SFL - Second Quarter 2010 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 2Q 2010 results and increased quarterly dividend of $0.35
per share
Hamilton, Bermuda, August 26, 2010. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended June 30, 2010.
Highlights
* The Board of Directors declared an increased quarterly dividend of $0.35 per
share. This is the second dividend increase in 2010 and the Company has now
paid dividends the last 26 consecutive quarters.
* Reported net income for the quarter was $43.6 million, or $0.55 per share.
* Accrued profit share in the second quarter was $11.4 million, or $0.14 per
share. Total accrued profit share for the first half of 2010 is $22.7
million.
* We have agreed to acquire three 57,000dwt Supramax dry bulk carries for a
total investment of $100.7 million. The vessels have been chartered to an
Asia-based logistics company on long-term time charters at approximately
$17,000 per day, adding approximately $160 million to our fixed-rate charter
backlog.
Dividends and Results for the Quarter ended June 30, 2010
The Board of Directors has declared an increased quarterly cash dividend of
$0.35 per share. The dividend will be paid on or about September 30, 2010 to
shareholders of record as of September 10, 2010. The ex-dividend date will be
September 8, 2010.
The profit share accrued in the second quarter was $11.4 million, or $0.14 per
share, compared to $11.3 million, or $0.14 per share in the first quarter of
2010. The accrued profit share in the quarter was on the back of strong revenues
in the tanker sector in the second quarter.
Under US GAAP, the 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 $80.8 million, or $1.02 per
share, in the second 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'.
Reported net operating income for the quarter was $50.1 million, or $0.63 per
share, and reported net income was $43.6 million, or $0.55 per share.
August 26, 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#1440628]
Second Quarter 2010 Results:
http://hugin.info/134876/R/1440628/384996.pdf
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All reproduction for further distribution is prohibited.
Source: Ship Finance International Limited via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 26.08.2010 - 14:23 Uhr
Sprache: Deutsch
News-ID 40132
Anzahl Zeichen: 0
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SFL - Second Quarter 2010 Results"
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