Capital Product Partners L.P. (NASDAQ:CPLP) Q1 2022 Earnings Conference Call May 6, 2022 9:00 AM ET

Company Participants

Gerasimos Kalogiratos - CEO

Conference Call Participants

William Burke - B Riley

Chris Robertson - Cardinal Capital Management

Benjamin Nolan - Stifel, Nicolaus & Company

Operator

Thank you for standing by and welcome to the Capital Product Partners' First Quarter 2022 Financial Results Conference Call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer of the Company.

At this time, all participants are a in a listen-only mode. There will be a presentation followed by a question-and-answer session [Operator instructions] I must advise you this conference is being recorded today.

The statements in today's conference call that are not historical facts, including our expectations regarding cash generation, equity returns and future debt levels, our ability to pursue growth opportunities, our expectations or objectives regarding future distribution amounts, capital reserve amounts, distribution coverage, future earnings, capital allocation as well as our expectations regarding market fundamentals and the employment of our vessels, including re-delivery dates and charter rates, may be forward-looking statements, as such as defined in Section 21E of the Securities Exchange Act of 1934 as amended.

Those 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 those forward-looking statements, whether because of future events, new information, a change in our usual expectations to conform to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no predictions or statements about the performance of our common units.

I would now like to hand over to your speaker today, Mr. Kalogiratos. Please go ahead, sir.

Gerasimos Kalogiratos

Thank you, Sandra [ph]. Thank you all for joining us today. As a reminder, we'll be referring to the supporting slides available on our website as we go through today's presentation. The partnership's net income for the first quarter of 2022 was $25.1 million, compared with a net income of $10.9 million for the first quarter of 2021. Our Board of Directors has declared a cash distribution of $0.15 per common unit for the first quarter of 2022. The first quarter cash distribution will be paid on May 12 to common unit holders of record on May 06.

The partnership's operating surplus for the first quarter was $44.6 million or $13.5 million after the quarterly allocation to the capital reserve. We recommend acquiring units under our unit buyback program on February 14th. For the quarter, we repurchased 89,345 of the partnership's common units at an average cost of $15.67 per unit. As of yesterday and since the inception of our unit buyback program, we have acquired a total of 508,505 units at an average unit price of $12.78.