July 28, 2016
Global Ship Lease Reports Results for the Second Quarter of 2016

LONDON, July 28, 2016 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and six months ended June 30, 2016.

Second Quarter and Year To Date Highlights

- Reported revenue of $41.3 million for the second quarter 2016. Revenue for the six months ended June 30, 2016 was $83.9 million

- Reported net income of $6.0 million for the second quarter 2016.  For the six months ended June 30, 2016, net income was $10.6 million

- Generated $28.8 million of Adjusted EBITDA(1) for the second quarter 2016.  Adjusted EBITDA for the six months ended June 30, 2016 was $58.1 million

- Normalized net income(1) was $5.6 million for second quarter 2016. Normalized net income was $11.1 million for the six months ended June 30, 2016

- Purchased and subsequently cancelled $4.2 million of the outstanding 10.0% First Priority Secured Notes (the "Notes").

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "In the second quarter of 2016, Global Ship Lease continued to operate in a highly efficient and cost-effective manner, maximizing the value of our long-term, fixed-rate contracts with high-quality counterparties. Despite the challenging environment facing the broader containership industry, we remain fully insulated from any spot charter market exposure and continue to create value for our shareholders."

Mr. Webber continued, "Increased levels of scrapping and controlled new vessel ordering should result in an improved balance between supply and demand, particularly for the mid-sized and smaller vessel segment which is the focus of our fleet. Our strong capital structure and stable cash flows position us well to pursue attractive vessel acquisitions and opportunistically delever."

SELECTED FINANCIAL DATA — UNAUDITED

(thousands of U.S. dollars)

 Three Three Six Six
 months
ended
 months
ended
 months
 
ended
 months
ended
 June 30,
2016
 June 30,
2015
 June 30,
2016
 June 30,
2015
        
Revenue41,333 40,987 83,943 78,706
Operating Income17,921 15,457 36,306 28,109
Net Income for Common Shareholders6,043 2,876 10,600 2,900
Adjusted EBITDA (1)28,798 26,879 58,118 50,510
Normalized Net Income (Loss) (1)5,632 2,876 11,061 2,900
        

(1) Adjusted EBITDA, Normalized net (loss) income, and Cash available for distribution are non-US Generally Accepted Accounting Principles (US GAAP) measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance.  Reconciliations of such non-GAAP measures to the interim unaudited financial information are provided in this Earnings Release.

Revenue and Utilization

The 18-vessel fleet generated revenue from fixed-rate, mainly long-term time, charters of $41.3 million in the three months ended June 30, 2016, up $0.3 million (or 1%) on revenue of $41.0 million for the comparative period in 2015, due mainly to the addition of OOCL Ningbo from September 17, 2015 at a daily charter rate of $34,500, offset by reduced revenue from the disposals of Ville d'Aquarius and Ville d'Orion in fourth quarter 2015 and from a higher level of planned offhire related to three scheduled dry-dockings in second quarter 2016.  There were 1,638 ownership days in the quarter, down 5.3%, representing one (net) less vessel in the fleet, on the comparable period in 2015. There were 51 days of planned offhire for scheduled dry-dockings and two days of unplanned offhire for the three months ended June 30, 2016, giving a utilization of 96.8%.  In the comparable period of 2015, there were two days of unplanned offhire for utilization of 99.9%.

For the six months ended June 30, 2016, revenue was $83.9 million, up $5.2 million (or 6.7%) on revenue of $78.7 million in the comparative period, mainly due to the additions of OOCL Qingdao from March 11, 2015 and OOCL Ningbo from September 17, 2015, as above, offset by the effect of the disposals of Ville d'Aquarius and Ville d'Orion and higher offhire from planned dry-dockings.

The table below shows fleet utilization for the three and six months ended June 30, 2016 and 2015, and for the years ended December 31, 2015, 2014, 2013 and 2012.

