Form 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Dated: April 26, 2012

Commission File No. 001-33811

 

 

NAVIOS MARITIME PARTNERS L.P.

 

 

85 AktiMiaouli Street, Piraeus, Greece 185 38

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F  x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨             No  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨             No  x

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨             No  x

If “Yes” is marked, indicate the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 


On April 26, 2012, Navios Maritime Partners L.P. issued a press release announcing its financial results for the first quarter ended March 31, 2012. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

The information contained in this Report is hereby incorporated by reference into the Registration Statement on Form F-3, File No. 333-170284.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

NAVIOS MARITIME PARTNERS L.P.
By:  

/s/ Angeliki Frangou

Angeliki Frangou
Chief Executive Officer
Date: April 26, 2012


EXHIBIT INDEX

 

Exhibit
No.

  

Exhibit

99.1    Press Release dated April 26, 2012
Press Release

Exhibit 99.1

Navios Maritime Partners L.P.

Reports Financial Results for the First Quarter Ended March 31, 2012

 

   

Cash distribution of $0.44 per unit for Q1 2012

 

   

11.7% increase in quarterly Operating Surplus to $29.6 million

 

   

13.6% increase in quarterly EBITDA to $36.8 million

PIRAEUS, GREECE, April 26, 2012 – Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM), an owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended March 31, 2012.

Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: “I am pleased with our results for the first quarter of 2012. For the quarter, operating surplus increased by about 12% and net income by about 2%. We recently declared a distribution of $.44 per unit for the quarter, representing an annual distribution of $1.76 and a current yield of 11.2%.”

Ms. Frangou continued, “Although the market has been difficult in the past few years, we have been able to increase distributions and believe we will be able to continue increasing distributions by growing our fleet. In addition to drop downs and option exercises we have used in the past, we have vigilantly monitored opportunities in the dry bulk sales and purchase market. Asset values have recently begun to rationalize, and we believe there may be opportunities for Navios Partners in the current sales and purchase market.”

RECENT DEVELOPMENTS

Cash Distribution

The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2012 of $0.44 per unit. The cash distribution is payable on May 14, 2012 to unitholders of record on May 10, 2012.

Long-Term and Insured Cash Flow

Navios Partners has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of 3.6 years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 96.6% of its available days for 2012, 79.3% for 2013 and 44.7% for 2014, generating revenues of approximately $192.6 million, $159.1 million and $99.5 million, respectively. The average contractual daily charter-out rate for the fleet is $30,266, $30,551 and $33,875 for 2012, 2013 and 2014, respectively. The average daily charter-in rate for the active long-term charter-in vessels is $13,513 for 2012.

Navios Partners has insured its charter-out contracts for credit default through a “AA” rated European Union insurance company.

FINANCIAL HIGHLIGHTS

For the following results and the selected financial data presented herein, Navios Partners has compiled consolidated statements of income for the three month periods ended March 31, 2012 and 2011. The quarterly 2012 and 2011 information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA and Operating Surplus are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners’ results.

 

1


(in $ ‘000 except per unit data)    Three Month
Period ended
March 31, 2012
(unaudited)
    Three Month
Period ended
March 31, 2011
(unaudited)
 

Revenue

   $ 47,987      $ 42,804   

Net income

   $ 16,937      $ 16,600   

EBITDA

   $ 36,785      $ 32,430   

Earnings per Common unit (basic and diluted)

     0.30        0.35   

Operating Surplus

   $ 29,590      $ 26,518   

Maintenance and Replacement Capital expenditure reserve

   $ (4,461   $ (4,343

Three month periods ended March 31, 2012 and 2011

Time charter revenues for the three month period ended March 31, 2012 increased by $5.2 million or 12.1% to $48.0 million, as compared to $42.8 million for the same period in 2011. The increase was mainly attributable to the acquisitions of the Navios Luz and the Navios Orbiter on May 19, 2011. As a result of these vessel acquisitions, available days of the fleet increased to 1,576 days for the three month period ended March 31, 2012, as compared to 1,407 days for the three month period ended March 31, 2011. The increase in revenue was off-set by scheduled off-hires of two owned vessels due to drydocking which resulted in $1.6 million of lost hire. The time charter equivalent (“TCE”) decreased to $29,978 for the three month period ended March 31, 2012, from $30,422 for the three month period ended March 31, 2011.

EBITDA increased by $4.4 million to $36.8 million for the three month period ended March 31, 2012, as compared to $32.4 million for the same period of 2011. The increase in EBITDA was due mainly to a $5.2 million increase in revenue following the acquisitions of the Navios Luz and the Navios Orbiter on May 19, 2011 and a $0.7 million increase in other income. The above increase was partially off-set by a $1.2 million increase in management fees, a $0.1 million increase in general and administrative expenses and a $0.2 million increase in time charter expenses as a result of the increased number of vessels in Navios Partners’ fleet.

