Fourth Quarter 2014 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
--------------------------------------------------------------------------------
Reports preliminary 4Q 2014 results and increased quarterly dividend of $0.42
per share
--------------------------------------------------------------------------------
Hamilton, Bermuda, February 26, 2015. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended December 31, 2014.
Highlights
* Increased fourth quarter dividend of $0.42 per share
* Delivery of remaining 8,700 TEU container vessels in combination with long-
term charters
* Sale of three older VLCCs in the fourth quarter 2014
* Sale of the ultra-deepwater drillship West Polaris in the fourth quarter
2014
* Selected key financial data:
+-------------------------------------------------------------------------+
| Three Months Ended |
| |
| Dec 31, 2014 Sep 30, 2014 |
+-------------------------------------------------------------------------+
| Charter revenues((1)) $179m $176m |
| |
| EBITDA((2)) $149m $146m |
| |
| Net income $25m $ 35m |
| |
| Earnings per share $0.27 $0.37 |
+-------------------------------------------------------------------------+
Dividends and Results for the Quarter Ended December 31, 2014
The Board of Directors has declared an increased quarterly cash dividend of
$0.42 per share. The dividend will be paid on or about March 27, 2015 to
shareholders on record as of March 10, 2015, and the ex-dividend date at the
NYSE will be March 6, 2015. This will be the 44(th) consecutive quarterly
dividend declared by the Company.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $88.7 million, or $0.95 per share, in the fourth quarter of 2014. This number
excludes $10.5 million of revenues classified as 'repayment of investments in
finance lease', and $80.1 million of charter revenues earned by 100% owned
assets classified as 'investment in associate'.
The cash sweep agreement with Frontline had a positive effect of $11.3 million,
or $0.12 per share in the fourth quarter. For the full year 2014 a total of
$32.7 million cash sweep was recorded and is payable to the Company in March
2015. There was also a $0.2 million profit share in the quarter relating to some
of our dry bulk vessels.
Reported net operating income pursuant to U.S. GAAP for the quarter was $29.3
million, or $0.31 per share, and reported net income was $25.1 million, or $0.27
per share. This is after approximately $22.6 million, or $0.24 per share in
negative non-cash charges, which includes a negative mark-to-market of $6.3
million related to interest rate hedging instruments, a book loss of $1.4
million on the sale of three older VLCCs, a non-cash amortization of deferred
charges of $3.1 million and an impairment of approximately $11.8 million related
to the divestment of five feeder-size container vessels in the first quarter of
2015. The negative charges were partly offset by $11.3 million, or $0.12 per
share in book gains, which includes a gain of $6.1 million on the sale of West
Polaris and a gain of $5.2 million relating to a settlement for the early
redelivery of four Handysize dry bulk carriers in 2012.
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
Andre 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 64 vessels, including 19 crude oil
tankers (VLCC and Suezmax), two chemical tankers, 14 dry bulk carriers, 17
container vessels, two car carriers, six offshore supply vessels, two jack-up
drilling rigs and two ultra-deepwater semi-submersible drilling rigs. 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.
Fourth Quarter 2014 Results:
http://hugin.info/134876/R/1897702/673604.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#1897702]
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2015 - 14:53 Uhr
Sprache: Deutsch
News-ID 374592
Anzahl Zeichen: 8002
contact information:
Town:
Hamilton
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 172 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Fourth Quarter 2014 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Ship Finance International Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
