SFL - First Quarter 2012 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 1Q 2012 results and increased quarterly dividend of $0.39
per share
Hamilton, Bermuda, May 24, 2012. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended March 31, 2012.
Highlights
* The Board of Directors has declared a quarterly dividend of $0.39 per share.
* $13.6 million, or $0.17 per share, accumulated in cash sweep from Frontline.
* $1.4 million, or $0.02 per share, accumulated in profit share in excess of
the original base rates.
* During the first quarter 2012, the Company took delivery of four drybulk
newbuildings.
* In April 2012, the Company terminated five bareboat charters with Horizon
Lines and received $40 million in second-lien bonds plus equity warrants as
compensation.
* Selected key financial data for the quarter compared to the previous
quarter:
+-----------------------+-----------------------------+
| | Three Months Ended |
| | |
| | Mar 31, 2012 Dec 31, 2011 |
+-----------------------+-----------------------------+
| Charter revenues((1)) | $186m $193m |
| | |
| EBITDA((2)) | $154m $162m |
| | |
| Net income | $39m $30m |
| | |
| Earnings per share | $0.49 $0.38 |
| | |
| Dividend per share | $0.39 $0.30 |
+-----------------------+-----------------------------+
Dividends and Results for the Quarter Ended March 31, 2012
The Board of Directors has declared an increased quarterly cash dividend of
$0.39 per share. Ship Finance has now paid dividends for 33 consecutive
quarters. The dividend will be paid on or about June 28, 2012 to shareholders of
record as of June 15, 2012. The ex-dividend date will be June 13, 2012.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $84.1 million, or $1.06 per share, in the first quarter of 2012. This number
excludes $15.8 million of revenues classified as 'repayment of investments in
finance lease', and also excludes $87.7 million of charter revenues earned by
assets classified as 'investment in associate'.
The new cash sweep agreement with Frontline had a positive effect of $13.6
million, or $0.17 per share in the quarter. The cash sweep for the full year
2012 is payable in March 2013.
There was a $1.4 million, or $0.02 per share, accrual to the 25% profit share
for revenues in excess of the original base rates in the quarter. Following
Frontline's $50 million prepayment of profit share in 2011, another $48.6
million of profit share will need to accumulate before profit share revenues are
recognized in the consolidated accounts.
Reported net operating income pursuant to U.S. GAAP for the quarter was $48.2
million, or $0.61 per share, and reported net income was $39.0 million, or $0.49
per share.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in
a comment: "We continue to deliver positive results and have paid quarterly cash
dividends since our operations began in 2004. The tanker market outperformed
most analysts' expectations in the first quarter and this has contributed to
additional revenues through our new cash sweep arrangement with Frontline. The
VLCC tanker market has continued at a healthy level so far into the second
quarter, and based on this we expect a significant cash sweep contribution in
the second quarter as well."
Mr Hjertaker continued: "Following the restructuring of Horizon Line we have
seven container vessels in the spot market. Given the changed profile of our
container business we evaluate structural alternatives to maximize the value of
this business. One of the alternatives we consider is to carve out the container
business into a separate entity."
The full report can be found in the link below.
May 24, 2012
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Investor and Analyst Contact:
Harald Gurvin, Chief Financial Officer, Ship Finance Management AS
+47 23114009 / +47 97520363
Magnus T. Valeberg, Senior Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Footnotes:
1. Charter revenues includes total charter hire from all vessels and rigs,
including assets in 100% owned subsidiaries classified as 'Investment in
associates'.
2. EBITDA is a non- GAAP measure and includes assets in 100% owned subsidiaries
classified as 'Investment in associates'. For more details please see Appendix
1: Reconciliation of Net Income to EBITDA.
Forward Looking Statements
This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Ship Finance management's examination of historical
operating trends, data contained in the Company's records and other data
available from third parties. Although Ship Finance believes that these
assumptions were reasonable when made, because assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond its control, Ship Finance cannot give
assurance that it will achieve or accomplish these expectations, beliefs or
intentions.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies, fluctuations in currencies and interest rates,
general market conditions including fluctuations in charter hire rates and
vessel values, changes in demand in the markets in which we operate, changes in
demand resulting from changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, developments regarding the technologies
relating to oil exploration, changes in market demand in countries which import
commodities and finished goods and changes in the amount and location of the
production of those commodities and finished goods, increased inspection
procedures and more restrictive import and export controls, changes in our
operating expenses, including bunker prices, drydocking and insurance costs,
performance of our charterers and other counterparties with whom we deal, timely
delivery of vessels under construction within the contracted price, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Securities and
Exchange Commission.
First Quarter 2012 Results:
http://hugin.info/134876/R/1614669/514520.pdf
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: Ship Finance International Limited via Thomson Reuters ONE
[HUG#1614669]
Unternehmensinformation / Kurzprofil:
Datum: 24.05.2012 - 14:44 Uhr
Sprache: Deutsch
News-ID 149880
Anzahl Zeichen: 8989
contact information:
Town:
Hamilton
Kategorie:
Business News
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