SFL - Second Quarter 2011 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 2Q 2011 results and quarterly dividend of $0.39 per share
Hamilton, Bermuda, August 25, 2011. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended June 30, 2011.
Highlights
* The Board of Directors declared a quarterly dividend of $0.39 per share.
* Net income for the quarter was $41.5 million, or $0.52 per share, including
an accrued profit share in the second quarter of $0.2 million.
* Two old combination carriers and a jack-up drilling rig were sold in the
quarter with an aggregate gain on sales of approximately $9.9 million.
* The Company took delivery of the second 2010-built 13,800 teu container
vessel to CMA-CGM with 15-year time charter.
* The Company contracted four newbuilding 4,800 teu container vessels in the
quarter. Delivery is scheduled in 2013 and the vessels have already been
chartered out for seven years from delivery.
* Bank financing has been arranged for all vessels under construction and is
expected to be higher than the remaining yard installments.
Dividends and Results for the Quarter Ended June 30, 2011
The Board of Directors has declared a quarterly cash dividend of $0.39 per
share. Ship Finance has now paid dividends for 30 consecutive quarters. The
dividend will be paid on or about September 29, 2011 to shareholders of record
as of September 9, 2011. The ex-dividend date will be September 7, 2011.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $73.8 million, or $0.93 per share, in the second quarter of 2011. This number
excludes $25.0 million of charter hire classified as 'repayment of investments
in finance lease', and also excludes $104.3 million of charter revenues earned
by assets classified as 'investment in associate'.
The profit share income in the second quarter was $0.2 million compared to $2.3
million in the first quarter of 2011. The reduced profit share was a result of a
continued weak tanker market in the second quarter. The Company recorded a gain
on sale of assets of $9.9 million in the quarter, including $4.1 million
classified as 'gain on sale of associate' related to the sale of a jack-up
drilling rig accounted for as 'investment in associate'.
Reported net operating income pursuant to U.S. GAAP for the quarter was $44.6
million, or $0.56 per share, and reported net income was $41.5 million, or $0.52
per share.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in
a comment: "This has been another active quarter for the Company, where we have
taken delivery of a 13,800 teu container vessel, contracted four newbuilding
4,800 teu container vessels and sold one jack-up drilling rig and two older
combination carriers. We have also sourced financing for the whole newbuilding
program, where net proceeds from the financing will exceed remaining
installments."
Mr. Hjertaker continued: "We continue to develop our fleet and backlog of fixed
rate charters, which as of June 30, 2011 was approximately $6.9 billion, and
with more than 11 years of remaining charter term if weighted by charter
revenue. The Company has a strong balance sheet and the recently announced
financings demonstrate our premium access to the capital markets. We are
therefore well positioned for continued selective growth within our core
segments, while always maintaining our conservative profile".
The full report can be found in the link below.
August 25, 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.
Links to the full report and a webcast presentation of accounting items can be
found below:
Second Quarter 2011 Results:
http://hugin.info/134876/R/1541248/471487.pdf
Accounting items:
http://www.media-server.com/m/p/4s2wbzg5
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#1541248]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 14:15 Uhr
Sprache: Deutsch
News-ID 59324
Anzahl Zeichen: 8226
contact information:
Town:
Hamilton
Kategorie:
Business News
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