Teekay LNG Partners Reports First Quarter Results
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwire - May 17, 2012) - Teekay GP LLC, the general
partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) -
Highlights
* Generated distributable cash flow of $50.8 million for the first quarter of
2012, an increase of 30 percent from the first quarter of 2011.
* Declared first quarter 2012 cash distribution of $0.675 per unit, an
increase of 7 percent from the previous quarter.
* Completed acquisition of six LNG carriers from A.P. Moller Maersk on
February 28, 2012, through the Teekay LNG-Marubeni joint venture.
* Current total liquidity of approximately $440 million, including proceeds
from the Norwegian bond offering completed in May 2012.
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or
the Partnership) today reported the Partnership's results for the quarter ended
March 31, 2012. During the first quarter of 2012, the Partnership generated
distributable cash flow(1) of $50.8 million, compared to $39.1 million in the
same quarter of the previous year. The increase primarily reflects the
incremental distributable cash flow resulting from the following acquisitions:
Multigas carriers delivered in June and October 2011; a 33 percent interest in
four liquefied natural gas (LNG) carriers delivered between August 2011 and
January 2012; one liquefied petroleum gas (LPG) carrier delivered in September
2011; and a 52 percent interest in six LNG carriers completed in February 2012.
On April 12, 2012, the Partnership declared a cash distribution of $0.675 per
unit for the quarter ended March 31, 2012. The cash distribution was paid on May
14, 2012 to all unitholders of record on April 23, 2012.
"The Partnership's distributable cash flows increased in the first quarter due
to a month of contribution from our interest in the Maersk LNG fleet, in
addition to incremental contributions from the newbuilding Multigas carrier and
two newbuilding Angola LNG carriers which delivered during the past two
quarters," noted Peter Evensen, Chief Executive Officer of Teekay GP L.L.C.
"These additional cash flows enabled us to raise our first quarter distribution
by 7 percent, while maintaining our coverage ratio above 1.0."
"The delivery of the fourth and final Angola LNG carrier in January completed
our latest newbuilding program; however, we continue to actively pursue new
acquisition opportunities and organic growth projects," Mr. Evensen continued.
"Given the positive market fundamentals in the LNG sector and our financial
strength, we believe there will continue to be attractive growth opportunities
for the Partnership."
(1) Distributable cash flow 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 B for a reconciliation of this
non-GAAP measure to the most directly comparable financial measure under United
States generally accepted accounting principles (GAAP).
Teekay LNG's Fleet
The following table summarizes the Partnership's fleet as of May 1, 2012:
+----------------------------+-------------------+
| | Number of Vessels |
| +-------------------+
| LNG Carrier Fleet | 27 (i) |
| | |
| LPG/Multigas Carrier Fleet | 5 (ii) |
| | |
| Conventional Tanker Fleet | 11 |
+----------------------------+-------------------+
| Total | 43 |
+----------------------------+-------------------+
i. The Partnership's ownership interests in these vessels ranges from 33
percent to 100 percent.
ii. The Partnership has a 99 percent ownership interest in these vessels.
Financial Summary
The Partnership reported adjusted net income attributable to the partners(1) (as
detailed in Appendix A to this release) of $35.6 million for the quarter ended
March 31, 2012, compared to $25.9 million for the same period of the prior year.
Adjusted net income attributable to the partners excludes a number of specific
items which had the net effect of decreasing net income by $10.9 million and
$0.9 million for the three months ended March 31, 2012 and 2011, respectively,
as detailed in Appendix A. Including these items, the Partnership reported net
income attributable to the partners, on a GAAP basis, of $24.7 million and $25.0
million for the three months ended March 31, 2012 and 2011, respectively.
For accounting purposes, the Partnership is required to recognize the changes in
the fair value of its derivative instruments on its consolidated statements of
income. This method of accounting does not affect the Partnership's cash flows
or the calculation of distributable cash flow, but results in the recognition of
unrealized gains or losses on the consolidated statements of income as detailed
in footnote 1 of the Summary Consolidated Statements of Income included in this
release.
