UNITED
STATES
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
DATE
OF REPORT: JULY 31, 2008
Commission
File Number 001-33373
CAPITAL
PRODUCT PARTNERS L.P.
(Translation
of registrant’s name into English)
PIRAEUS,
18537 GREECE
(address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
|
Form
20-F
|
x | Form 40-F | o |
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
|
o | 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
|
o | 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
|
o | No | x |
If “yes”
is marked, indicate below this file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
Item
1 – Information Contained in this Form 6-K Report
Attached
as Exhibit I is a press release of Capital Product Partners L.P., dated July 31,
2008.
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.
|
CAPITAL
PRODUCT PARTNERS L.P.,
|
|||
|
By:
|
Capital
GP L.L.C., its general partner
|
||
|
/s/
Ioannis E. Lazaridis
|
|||
| Name: |
Ioannis
E. Lazaridis
|
||
| Title: |
Chief
Executive Officer and
Chief Financial Officer of Capital GP L.L.C. |
||
Dated: July
31, 2008
Exhibit
I
CAPITAL
PRODUCT PARTNERS L.P. ANNOUNCES STRONG SECOND
QUARTER
FINANCIAL RESULTS
Athens, Greece — July 31, 2008 — Capital Product Partners L.P. (Nasdaq: CPLP),
an international owner of modern double-hull tankers, today
released its financial results for the second quarter ended June 30,
2008.
Net
income for the quarter was $12.6 million. The reported results reflect the
consolidation of M/T Aristofanis, which was acquired on April 30, 2008 for the
full quarter, as the transaction was between two entities under common
control.
If M/T
Aristofanis had not been consolidated for the period it was not owned by the
Partnership, net income would have been $12.9 million. This translates to
earnings of $0.50 per limited partnership unit, which is 43% higher than the
$0.35 in the first quarter of 2008 and 2.3 times higher than the $0.22 per unit
in the second quarter of 2007. Both increases were driven by the higher number
of vessels in our fleet and growth in profit sharing revenues.
The
Partnership generated an operating surplus for the quarter of $15.7 million, up
54% both from the first quarter of 2008 as well as the second quarter of 2007.
Operating surplus is a non-GAAP financial measure used by certain investors to
measure the financial performance of the Partnership and other master limited
partnerships. (Please see Appendix A for a reconciliation of this non-GAAP
measure to net income.)
Gross
revenues for the second quarter were $32.0 million, of which $4.5 million were
profit sharing revenues, reflecting buoyant spot rates in both the MR product
tanker market and the Suezmax crude oil tanker market. Total operating expenses
were $13.7 million, including $6.3 million in fees for the commercial and
technical management of the fleet paid to a subsidiary of Capital Maritime &
Trading Corp. (Capital Maritime), the Partnership’s sponsor, $5.9 million in
depreciation expense, and $0.7 million in general and administrative expenses.
Net interest expense and finance cost for the quarter was $5.7
million.
Ioannis
Lazaridis, Chief Executive Officer and Chief Financial Officer of Capital
Product Partners’ general partner, said, “We are very pleased with the strong
second quarter results, driven by our ongoing fleet expansion as well as our
profit sharing strategy which enabled us to take advantage of the rising spot
markets in the second quarter. In addition, we continue to benefit from our
5-year fixed-rate management agreement with a subsidiary of Capital
Maritime.”
The clean
product market improved significantly in the second quarter compared to the
first quarter supported by a very strong transatlantic market, which was
followed by a substantial re-bound in the Eastern market. The market benefited
from the exports of diesel from the US as demand in Europe increased, as well as
from seasonal increase in US gasoline imports. Further, time charter
activity in the product tanker sector regained momentum while asset prices
continued to rise. Spot earnings for Suezmax tankers averaged close to a 10-year
record high for the quarter on the back of a tight demand and supply balance of
tonnage.
