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WIKI ANALYSIS
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Costamare (NYSE:CMRE) owns and charters containerships to liner companies. The company owns a fleet of 41 ships which aggregate to 211,882 Twenty-foot Equivalent Units (TEU). The company charters out its ships over long periods of time. The average remaining time on the charters of its fleet as of October 2010 was 5.6 years.[1] The age of the ships ranges from recently built to 34 years old.[2]
The company was founded by a Greek family and the father and his three sons jointly owned the entire company. They also operate the company. The company grew its fleet from 21 ships to 53 ships at its peak. The company has decreased its size to 41 ships based on decreasing demand through the changing economic conditions. The company hopes to use the proceeds from its IPO to continue to expand and renew its fleet of ships.[1]
The company's initial public offering of stock on the NYSE occurred on November 3, 2010. The company offered 13.3M shares each for $12. This was well below the the initial price range of $15-$17. The IPO raised a total of $160M. The lead underwriters of the deal were Morgan Stanley (MS) and Bank of America (BAC). Previously to the IPO, the company was family owned.[3]
The company's revenue have risen consistently since 2005 with the exception of 2009. The company's total revenue dropped by 6% from $426M to $400M. The company's net income has also remained positive, but has not risen with the same consistency. The company experienced its largest net income figure in 2006; $123M. Since then, the figure has remained beneath $117M. [4]
References
- ↑ 1.0 1.1 CMRE F-1/A 2010 "Business Overview" pg 1
- ↑ CMRE F-1/A 2010 "Our Fleet" pg 3-4
- ↑ Renaissance Capital - IPO Home "Containership owner Costamare prices 13.3mm shares at $12" 4 Nov 2010
- ↑ CMRE F-1/A 2010 "SUMMARY CONSOLIDATED FINANCIAL DATA" pg 9
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