NEW YORK, Aug. 10, 2016 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company")
today announced financial and operating results for the second
quarter ended June 30, 2016.
Second Quarter Financial Highlights
Compared to prior year period:
- Increased sales volumes by 29.9% to 4,092,789 metric tons.
- Increased gross profit by 19.0% to $93.4
million compared to prior year.
- Increased operating income by 95.3% to $28.9 million.
- Increased operating income adjusted for a loss on sale of
non-core vessels by 111.5% to $31.3
million.
- Recorded GAAP net income attributable to Aegean shareholders of
$13.5 million or $0.27 basic and diluted earnings per share.
- Net income adjusted for a loss on sale of non-core vessels was
$16.0 million or $0.32 basic and diluted earnings per share.
- Generated record adjusted EBITDA of $37.9 million.
- Sold two non-core vessels, enabling $5
million in debt pay down, which is expected to result in
operating cost reductions of approximately $6.4 million on an annual basis.
Second Quarter Operational Highlights
- Ramped-up operations in Algoa Bay, South Africa, further expanding global
platform.
- Further optimized operations through the sale of two non-core
vessels.
- Strategically relocated certain vessels from lower-activity
markets to higher-growth regions.
E. Nikolas Tavlarios, Aegean's
President, commented, "We generated strong operational and
financial results in the quarter and are pleased with the momentum
we have going into the second half of the year. During the second
quarter we increased sales volumes and improved performance in many
key markets, including our new operations in South Africa and Brazil. Our top- and bottom-line results
benefitted from our initiatives to strengthen our global platform
and optimize our geographic footprint. Our decisions to sell
non-core vessels will result in cost reductions and align with our
focus on strategically allocating our resources to swiftly respond
to fluctuations in demand and capitalize on opportunities in
markets where we see the most potential."
Mr. Tavlarios concluded, "We are seeing strong indications of
continued growth for the full year 2016 and remain confident in our
ability to drive profitability and increase volumes across our
platform to deliver enhanced shareholder value."
Generating Solid Financial Results
- Revenue – The Company reported total revenue of $987.6 million for the second quarter of 2016, a
decrease of 18.2% compared to the same period in 2015, primarily
due to the drop in oil prices. Voyage and other revenues decreased
to $19.8 million or by 8.8% compared
to the same period in 2015.
- Gross Profit – Gross Profit, which equals total revenue less
directly attributable cost of revenue increased by 19.0% to
$93.4 million in the second quarter
of 2016 compared to $78.5 million in
the same period in 2015.
- Operating Expense – The Company reported operating expense of
$64.5 million for the second quarter
of 2016, an increase of $0.8 million
or 1.3% compared to the same period in prior year. Adjusting
for the sale of non-core assets, operating expense was $62.1 million, a decrease of 2.5% compared to the
same period in the prior year.
- Operating Income – Operating income for the second quarter of
2016 adjusted for the sale of non-core assets was $31.3 million,
an increase of 111.5% compared to the same period in the prior
year.
- Net Income – Net income attributable to Aegean shareholders
adjusted for the sale of non-core vessels was $16.0 million, or $0.32 basic and diluted earnings per share, an
increase of $8.9 million or 125.4%
compared to the same period in 2015.
Operational Metrics
- Sales Volume – For the three months ended June 30, 2016, the Company reported marine fuel
sales volumes of 4,092,789 metric tons, an increase of 29.9%
compared to the same period in 2015.
- Adjusted EBITDA Per Metric Ton of Marine Fuel Sold – For the
three months ended June 30, 2016, the
Company reported adjusted EBITDA per metric ton of marine fuel
sold of $9.26. Adjusted EBITDA per
metric ton of marine fuel sold in the prior year period was
$7.63 per metric ton.
- Gross Spread Per Metric Ton of Marine Fuel Sold – For the three
months ended June 30, 2016, the
Company reported gross spread per metric ton of marine fuel
sold on an aggregate basis of $20.9.
Gross spread per metric ton of marine fuel sold in the prior year
period was $22.5.