          
  Three months ended Six months ended   
 June 30,June 30,June 30,June 30, Dec 31,Dec 31,Dec 31,Dec 31,
Days 2016  2015  2016  2015   2015  2014  2013  2012 
          
Ownership days 1,638  1,729  3,276  3,370   6,893  6,270  6,205  6,222 
Planned offhire - scheduled dry-dock (51) 0  (51) (9)  (9) (48) (21) (82)
Unplanned offhire (2) (2) (2) (5)  (7) (12) (7) (16)
Idle time 0  0  0  0   (13) (64) 0  0 
Operating days 1,585  1,727  3,223  3,356   6,864  6,146  6,177  6,124 
          
Utilization 96.8% 99.9% 98.4% 99.6%  99.6% 98.0% 99.5% 98.4%
                          

We completed two regulatory dry-dockings in the three months ended June 30, 2016; a further dry-docking was substantially complete at the quarter end. A further three regulatory dry-dockings are scheduled in 2016.  There was one such dry-docking in 2015.

Vessel Operating Expenses

Vessel operating expenses, which include costs of crew, lubricating oil, spares and insurance, as well as bunker fuel when a vessel is offhire or without a charter, were $11.3 million for the three months ended June 30, 2016.  The average cost per ownership day in the quarter was $6,909, compared to $7,327 for the comparative period, down $418 or 5.7%.  The reductions occurred across several cost categories, most prominently from lower unit prices on lubricating oil, reduced insurance costs on renewals and from the timings of repairs and maintenance.

For the six months ended June 30, 2016 vessel operating expenses were $22.7 million or an average of $6,935 per day, compared to $25.1 million in the comparative period or $7,451 per day.

Depreciation

Depreciation for the three months ended June 30, 2016 was $10.9 million, compared to $11.4 million in the second quarter 2015, with the reduction being due to one (net) fewer vessel in the fleet.

Depreciation for the six months ended June 30, 2016 was $21.8 million, compared to $22.4 million in the comparative period, with the reduction being due to the one (net) fewer vessels in the fleet.

General and Administrative Costs

General and administrative costs were $1.3 million in the three months ended June 30, 2016, compared to $1.5 million in the second quarter of 2015.

For the six months ended June 30, 2016, general and administrative costs were $3.3 million, the same as for 2015.

Other Operating Income

Other operating income in the three months ended June 30, 2016 was $0.1 million, the same as in the second quarter of 2015.

For the six months ended June 30, 2016, other operating income was $0.1 million, compared to $0.2 million in the comparative period. 

Adjusted EBITDA

As a result of the above, Adjusted EBITDA was $28.8 million for the three months ended June 30, 2016, up from $26.9 million for the three months ended June 30, 2015.

Adjusted EBITDA for the six months ended June 30, 2016 was $58.1 million, compared to $50.5 million for the comparative period.

Interest Expense

Debt at June 30, 2016 comprised amounts outstanding on our Notes, the revolving credit facility which was drawn March 11, 2015, and the secured term loan which was drawn September 10, 2015.

Interest expense for the three months ended June 30, 2016, was $11.1 million, down $0.7 million on the interest expense for the three months ended June 30, 2015 of $11.8 million.  The reduction is mainly due to reduced interest on our 10.0% Notes following the repurchase of $26.7 million principal amount of the Notes in March 2016, and the $0.5 million gain realized in May 2016 on the purchase in the open market of $4.2 million principal amount of the Notes, offset by interest on the secured term loan drawn in the third quarter of 2015 and higher amortization of the original issue discount on the Notes.  

For the six months ended June 30, 2016, interest expense was $24.2 million. For the six months ended June 30, 2015, interest expense was $23.7 million.  The increase is due to the effect of drawing on the secured term loan in September 2015, $0.5 million premium paid in March 2016 in relation to the tender offer which retired approximately $26.7 million of Notes, and accelerated write-off of the portion of the original issue discount attributable to the Notes which were purchased and retired, offset by lower interest on the Notes following the tender offer and the gain realized in May 2016 on the purchase of Notes in the open market.

Interest income for the three and six months ended June 30, 2016 and 2015 was not material.