The
Partnership’s long-term debt as of June 30, 2008 was $428 million and partners’
equity was $198 million. The balance sheet remains strong, with a modest debt
level relative to the market value of the vessels. On June 17, 2008
the Partnership took delivery of its 17th product
tanker, M/T Aristotelis II. Following the $48 million acquisition, wholly funded
by debt, the Partnership’s remaining undrawn capacity under its credit
facilities stands at approximately $292 million. The Partnership also intends to
fund with debt the contracted acquisition of M/T Aris II, scheduled for delivery
in August 2008.
The Board
of Directors of the Partnership has declared a cash distribution for the second
quarter of $0.41 per unit, an increase from the previous cash distribution of
$0.40 per unit, and 9 percent higher than the Partnership’s minimum quarterly
distribution. The cash distribution will be paid on August 15, 2008, to unit
holders of record on August 6, 2008.
Capital
Maritime currently owns a large number of modern tankers of different sizes. The
Partnership has a right of first refusal on six MR product tankers from Capital
Maritime if medium- to long-term charters are arranged for them.
Mr.
Lazaridis concluded, “So far this year, Capital Product Partners has made
excellent strategic progress. In 2008, we have taken delivery of two newbuilding
MR tankers contracted prior to our offering and have completed the acquisition
of two additional tankers from our sponsor, Capital Maritime, that are expected
to add approximately $0.08 per unit to our annual operating surplus. In
addition, we secured earlier in 2008 a new $350 million 5-year non-amortizing
credit facility, which will enable us to continue to fund accretive transactions
over the coming years. With our modern, high-quality fleet and unique
relationship with our sponsor, Capital Product Partners is well-positioned to
capitalize on the tanker industry’s long-term growth dynamics and to deliver
continued steady growth in cash distributions to our unit holders.”
On July
25, 2008 the Partnership held its first Annual General Meeting at which Robert
P. Curt was re-elected as a Class I Director until the 2011 Annual Meeting of
Limited Partners. No other action was taken at the meeting.
Capital
Product Partners will host a conference call to discuss its results today at
10:00 a.m. Eastern Time. The public is invited to listen to the
conference call by dialing +1 718-354-1388 (US and Canada), or +1 888-935-4577
(international); reference number 9262240. Participants should dial
in 10 minutes prior to the start of the call. The slide presentation
accompanying the conference call will be available on the Partnership’s website
at http://www.capitalpplp.com. An
audio webcast of the conference call will also be accessible on the website. The
relevant links will be found in the Investor Relations section of the
website.
About
Capital Product Partners L.P.
Capital
Product Partners L.P. (Nasdaq:CPLP), a Marshall Islands master limited
partnership, is an international owner of modern double-hull tankers. Capital
Product Partners L.P. owns 17 vessels, including 14 modern MR tankers, two small
product tankers and one Suezmax crude oil tanker and intends to purchase
one additional product tanker from Capital Maritime & Trading Corp. in
August. All 18 vessels are under medium to long-term charters to BP Shipping
Limited, Morgan Stanley Capital Group Inc., Overseas Shipholding Group, Shell
International Trading & Shipping Company Ltd., and Trafigura Beheer
B.V.
Forward
Looking Statement:
The
statements in this press release that are not historical facts, including
statements regarding expected delivery of vessels and funding of newbuildings
and the estimated accretion of the dropdowns, may be forward-looking statements
(as such term is defined in Section 21E of the Securities Exchange Act of 1934,
as amended). These forward-looking statements involve risks and uncertainties
that could cause the stated or forecasted results to be materially different
from those anticipated. Unless required by law, we expressly disclaim any
obligation to update or revise any of these forward-looking statements, whether
because of future events, new information, a change in our views or
expectations, to conform them to actual results or otherwise. We assume no
responsibility for the accuracy and completeness of the forward-looking
statements. We make no prediction or statement about the performance of our
common units.
CPLP-F
Contacts:
Capital
GP L.L.C.
Ioannis
Lazaridis, Chief Executive Officer and Chief Financial Officer
+30 (210)
4584 950
i.lazaridis@capitalpplp.com
Capital
Maritime & Trading Corp.
Merete
Serck-Hanssen, SVP Finance
+1 (203)
918-0703
m.serckhanssen@capitalmaritime.com
Capital
Product Partners L.P.
