SFL - First Quarter 2015 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
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Reports preliminary 1Q 2015 results and increased quarterly dividend of $0.43
per share
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Hamilton, Bermuda, May 29, 2015. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended March 31, 2015.
Highlights
* Increased first quarter dividend of $0.43 per share
* Delivery of remaining 8,700 TEU container vessels in combination with long-
term charters
* Acquisition of eight Capesize dry-bulk carriers in combination with charters
to Golden Ocean
* Revised terms on Frontline charters in exchange for 28% ownership in
Frontline
* Selected key financial data:
+------------------------------------------------------------------------+
| Three Months Ended |
| |
| Mar 31, 2015 Dec 31, 2014 |
+------------------------------------------------------------------------+
| Charter revenues((1)) $153m $179m |
| |
| EBITDA((2)) $127m $149m |
| |
| Net income $ 33m $ 25m |
| |
| Earnings per share $0.35 $0.27 |
+------------------------------------------------------------------------+
Dividends and Results for the Quarter Ended March 31, 2015
The Board of Directors has declared an increased quarterly cash dividend of
$0.43 per share. The dividend will be paid on or about June 30, 2015 to
shareholders on record as of June 15, 2015, and the ex-dividend date at the New
York Stock Exchange will be June 11, 2015. This will be the 45(th) consecutive
quarterly dividend declared by the Company.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $90.1 million, or $0.96 per share, in the first quarter of 2015. This number
excludes $9.6 million of revenues classified as 'repayment of investments in
finance lease', and $53.2 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 $9.9 million,
or $0.11 per share in the first quarter. For the full year 2014 a total cash
sweep of $32.7 million was recorded and paid to the Company in March 2015. There
was also a $0.2 million profit share in the first quarter relating to some of
our dry-bulk vessels.
Reported net operating income pursuant to U.S. GAAP for the quarter was $42.2
million, or $0.45 per share, and reported net income was $33.1 million, or $0.35
per share. This is after approximately $9.5 million, or $0.10 per share in
negative non-cash charges, which includes a negative mark-to-market of $6.6
million related to interest rate hedging instruments and amortization of
deferred charges of $2.9 million in the first quarter of 2015.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in
a comment: "We continue expanding our asset base and charter backlog across our
core business segments, and enjoy the benefits of a strong tanker market. The
deal announced earlier today with Frontline could be very interesting for us,
both from an earnings perspective with the new increased profit split starting
from a lower level, and also with respect to the ownership position in
Frontline. We raise our dividend again and have significant capital available
for new accretive acquisitions."
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 recent acquisitions, the Company will have a
fleet of 72 vessels, including 19 crude oil tankers (VLCC and Suezmax), two
chemical tankers, 22 dry bulk carriers (including 8 acquisitions), 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.
First Quarter 2015 Results:
http://hugin.info/134876/R/1925004/690613.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#1925004]
Unternehmensinformation / Kurzprofil:
Datum: 29.05.2015 - 14:38 Uhr
Sprache: Deutsch
News-ID 396803
Anzahl Zeichen: 8238
contact information:
Town:
Hamilton
Kategorie:
Business News
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