SFL - Third Quarter 2014 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
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Reports preliminary third quarter 2014 results and quarterly dividend of $0.41
per share
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Hamilton, Bermuda, November 25, 2014. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended September 30, 2014.
Highlights
* Third quarter dividend of $0.41 per share
* $7.9 million accumulated in cash sweep from Frontline
* Acquisition of two 2012-built 82,000 dwt dry-bulk carriers in combination
with long-term charters
* Delivery of two 8,700 TEU container vessels in combination with long-term
charters
* Sale of three older VLCCs
* Selected key financial data:
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| Three Months Ended |
| |
| Sep 30, 2014 Jun 30, 2014 |
+--------------------------------------------------------------------------+
| Charter revenues((1)) $176m $157m |
| |
| EBITDA((2)) $146m $129m |
| |
| Net income $ 35m $ 22m |
| |
| Earnings per share $0.37 $0.24 |
+--------------------------------------------------------------------------+
Dividends and Results for the Quarter Ended September 30, 2014
The Board of Directors has declared a quarterly cash dividend of $0.41 per
share, and Ship Finance has now declared dividends for 43 consecutive quarters.
The dividend will be paid on or about December 30, 2014 to shareholders on
record as of December 12, 2014. The ex-dividend date at NYSE will be December
10, 2014.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $83.2 million, or $0.89 per share, in the third quarter of 2014. This number
excludes $11.3 million of revenues classified as 'repayment of investments in
finance lease', and $82.3 million of charter revenues earned by assets
classified as 'investment in associate'.
The cash sweep agreement with subsidiaries of Frontline had a positive effect of
$7.9 million, or $0.08 per share in the quarter despite the soft tanker market
that continued into the third quarter. The cash sweep for the full year 2014
will be payable in March 2015. There was also a $0.1 million profit share in the
quarter relating to four Handysize dry-bulk carriers.
Reported net operating income pursuant to U.S. GAAP for the quarter was $38.5
million, or $0.41 per share, and reported net income was $34.6 million, or $0.37
per share. This is after approximately $2.8 million of expenses related to
amortization of deferred charges which has no cash effect for the Company.
The full report can be found in the link below.
Questions can be directed to Ship Finance Management AS:
Investor and Analyst Contact:
Harald Gurvin, Chief Financial Officer: +47 23114009
André Reppen, Senior Vice President: +47 23114055
Media Contact:
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings and adjusted for the sale of
assets, the Company will have a fleet of 70 vessels, including 19 crude oil
tankers (VLCC and Suezmax), two chemical tankers, 14 drybulk carriers, 22
container vessels (including two newbuildings), two car carriers, six offshore
supply vessels, two jack-up drilling rigs, two ultra-deepwater semi-submersible
drilling rigs and one ultra-deepwater drillship. The fleet is one of the largest
in the world and most of the vessels are employed on long-term charters.
More information can be found on the Company's website: www.shipfinance.org
Cautionary Statement Regarding Forward Looking Statements
This press release may contain 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. 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 the Company's view, could cause actual results to
differ materially from those discussed in this presentation include the strength
of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, dry-docking and insurance costs, 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 United States
Securities and Exchange Commission.
Third Quarter 2014 Results:
http://hugin.info/134876/R/1873859/660152.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1873859]
Unternehmensinformation / Kurzprofil:
Datum: 25.11.2014 - 14:31 Uhr
Sprache: Deutsch
News-ID 355332
Anzahl Zeichen: 7468
contact information:
Town:
Hamilton
Kategorie:
Business News
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