SFL - First Quarter 2011 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 1Q 2011 results and increased quarterly dividend of $0.39
per share
Hamilton, Bermuda, May 23, 2011. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended March 31, 2011.
Highlights
* The Board of Directors declared an increased quarterly dividend of $0.39 per
share.
* Net income for the quarter was $32.1 million, or $0.41 per share, including
an accrued profit share in the first quarter of $2.3 million, or $0.03 per
share.
* In February 2011, the Company acquired a 2007-built jack-up drilling rig in
combination with a seven-year bareboat charter back to the seller.
* In February 2011, the Company successfully completed an offering of $125
million in senior unsecured convertible notes due 2016.
* In March and April 2011, the Company took delivery of two 2010-built 13,800
teu container vessels with 15-year time charters.
* In April 2011, the Company contracted four newbuilding 4,800 teu container
vessels for delivery in 2013. The vessels have already been chartered out
for seven years from delivery.
* The Company continues its conservative financing profile and has already
extended the maturity on a vessel financing due in 2012 for another six
years at attractive terms.
Dividends and Results for the Quarter ended March 31, 2011
The Board of Directors has declared an increased quarterly cash dividend of
$0.39 per share. Ship Finance has now paid a quarterly dividend for 29 quarters,
and this is the fifth consecutive dividend increase. The dividend will be paid
on or about June 29, 2011 to shareholders of record as of June 9, 2011. The ex-
dividend date will be June 7, 2011.
The profit share accrued in the first quarter was $2.3 million, or $0.03 per
share, compared to $2.0 million, or $0.03 per share in the fourth quarter of
2010. The profit share is below the historical average as a result of a
continued soft tanker spot market in the first quarter.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $72.0 million, or $0.91 per share, in the first quarter of 2011. This number
excludes $26.3 million of charter hire classified as 'repayment of investments
in finance lease', and also excludes $93.8 million of charter revenues earned by
assets classified as 'investment in associate'.
Reported net operating income pursuant to U.S. GAAP for the quarter was $38.1
million, or $0.48 per share, and reported net income was $32.1 million, or $0.41
per share.
The full report can be found in the link below.
May 23, 2011
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Investor and Analyst Contact:
Eirik Eide, Chief Financial Officer, Ship Finance Management AS
+47 23114006 / +47 95008921
Magnus T. Valeberg, Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Forward Looking Statements
This press release contains 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, data contained in the Company's records and other data
available from third parties. 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 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 markets in which we operate, changes in
demand resulting from changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, developments regarding the technologies
relating to oil exploration, changes in market demand in countries which import
commodities and finished goods and changes in the amount and location of the
production of those commodities and finished goods, increased inspection
procedures and more restrictive import and export controls, changes in our
operating expenses, including bunker prices, drydocking and insurance costs,
performance of our charterers and other counterparties with whom we deal, timely
delivery of vessels under construction within the contracted price, 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 Securities and
Exchange Commission.
First Quarter 2011 Results:
http://hugin.info/134876/R/1517893/454438.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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 Thomson Reuters ONE
[HUG#1517893]
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2011 - 14:03 Uhr
Sprache: Deutsch
News-ID 54901
Anzahl Zeichen: 6761
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SFL - First Quarter 2011 Results"
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