The reserve for estimated maintenance and replacement capital expenditures for the three month periods ended March 31, 2012 and 2011 was $4.5 million and $4.3 million, respectively (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Navios Partners generated an Operating Surplus for the three month period ended March 31, 2012 of $29.6 million, as compared to $26.5 million for the three month period ended March 31, 2011. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership’s ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).

Net income for the three months ended March 31, 2012 amounted to $16.9 million compared to $16.6 million for the three months ended March 31, 2011. The increase in net income by $0.3 million was due to a $4.4 million increase in EBITDA partially off-set by: (i) a $0.1 million decrease in interest income; (ii) a $0.8 million increase in interest expense and finance cost, net; and (iii) a $3.2 million increase in depreciation and amortization expense due to the acquisitions of the Navios Orbiter and the Navios Luz and the favorable lease terms recognized in relation to these acquisitions.

 

2


Fleet Employment Profile

The following table reflects certain key indicators of Navios Partners’ core fleet performance for the three month periods ended March 31, 2012 and 2011.

 

      Three Month
Period ended
March 31,
2012
    Three Month
Period ended
March 31,
2011
 
     (Unaudited)     (Unaudited)  

Available Days (1)

     1,576        1,407   

Operating Days (2)

     1,574        1,364   

Fleet Utilization (3)

     99.88     96.94

Time Charter Equivalent (per day) (4)

   $ 29,978      $ 30,422   

Vessels operating at period end

     18        16   

 

(1) Available days for the fleet represent total calendar days the vessels were in our possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.
(2) Operating days is the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
(3) Fleet utilization is the percentage of time that our vessels were available for revenue generating available days, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs, drydockings or special surveys.
(4) Time Charters Equivalents (“TCE”) rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.

 

3


Conference Call details:

Navios Partners’ management will host a conference call today, Thursday, April 26, 2012 to discuss the results for the first quarter ended March 31, 2012.

Conference Call details:

Call Date/Time: Thursday, April 26, 2012 at 08:30 am ET

Call Title: Navios Partners Q1 2012 Financial Results Conference Call

US Dial In: +1.866.394.0817

International Dial In: +1.706.679.9759

Conference ID: 7385 9813

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367

International Replay Dial In: +1.404.537.3406

Conference ID: 7385 9813

Slides and audio webcast:

There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under “Investors”. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

A supplemental slide presentation will be available on the Navios Partners’ website under the “Investors” section by 7:45 am ET on the day of the call.

About Navios Maritime Partners L.P.

Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit our website at www.navios-mlp.com

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Partners’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “may”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates”, and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although the Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Partners’ filings with the Securities and Exchange Commission. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

 

4


Contacts

Investor Relations Contact:

Navios Maritime Partners L.P.

+1 (212) 906 8645

Investors@navios-mlp.com

Nicolas Bornozis

Capital Link, Inc.

naviospartners@capitallink.com

 

5


EXHIBIT 1

NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED BALANCE SHEET

(Expressed in thousands of U.S. Dollars except unit data)

 

      March 31,
2012
     December 31,
2011
 
     (unaudited)         

ASSETS

     

Current assets

     

Cash and cash equivalents

   $ 33,496       $ 48,078   

Restricted cash

     1,035         8,468   

Accounts receivable, net

     3,648         4,835   

Prepaid expenses and other current assets

     400         2,177   
  

 

 

    

 

 

 

Total current assets

     38,579         63,558   
  

 

 

    

 

 

 

Vessels, net

     659,043         667,213   

Deferred financing costs, net

     2,328         2,466   

Other long term assets

     526         106   

Intangible assets

     167,601         176,581   
  

 

 

    

 

 

 

Total non-current assets

     829,498         846,366   
  

 

 

    

 

 

 

Total assets

   $ 868,077       $ 909,924   
  

 

 

    

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

     

Current liabilities

     

Accounts payable

   $ 1,640       $ 2,022   

Accrued expenses

     2,843         2,986   

Deferred voyage revenue

     10,319         10,920   

Current portion of long-term debt

     9,650         36,700   

Amounts due to related parties

     7,872         4,077   
  

 

 

    

 

 

 

Total current liabilities

     32,324         56,705   
  

 

 

    

 

 

 

Long-term debt

     281,425         289,350   

Deferred voyage revenue

     2,581         4,230   
  

 

 

    

 

 

 

Total non-current liabilities

     284,006         293,580   
  

 

 

    

 

 

 

Total liabilities

     316,330         350,285   
  

 

 

    

 

 

 

Commitments and contingencies

     —           —     

Partners’ capital:

     

Common Unitholders (54,509,163 and 46,887,320 units issued and outstanding at March 31, 2012 and December 31, 2011, respectively)

