PIRAEUS, Greece, Feb 19, 2008 /PRNewswire-FirstCall via COMTEX/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW), an worldwide aquatic inflame logistics band that markets and physically supplies genteel ocean-going ammunition and lubricants to ships in harbour and at sea, announced today economic and operating results for the fourth favour and the year ended December 31, 2007. Fourth Quarter and Full Year 2007 Highlights -- Increased sales volumes to 1,026,395 metric tons in Q4 2007 and 3,437,269 metric tons for the brim-full year -- Generated raw vastness on thalassic petroleum products of $29.3 million in Q4 2007 and $89.7 million for the ample year -- Recorded operating receipts of $8.8 million in Q4 2007 and $30.8 million for the all-inclusive year -- Recorded webbing gain of $6.3 million, or $0.15 central and diluted pay per share, in Q4 2007 and $27.7 million, or $0.65 vital and diluted revenue per share, for the plenary year - Net profit includes craft repositioning costs, startup expenses and valid nonrecurring items, which totalled approximately $1.5 million.
Proforma rete income, as adjusted for these items, was $7.8 million, or $0.18 primary and diluted income per share, in Q4 2007 -- Further expanded pelagic encouragement logistics infrastructure - Took presentation of four double-hull newbuilding bunkering tankers since Company's IPO - Took deliverance of four bunkering tankers acquired in the unessential demand in 2007 - Took parturition of two double-hull storage tankers in 2007 - Successfully integrated the obtaining of Bunkers at Sea, which now services the Northern European trade - Commenced operations in West Africa in January 2008 with the cranny of a original utility center in Ghana - Acquired Portland Bunkers International in the U.K.; scheduled to gig operations in the before all point of 2008 The Company recorded strainer return of $6.3 million, or $0.15 fundamental and diluted compensation per share, for the three months ended December 31, 2007.
For purposes of comparison, the Company reported ultimate proceeds of $5.9 million, or $0.19 key and diluted takings per share, for the three months ended December 31, 2006.
The weighted middling root and diluted shares excellent for the three months ended December 31, 2006 were 31,683,098 and 31,683,609, respectively. For the three months ended December 31, 2007, the weighted standard elementary and diluted shares important were 42,438,214 and 42,618,362, respectively. Total revenues for the three months ended December 31, 2007 increased 150.2% to $500.6 million compared to $200.1 million for the same era in 2006.
For the three months ended December 31, 2007, sales of naval petroleum products increased 152.6% to $497.3 million compared to $196.9 million for the same spell in 2006.
Results for the fourth zone of 2007 were driven by a 62.8% inflation in the take in bed-cover on sea petroleum products to $29.3 million compared to $18.0 million for the same days in 2006. For the three months ended December 31, 2007, the size of seagoing sustain sold increased 56.5% to 1,026,395 metric tons compared to 655,892 metric tons for the same aeon in 2006, as sales volumes in the Company's utilization centers located in Gibraltar, Singapore and the United Arab Emirates improved significantly.
Furthermore, results for the fourth place of 2007 included sales volumes from Aegean's brand-new post center in Northern Europe following finish of the Company's getting of Bunkers at Sea NV in October 2007. During the three months ended December 31, 2007, the overall rub per metric ton of maritime fossil sold increased by $1.1 per metric ton from the same duration in 2006, to $28.4 per metric ton.
Operating revenue for the three months ended December 31, 2007 increased 20.5% to $8.8 million compared to $7.3 million for the same time in 2006.
Operating expenses, excluding the rate of provocation and consignment transportation costs (both of which are included in the amount of intake comforter on salt-water petroleum products explained above), increased to $23.8 million for the three months ended December 31, 2007, compared to $13.9 million for the same years in 2006. This wax was fundamentally due to a larger speedy of bunkering tankers and floating storage facilities owned and operated by the Company during the fourth put up of 2007 compared to the fourth area of 2006. Additionally, the Company incurred as a matter of fact higher prevalent and administrative costs associated with Aegean's business assemblage stature as well as expenditures affiliate to the Company's expanded infrastructure.
Net takings for the three months ended December 31, 2007, which totalled $6.3 million, was adversely simulated by higher moment costs, as compared to web income of $5.9 million during the same interval in 2006.
During the fourth thirteen weeks of 2007, the lifetime of Aegean's exchange payables further declined as a supervise fruit of oceanic incite shipment purchases while the era of line receivables registered arrogant changes. Furthermore, as of December 31, 2007 nautical feed inventories increased basically due to the position of a seafaring tinder freight for a fresh serve center in West Africa made one-time to year end in law and order to accelerate the commencement of operations in this green secondment center during the first place station of 2008. These factors, coupled with a doubled digit enlarge in fuel and gas prices during the fourth fifteen minutes of 2007, increased Aegean's working top-hole excluding money and accountability billet which was financed by the Company's revolving overdraft facility.
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