(1) Adjusted net income attributable to the partners is a non-GAAP financial
measure. Please refer to Appendix A to this release for a reconciliation of this
non-GAAP measure to the most directly comparable financial measure under GAAP
and information about specific items affecting net income which are typically
excluded by securities analysts in their published estimates of the
Partnership's financial results.
Operating Results
The following table highlights certain financial information for Teekay LNG's
two segments: the Liquefied Gas segment and the Conventional Tanker segment
(please refer to the "Teekay LNG's Fleet" section of this release above and
Appendix C for further details).
+--------------+-------------------------------+-------------------------------+
| | Three Months Ended | Three Months Ended |
| +-------------------------------+-------------------------------+
| | March 31, 2012 | March 31, 2011 |
| +-------------------------------+-------------------------------+
| | (unaudited) | (unaudited) |
| +-------------------------------+-------------------------------+
|(in thousands | Liquefied Conventional | Liquefied Conventional |
|of U.S. | Gas Tanker | Gas Tanker |
|dollars) | Segment Segment Total| Segment Segment Total|
+--------------+-------------------------------+-------------------------------+
|Net voyage | 70,697 28,176 98,873| 65,784 27,065 92,849
|revenues(i) | |
| | |
|Vessel | |
|operating | 10,811 9,720 20,531| 11,077 9,730 20,807
|expenses | |
| | |
|Depreciation | |
|and | 17,238 7,395 24,633| 15,124 7,225 22,349
|amortization | |
+--------------+-------------------------------+--------------------------------
|CFVO from | |
|consolidated | 56,832 15,835 72,667| 52,742 14,333 67,075
|vessels(ii) | |
| | |
|CFVO from | |
|equity | |
|accounted | 26,186 - 26,186| 12,935 - 12,935
|vessels(ii) | |
|(iii) | |
| | |
|Total CFVO(ii)| 83,018 15,835 98,853| 65,677 14,333 80,010
+--------------+-------------------------------+--------------------------------
i. Net voyage revenues represents voyage revenues less voyage expenses, which
comprise all expenses relating to certain voyages, including bunker fuel
expenses, port fees, canal tolls and brokerage commissions. Net voyage
revenues is a non-GAAP financial measure used by certain investors to
measure the financial performance of shipping companies. Please see the
Partnership's website at www.teekaylng.com for a reconciliation of this
non-GAAP measure as used in this release to the most directly comparable
GAAP financial measure.
ii. Cash flow from vessel operations (CFVO) represents income from vessel
operations before (a) depreciation and amortization expense, (b)
amortization of in-process revenue contracts and (c) adjusting for direct
financing leases to a cash basis. CFVO is included because certain
investors use this data to measure a company's financial performance. CFVO
is not required by GAAP and should not be considered as an alternative to
net income, equity income or any other indicator of the Partnership's
performance required by GAAP. Please see the Partnership's website at
www.teekaylng.com for a reconciliation of this non-GAAP measure as used in
this release to the most directly comparable GAAP financial measure.
iii. The Partnership's equity accounted investments for the three months ended
March 31, 2012 and 2011 include the Partnership's 40 percent interest in
Teekay Nakilat (III) Corporation, which owns four LNG carriers and the
Partnership's 50 percent interest in the Excalibur and Excelsior Joint
Ventures, which owns one LNG carrier and one regasification unit. The
Partnership's equity accounted investment for the three months ended March
31, 2012 also includes the Partnership's 33 percent interest in four LNG
carriers that were delivered in mid-2011 through early 2012 servicing the
Angola LNG Project; and the Partnership's 52 percent interest in MALT LNG
Holdings ApS, the joint venture between the Partnership and Maurbeni
Corporation, which acquired six LNG carriers on February 28, 2012.
