GOGL - Second Quarter 2016 Results
(Thomson Reuters ONE) -
Highlights
* The Company reports a net loss of $39.2 million and a loss per share
(adjusted for the 1-for-5 reverse share split) of $0.37 for the second
quarter of 2016.
* The Company reports a net loss of $107.5 million and a loss per share of
$1.27 for six months ended June 30, 2016.
* In May 2016, the Company took delivery of one Capesize newbuilding.
* In May 2016, the owner of Golden Lyderhorn exercised their option to sell
the vessel to the Company.
* In June 2016, the Company agreed to postpone delivery of six newbuildings by
seven to nine months per newbuilding.
* In July 2016, the Company agreed to sell Golden Lyderhorn to an unrelated
third party with delivery in August.
* In August 2016, the Company effected a 1-for-5 reverse share split.
Second Quarter 2016 Results
The Company reports a net loss of $39.2 million and a loss per share of $0.37
for the second quarter compared with a net loss of $68.2 million and a loss per
share of $1.10 for the first quarter. The net loss in the second quarter
includes (i) a gain on sale of newbuildings and amortization of deferred gain of
$0.1 million, (ii) an impairment loss on a vessel held under capital lease of
$1.0 million, and (iii) a loss on derivatives of $4.9 million, mainly related to
unrealized losses on interest rate hedges. The net loss in the first quarter
includes (i) a gain on sale of newbuildings and amortization of deferred gain of
$0.1 million, (ii) an impairment loss on securities of $10.0 million, (iii) a
loss on derivatives of $12.9 million, mainly related to unrealized losses on
interest rate hedges, (iv) a loss provision of $1.8 million against
uncollectible receivables, and (v) an impairment loss of $2.1 million relating
to the Company's investment in a joint venture. If these items are excluded, the
Company reports a net loss of $33.4 million for the second quarter compared with
a net loss of $41.5 million for the first quarter. The decrease in this loss is
primarily due to the increase in vessel earnings (or time charter equivalent
revenues) of $16.2 million attributable to the improved market in the second
quarter, partially offset by an increase in charter hire expenses and an
increase in interest expense.
Cash and cash equivalents decreased by $42.8 million in the second quarter. The
main cash movements were the payment of $41.3 million in respect of the
Company's newbuilding program, proceeds from the draw down of debt of $25.0
million. In addition, $14.9 million was used in operations.
The Company reports a net loss of $107.5 million and a loss per share of $1.27
for the six months ended June 30, 2016 compared with a net loss of $110.9
million and a loss per share of $4.30 for the six months ended June 30, 2015.
The net loss in the first half of 2016 includes (i) a gain on sale of
newbuildings and amortization of deferred gain of $0.2 million, (ii) an
impairment loss on a vessel held under capital lease of $1.0 million, (iii) an
impairment loss on securities of $10.0 million, (iv) a loss on derivatives of
$17.8 million, mainly related to unrealized losses on interest rate hedges, (v)
a loss provision of $1.8 million against uncollectible receivables, and (vi) an
impairment loss of $2.1 million relating to the Company's investment in a joint
venture. The net loss in the first half of 2015 includes (i) an impairment loss
on vessels and newbuildings of $141.0 million, (iii) a loss on derivatives of
$0.5 million, and (iii) a bargain purchase gain of $78.9 million. If these items
are excluded, the Company reports a net loss of $74.8 million for the first half
of 2016 compared with a net loss of $48.3 million for the first half of 2015.
The increase in this loss is primarily due to the decrease in vessel earnings of
$29.1 million attributable to the full impact in the first half of 2016 of the
merger with the Former Golden Ocean compared with only three months in the first
half of 2015 and poor market conditions.
The full report is available in the link below.
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
August 24, 2016
Questions should be directed to:
Birgitte Ringstad Vartdal: CEO, Golden Ocean Management AS
+47 22 01 73 53
Per Heiberg: CFO, Golden Ocean Management AS
+47 22 01 73 45
Forward Looking Statements
Matters discussed in this report may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements, which include statements concerning
plans, objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than statements of
historical facts. Words such as "believe," "anticipate," "intends," "estimate,"
"forecast," "project," "plan," "potential," "may," "should," "expect," "pending"
and similar expressions identify forward-looking statements. The forward-looking
statements in this report are based upon various assumptions. Although we
believe that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are beyond our
control, we cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections. The information set forth herein speaks
only as of the date hereof, and we disclaim any intention or obligation to
update any forward-looking statements as a result of developments occurring
after the date of this communication.
In addition to these important factors and matters discussed elsewhere herein,
important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies, fluctuations in currencies and interest rates,
general market conditions, including fluctuations in charter hire rates and
vessel values, changes in demand in the dry bulk market, changes in our
operating expenses, including bunker prices, drydocking and insurance costs, the
market for our vessels, availability of financing and refinancing, 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, political events or acts by terrorists, and other important
factors described from time to time in the reports filed by the Company with the
Securities and Exchange Commission.
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
2nd Quarter 2016 Results:
http://hugin.info/132879/R/2036894/758868.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golden Ocean Group Limited via GlobeNewswire
Datum: 24.08.2016 - 08:40 Uhr
Sprache: Deutsch
News-ID 490815
Anzahl Zeichen: 8382
contact information:
Town:
Hamilton
Kategorie:
Business News
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"GOGL - Second Quarter 2016 Results"
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