Liquidity and Capital Resources
- Net cash used in operating activities was $60.4 million for the three months ended
June 30, 2016. Net income as adjusted
for non-cash items (as defined in Note 9 below) was $37.1 million for the same period.
- Net cash provided by investing activities was $7.9 million for the three months ended
June 30, 2016, primarily due to the
sale of two non-core vessels.
- Net cash provided by financing activities was $44.5 million for the three months ended
June 30, 2016, mainly due to the
drawdown of short-term debt.
- As of June 30, 2016, the Company
had cash and cash equivalents of $127.8
million and working capital of $387.6
million. Non-cash working capital, or working capital
excluding cash and debt, was $581.6
million.
- As of June 30, 2016, the Company
had $867.8 million of undrawn amounts
under its working capital facilities and $127.8 million of unrestricted cash and cash
equivalents to finance working capital requirements.
- The weighted average basic and diluted shares outstanding for
the three months ended June 30, 2016,
was 48,117,508. The weighted average basic and diluted shares
outstanding for the three months ended June
30, 2015 was 47,366,134.
Spyros Gianniotis, Aegean's Chief
Financial Officer, stated, "During the quarter, we achieved strong
adjusted EBITDA per metric ton of marine fuel sold of $9.26, a 43.8% increase quarter over quarter.
While we achieved strong results across the board, we believe
adjusted EBITDA per metric ton of marine fuel sold best reflects
our operational improvements. In the second quarter we also
reported a 29.9% year over year increase in volumes and improved
performance without increase in operating expenses. Financial
flexibility and a strong balance sheet remain important
differentiators for our business. The two vessel sales during the
quarter enabled us to pay down $5
million of debt and is expected to help eliminate
approximately $6.4 million in
operating costs on an annual basis. We have and intend to continue
to actively manage our business while de-levering and strengthening
our balance sheet to drive results for all Aegean
shareholders."
Summary Consolidated Financial and Other Data
(Unaudited)
|
|
For the Three
Months Ended
June
30,
|
For the Six Months
Ended
June
30,
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
2016
|
|
|
(in thousands of
U.S. dollars, unless otherwise stated)
|
Income Statement
Data:
|
|
|
|
|
|
|
|
|
|
Revenues - third
parties
|
$
|
1,203,100
|
$
|
982,337
|
|
$
|
2,214,056
|
$
|
1,730,853
|
Revenues - related
companies
|
|
4,607
|
|
5,219
|
|
|
8,754
|
|
9,635
|
Total
revenues
|
|
1,207,707
|
|
987,556
|
|
|
2,222,810
|
|
1,740,488
|
Cost of
revenues - third parties
|
|
1,078,112
|
|
876,495
|
|
|
1,970,384
|
|
1,538,121
|
Cost of revenues–
related companies
|
|
51,114
|
|
17,682
|
|
|
93,323
|
|
28,120
|
Total cost of
revenues
|
|
1,129,226
|
|
894,177
|
|
|
2,063,707
|
|
1,566,241
|
Gross
profit
|
|
78,481
|
|
93,379
|
|
|
159,103
|
|
174,247
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Selling and
distribution
|
|
52,744
|
|
49,943
|
|
|
102,561
|
|
100,715
|
General and
administrative
|
|
10,602
|
|
11,823
|
|
|
20,908
|
|
23,319
|
Amortization of
intangible assets
|
|
375
|
|
297
|
|
|
749
|
|
597
|
Loss on sale of
vessels
|
|
-
|
|
2,437