Taxation

Taxation for the three months ended June 30, 2016 was $9,000, compared to $19,000 in the second quarter of 2015.

Taxation for the six months ended June 30, 2016 was $15,000, compared to $30,000 for the comparative period in 2015. 

Earnings Allocated to Preferred Shares

The Series B preferred shares, issued on August 20, 2014, carry a coupon of 8.75%, the cost of which for the three months ended June 30, 2016 was $0.8 million, the same as in the comparative period.  The cost was $1.5 million in the six months ended June 30, 2016, again the same as in the comparative period. 

Net Income Available to Common Shareholders

Net income available to common shareholders for the three months ended June 30, 2016, adjusting for the gain made on the purchase of Notes in May 2016, was $5.6 million, compared to $2.9 million in the second quarter 2015.

Net income available to common shareholders was $10.6 million for the six months ended June 30, 2016, compared to $2.9 million in the comparative period.  Normalized net income for the six months ended June 30, 2016, which excludes the gain on the purchase of Notes in May 2016 and charges associated with the tender offer for Notes completed in March 2016, was $11.1 million. Normalized net income for the six months ended June 30, 2015 was $2.9 million, the same as reported.

Fleet

The following table provides information about the on-the-water fleet of 18 vessels as at June 30, 2016. 15 vessels are chartered to CMA CGM, and three are chartered to OOCL.

    RemainingEarliestDaily
    CharterCharterCharter
VesselCapacityYearPurchaseTerm (2)ExpiryRate
Name in TEUs (1)Builtby GSL (years)Date$
CMA CGM Matisse2,2621999Dec 20073.5Sept 21, 201915,300
CMA CGM Utrillo2,2621999Dec 20073.5Sept 11, 201915,300
Delmas Keta2,2072003Dec 20071.5Sept 20, 201718,465
Julie Delmas2,2072002Dec 20071.5Sept 11, 201718,465
Kumasi2,2072002Dec 20071.5Sept 21, 201718,465
Marie Delmas2,2072002Dec 20071.5Sept 14, 201718,465
CMA CGM La Tour2,2722001Dec 20073.5Sept 20, 201915,300
CMA CGM Manet2,2722001Dec 20073.5Sept 7, 201915,300
CMA CGM Alcazar5,0892007Jan 20084.5Oct 18, 202033,750
CMA CGM Château d'If5,0892007Jan 20084.5Oct 11, 202033,750
CMA CGM Thalassa11,0402008Dec 20089.5Oct 1, 202547,200
CMA CGM Jamaica4,2982006Dec 20086.5Sept 17, 202225,350
CMA CGM Sambhar4,0452006Dec 20086.5Sept 16, 202225,350
CMA CGM America4,0452006Dec 20086.5Sept 19, 202225,350
CMA CGM Berlioz6,6212001Aug 20095.2May 28, 202134,000
OOCL Tianjin8,0632005Oct 20141.5Oct 28, 201734,500
OOCL Qingdao8,0632004Mar 20151.8Mar 11, 201834,500
OOCL Ningbo8,0632004Sep 20152.3Sep 17, 201834,500
      
 (1)  Twenty-foot Equivalent Units.     
(2)  As at June 30, 2016. Plus or minus 90 days, other than (i) OOCL Tianjin which is between October 28, 2017 and January 28, 2018, (ii) OOCL Qingdao which is between March 11, 2018 and June 11, 2018, and (iii) OOCL Ningbo which is between September 17, 2018 and December 17, 2018, all at charterer's option.
 

Conference Call and Webcast

Global Ship Lease will hold a conference call to discuss the Company's results for the three months ended June 30, 2016 today, Thursday July 28, 2016 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:

(1) Dial-in: (877) 445-2556 or (908) 982-4670; Passcode: 50320171

Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.

(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com

If you are unable to participate at this time, a replay of the call will be available through Saturday, August 13, 2016 at (855) 859-2056 or (404) 537-3406. Enter the code 50320171 to access the audio replay. The webcast will also be archived on the Company's website: http://www.globalshiplease.com.

