SFL - Third Quarter 2009 Results
(Thomson Reuters ONE) - Ship Finance International Limited (NYSE: SFL) - Earnings Release Reports preliminary 3Q 2009 results and quarterly dividend of $0.30 per shareHamilton, Bermuda, November 27, 2009. Ship Finance InternationalLimited ("Ship Finance" or the "Company") today announced itspreliminary financial results for the quarter ended September 30,2009.Highlights* Declared a quarterly dividend of $0.30 per share.* Reported adjusted net income for the quarter of $36.3 million, or $0.47 per share. Adjustments include a negative non-cash mark-to-market of derivatives of $2.3 million.* Accrued profit share in the third quarter was $4.8 million, or $0.06 per share. Accrued profit share year-to-date is $27.3 million and payable in March 2010.* The charterer of the jack-up drilling rig West Ceres exercised a purchase option in July 2009. Net cash effect to the Company in the third quarter was approximately $40 million after repayment of associated bank debt.* The single-hull VLCC Front Duchess was sold in September 2009. Net cash effect to the Company in the third quarter was approximately $2.5 million after repayment of associated bank debt and a cancellation fee to Frontline.* The charterer of the single-hull VLCC Front Vanadis exercised a purchase option in November 2009. Net cash effect to the Company in the fourth quarter was approximately $1.2 million after repayment of associated debt.* The first newbuilding Suezmax tanker was delivered from the shipyard in November 2009. The vessel, MV Glorycrown, has been chartered out for 5-years with a purchase obligation at the end of the charter period.DividendThe Board of Directors has declared a quarterly dividend of $0.30 pershare in cash, or, at the election of the shareholder, payable innewly issued common shares. The dividend will be paid on or aboutJanuary 27, 2010 to shareholders of record as of December 8, 2009.The ex-dividend date will be December 4, 2009.Similar to the previous three quarters, shareholders may make anelection to receive the dividend in newly issued common shares afterreviewing a prospectus supplement relating to the dividend paymentwhich will be filed with the U.S. Securities and Exchange Commission("SEC"). The number of common shares to be issued as dividend will beset based on the volume-weighted average price of the shares on theNew York Stock Exchange during the three trading days prior to theex-dividend date, less a 5% discount.The Company's largest shareholders, Farahead Investments Inc.("Farahead") and Hemen Holding Ltd. ("Hemen"), who collectively own42.6 % of the shares, have again informed the Company that they willelect to receive all of their dividends in the form of newly issuedcommon shares. Farahead and Hemen are indirectly controlled by trustsestablished by Mr. John Fredriksen for the benefit of his immediatefamily.Results for the Quarter ended September 30, 2009The Company reported total operating revenues of $80.2 million, or$1.04 per share, in the third quarter of 2009. This number excludescharter hire classified as 'repayment of investments in financelease', and also excludes substantial charter revenues in three 100%owned subsidiaries classified as 'investment in associate'. Netoperating income for the quarter was $46.1 million, or $0.60 pershare, and reported net income was $34.0 million, or $0.44 per share.Adjusted net income in the third quarter was $36.3 million, or $0.47per share. The adjustments include a negative non-cash mark-to-marketof derivatives of $2.3 million and a minor gain on sale of asset of$0.02 million.The profit share accrued in the third quarter was $4.8 million, or$0.06 per share, compared to $8.0 million, or $0.11 per share in thesecond quarter of 2009. The total profit share accrued in the firstthree quarters is $27.3 million, and will be payable in March 2010Under US GAAP, the 100% owned ultra-deepwater drilling units WestPolaris, West Hercules and West Taurus and the Panamax dry bulkvessel Golden Shadow are accounted for as 'investment in associate'.Consequently, only the aggregate 'net income' from thesevessel-owning subsidiaries is recognized in the consolidated incomestatement of Ship Finance as 'results in associate'.For the complete report please see the link below.November 27, 2009The Board of DirectorsShip Finance International LimitedHamilton, BermudaQuestions should be directed to:Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS+47 23114011 / +47 90141243Magnus T. Valeberg: Vice President, Ship Finance Management AS+47 23114012 / +47 93440960http://hugin.info/134876/R/1357732/330394.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.11.2009 - 14:59 Uhr
Sprache: Deutsch
News-ID 8961
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