SFL - Fourth Quarter 2009 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 4Q 2009 results and quarterly dividend of $0.30 per share
Hamilton, Bermuda, February 26, 2010. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended December 31, 2009.
Highlights
* Declared a quarterly dividend of $0.30 per share.
* Reported net income for the quarter of $62.4 million, or $0.80 per share.
The result includes a $24.7 million cash gain related to the newbuilding
Suezmax Glorycrown.
* Accrued profit share in the fourth quarter was $5.7 million, or $0.07 per
share. The total accrued profit share for 2009 was $33.0 million and is
payable in March 2010.
* In November 2009, the first newbuilding Suezmax tanker was delivered from
the shipyard and was chartered out for five years with a purchase obligation
at the end. The transaction also included a $40.5 million upfront cash
payment by the charterer.
* In November 2009, the charterer of the single-hull VLCC Front Vanadis
exercised a pre-agreed purchase option of $11.7 million.
* In February 2010, the VLCC Front Vista was sold to a subsidiary of Frontline
Ltd. ("Frontline") for net sales proceeds of $58.5 million.
* Ship Finance has converted newbuilding contracts for container vessels into
Handysize dry bulk vessels with delivery in 2011 and 2012.
* The Company is in the process of refinancing a syndicated bank loan relating
to 26 vessels on charter to Frontline. The new five-year $675 million
facility is already significantly oversubscribed, and we expect the
documentation to be finalized in the first quarter.
Dividends and Results for the Quarter ended December 31, 2009
The Board of Directors has declared a quarterly cash dividend of $0.30 per
share. The dividend will be paid on or about 30 March, 2010 to shareholders of
record as of 19 March, 2010. The ex-dividend date will be 17 March, 2010.
The profit share accrued in the fourth quarter was $5.7 million, or $0.07 per
share, compared to $4.8 million, or $0.06 per share in the third quarter of
2009. The total profit share accrued in 2009 was $33.0 million, and will be
payable in March 2010.
Under US GAAP, the 100% owned ultra-deepwater drilling units West Polaris, West
Hercules and West Taurus and the Panamax dry bulk vessel Golden Shadow are
accounted for as 'investment in associate'. Consequently, only the aggregate
'net income' from these vessel-owning subsidiaries is recognized in the
consolidated income statement of Ship Finance as 'results in associate'.
The Company reported total net operating revenues of $80.1 million, or $1.03 per
share, in the fourth quarter of 2009. This number excludes charter hire
classified as 'repayment of investments in finance lease', and also excludes
substantial charter revenues earned by the three 100% owned subsidiaries
classified as 'investment in associate'. Gross charter hire revenues, including
these items, were $202.8 million or $2.60 per share.
Reported net operating income for the quarter was $72.2 million, or $0.92 per
share, and reported net income was $62.4 million, or $0.80 per share.
For the complete report please see the link below.
February 26, 2010
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Magnus T. Valeberg: Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
[HUG#1389163]
Fourth quarter 2009 results: http://hugin.info/134876/R/1389163/347367.pdf
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2010 - 08:26 Uhr
Sprache: Deutsch
News-ID 1010705
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Hamilton
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 225 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SFL - Fourth Quarter 2009 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Ship Finance International Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