Annual Report on Form 20F

Global Ship Lease, Inc has filed its Annual Report for 2015 with the Securities and Exchange Commission.  A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company's website at http://www.globalshiplease.com   Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at info@globalshiplease.com or by writing to Global Ship Lease, Inc, care of Global Ship Lease Services Limited, Portland House, Stag Place, London SW1E 5RS or by telephoning +44 (0) 207 869 8806.

About Global Ship Lease

Global Ship Lease is a containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under mainly long-term, fixed-rate charters to top tier container liner companies.

Global Ship Lease owns 18 vessels with a total capacity of 82,312 TEU and an average age, weighted by TEU capacity, at June 30, 2016 of 11.5 years. All 18 vessels are currently fixed on time charters, 15 of which are with CMA CGM. The average remaining term of the charters at June 30, 2016 is 4.0 years or 4.3 years on a weighted basis.

Reconciliation of Non-U.S. GAAP Financial Measures

A. Adjusted EBITDA

Adjusted EBITDA represents net income before interest income and expense including amortization of deferred finance costs, realized and unrealized gain (loss) on derivatives, income taxes, depreciation and amortization.  Adjusted EBITDA is a non-US GAAP quantitative measure used to assist in the assessment of the Company's ability to generate cash from its operations.  We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.  Adjusted EBITDA is not defined in US GAAP and should not be considered to be an alternate to Net income or any other financial metric required by such accounting principles.

ADJUSTED EBITDA - UNAUDITED

(thousands of U.S. dollars)
  ThreeThreeSixSix
  monthsmonthsmonthsmonths
  endedendedendedended
  June 30,June 30,June 30,June 30,
   2016  2015  2016  2015 
      
Net income available to Common Shareholders 6,043  2,876  10,600  2,900 
      
Adjust:Depreciation 10,877  11,422  21,812  22,401 
 Interest income (38) (13) (82) (27)
 Interest expense 11,142  11,810  24,242  23,675 
 Income tax 9  19  15  30 
 Earnings allocated to preferred shares 765  765  1,531  1,531 
      
Adjusted EBITDA 28,798  26,879  58,118  50,510 
             

B. Normalized net income

Normalized net income represents net income adjusted for the premium paid on the tender offer together with the related accelerated amortization of deferred financing costs and original issue discount. Normalized net income is a non-GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for non-operating items that do not affect operating performance or operating cash generated. Normalized net income is not defined in US GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles.

NORMALIZED NET INCOME -  UNAUDITED
(thousands of U.S. dollars)
 
  ThreeThreeSixSix
  monthsmonthsmonthsmonths
  endedendedendedended
   June 30,  June 30, June 30, June 30, 
   2016 2015 2016 2015
          
Net income available to Common Shareholders 6,043 2,876 10,600 2,900
      
Adjust:Gain on purchase of Notes (452)--- (452)---
 Premium paid on tender offer for Notes --- --- 533 ---
 Accelerated write off of deferred financing charges related to purchase and tender offer 10 --- 90 ---
 Accelerated write off of original issue discount related to purchase and tender offer 31 --- 290 ---
      
Normalized net income 5,632 2,876 11,061 2,900
         

Safe Harbor Statement

This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease's current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.

The risks and uncertainties include, but are not limited to:

