SFL - First Quarter 2016 Results
(Thomson Reuters ONE) -
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Reports preliminary 1Q 2016 results and quarterly dividend of $0.45 per share
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Hamilton, Bermuda, May 31, 2016. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended March 31, 2016.
Highlights
* Declaration of first quarter dividend of $0.45 per share, our 49(th)
consecutive dividend
* $24.7 million in profit share from Frontline in the quarter as a result of a
strong tanker market
* Continuation of the Company's strategy of fleet renewal and diversification
with sale of an older offshore support vessel in the first quarter and an
older VLCC subsequent to quarter end
* Successful delivery of two large container vessels with long term charters
to Maersk Line
* Cash redemption of the $125 million convertible notes due in February 2016
without diluting existing shareholders
* Selected key financial data:
+-----------------------------------------------------+
| Three Months Ended |
| |
| Mar 31, 2016 Dec 31, 2015 |
+-----------------------------------------------------+
| Charter revenues((1)) $174m $170m |
| |
| EBITDA((2)) $139m $142m |
| |
| Net income $ 47m $ 54m |
| |
| Earnings per share $0.50 $0.58 |
+-----------------------------------------------------+
Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Ship
Finance delivers yet another strong quarter, and our fleet renewal and
diversification program continues with the recent delivery of two newbuilding
container vessels with long term charters to Maersk Line.
Our business model has been tested through all market cycles, and we are to our
knowledge the only maritime company which has been consistently profitable and
paid dividends every quarter the last twelve years. Our key focus remains on
prudently managing our balance sheet and our existing asset portfolio whilst
sourcing new accretive opportunities through our industry relationships and
unique access to deal flow."
Dividends and Results for the Quarter Ended March 31, 2016
The Board of Directors has declared a quarterly cash dividend of $0.45 per
share. The dividend will be paid on or around June 29 to shareholders on record
as of June 14, and the ex-dividend date on the New York Stock Exchange will be
June 10, 2016. This is the 49(th) consecutive quarterly dividend declared by the
Company.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $117.6 million, or $1.26 per share, in the first quarter of 2016. This number
excludes $8.8 million of charter revenues classified as 'repayment of
investments in finance lease' and $47.3 million of charter revenues earned by
100% owned assets classified as 'investment in associate.' Inclusive of those
revenues, the total actual revenues were $1.86 per share.
The 50% profit share agreement with Frontline contributed $24.7 million, or
$0.26 per share in the first quarter above the base contracted rates. There was
also a $0.2 million profit share in the first quarter relating to some of our
dry bulk carriers.
Reported net operating income pursuant to U.S. GAAP for the quarter was $57.2
million, or $0.61 per share, and reported net income was $46.8 million, or $0.50
per share. This is after approximately $10.0 million, or $0.11 per share in
negative non-cash charges, which includes a negative mark-to-market of $7.1
million related to interest rate hedging instruments and amortization of
deferred charges of $2.9 million in the first quarter.
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 International Limited (NYSE: SFL) has an unprecedented track record
in the maritime industry, being consistently profitable and paying dividends
every quarter since 2004. The Company's fleet of more than 70 vessels is split
between tankers, bulkers, container vessels and offshore assets, and Ship
Finance's long term distribution capacity is supported by a portfolio of long
term charters and significant growth in the asset base over time. More
information can be found on the Company's website: www.shipfinance.bm
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 2016 Results:
http://hugin.info/134876/R/2016539/748098.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#2016539]
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2016 - 13:19 Uhr
Sprache: Deutsch
News-ID 474618
Anzahl Zeichen: 8295
contact information:
Town:
Hamilton
Kategorie:
Business News
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