|
|
|
130
|
|
2,437
|
Operating
income
|
|
14,760
|
|
28,879
|
|
|
34,755
|
|
47,179
|
Net financing
cost
|
|
(8,813)
|
|
(12,477)
|
|
|
(18,139)
|
|
(21,838)
|
Foreign exchange
gains / (losses), net
|
|
658
|
|
(1,922)
|
|
|
692
|
|
(1,683)
|
Income tax benefit /
(expense)
|
|
543
|
|
(947)
|
|
|
2,064
|
|
1,645
|
Net income
|
|
7,148
|
|
13,533
|
|
|
19,372
|
|
25,303
|
Less income
attributable to non-controlling interest
|
|
-
|
|
8
|
|
|
-
|
|
8
|
Net income
attributable to AMPNI shareholders
|
$
|
7,148
|
$
|
13,525
|
|
$
|
19,372
|
$
|
25,295
|
Basic earnings per
share (U.S. dollars)
|
$
|
0.15
|
$
|
0.27
|
|
$
|
0.40
|
$
|
0.51
|
Diluted earnings per
share (U.S. dollars)
|
$
|
0.15
|
$
|
0.27
|
|
$
|
0.40
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
$
|
24,052
|
$
|
35,459
|
|
$
|
51,859
|
$
|
62,606
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data:
|
|
|
|
|
|
|
|
|
|
Gross spread on
marine petroleum products(2)
|
$
|
71,773
|
$
|
86,504
|
|
$
|
143,383
|
$
|
161,572
|
Gross spread on
lubricants(2)
|
|
949
|
|
1,031
|
|
|
2,188
|
|
1,765
|
Gross spread on
marine fuel(2)
|
|
70,824
|
|
85,473
|
|
|
141,195
|
|
159,807
|
Gross spread per
metric ton of marine fuel sold
(U.S. dollars) (2)
|
|
22.5
|
|
20.9
|
|
|
23.3
|
|
19.2
|
Net cash used in
operating activities
|
$
|
(59,301)
|
$
|
(60,441)
|
|
$
|
(83,052)
|
$
|
(49,497)
|
Net cash (used in) /
provided by investing activities
|
|
(4,784)
|
|
7,878
|
|
|
(7,628)
|
|
(877)
|
Net cash provided by
financing activities
|
|
11,822
|
|
44,515
|
|
|
6,671
|
|
38,491
|
|
|
|
|
|
|
|
|
|
|
Sales Volume Data
(Metric Tons): (3)
|
|
|
|
|
|
|
|
|
|
Total sales
volumes
|
|
3,150,950
|
|
4,092,789
|
|
|
6,066,400
|
|
8,305,425
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Data:
|
|
|
|
|
|
|
|
|
|
Number of owned
bunkering tankers, end of period(4)
|
|
49.0
|
|
47.0
|
|
|
49.0
|
|
47.0
|
Average number of
owned bunkering tankers(4)(5)
|
|
49.0
|
|
48.4
|
|
|
48.5
|
|
48.7
|
Special Purpose
Vessels, end of period(6)
|
|
1.0
|
|
1.0
|
|
|
1.0
|
|
1.0
|
Number of operating
storage facilities, end of period(7)
|
|
15.0
|
|
14.0
|
|
|
15.0
|
|
14.0
|
Summary Consolidated Financial and Other Data
(Unaudited)
|
|
As
of
December
31,
2015
|
As
of
June
30,
2016
|
|
|
|
|
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
Balance Sheet
Data:
|
|
|
Cash and cash
equivalents
|
|
139,314
|
127,751
|
Gross trade
receivables
|
|
317,152
|
405,399
|
Allowance for
doubtful accounts
|
|
(7,278)
|
(8,604)
|
Inventories
|
|
114,531
|
168,170
|
Current
assets
|
|
730,950
|
857,570
|
Total
assets
|
|
1,450,011
|
1,558,961
|
Trade
payables
|
|
72,417
|
108,572
|
Current liabilities
(including current portion of long-term debt)
|
|
389,109
|
469,928
|
Total debt
|
|
710,015
|
758,596
|
Total
liabilities
|
|
828,485
|
909,546
|
Total stockholder's
equity
|
|
621,526
|
649,415
|
|
|
|
|
Working Capital
Data:
|
|
|
|
Working
capital(8)
|
|
341,841
|
387,642
|
Working capital
excluding cash and debt(8)
|
|
477,594
|
581,642
|
|
|
|
|
Notes:
1. EBITDA represents net income before interest, taxes,
depreciation and amortization. EBITDA does not represent and should
not be considered as an alternative to net income or cash flow from
operations, as determined by United
States generally accepted accounting principles, or U.S.