•  future operating or financial results;
•  expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth;
•  the financial condition of CMA CGM (the company's principal charterer and main source of operating revenue) and other charterers and their ability to pay charterhire in accordance with the charters;
•  the overall health and condition of the U.S. and global financial markets;
•  Global Ship Lease's financial condition and liquidity, including its ability to obtain additional financing to fund capital expenditures, vessel acquisitions and for other general corporate purposes and its ability to meet its financial covenants and repay its borrowings;
•  Global Ship Lease's  expectations relating to dividend payments and forecasts of its ability to make such payments including the availability of cash and the impact of constraints under its first priority secured notes;
•  future acquisitions, business strategy and expected capital spending;
•  operating expenses, availability of key employees, crew, number of off-hire days, dry-docking and survey requirements, costs of regulatory compliance, insurance costs and general and administrative costs;
•  general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
•  assumptions regarding interest rates and inflation;
•  change in the rate of growth of global and various regional economies;
•  risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss;
•  estimated future capital expenditures needed to preserve Global Ship Lease's capital base;
•  Global Ship Lease's expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of its vessels;
•  Global Ship Lease's continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for its vessels in the spot market;
•  the continued performance of existing charters;
•  Global Ship Lease's ability to capitalize on management's and directors' relationships and reputations in the containership industry to its advantage;
•  changes in governmental and classification societies' rules and regulations or actions taken by regulatory authorities;
•  expectations about the availability of insurance on commercially reasonable terms;
•  unanticipated changes in laws and regulations; and
•  potential liability from future litigation.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease's filings with the SEC.  Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.                                        

 
Global Ship Lease, Inc.
Interim Unaudited Consolidated Statements of Income
(Expressed in thousands of U.S. dollars except share data)
 
  Three months ended June 30,Six months ended June 30,
   2016   2015   2016   2015 
      
      
Operating Revenues     
Time charter revenue $  9,341  $  7,724  $  18,678  $  12,596 
Time charter revenue — related party  31,992   33,263   65,265   66,110 
   41,333   40,987   83,943   78,706 
                 
Operating Expenses
Vessel operating expenses
  10,917   12,146   21,919   24,064 
Vessel operating expenses — related party  400   523   800   1,046 
Depreciation  10,877   11,422   21,812   22,401 
General and administrative  1,281   1,548   3,250   3,304 
Other operating income  (63)  (109)  (144)  (218)
                 
Total operating expenses  23,412   25,530   47,637   50,597 
                 
Operating Income  17,921   15,457   36,306   28,109 
      
Non Operating Income (Expense)     
Interest income  38   13   82   27 
Interest expense  (11,142)  (11,810)  (24,242)  (23,675)
                 
Income before Income Taxes  6,817   3,660   12,146   4,461 
                 
Income taxes  (9)  (19)  (15)  (30)
                 
Net Income  $  6,808  $  3,641  $  12,131  $  4,431 
      
Earnings allocated to Series B Preferred Shares  (765)  (765)  (1,531)  (1,531)
                 
Net Income available to Common Shareholders $  6,043  $  2,876  $  10,600  $  2,900 
                 
Earnings per Share     
      
Weighted average number of Class A common shares outstanding     
Basic (including RSUs without service conditions)  47,850,107   47,766,484   47,845,842   47,766,484 
Diluted  47,956,959   47,836,975   47,888,279   47,836,786 
                 
Net income per Class A common share                
Basic (including RSUs without service conditions) $0.13  $0.06  $0.22  $0.06 
                 
Diluted $0.13   $0.06   $0.22   $  0.06  
                 
Weighted average number of Class B common shares outstanding                
Basic and diluted  7,405,956   7,405,956   7,405,956   7,405,956 
                 
Net income per Class B common share                
Basic and diluted $  0.00  $  0.00  $  0.00  $  0.00 
                 

 

Global Ship Lease, Inc.
Interim Unaudited Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
 
  June 30,
2016
 December 31,
2015
     
Assets    
         
Cash and cash equivalents $50,250  $53,591 
Accounts receivable  42   87 
Due from related party  2,347   2,124 
Prepaid expenses  1,727   1,101 
Other receivables  270   118 
Inventory  536   610 
         
Total current assets  55,172   57,631 
         
Vessels in operation  827,951   846,939 
Other fixed assets  5   5 
Intangible assets  25   39 
Other long term assets  252   306 
         
Total non-current assets  828,233   847,289 
         
Total Assets $883,405  $904,920 
     
Liabilities and Stockholders' Equity    
     
Liabilities    
         
Current portion of long term debt  26,465   35,160 
Intangible liability — charter agreements  1,949   2,104 
Deferred revenue  588   796 
Accounts payable  1,638   622 
Due to related party  3,629   1,256 
Accrued expenses  12,224   13,694 
         
