Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2010
Dividend of $0.06 per Share for Q4 2010 Q4 Net Income Excluding Navios Acquisition of $57.5 Million Q4 EBITDA Excluding Navios Acquisition of $106.3 Million
PIRAEUS, GREECE, Feb 23, 2011 (MARKETWIRE via COMTEX) --
Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2010.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings stated, "We are pleased to report our results for 2010. We increased EBITDA by almost 64% to $339 million and net income by 127% to $154 million. We completed our new building program and, at the same time, reduced our net debt to capitalization by almost 8% to 49% (on a pro forma basis, excluding Navios Maritime Acquisition). Our liquidity is more than sufficient considering our needs. Based on these strong results, we declared a $.06 dividend for the fourth quarter of 2010, payable on April 12, 2011 to the stockholders of record as of March 22, 2011."
Ms. Frangou continued, "The shipping industry is going through transition at a time when there is healthy underlying demand for mineral and grain commodities and crude oil globally. While we are cautious about the near term, and continue to monitor closely the supply of vessels, we see continued demand for commodities from the urbanization of emerging markets."
2010 HIGHLIGHTS -- RECENT DEVELOPMENTS
- more here:
http://www.navios.com/Newsroom/default.asp