Liquefied Gas Segment
Cash flow from vessel operations from the Partnership's Liquefied Gas segment,
excluding equity-accounted vessels, increased to $56.8 million in the first
quarter of 2012 from $52.7 million in the same quarter of the prior year. This
increase was primarily due to higher voyage revenues as a result of the
acquisition of two newbuilding Multigas carriers in June and October 2011, and a
newbuilding LPG carrier in September 2011.
Cash flow from vessel operations from the Partnership's equity-accounted vessels
in the Liquefied Gas segment increased to $26.2 million in the first quarter of
2012 from $12.9 million in the same quarter of the prior year. This increase was
primarily due to the Teekay LNG-Marubeni joint venture's acquisition of six LNG
carriers from A.P. Moller Maersk A/P (the MALT LNG Carriers) in February 2012
and the acquisition of a 33 percent interest in the four Angola LNG Carriers
from Teekay between August 2011 and January 2012.
Conventional Tanker Segment
Cash flow from vessel operations from the Partnership's Conventional Tanker
segment increased to $15.8 million for the first quarter of 2012 from $14.3
million for the same quarter of the prior year. This increase was primarily due
to an additional revenue day as a result of the 2012 leap year and interest rate
and inflation adjustments on contracts for five of the Partnership's Suezmax
tankers.
Liquidity
As of March 31, 2012, the Partnership had total liquidity of $318.1 million
(comprised of $83.9 million in cash and cash equivalents and $234.2 million in
undrawn credit facilities), compared to total liquidity of $538.7 million as of
December 31, 2011. Subsequent to March 31, 2012, the Partnership's liquidity
balance increased by approximately $125.0 million due to the NOK 700 million
Norwegian bond offering completed in early May 2012.
Availability of 2011 Annual Report
Teekay LNG filed its 2011 Annual Report on Form 20-F with the U.S. Securities
and Exchange Commission (SEC) on April 11, 2012. Copies are available on Teekay
LNG's web site, under "Investor Briefcase", at www.teekaylng.com. Unitholders
may request a printed copy of this annual report, including the complete audited
financial statements free of charge by contacting Teekay LNG Investor Relations.
Conference Call
The Partnership plans to host a conference call on Friday, May 18, 2012 at
10:00 a.m. (ET) to discuss the results for the first quarter of 2012. All
unitholders and interested parties are invited to listen to the live conference
call by choosing from the following options:
* By dialing (866) 322-2356 or (416) 640-3405, if outside North America, and
quoting conference ID code 7421187.
* By accessing the webcast, which will be available on Teekay LNG's website at
www.teekaylng.com (the archive will remain on the web site for a period of
30 days).
A supporting First Quarter 2012 Earnings Presentation will also be available at
www.teekaylng.com in advance of the conference call start time.
The conference call will be recorded and made available until Friday, May
24, 2012. This recording can be accessed following the live call by dialing
(888) 203-1112 or (647) 436-0148, if outside North America, and entering access
code 7421187.
About Teekay LNG Partners L.P.
Teekay LNG Partners is the world's third largest independent owner and operator
of LNG vessels, providing LNG, LPG and crude oil marine transportation services
primarily under long-term, fixed-rate charter contracts with major energy and
utility companies through its interests in 27 LNG carriers (including one LNG
regasification unit), five LPG/Multigas carriers and 11 conventional tankers.
The Partnership's ownership interests in these vessels range from 33 to 100
percent. Teekay LNG Partners L.P. is a publicly-traded master limited
partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy
to expand its operations in the LNG and LPG shipping sectors.
Teekay LNG Partners' common units trade on the New York Stock Exchange under the
symbol "TGP".
--------------------------------------------------------------------------------
TEEKAY LNG PARTNERS L.P.
SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(in thousands of U.S. dollars, except unit data)
--------------------------------------------------------------------------------
Three Months Ended
--------------------------------------------------
March 31, December 31,2011 March 31,
2012 2011
(unaudited) (unaudited) (unaudited)
--------------------------------------------------------------------------------
VOYAGE REVENUES 99,216 97,253 93,219
--------------------------------------------------------------------------------
OPERATING EXPENSES
Voyage expenses 343 25 370
Vessel operating expenses 20,531 22,485 20,807
Depreciation and amortization 24,633 24,367 22,349
General and administrative 7,116 5,455 6,326
--------------------------------------------------------------------------------
52,623 52,332 49,852
--------------------------------------------------------------------------------
Income from vessel operations 46,593 44,921 43,367
--------------------------------------------------------------------------------
OTHER ITEMS
Interest expense (12,798) (13,861) (11,754)
Interest income 932 1,835 1,578
Realized and unrealized (loss)
gain on derivative
instruments(1) (15,903) (8,780) 10,769
Foreign exchange (loss)
gain(2) (9,668) 10,722 (21,033)
Equity income(3) 17,048 8,189 8,057
Other income (expense) - net 475 98 (1,247)
--------------------------------------------------------------------------------
Net income 26,679 43,124 29,737
--------------------------------------------------------------------------------
Net income attributable to:
Non-controlling interest 1,948 2,777 4,757
Partners 24,731 40,347 24,980
--------------------------------------------------------------------------------
Limited partners' units
outstanding:
Weighted-average number of
common and total units
outstanding - Basic and
diluted 64,857,900 62,885,074 55,106,100
Total number of units 64,857,900 64,857,900 55,106,100
outstanding at end of period
--------------------------------------------------------------------------------
(1) The realized losses relate to the amounts the Partnership actually paid to
settle derivative instruments and the unrealized (losses) gains relate to the
change in fair value of such derivative instruments as detailed in the table
below.
Three Months Ended
-----------------------------------------------------------
March 31, 2012 December 31, 2011 March 31, 2011
-----------------------------------------------------------
Realized (losses)
relating to:
Interest rate swaps (9,079) (9,795) (10,237)
Interest rate swap (22,560)
terminations
Toledo Spirit time-
charter derivative (32) (40)
contract
-----------------------------------------------------------
(9,111) (32,395) (10,237)
-----------------------------------------------------------
Unrealized (losses)
gains relating to:
Interest rate swaps (7,092) (6,345) 19,806
Interest rate swap 22,560
terminations
Toledo Spirit time-
charter derivative 300 7,400 1,200
contract
-----------------------------------------------------------
(6,792) 23,615 21,006
-----------------------------------------------------------
Total realized and
unrealized (losses) (15,903) (8,780) 10,769
gains on derivative
instruments
-----------------------------------------------------------
(2) For accounting purposes, the Partnership is required to revalue all foreign
currency-denominated monetary assets and liabilities based on the prevailing
exchange rate at the end of each reporting period. This revaluation does not
affect the Partnership's cash flows or the calculation of distributable cash
flow, but results in the recognition of unrealized foreign currency translation
gains or losses in the consolidated statements of income.
(3) Equity income includes unrealized gains on derivative instruments as
detailed in the table below.
Three Months Ended
------------------------------------------------------
March 31, 2012 December 31, 2011 March 31, 2011
------------------------------------------------------
Equity income 17,048 8,189 8,057
Proportionate share of
unrealized 5,061 283 2,554
gains on derivative
instruments
------------------------------------------------------
Equity income excluding
unrealized 11,987 7,906 5,503
gains on derivative
instruments
------------------------------------------------------
The equity income from the Teekay LNG-Marubeni joint venture is based on a
preliminary purchase price allocation and actual results may differ. Any
revisions to the preliminary purchase price allocation are not expected to have
a material impact to equity income or to the distributable cash flow of the
Partnership.
--------------------------------------------------------------------------------
TEEKAY LNG PARTNERS L.P.
SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars)
--------------------------------------------------------------------------------
As at As at
March 31, December 31,
--------------- ---------------
2012 2011
--------------- ---------------
(unaudited) (unaudited)
--------------- ---------------
ASSETS
Cash and cash equivalents 83,904 93,627
Other current assets 16,345 18,837
Advances to affiliates 17,971 11,922
Restricted cash - long-term 526,901 495,634
Vessels and equipment 2,001,654 2,021,125
Net investments in direct financing leases 408,060 409,541
Derivative assets 129,123 155,259
Investments in and advances to equity accounted 363,025 191,448
joint ventures
Other assets 38,184 34,760
Intangible assets 112,133 114,416
Goodwill 35,631 35,631
--------------------------------------------------------------------------------
Total Assets 3,732,931 3,582,200
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
Accounts payable, accrued liabilities and 52,038 60,030
unearned revenue
Current portion of long-term debt and capital 262,506 131,925
leases
Advances from affiliates and joint venture 28,775 17,400
partners
Long-term debt and capital leases 1,898,379 1,830,353
Derivative liabilities 273,874 293,218
Other long-term liabilities 105,922 109,565
Equity
Non-controlling interest(1) 28,190 26,242
Partners' equity 1,083,247 1,113,467
--------------------------------------------------------------------------------
Total Liabilities and Total Equity 3,732,931 3,582,200
--------------------------------------------------------------------------------
(1) Non-controlling interest includes a 30 percent equity interest of the RasGas
II project (which owns three LNG carriers), a 31 percent equity interest in the
Tangguh Project (which owns two LNG carriers), a 1 percent equity interest in
the two Kenai LNG carriers, a 1 percent equity interest in the Excalibur joint
venture (which owns one LNG carrier), and a 1 percent equity interest in the
five LPG/Multigas carriers, which in each case the Partnership does not own.
--------------------------------------------------------------------------------
TEEKAY LNG PARTNERS L.P.
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
--------------------------------------------------------------------------------
Three Months Ended
March 31,
------------------------------
2012 2011
--------------- --------------
(unaudited) (unaudited)
--------------- --------------
Cash and cash equivalents provided by (used for)
OPERATING ACTIVITIES
--------------------------------------------------------------------------------
Net operating cash flow 48,299 39,670
--------------------------------------------------------------------------------
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt 209,128 24,118
Scheduled repayments of long-term debt (18,439) (16,275)
Prepayments of long-term debt - (12,000)
Scheduled repayments of capital lease obligations (2,510) (2,482)
and other long-term liabilities
Advances to and from affiliates (3,600) 1,401
Increase in restricted cash (30,215) (3,213)
Cash distributions paid (44,331) (37,666)
Other - (179)
--------------------------------------------------------------------------------
Net financing cash flow 110,033 (46,296)
--------------------------------------------------------------------------------
INVESTING ACTIVITIES
Purchase of equity investment in MALT LNG Carriers (150,999) -
Purchase of equity investment in the fourth Angola (19,068) -
LNG Carrier
Receipts from direct financing leases 1,481 1,367
Expenditures for vessels and equipment (838) (3,184)
Repayments from joint venture 830 -
Other 539 -
--------------------------------------------------------------------------------
Net investing cash flow (168,055) (1,817)
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents (9,723) (8,443)
Cash and cash equivalents, beginning of the period 93,627 81,055
--------------------------------------------------------------------------------
Cash and cash equivalents, end of the period 83,904 72,612
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TEEKAY LNG PARTNERS L.P.
APPENDIX A - SPECIFIC ITEMS AFFECTING NET INCOME
(in thousands of U.S. dollars)
--------------------------------------------------------------------------------
Set forth below is a reconciliation of the Partnership's unaudited adjusted net
income attributable to the partners, a non-GAAP financial measure, to net income
attributable to the partners as determined in accordance with GAAP. The
Partnership believes that, in addition to conventional measures prepared in
accordance with GAAP, certain investors use this information to evaluate the
Partnership's financial performance. The items below are also typically excluded
by securities analysts in their published estimates of the Partnership's
financial results. Adjusted net income attributable to the partners is intended
to provide additional information and should not be considered a substitute for
measures of performance prepared in accordance with GAAP.