GAAP, and our calculation of EBITDA may not be comparable to that
recorded by other companies. Adjusted EBITDA represents net income
before interest, taxes, depreciation and amortization, vessel and
investment impairments, gains/losses on vessel disposals and other
non-recurring exceptional items. EBITDA and adjusted EBITDA are
included herein because they are a basis upon which the Company
assesses its operating performance.
Adjusted EBITDA per metric ton of marine fuel sold represents
the net income before interest, taxes, depreciation and
amortization, vessel and investment impairments, gains/losses on
vessel disposals and other non-recurring exceptional items the
Company generates per metric ton of marine fuel sold. The Company
calculates adjusted EBITDA per metric ton of marine fuel sold by
dividing the EBITDA by the sales volume of marine fuel. Marine fuel
sales do not include sales of lubricants.
The following table reconciles net income attributable to AMPNI
to EBITDA, adjusted EBITDA and adjusted EBITDA per metric ton of
marine fuel sold for the periods presented:
|
For the Three
Months Ended June 30,
|
For the Six Months
Ended June 30,
|
|
2015
|
2016
|
2015
|
2016
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
Net income to AMPNI
shareholders
|
7,148
|
13,525
|
19,372
|
25,295
|
|
|
|
|
|
Add: Net financing cost
including amortization of financing costs
|
8,813
|
12,447
|
18,139
|
21,838
|
Add: Income
tax (benefit) / expense
|
(543)
|
947
|
(2,064)
|
(1,645)
|
Add:
Depreciation and amortization excluding amortization of financing
costs
|
8,634
|
8,510
|
16,412
|
17,118
|
|
|
|
|
|
EBITDA
|
24,052
|
35,459
|
51,859
|
62,606
|
|
|
|
|
|
Add: Loss on sale of
vessels
|
-
|
2,437
|
130
|
2,437
|
Adjusted
EBITDA
|
24,052
|
37,896
|
51,989
|
65,043
|
|
|
|
|
|
Sales volume of
marine fuel (metric tons)
|
3,150,950
|
4,092,789
|
6,066,400
|
8,305,425
|
Adjusted EBITDA per
metric ton of marine
fuel sold (U.S.
dollars)
|
7.63
|
9.26
|
8.57
|
7.83
|
2. Gross spread on marine petroleum products represents the
margin the Company generates on sales of marine fuel and
lubricants. Gross spread on marine fuel represents the margin that
the Company generates on sales of various classifications of marine
fuel oil ("MFO") or marine gas oil ("MGO"). Gross spread on
lubricants represents the margin that the Company generates on
sales of lubricants. Gross spread on marine petroleum products,
gross spread of MFO and gross spread on lubricants are not items
recognized by U.S. GAAP and should not be considered as an
alternative to gross profit or any other indicator of a Company's
operating performance required by U.S. GAAP. The Company's
definition of gross spread may not be the same as that used by
other companies in the same or other industries. The Company
calculates the above-mentioned gross spreads by subtracting from
the sales of the respective marine petroleum product the cost of
the respective marine petroleum product sold and cargo
transportation costs. For arrangements in which the Company
physically supplies the respective marine petroleum product using
its bunkering tankers, costs of the respective marine petroleum
products sold represents amounts paid by the Company for the
respective marine petroleum product sold in the relevant reporting
period. For arrangements in which the respective marine petroleum
product is purchased from the Company's related company, Aegean Oil
S.A., or Aegean Oil, cost of the respective marine petroleum
products sold represents the total amount paid by the Company to