Unaudited
Condensed Consolidated and Predecessor Combined Statements of Income (Notes
1-4)
(In
thousands of United States dollars, except number of units and earnings per
unit)
|
For
the three month period
ended
June 30,
|
For
the six month period
ended
June 30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
Revenues
|
32,036 | 18,500 | 59,257 | 33,460 | ||||||||||||
|
Expenses:
|
||||||||||||||||
|
Voyage
expenses
|
273 | 278 | 563 | 472 | ||||||||||||
|
Vessel
operating expenses - related party
|
6,259 | 2,936 | 11,590 | 3,566 | ||||||||||||
|
Vessel
operating expenses
|
540 | 1,050 | 3,560 | 3,833 | ||||||||||||
|
General
and administrative expenses
|
721 | 428 | 1,401 | 428 | ||||||||||||
|
Depreciation
|
5,922 | 3,092 | 11,684 | 5,503 | ||||||||||||
|
Operating
income
|
18,321 | 10,716 | 30,459 | 19,658 | ||||||||||||
|
Other
income / (expense), net:
|
||||||||||||||||
|
Interest
expense and finance cost
|
(5,933) | (1,464) | (11,515) | (4,512) | ||||||||||||
|
Loss
on interest rate agreements
|
- | (3,763) | - | (3,763) | ||||||||||||
|
Interest
income
|
203 | 141 | 466 | 162 | ||||||||||||
|
Foreign
currency gain/(loss), net
|
1 | (14) | (57) | (18) | ||||||||||||
|
Total
other (expense), net
|
(5,729) | (5,100) | (11,106) | (8,131) | ||||||||||||
|
Net
income
|
12,592 | 5,616 | 19,353 | 11,527 | ||||||||||||
|
Less:
|
||||||||||||||||
|
Net
(income)/loss attributable to predecessor operations
|
||||||||||||||||
|
Initial
vessels net income
|
- | (182) | - | (5,328) | ||||||||||||
|
M/T
Attikos net income
|
- | (73) | - | (479) | ||||||||||||
|
M/T
Amore Mio II net income
|
- | - | (1,525) | - | ||||||||||||
|
M/T
Aristofanis net (income)/loss
|
293 | (424) | 3,029 | (783) | ||||||||||||
|
Partnership’s
net income
|
$ | 12,885 | $ | 4,937 | $ | 20,857 | $ | 4,937 | ||||||||
|
General
Partner’s interest in Partnership’s net income
|
$ | 631 | $ | 99 | $ | 434 | $ | 99 | ||||||||
|
Limited
Partners’ interest in Partnership’s net income
|
12,254 | 4,838 | 20,423 | 4,838 | ||||||||||||
|
Net
income per:
|
||||||||||||||||
|
· Common
units (basic and diluted)
|
$ | 0.50 | $ | 0.36 | $ | 0.87 | $ | 0.36 | ||||||||
|
· Subordinated
units (basic and diluted)
|
0.50 | - | 0.87 | - | ||||||||||||
|
· Total
units (basic and diluted)
|
0.50 | 0.22 | 0.87 | 0.22 | ||||||||||||
|
Weighted-average
units outstanding:
|
||||||||||||||||
|
· Common
units (basic and diluted)
|
15,855,067 | 13,512,500 | 14,739,845 | 13,512,500 | ||||||||||||
|
· Subordinated
units (basic and diluted)
|
8,805,522 | 8,805,522 | 8,805,522 | 8,805,522 | ||||||||||||
|
· Total
units (basic and diluted)
|
24,660,589 | 22,318,022 | 23,545,367 | 22,318,022 | ||||||||||||
Capital
Product Partners L.P.
