SFL - First Quarter 2010 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 1Q 2010 results and increased quarterly dividend of $0.33
per share
Hamilton, Bermuda, May 20, 2010. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended March 31, 2010.
Highlights
* Declared an increased quarterly dividend of $0.33 per share.
* Reported net income for the quarter of $57.0 million, or $0.72 per share.
The result includes a $26.0 million gain related to the newbuilding Suezmax
tanker Everbright and a negative $12.8 million mark to market of derivatives
relating to interest rate swaps.
* Accrued profit share in the first quarter was $11.3 million, or $0.14 per
share.
* In February 2010, the VLCC Front Vista was sold to a subsidiary of Frontline
Ltd. ("Frontline") for net sales proceeds of $58.5 million.
* In March 2010, the newbuilding Suezmax tanker Everbright was delivered from
the shipyard and chartered out for five years.
* In March 2010, the Company refinanced a syndicated bank loan relating to 26
vessels on charter to Frontline. The new five-year facility was upsized from
$675 million to $725 million due to very strong demand in the banking
market.
* In April 2010, the single-hull VLCC Golden River was sold to an unrelated
third party for a net sales price of approximately $12.6 million.
* Three Handysize dry bulk carriers under construction in China have already
been chartered out for three years at attractive rates. Scheduled delivery
is in 2011-2012.
Dividends and Results for the Quarter ended March 31, 2010
The Board of Directors has declared an increased quarterly cash dividend of
$0.33 per share. The dividend will be paid on or about June 10, 2010 to
shareholders of record as of June 2, 2010. The ex-dividend date will be May
28, 2010.
The profit share accrued in the first quarter was $11.3 million, or $0.14 per
share, compared to $5.7 million, or $0.07 per share in the fourth quarter of
2009.
Under US GAAP, the 100% owned ultra-deepwater drilling units West Polaris, West
Hercules and West Taurus and the Panamax dry bulk carrier Golden Shadow are
accounted for as 'investment in associate'. Consequently, only the aggregate
'net income' from these assets is recognized in the consolidated income
statement of Ship Finance as 'results in associate'.
The Company reported total net operating revenues of $82.6 million, or $1.04 per
share, in the first quarter of 2010. This number excludes charter hire
classified as 'repayment of investments in finance lease', and also excludes
substantial charter revenues earned by the assets classified as 'investment in
associate'. Gross charter hire revenues, including these items, were $196.7
million or $2.49 per share.
Reported net operating income for the quarter was $78.9 million, or $1.00 per
share, and reported net income was $57.0 million, or $0.72 per share.
For the complete report, please see the link below.
May 20, 2010
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Magnus T. Valeberg: Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
[HUG#1417648]
First quarter 2010 results: http://hugin.info/134876/R/1417648/368090.pdf
Unternehmensinformation / Kurzprofil:
Datum: 20.05.2010 - 14:44 Uhr
Sprache: Deutsch
News-ID 21243
Anzahl Zeichen: 0
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SFL - First Quarter 2010 Results"
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