the physical supplier for the respective marine petroleum product
and its delivery to the custom arrangements, in which the Company
purchases cargos of marine fuel for its floating storage
facilities. Transportation costs may be included in the purchase
price of marine fuels from the supplier or may be incurred
separately from a transportation provider. Gross spread per metric
ton of marine fuel sold represents the margin the Company generates
per metric ton of marine fuel sold. The Company calculates gross
spread per metric ton of marine fuel sold by dividing the gross
spread on marine fuel by the sales volume of marine fuel. Marine
fuel sales do not include sales of lubricants. The following table
reflects the calculation of gross spread per metric ton of marine
fuel sold for the periods presented:
|
For the Three
Months Ended
June 30,
|
|
For the Six Months
Ended
June
30,
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
Sales of marine
petroleum products
|
1,189,488
|
|
967,808
|
|
2,184,033
|
|
1,702,623
|
Less: Cost of marine
petroleum products sold
|
(1,117,715)
|
|
(881,304)
|
|
(2,040,650)
|
|
(1,541,051)
|
Gross spread on
marine petroleum products
|
71,773
|
|
86,504
|
|
143,383
|
|
161,572
|
Less: Gross spread on
lubricants
|
(949)
|
|
(1,031)
|
|
(2,188)
|
|
(1,765)
|
Gross spread on
marine fuel
|
70,824
|
|
85,473
|
|
141,195
|
|
159,507
|
|
|
|
|
|
|
|
|
Sales volume of
marine fuel (metric tons)
|
3,150,950
|
|
4,092,789
|
|
6,066,400
|
|
8,305,425
|
|
|
|
|
|
|
|
|
Gross spread per
metric ton of marine fuel sold
(U.S. dollars)
|
22.5
|
|
20.9
|
|
23.3
|
|
19.2
|
3. Sales volume of marine fuel is the volume of sales of
various classifications of MFO and MGO for the relevant period and
is denominated in metric tons. The Company does not include the
sales volume of lubricants in the calculation of gross spread per
metric ton of marine fuel sold.
4. Bunkering fleet comprises both bunkering vessels and
barges.
5. Figure represents average bunkering fleet number for the
relevant period, as measured by the sum of the number of days each
bunkering tanker or barge was used as part of the fleet during the
period divided by the cumulative number of calendar days in the
period multiplied by the number of bunkering tankers at the end of
the period. This figure does not take into account non-operating
days due to either scheduled or unscheduled maintenance.
6. Special Purpose Vessels consists of the Orion, a 550 dwt
tanker which is based in our Greek market.
7. The Company owns two barges, the Mediterranean and
Umnenga, as floating storage facilities in Greece and South
Africa. The Company also operates on-land storage facilities
in Las Palmas, Fujairah, Tangiers,
Panama, the U.S.A., Hamburg and Barcelona.
The ownership of storage facilities allows the Company to
mitigate its risk of supply shortages. Generally, storage costs are
included in the price of refined marine fuel quoted by local
suppliers. The Company expects that the ownership of storage
facilities will allow it to convert the variable costs of this
storage fee mark-up per metric ton quoted by suppliers into fixed
costs of operating its owned storage facilities, thus enabling the
Company to spread larger sales volumes over a fixed cost base and
to decrease its refined fuel costs.
8. Working capital is defined as current assets minus
current liabilities. Working capital excluding cash and debt is
defined as current assets minus cash and cash equivalents minus
restricted cash minus current liabilities plus short-term
borrowings plus current portion of long-term debt.