--------------------------------------------------------------------------------
Three Months Ended Three Months Ended
-----------------------------------------------------
March 31, 2012 March 31, 2011
-----------------------------------------------------
(unaudited) (unaudited)
--------------------------------------------------------------------------------
Net income - GAAP basis 26,679 29,737
Less:
Net income attributable
to non-controlling (1,948) (4,757)
interest
--------------------------------------------------------------------------------
Net income attributable to 24,731 24,980
the partners
Add (subtract) specific
items affecting net income:
Foreign exchange loss(1) 9,668 21,033
Unrealized losses (gains)
from derivative 6,792 (21,006)
instruments(2)
Unrealized gains from
derivative instruments
and other items from (4,811) (2,554)
equity accounted
investees(3)
Other items(4) - 949
Non-controlling
interests' share of items (777) 2,484
above
--------------------------------------------------------------------------------
Total adjustments 10,872 906
--------------------------------------------------------------------------------
Adjusted net income
attributable to the 35,603 25,886
partners
--------------------------------------------------------------------------------
(1) Foreign exchange loss primarily relate to the revaluation of the
Partnership's debt, capital leases and restricted cash denominated in Euros. For
accounting purposes, the Partnership is required to revalue all foreign
currency-denominated monetary assets and liabilities based on the prevailing
exchange rate at the end of each reporting period. This revaluation does not
affect the Partnership's cash flows or the calculation of distributable cash
flow, but results in the recognition of unrealized foreign currency translation
gains or losses in the consolidated statements of income.
(2) Reflects the unrealized gain or loss due to changes in the mark-to-market
value of derivative instruments that are not designated as hedges for accounting
purposes.
(3) Reflects the unrealized gain or loss due to changes in the mark-to-market
value of derivative instruments that are not designated as hedges for accounting
purposes within the Partnership's equity-accounted investments and $0.3 million
of start-up related costs during the three months ended March 31, 2012, relating
to the acquisition of the six MALT LNG Carriers.
(4) Amount for the year ended December 31, 2011 relates to a one-time management
fee associated with the portion of stock-based compensation grants to Teekay's
former President and Chief Executive Officer that had not yet vested prior to
the date of his retirement on March 31, 2011.
-----------------------------------------------------------
TEEKAY LNG PARTNERS L.P.
APPENDIX B - RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
(in thousands of U.S. dollars)
-----------------------------------------------------------
Description of Non-GAAP Financial Measure - Distributable Cash Flow (DCF)
Distributable cash flow represents net income adjusted for depreciation and
amortization expense, non-cash items, estimated maintenance capital
expenditures, unrealized gains and losses from derivatives, deferred income
taxes and foreign exchange related items. Maintenance 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. Distributable cash flow 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. Distributable cash flow is not
required by GAAP and should not be considered as an alternative to net income or
any other indicator of the Partnership's performance required by GAAP. The table
below reconciles distributable cash flow to net income.
+-----------------------------------+--------------------+---------------------+
| |Three Months Ended |Three Months Ended |
| +--------------------+---------------------+
| | March 31, 2012 | March 31, 2011 |
| +--------------------+---------------------+
| | (unaudited) | (unaudited) |
+-----------------------------------+--------------------+---------------------+
| |
| |
|Net income: | 26,679 29,737
| |
|Add: |
| |
| Depreciation and amortization | 24,633 22,349
| |
| Partnership's share of equity |
| accounted joint ventures' DCF | 16,828 7,863
| before estimated maintenance |
| capital expenditures |
| |
| Unrealized foreign exchange loss| 9,668 21,033
| |
| Unrealized loss (gain) on |
| derivatives and other non-cash | 7,586 (19,427
| items |
| |
|Less: |
| |
| Estimated maintenance capital | (12,716) (11,168)
| expenditures |
| |
| Equity income | (17,048) (8,057)
| |
| Non-cash tax (recovery) expense | (412) 617
| |
| |
+-----------------------------------+-------------------------------------------
|Distributable Cash Flow before Non-| 55,218 42,947
|controlling interest |
| |
|Non-controlling interests' share of|
|DCF before estimated maintenance | (4,450) (3,866)
|capital expenditures |
+-----------------------------------+-------------------------------------------
|Distributable Cash Flow | 50,768 39,081
+-----------------------------------+-------------------------------------------
----------------------------------------------------------------------------
TEEKAY LNG PARTNERS L.P.