Unaudited
Condensed Consolidated and Predecessor Combined Balance Sheets
(Notes
1-4)
(In
thousands of United States dollars, except number of units)
|
June
30, 2008
|
December
31, 2007
|
|||||||
|
Assets
|
||||||||
|
Current
assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 2,658 | $ | 19,919 | ||||
|
Short
term investment (Note 4)
|
21,250 | - | ||||||
|
Trade
accounts receivable
|
3,052 | 2,600 | ||||||
|
Due
from related parties
|
- | 4,262 | ||||||
|
Prepayments
and other assets
|
255 | 410 | ||||||
|
Inventories
|
- | 320 | ||||||
|
Derivative
instruments
|
1,320 | - | ||||||
|
Total
current assets
|
28,535 | 27,511 | ||||||
|
Fixed
assets
|
||||||||
|
Vessels,
net
|
608,369 | 525,199 | ||||||
|
Total
fixed assets
|
608,369 | 525,199 | ||||||
|
Other
non-current assets
|
||||||||
|
Deferred
finance charges, net
|
2,650 | 1,031 | ||||||
|
Restricted
investment /cash
|
4,250 | 3,250 | ||||||
|
Total
non-current assets
|
615,269 | 529,480 | ||||||
|
Total
assets
|
643,804 | $ | 556,991 | |||||
|
Liabilities
and Partners’ / Stockholders' Equity
|
||||||||
|
Current
liabilities
|
||||||||
|
Current
portion of long-term debt
|
$ | - | $ | 768 | ||||
|
Current
portion of related party long-term debt
|
- | 5,933 | ||||||
|
Trade
accounts payable
|
112 | 1,271 | ||||||
|
Due
to related parties
|
178 | 65 | ||||||
|
Accrued
liabilities
|
770 | 763 | ||||||
|
Deferred
revenue
|
632 | 3,473 | ||||||
|
Total
current liabilities
|
1,692 | 12,273 | ||||||
|
Long-term
liabilities
|
||||||||
|
Long-term
debt
|
428,000 | 281,812 | ||||||
|
Long-term
related party debt
|
- | 62,984 | ||||||
|
Deferred
revenue
|
933 | 690 | ||||||
|
Derivative
instruments
|
15,223 | 14,051 | ||||||
|
Total
long-term liabilities
|
444,156 | 359,537 | ||||||
|
Total
liabilities
|
445,848 | 371,810 | ||||||
|
Commitments
and contingencies
|
- | - | ||||||
|
Stockholders’
Equity
|
||||||||
|
Common
stock
|
- | - | ||||||
|
Additional
paid in capital - Predecessor
|
- | 18,060 | ||||||
|
Retained
earnings – Predecessor
|
- | 5,182 | ||||||
|
Partners’
Equity
|
||||||||
|
General
Partner interest
|
4,162 | 3,444 | ||||||
|
Limited
Partners
|
||||||||
|
- Common
|
124,809 | 102,130 | ||||||
|
- Subordinated
|
79,125 | 66,653 | ||||||
|
Accumulated
other comprehensive loss
|
(10,140) | (10,288) | ||||||
|
Total
partners’ / stockholders’ equity
|
197,956 | 185,181 | ||||||
|
Total
liabilities and partners’ / stockholders’ equity
|
$ | 643,804 | $ | 556,991 | ||||
Capital
Product Partners L.P.