     544,195         729,550   

Subordinated Unitholders (0 and 7,621,843 units issued and outstanding at March 31, 2012 and December 31, 2011)

     —           (177,969

General Partner (1,132,843 units issued and outstanding at March 31, 2012 and December 31, 2011, respectively)

     1,470         1,976   

Subordinated Series A Unitholders (1,000,000 units issued and outstanding at March 31, 2012 and December 31, 2011)

     6,082         6,082   
  

 

 

    

 

 

 

Total partners’ capital

     551,747         559,639   
  

 

 

    

 

 

 

Total liabilities and partners’ capital

   $ 868,077       $ 909,924   
  

 

 

    

 

 

 

 

6


NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Expressed in thousands of U.S. Dollars except unit and per unit amounts)

 

      Three Month
Period ended
March 31,
2012
(unaudited)
    Three Month
Period ended
March 31,
2011
(unaudited)
 

Time charter revenues

   $ 47,987      $ 42,804   

Time charter expenses

     (3,215     (2,951

Direct vessel expenses

     (12     (18

Management fees

     (7,234     (6,048

General and administrative expenses

     (1,285     (1,183

Depreciation and amortization

     (17,150     (14,033

Interest expense and finance cost, net

     (2,812     (2,029

Interest income

     126        250   

Other income

     558        12   

Other expense

     (26     (204
  

 

 

   

 

 

 

Net income

   $ 16,937      $ 16,600   
  

 

 

   

 

 

 

Earnings per unit:

 

      Three Month
Period ended
March 31,
2012
(unaudited)
     Three Month
Period ended
March 31,
2011
(unaudited)
 

Net income

   $ 16,937       $ 16,600   

Earnings attributable to:

     

Common unit holders

     16,598         14,623   

Subordinated unit holders

     —           1,645   

General partner unit holders

     339         332   

Subordinated Series A unit holders

     —           —     

Weighted average units outstanding (basic and diluted):

     

Common unit holders

     54,509,163         41,779,404   

Subordinated unit holders

     —           7,621,843   

General partner unit holders

     1,132,843         1,028,599   

Subordinated Series A unit holders

     1,000,000         1,000,000   

Earnings per unit-overall (basic and diluted):

     

Common unit holders

   $ 0.30       $ 0.35   

Subordinated unit holders

   $ —         $ 0.22   

General partner unit holders

   $ 0.30       $ 0.32   

Subordinated Series A unit holders

   $ —         $ —     

 

7


NAVIOS MARITIME PARTNERS L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. Dollars)

 

     Three Month
Period Ended
March 31,
2012
(unaudited)
    Three Month
Period Ended
March 31,
2011
(unaudited)
 

OPERATING ACTIVITIES

    

Net income

   $ 16,937      $ 16,600   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     17,150        14,033   

Amortization of deferred financing cost

     138        124   

Amortization of deferred dry dock costs

     12        18   

Changes in operating assets and liabilities:

    

Increase in restricted cash

     (1     (1

Decrease/(increase) in accounts receivable

     1,187        (1,752

Decrease in prepaid expenses and other current assets

     1,778        19   

(Increase)/decrease in other long term assets

     (433     18   

(Decrease)/increase in accounts payable

     (382     712   

(Decrease)/increase in accrued expenses

     (143     255   

Decrease in deferred voyage revenue

     (2,250     (3,010

Increase in amounts due to related parties

     3,795        4,257   
  

 

 

   

 

 

 

Net cash provided by operating activities

     37,788        31,273   
  

 

 

   

 

 

 

FINANCING ACTIVITIES:

    

Cash distributions paid

     (24,829     (21,901

Decrease in restricted cash

     7,434        —     

Repayment of long-term debt and payment of principal

     (34,975     (7,300
  

 

 

   

 

 

 

Net cash used in financing activities

     (52,370     (29,201
  

 

 

   

 

 

 

(Decrease)/increase in cash and cash equivalents

     (14,582     2,072   
  

 

 

   

 

 

 

Cash and cash equivalents, beginning of period

     48,078        51,278   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 33,496      $ 53,350   
  

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

    

Cash paid for interest

   $ 2,829      $ 1,809   

 

8


EXHIBIT 2

 

Owned Vessels    Type    Built      Capacity
(DWT)
     Charter Expiration
Date
   Charter-Out
Rate (1)
 

Navios Apollon

   Ultra-Handymax      2000         52,073       March 2013    $ 12,500   
            March 2014    $ 13,500   

Navios Gemini S

   Panamax      1994         68,636       February 2014    $ 24,225   

Navios Libra II

   Panamax      1995         70,136       November 2012    $ 18,525   

Navios Felicity

   Panamax      1997         73,867       June 2013    $ 26,169   

Navios Galaxy I

   Panamax      2001         74,195       February 2018    $ 21,937   

Navios Hyperion

   Panamax      2004         75,707       April 2014    $ 37,953   

Navios Alegria

   Panamax      2004         76,466       February 2014    $ 16,984 (2)

