GOGL - Interim Results for the Quarter ended June 30, 2009
(Thomson Reuters ONE) - Golden Ocean Group Limited (the "Company" or "Golden Ocean") reportsnet income of $101.0 million and earnings per share of $0.22 for thesecond quarter of 2009. This compares with net income and earningsper share of $201.0 million and $0.73 respectively for the secondquarter of 2008. Total operating revenues for the second quarter were$85.2 million, total operating expenses were $57.6 million and netother income were $73.4 million. Net other income includes the gainfrom the buy back of the Convertible Bond of $96.1 million as well asa loss from the sale of the Company's shares in Navios MaritimeHoldings Inc (Navios) of $12.1 million. In addition an impairmentloss of $4.1 million on the Company's remaining shares in Navios hasbeen recorded in the quarter.Cash and cash equivalents increased by $108.0 million during thequarter. The Company generated cash from operating activities of$27.6 million and used $41.6 million in investing activities.Investing activities include part payments on new buildings of $59.8million. The Company generated $122 million in financing activitiesduring the quarter. Financing activities includes $108 million innew equity from the issuance of 180 million new shares in theCompany. In addition it includes repayment of debt of $71.5 millionincluding the Convertible bond as well as $89.2 million in new debt.Golden Ocean reports net income of $117.3 million for the six monthsended June 30, 2009, equivalent to earnings per share of $0.51.At June 30, 2009 the total number of shares outstanding in GoldenOcean was 456,990,107 of $0.10 par value each.The full report is available in the enclosed attachment.August 17, 2009The Board of DirectorsGolden Ocean Group LimitedHamilton, BermudaQuestions should be directed to:Herman Billung: CEO Golden Ocean Management AS+47 22 01 73 40Geir Karlsen: CFO Golden Ocean Management AS+47 22 01 73 53http://hugin.info/135378/R/1335089/317182.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 17.08.2009 - 08:23 Uhr
Sprache: Deutsch
News-ID 4764
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