Unaudited
Condensed Consolidated and Predecessor Combined Statements of Cash
Flows
(Notes
1-4)
(In
thousands of United States dollars)
|
For
the six month period
ended
June 30,
|
||||||||
|
2008
|
2007 | |||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$ | 19,353 | $ | 11,527 | ||||
|
Adjustments to reconcile net
income to net cash provided by operating
activities:
|
||||||||
|
Vessel
depreciation
|
11,684 | 5,503 | ||||||
|
Amortization
of deferred charges
|
249 | 34 | ||||||
|
Loss
on interest rate swap agreement
|
- | 3,763 | ||||||
|
Changes
in operating assets and liabilities:
|
||||||||
|
Trade
accounts receivable
|
(1,489) | (2,994) | ||||||
|
Insurance
claims
|
- | 4 | ||||||
|
Due
from related parties
|
(235) | (4,785) | ||||||
|
Prepayments
and other assets
|
(198) | (288) | ||||||
|
Inventories
|
177 | (128 | ) | |||||
|
Trade
accounts payable
|
754 | 786 | ||||||
|
Due
to related parties
|
1,307 | (1,374) | ||||||
|
Accrued
liabilities
|
425 | (972) | ||||||
|
Deferred
revenue
|
(2,598) | 4,733 | ||||||
|
Dry
docking expenses paid
|
(251) | (15) | ||||||
|
Net
cash provided by operating activities
|
29,178 | 15,794 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Vessel
acquisitions
|
(154,354) | (115,065) | ||||||
|
Increase
of restricted investment / cash
|
(1,000) | (2,250) | ||||||
|
Purchase
of short term investment (Note 4)
|
(21,250) | - | ||||||
|
Net
cash used in investing activities
|
(176,604) | (117,315) | ||||||
|
Cash
flows from financing activities:
|
||||||||
|
Proceeds
from issuance of long-term debt
|
153,500 | 116,551 | ||||||
|
Due
to related party
|
60,543 | 39,311 | ||||||
|
Payments
of long-term debt
|
(8,080) | (9,333) | ||||||
|
Payments
of related party debt/financing
|
(52,463) | (893) | ||||||
|
Loan
issuance costs
|
(1,868) | (1,020) | ||||||
|
Excess
of purchase price over book value of vessels acquired from entity under
common control
|
(2,340) | (18,489) | ||||||
|
Dividends
paid
|
(19,125) | (25,000) | ||||||
|
Cash
balance that was distributed to the previous owner
|
(2) | (2,251) | ||||||
|
Capital
contributions by predecessor
|
- | 13,679 | ||||||
|
Net
cash provided by financing activities
|
130,165 | 112,555 | ||||||
|
Net
increase/(decrease) in cash and cash equivalents
|
(17,261) | 11,034 | ||||||
|
Cash
and cash equivalents at beginning of period
|
19,919 | 1,239 | ||||||
|
Cash
and cash equivalents at end of period
|
2,658 | $ | 12,273 | |||||
|
Supplemental
Cash Flow information
|
||||||||
|
Cash
paid for interest
|
$ | 8,437 | $ | 5,933 | ||||
|
Units
issued to acquire vessel owning company of M/T Amore Mio
II.
|
$ | 37,739 | ||||||
|
Units
issued to acquire vessel owning company of M/T
Aristofanis.
|
$ | 10,066 | ||||||
Notes
(1) The
unaudited condensed consolidated and predecessor combined statements of income
and cash flows for the six month period ended June 30, 2008 include the results
of operations of M/T Amore Mio II and M/T Aristofanis which were acquired from
an entity under common control on March 27, 2008, and April 30, 2008,
respectively, as though the transfers had occurred at the beginning of the
earliest period presented. The unaudited condensed consolidated and predecessor
combined statements of income and cash flows for the six month period ended June
30, 2007 include the results of operations of M/T Attikos and M/T Aristofanis
which were acquired from an entity under common control on September 24, 2007
and April 30, 2008 respectively as though the transfer had occurred at the
beginning of the earliest period presented. The unaudited condensed consolidated
and predecessor combined balance sheet as of December 31, 2007 has been
retroactively adjusted to include M/T Amore Mio II and M/T Aristofanis assets,
liabilities and owners equity.
(2) On January
29, 2008 and June 17, 2008 the Partnership acquired from Capital Maritime the
shares of the vessel owning company of M/T Alexandros II, and M/T Aristotelis II
for a total purchase price of $48,000 each. The vessels have been recorded in
the Partnership's financial statements at the amount of $46,954 and $46,706,
respectively, which were reflected in Capital Maritime's consolidated financial
statements, which differ from the acquisition price by $1,046 and $1,294,
respectively. The amount of the purchase price in excess of Capital Maritime's
basis of the assets of $2,340 was recognized as a reduction of partners' equity
and is presented as a financing activity in the statement of cash flows. M/T
Alexandros II and M/T Aristotelis II were delivered to Capital Maritime from the
shipyard on January 29, 2008 and June 17, 2008 respectively and on the same date
the Partnership acquired the shares of these two vessel owning companies. Both
vessel owning companies did not have an operating history, as such, there is no
information to retroactively adjust that should be considered. Accordingly the
M/T Alexandros II and the M/T Aristotelis II were transferred to the Partnership
at historical cost at the dates of transfer to the Partnership. All assets,
liabilities and equity other than the relevant vessels, related charter
agreements and related permits, which the shipowning companies of the M/T
Alexandros II and the M/T Aristotelis had at the time of the transfer, were
retained by Capital Maritime.