Navios Orbiter

   Panamax      2004         76,602       April 2014    $ 38,052   

Navios Hope

   Panamax      2005         75,397       August 2013    $ 17,562   

Navios Sagittarius

   Panamax      2006         75,756       November 2018    $ 26,125   

Navios Fantastiks

   Capesize      2005         180,265       February 2014    $ 36,290   

Navios Aurora II

   Capesize      2009         169,031       November 2019    $ 41,325   

Navios Pollux

   Capesize      2009         180,727       July 2019    $ 42,250   

Navios Fulvia

   Capesize      2010         179,263       September 2015    $ 50,588   

Navios Melodia(3)

   Capesize      2010         179,132       September 2022    $ 29,356 (4) 

Navios Luz

   Capesize      2010         179,144       November 2020    $ 29,356 (5) 

Long-term Chartered-in Vessels

 

  

Navios Prosperity (6)

   Panamax      2007         82,535       July 2012    $ 24,000   

Navios Aldebaran (7)

   Panamax      2008         76,500       March 2013    $ 28,391   

 

(1) Net time charter-out rate per day (net of commissions). Represents the charter-out rate during the time charter period prior to the time charter expiration date and, if applicable, the charter-out rate under new time charter.
(2) Profit sharing 50% above $16,984/ day based on Baltic Exchange Panamax TC Average.
(3) In January 2011, Korea Line Corporation (“KLC”) filed for receivership. The charter was affirmed and will be performed by KLC on its original terms, provided that during an interim suspension period the sub-charterer of the Navios Melodia pays Navios Partners directly.
(4) Profit sharing 50% above $37,500/ day based on Baltic Exchange Capesize TC Average.
(5) Profit sharing 50% above $38,500/ day based on Baltic Exchange Capesize TC Average.
(6) The Navios Prosperity is chartered-in for seven years until June 2014 and we have options to extend for two one-year periods. We have the option to purchase the vessel after June 2012 at a purchase price that is initially 3.8 billion Yen declining each year by 145 million Yen.
(7) The Navios Aldebaran is chartered-in for seven years until March 2015 and we have options to extend for two one-year periods. We have the option to purchase the vessel after March 2013 at a purchase price that is initially 3.6 billion Yen declining each year by 150 million Yen.

 

9


EXHIBIT 3

Disclosure of Non-GAAP Financial Measures

1. EBITDA

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes.

EBITDA is presented because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a “non-GAAP financial measure” and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.

While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

2. Operating Surplus

Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Partners’ capital assets.

Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Operating Surplus is not required 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 Navios Partners’ performance required by accounting principles generally accepted in the United States.

3. Available Cash

Available Cash generally means for each fiscal quarter, all cash on hand at the end of the quarter:

 

   

less the amount of cash reserves established by the Board of Directors to:

 

   

provide for the proper conduct of Navios Partners’ business (including reserve for maintenance and replacement capital expenditures);

 

   

comply with applicable law, any of Navios Partners’ debt instruments, or other agreements; or

 

   

provide funds for distributions to the unitholders and to the general partner for any one or more of the next four quarters;

 

   

plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under any revolving credit or similar agreement used solely for working capital purposes or to pay distributions to partners.

Available Cash is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership’s ability to make quarterly cash distributions. Available cash is not required 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 Navios Partners’ performance required by accounting principles generally accepted in the United States.

 

10


4. Reconciliation of Non-GAAP Financial Measures

 

     Three Month Period
ended March 31,

2012
($ ’000)
(unaudited)
    Three Month Period
ended March 31,
2011
($ ’000)
(unaudited)
 

Net cash from operating activities

   $ 37,788      $ 31,273   

Net (decrease)/increase in operating assets

     (2,531     1,716   

Net increase in operating liabilities

     (1,020     (2,214

Net interest cost

     2,686        1,779   

Deferred finance charges

     (138     (124
  

 

 

   

 

 

 

EBITDA(1)

   $ 36,785      $ 32,430   

Cash interest income

     95        240   

Cash interest paid

     (2,829     (1,809

Maintenance and replacement capital expenditures

     (4,461     (4,343
  

 

 

   

 

 

 

Operating Surplus

   $ 29,590      $ 26,518   

Cash reserves

     (4,761     (2,579
  

 

 

   

 

 

 

Available cash for distribution

   $ 24,829      $ 23,939   
  

 

 

   

 

 

 

(1)

 

     Three Month Period
ended March 31,
2012

($ ’000)
(unaudited)
    Three Month Period
ended March 31,
2011

($ ’000)
(unaudited)
 

Net cash provided by operating activities

   $ 37,788      $ 31,273   

Net cash used in financing activities

   $ (52,370   $ (29,201

 

11