Financial Statements for Tsakos Energy Navigation Ltd.

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Tsakos Energy Navigation Ltd. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-12-31	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31
Revenue	100.30	92.41	99.05	102.23	100.80
Other Revenue, Total	-	-	-	-	-
Total Revenue	100.30	92.41	99.05	102.23	100.80
Cost of Revenue, Total	61.55	57.96	57.69	67.85	67.24
Gross Profit	38.75	34.45	41.36	34.38	33.56
Selling/General/Admin. Expenses, Total	5.79	5.01	4.93	4.98	5.24
Research & Development	-	-	-	-	-
Depreciation/Amortization	23.02	23.95	23.68	23.68	26.11
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	15.45	0.00	0.00	0.00	39.43
Other Operating Expenses, Total	5.04	4.64	2.71	4.73	5.12
Total Operating Expense	110.93	91.63	88.95	101.19	143.09
Operating Income	-10.62	0.78	10.10	1.04	-42.30
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	-0.22	-0.01	-0.12	-0.01	-0.25
Income Before Tax	-24.31	-10.34	-5.66	-8.76	-56.44
Income After Tax	-24.31	-10.34	-5.66	-8.76	-56.44
Minority Interest	-0.09	-0.02	-0.04	-0.05	-0.15
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	-24.40	-10.36	-5.70	-8.80	-56.59
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	-24.40	-10.36	-5.70	-8.80	-56.59
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	-24.40	-10.36	-5.70	-8.80	-56.59
Income Available to Common Incl. Extra Items	-24.40	-10.36	-5.70	-8.80	-56.59
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	56.36	56.29	54.34	46.21	46.16
Diluted EPS Excluding Extraordinary Items	-0.43	-0.18	-0.10	-0.19	-1.23
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.05	0.15	0.15	0.15	0.15
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	-0.16	-0.18	-0.10	-0.19	-0.37

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Revenue	393.99	395.16	408.01	444.93
Other Revenue, Total	-	-	-	-
Total Revenue	393.99	395.16	408.01	444.93
Cost of Revenue, Total	245.05	257.04	213.74	221.81
Gross Profit	148.94	138.12	194.27	223.12
Selling/General/Admin. Expenses, Total	20.71	20.71	19.26	18.43
Research & Development	-	-	-	-
Depreciation/Amortization	94.34	101.05	92.89	94.28
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	15.45	34.43	-16.59	13.94
Other Operating Expenses, Total	17.12	19.17	18.39	23.33
Total Operating Expense	392.70	432.86	327.31	372.52
Operating Income	1.29	-37.70	80.69	72.41
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-0.36	-0.67	-0.36	-0.23
Income Before Tax	-49.06	-88.95	21.04	30.18
Income After Tax	-49.06	-88.95	21.04	30.18
Minority Interest	-0.21	-0.55	-1.27	-1.49
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-49.26	-89.50	19.77	28.68
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-49.26	-89.50	19.77	28.68
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-49.26	-89.50	19.77	28.68
Income Available to Common Incl. Extra Items	-49.26	-89.50	19.77	28.68
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	-	-
Diluted Weighted Average Shares	53.30	46.12	39.60	37.20
Diluted EPS Excluding Extraordinary Items	-0.92	-1.94	0.50	0.77
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.50	0.60	0.60	1.15
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-0.63	-1.19	0.08	1.15

In Millions of USD (except for per share items)	As of 2012-12-31	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31
Cash & Equivalents	144.30	164.28	212.68	185.62	175.71
Short Term Investments	1.72	-	3.26	5.05	4.29
Cash and Short Term Investments	146.02	164.28	215.94	190.68	180.00
Accounts Receivable - Trade, Net	30.51	-	20.41	27.63	25.06
Receivables - Other	-	-	-	-	-
Total Receivables, Net	43.89	-	33.15	39.29	35.02
Total Inventory	14.36	-	15.37	18.42	19.84
Prepaid Expenses	3.57	-	3.09	2.85	5.37
Other Current Assets, Total	16.19	126.63	48.06	45.86	47.41
Total Current Assets	224.03	290.90	315.60	297.09	287.63
Property/Plant/Equipment, Total - Gross	2,747.58	88.94	2,679.26	2,678.44	2,677.51
Accumulated Depreciation, Total	-539.74	-	-492.83	-469.17	-445.52
Goodwill, Net	-	-	-	-	-
Intangibles, Net	-	-	-	-	-
Long Term Investments	1.04	-	1.00	1.00	1.00
Other Long Term Assets, Total	17.97	-	17.62	17.71	14.71
Total Assets	2,450.88	2,504.06	2,520.66	2,525.07	2,535.34
Accounts Payable	36.98	-	27.30	34.29	24.77
Accrued Expenses	17.23	-	19.43	22.15	21.25
Notes Payable/Short Term Debt	0.00	-	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	186.65	-	222.09	215.78	197.00
Other Current liabilities, Total	18.05	85.94	25.03	30.99	36.70
Total Current Liabilities	258.91	85.94	293.85	303.20	279.71
Long Term Debt	1,255.78	1,472.12	1,252.07	1,298.60	1,318.67
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	1,255.78	1,472.12	1,252.07	1,298.60	1,318.67
Total Debt	1,442.43	1,472.12	1,474.17	1,514.37	1,515.66
Deferred Income Tax	-	-	-	-	-
Minority Interest	2.31	-	2.19	2.15	2.10
Other Liabilities, Total	9.36	-	13.00	15.42	17.80
Total Liabilities	1,526.35	1,558.06	1,561.12	1,619.37	1,618.28
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	56.44	-	56.29	46.21	46.21
Additional Paid-In Capital	404.39	-	404.31	351.72	351.57
Retained Earnings (Accumulated Deficit)	478.43	-	524.45	538.58	554.31
Treasury Stock - Common	-	-	-	-	-
Other Equity, Total	-14.73	946.00	-25.52	-30.81	-35.03
Total Equity	924.53	946.00	959.53	905.70	917.06
Total Liabilities & Shareholders' Equity	2,450.88	2,504.06	2,520.66	2,525.07	2,535.34
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	56.44	56.29	56.29	46.21	46.21