(3) On March 27,
2008 and April 30, 2008 the Partnership acquired from Capital Maritime the
shares of the vessel owning companies of M/T Amore Mio II and M/T Aristofanis
for a total consideration of $85,739 and $21,566 respectively. The acquisition
of the shares of the vessel owning company of M/T Amore Mio II was funded by
$2,000 from available cash, $46,000 through a drawn down from the new credit
facility of $350,000, and the remaining amount through the issuance of 2,048,823
common units to Capital Maritime at a price of $18,42 per unit which represents
the closing price of the Partnership’s units on March 26, 2008 as quoted on
Nasdaq Stock Exchange. The acquisition of the shares of the vessel owning
company of M/T Aristofanis was funded by $11,500 through a drawn down from the
new credit facility of $350,000, and the remaining amount through the issuance
of 501,308 common units to Capital Maritime at a price of $20.08 per unit which
represents the closing price of the Partnership’s units on April 29, 2008 as
quoted on Nasdaq Stock Exchange. M/T Amore Mio II and M/T Aristofanis have been
recorded in the Partnership's financial statements at the amount of $85,146 and
$10,831 respectively, reflecting their historical cost in Capital
Maritime's consolidated financial statements, and differ from the acquisition
price by $593 and $10,735 respectively. The amounts of the purchase price in
excess of Capital Maritime's basis of the M/T Amore Mio II and M/T Aristofanis
of $593 and $10,735 respectively were recognized as a reduction of partners'
equity. As required by the provision of Statement of Financial Accounting
Standards No. 141, "Business Combinations" ("SFAS No. 141"), the Partnership
accounted for the acquisition of the vessel owning companies of M/T Amore Mio II
and M/T Aristofanis as a transfer of net assets between entities under common
control at Capital Maritime's carrying amounts (historical cost) of the net
assets contributed. In addition, transfers of net assets between entities under
common control are accounted for as if the transfer occurred at the beginning of
the earliest period presented, and prior years financial statements are
retroactively adjusted to furnish comparative information similar to the
pooling-of-interest method of accounting.
(4) Short term investment
consists of cash time deposit with original maturity of six months.
Capital
Product Partners L.P.
Appendix
A – Reconciliation of Non-GAAP Financial Measure
(In
thousands of U.S. dollars)
Description
of Non-GAAP Financial Measure – Operating Surplus
Operating
Surplus represents net income adjusted for non cash items such as depreciation
and amortization expense, unearned revenue and unrealized gain and losses.
Replacement capital expenditures represent those capital expenditures required
to maintain over the long term the operating capacity of, or the revenue
generated by, the Partnership's capital assets. Operating Surplus is a
quantitative standard 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 the Partnership's
performance required by accounting principles generally accepted in the United
States. The table below reconciles Operating Surplus to net income.
|
Reconciliation of Non-GAAP
Financial Measure –
Operating
Surplus
|
For
the three month period
ended
June 30, 2008
|
|||||||
|
Net
income
|
$ | 12,592 | ||||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities
|
||||||||
|
Depreciation
and amortization
|
6,030 | |||||||
|
Deferred
revenue
|
217 | |||||||
|
M/T
Aristofanis net income from April 1, 2008 to April 29,
2008
|
293 | |||||||
|
M/T
Aristofanis depreciation and amortization from April 1, 2008 to April 29,
2008
|
(53) | 6,487 | ||||||
|
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
19,079 | |||||||
|
Replacement
Capital Expenditures
|
(3,411) | |||||||
|
OPERATING
SURPLUS
|
15,668 | |||||||
|
Recommended
reserves
|
(5,285) | |||||||
|
AVAILABLE
CASH
|
10,383 | |||||||