Total current liabilities  46,493   53,632 
         
Long term debt  418,730   442,913 
Intangible liability — charter agreements  10,685   11,589 
Deferred tax liability  15   20 
         
Total long term liabilities  429,430   454,522 
     
Total Liabilities $475,923  $508,154 
         
Commitments and contingencies  -   - 
     
Stockholders' Equity    
         
Class A Common stock — authorized 214,000,000 shares with a $0.01 par value; 47,558,547 shares issued and outstanding (2015 — 47,541,484) $476  $475 
Class B Common stock — authorized 20,000,000 shares with a $0.01 par value; 7,405,956 shares issued and outstanding (2015 — 7,405,956)  74   74 
Series B Preferred shares — authorized 16,100 shares with $0.01 par value; 14,000 shares issued and outstanding (2015 — 14,000)  -   - 
     
Additional paid in capital  386,540   386,425 
Retained earnings  20,392   9,792 
         
Total Stockholders' Equity  407,482   396,766 
         
Total Liabilities and Stockholders' Equity $883,405  $904,920 
         


 
Global Ship Lease, Inc.
Interim Unaudited Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
 
  Three months ended June 30,Six months ended June 30,
   2016   2015   2016   2015 
      
      
Cash Flows from Operating Activities     
Net income $6,808  $3,641  $12,131  $4,431 
      
Adjustments to Reconcile Net income to Net Cash Provided by Operating Activities      
Depreciation  10,877   11,422   21,812   22,401 
Amortization of deferred financing costs  820   807   1,772   1,598 
Amortization of original issue discount  334   174   916   520 
Amortization of intangible liability  (530)  (530)  (1,059)  (1,059)
Share based compensation  82   25   115   50 
Gain on repurchase of secured notes  (452)  -   (452)  - 
Decrease (increase) in accounts receivable and other assets  151   (590)  (398)  848 
Decrease (increase) in inventory  40   4   74   (67)
Increase (decrease) in accounts payable and other liabilities  8,896   11,674   (1,285)  (1,557)
(Decrease) increase in unearned revenue  (104)  (79)  (208)  126 
Related party balances  347   (1,186)  1,063   (37)
Unrealized foreign exchange (gain) loss  (58)  54   (28)  32 
                 
Net Cash Provided by Operating Activities   27,211   25,416   34,453   27,286 
                 
Cash Flows from Investing Activities      
Cash paid for vessels  -   (170)  -   (54,390)
Cash paid in respect of sale of vessels  (97)  -   (254)  - 
Cash paid for other assets  -   -   (1)  - 
Cash paid for drydockings  (948)  (1,063)  (948)  (2,548)
                 
Net Cash Used in Investing Activities   (1,045)  (1,233)  (1,203)  (56,938)
                 
Cash Flows from Financing Activities                 
Repurchase of secured notes  (3,748)  (350)  (30,410)  (350)
Proceeds from drawdown of revolving credit facility  -   -   -   40,000 
Deferred financing costs incurred  -   (370)  -   (370)
Repayment of credit facilities  (1,925)  -   (4,650)  - 
Series B Preferred Shares — dividends paid  (765)  (765)  (1,531)  (1,531)
                 
Net Cash Used in Financing Activities   (6,438)  (1,485)  (36,591)  37,749 
                 
Net Increase (decrease) in Cash and Cash Equivalents  19,728   22,698   (3,341)  8,097 
Cash and Cash Equivalents at Start of Period  30,522   18,694   53,591   33,295 
                 
Cash and Cash Equivalents at End of Period $50,250  $41,392  $50,250  $41,392 
                 
Supplemental information                
                 
Total interest paid $725  $130  $22,232  $21,130 
      
Income tax paid $10  $19  $26  $36 
                 
Investor and Media Contacts:
The IGB Group
Bryan Degnan
646-673-9701


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