9. Net income as adjusted for non-cash items, such as
depreciation, provision for doubtful accounts, restricted stock,
amortization, deferred income taxes, gain/loss on sale of vessels,
impairment losses, unrealized loss/(gain) on derivatives and
unrealized foreign exchange loss/(gain), net, is used to assist in
evaluating our ability to make quarterly cash distributions. Net
income as adjusted for non-cash items is not recognized by
accounting principles generally accepted in the United States and should not be considered
as an alternative to net income or any other indicator of the
Company's performance required by accounting principles generally
accepted in the United States. The
following table reflects the calculation of net income as adjusted
for non-cash items for the periods presented:
|
For the Three
Months Ended
June 30,
|
|
For the Six Months
Ended June
30,
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
(in thousands of
U.S. dollars,
unless otherwise
stated)
|
Net income
|
7,148
|
|
13,533
|
|
19,372
|
|
25,303
|
Add:
Depreciation
|
6,375
|
|
6,353
|
|
12,636
|
|
12,792
|
Add: Provision for
doubtful accounts
|
765
|
|
640
|
|
1,409
|
|
1,421
|
Add: Share based
compensation
|
2,304
|
|
2,179
|
|
4,965
|
|
4,588
|
Add:
Amortization
|
4,530
|
|
4,585
|
|
9,014
|
|
9,151
|
Add: Net deferred tax
expense / (benefit)
|
(531)
|
|
920
|
|
(2,548)
|
|
(1,959)
|
Add: Unrealized loss on
derivatives
|
8,230
|
|
6,566
|
|
17,239
|
|
34,194
|
Add: Loss on sale of
vessels
|
-
|
|
2,437
|
|
130
|
|
2,437
|
Add: Unrealized foreign
exchange loss / (gain)
|
146
|
|
(118)
|
|
(539)
|
|
89
|
Net income as
adjusted for non-cash items
|
28,967
|
|
37,095
|
|
61,678
|
|
88,016
|
Second Quarter 2016 Dividend Announcement
On
August 10, 2016, the Company's Board
of Directors declared a second quarter 2016 dividend of
$0.02 per share payable on or about
September 9, 2016 to shareholders of
record as of August 24, 2016. The
dividend amount was determined in accordance with the Company's
dividend policy of paying cash dividends on a quarterly basis
subject to factors including the requirements of Marshall Islands law, future earnings, capital
requirements, financial condition, future prospects and such other
factors as are determined by the Company's Board of Directors. The
Company anticipates retaining most of its future earnings, if any,
for use in operations and business expansion.
Conference Call and Webcast Information
Aegean Marine
Petroleum Network Inc. will conduct a conference call and
simultaneous Internet webcast on Wednesday,
August 10, 2016 at 4:30 P.M. Eastern
Time, to discuss its second quarter results. Investors may
access the webcast and related slide presentation, by visiting the
Company's website at www.ampni.com, and clicking on the webcast
link. The conference call also may be accessed via telephone by
dialing (800) 524-8850 (for U.S.-based callers) or 416-204-9702
(for international callers) and enter the passcode: 2586478.
If you are unable to participate at this time, a replay of the
call will be available for two weeks at 888-203-1112 or
719-457-0820. Enter the code 2586478 to access the audio replay.
The webcast will also be archived on the Company's website:
http://www.ampni.com.
About Aegean Marine Petroleum Network Inc.
Aegean
Marine Petroleum Network Inc. is an international marine fuel
logistics company that markets and physically supplies refined
marine fuel and lubricants to ships in port and at sea. The Company
procures product from various sources (such as refineries, oil
producers, and traders) and resells it to a diverse group of
customers across all major commercial shipping sectors and leading
cruise lines. Currently, Aegean has a global presence in over than
30 markets and a team of professionals ready to serve our customers
wherever they are around the globe. For additional information
please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "intend,"
"anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include our
ability to manage growth, our ability to maintain our business in
light of our proposed business and location expansion, our ability
to obtain double hull secondhand bunkering tankers, the outcome of
legal, tax or regulatory proceedings to which we may become a
party, adverse conditions in the shipping or the marine fuel supply
industries, our ability to retain our key suppliers and key
customers, material disruptions in the availability or supply of
crude oil or refined petroleum products, changes in the market
price of petroleum, including the volatility of spot pricing,
increased levels of competition, compliance or lack of compliance
with various environmental and other applicable laws and
regulations, our ability to collect accounts receivable, changes in
the political, economic or regulatory conditions in the markets in
which we operate, and the world in general, our failure to hedge
certain financial risks associated with our business, our ability
to maintain our current tax treatments and our failure to comply
with restrictions in our credit agreements and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aegean-marine-petroleum-network-inc-announces-second-quarter-2016-financial-results-300311986.html
SOURCE Aegean Marine Petroleum Network Inc.