $0.2 million in adjusted net income for the three months ended June 30, 2018 compared to the three months ended June 30, 2017 is attributable to a $1.8 million decrease in total operating expenses, a $0.5 million increase in other income and a $0.1 million operating performance improvement on equity investments, which were partially offset by a $0.4 million decrease in operating revenues and a $1.8 million increase in net finance expenses.

On a non-adjusted basis, Danaos Corporation net income amounted to $5.8 million, or $0.05 per share, for the three months ended June 30, 2018 compared to net income of $20.2 million, or $0.18 per share, for the three months ended June 30, 2017.

Operating revenues decreased by 0.4%, or $0.4 million, to $113.5 million in the three months ended June 30, 2018 from $113.9 million in the three months ended June 30, 2017.

 

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