APPENDIX C - SUPPLEMENTAL SEGMENT INFORMATION
(in thousands of U.S. dollars)
----------------------------------------------------------------------------
Three Months Ended March 31, 2012
---------------------------------------------------
(unaudited)
Liquefied Gas Conventional
Segment Tanker Segment Total
--------------------------------------------------------------------------------
Net voyage revenues(1) 70,697 28,176 98,873
Vessel operating expenses 10,811 9,720 20,531
Depreciation and amortization 17,238 7,395 24,633
General and administrative 4,527 2,589 7,116
--------------------------------------------------------------------------------
Income from vessel operations 38,121 8,472 46,593
--------------------------------------------------------------------------------
Three Months Ended March 31, 2011
---------------------------------------------------
(unaudited)
Liquefied Gas Conventional
Segment Tanker Segment Total
--------------------------------------------------------------------------------
Net voyage revenues(1) 65,784 27,065 92,849
Vessel operating expenses 11,077 9,730 20,807
Depreciation and amortization 15,124 7,225 22,349
General and administrative 3,324 3,002 6,326
--------------------------------------------------------------------------------
Income from vessel operations 36,259 7,108 43,367
--------------------------------------------------------------------------------
(1) Net voyage revenues represents voyage revenues less voyage expenses, which
comprise all expenses relating to certain voyages, including bunker fuel
expenses, port fees, canal tolls and brokerage commissions. Net voyage revenues
is a non-GAAP financial measure used by certain investors to measure the
financial performance of shipping companies. Please see the Partnership's
website at http://www.teekaylng.com/ for a reconciliation of this non-GAAP
measure as used in this release to the most directly comparable GAAP financial
measure.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements (as defined in Section 21E of
the Securities Exchange Act of 1934, as amended) which reflect management's
current views with respect to certain future events and performance, including
statements regarding: the Partnership's future growth opportunities; the
Partnership's financial position, including available liquidity; and the
Partnership's ability to secure additional growth opportunities. The following
factors are among those that could cause actual results to differ materially
from the forward-looking statements, which involve risks and uncertainties, and
that should be considered in evaluating any such statement: availability of LNG
shipping, floating storage regasification and other growth opportunities;
changes in production of LNG or LPG, either generally or in particular regions;
development of LNG and LPG projects; changes in trading patterns significantly
affecting overall vessel tonnage requirements; changes in applicable industry
laws and regulations and the timing of implementation of new laws and
regulations; the potential for early termination of long-term contracts of
existing vessels in the Teekay LNG fleet and inability of the Partnership to
renew or replace long-term contracts; the Partnership's ability to raise
financing to purchase additional vessels or to pursue other projects; changes to
the amount or proportion of revenues, expenses, or debt service costs
denominated in foreign currencies; and other factors discussed in Teekay LNG
Partners' filings from time to time with the SEC, including its Report on Form
20-F for the fiscal year ended December 31, 2011. The Partnership expressly
disclaims any obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Partnership's expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is based.
Contacts:
Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekaylng.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Teekay LNG Partners L.P. via Thomson Reuters ONE
[HUG#1613097]
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Datum: 17.05.2012 - 16:57 Uhr
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