In Millions of USD (except for per share items)	As of 2012-12-31	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31
Cash & Equivalents	144.30	175.71	276.64	296.18
Short Term Investments	1.72	4.29	3.38	3.33
Cash and Short Term Investments	146.02	180.00	280.01	299.51
Accounts Receivable - Trade, Net	28.95	23.42	24.42	12.66
Receivables - Other	-	-	-	-
Total Receivables, Net	43.89	35.02	37.20	27.99
Total Inventory	14.36	19.84	14.01	13.01
Prepaid Expenses	3.57	5.37	2.95	3.43
Other Current Assets, Total	16.19	47.41	33.28	127.69
Total Current Assets	224.03	287.63	367.45	471.65
Property/Plant/Equipment, Total - Gross	2,747.58	2,677.51	2,720.43	2,384.24
Accumulated Depreciation, Total	-539.74	-445.52	-403.49	-325.07
Goodwill, Net	-	-	-	-
Intangibles, Net	-	-	-	-
Long Term Investments	1.04	1.00	1.50	4.11
Other Long Term Assets, Total	17.97	14.71	16.36	14.78
Total Assets	2,450.88	2,535.34	2,702.26	2,549.72
Accounts Payable	36.98	24.77	24.69	29.26
Accrued Expenses	17.23	21.25	17.06	21.35
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	186.65	197.00	133.82	172.67
Other Current liabilities, Total	18.05	36.70	41.67	40.95
Total Current Liabilities	258.91	279.71	217.24	264.23
Long Term Debt	1,255.78	1,318.67	1,428.65	1,329.91
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	1,255.78	1,318.67	1,428.65	1,329.91
Total Debt	1,442.43	1,515.66	1,562.47	1,502.57
Deferred Income Tax	-	-	-	-
Minority Interest	2.31	2.10	3.75	5.95
Other Liabilities, Total	9.36	17.80	36.44	41.26
Total Liabilities	1,526.35	1,618.28	1,686.08	1,641.34
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	56.44	46.21	46.08	37.67
Additional Paid-In Capital	404.39	351.57	350.95	266.71
Retained Earnings (Accumulated Deficit)	478.43	554.31	671.48	679.60
Treasury Stock - Common	-	-	0.00	-17.86
Other Equity, Total	-14.73	-35.03	-52.33	-57.73
Total Equity	924.53	917.06	1,016.18	908.38
Total Liabilities & Shareholders' Equity	2,450.88	2,535.34	2,702.26	2,549.72
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	56.44	46.21	46.08	36.92

In Millions of USD (except for per share items)	12 months ending 2012-12-31	6 months ending 2012-06-30	3 months ending 2012-03-31	12 months ending 2011-12-31
Net Income/Starting Line	-49.06	-14.41	-8.76	-88.95
Depreciation/Depletion	94.34	47.37	23.68	101.05
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	9.66	-3.49	-5.81	42.00
Changes in Working Capital	5.92	5.16	9.16	-8.52
Cash from Operating Activities	60.86	34.63	18.28	45.59
Capital Expenditures	-2.45	-1.53	-0.55	-71.20
Other Investing Cash Flow Items, Total	-40.53	-0.95	-0.38	2.02
Cash from Investing Activities	-42.98	-2.48	-0.93	-69.19
Financing Cash Flow Items	-11.76	-0.98	0.79	-2.85
Total Cash Dividends Paid	-26.62	-15.36	-6.93	-27.67
Issuance (Retirement) of Stock, Net	62.33	62.66	-	0.00
Issuance (Retirement) of Debt, Net	-73.24	-41.50	-1.29	-46.80
Cash from Financing Activities	-49.29	4.82	-7.44	-77.33
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	-31.41	36.97	9.91	-100.93
Cash Interest Paid, Supplemental	57.32	-	-	48.59
Cash Taxes Paid, Supplemental	-	-	-	-

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Net Income/Starting Line	-49.06	-88.95	21.04	30.18
Depreciation/Depletion	94.34	101.05	92.89	94.28
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	9.66	42.00	9.74	11.37
Changes in Working Capital	5.92	-8.52	-40.34	-18.67
Cash from Operating Activities	60.86	45.59	83.33	117.16
Capital Expenditures	-2.45	-71.20	-313.64	-103.27
Other Investing Cash Flow Items, Total	-40.53	2.02	73.52	27.70
Cash from Investing Activities	-42.98	-69.19	-240.12	-75.57
Financing Cash Flow Items	-11.76	-2.85	-4.80	-0.28
Total Cash Dividends Paid	-26.62	-27.67	-22.85	-42.45
Issuance (Retirement) of Stock, Net	62.33	0.00	105.00	-3.80
Issuance (Retirement) of Debt, Net	-73.24	-46.80	59.89	-11.05
Cash from Financing Activities	-49.29	-77.33	137.24	-57.58
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	-31.41	-100.93	-19.54	-15.99
Cash Interest Paid, Supplemental	57.32	48.59	57.35	67.49
Cash Taxes Paid, Supplemental	-	-	-	-