Ship Finance International Limited (NYSE: SFL)
Reports Preliminary Results for Fourth Quarter 2006 and Declares Quarterly Dividend
Ship Finance International Limited (“Ship Finance” or the “Company”) announces today the preliminary financial results for the fourth quarter and year ended December 31, 2006.
Dividends and Results for the Quarter Ended December 31, 2006
The Board of Directors has reviewed the long term prospects for the Company including its significant fixed charter backlog and growth prospects, and decided to increase the dividend payment for the quarter to $0.54 per share. The dividend will be paid on March 22, 2007 to shareholders of record as of March 8, 2007. The ex-dividend date is March 6, 2007.
The Company reported total operating revenue of $118.4 million, operating income of $80.7 million and net income of $57.8 million for the fourth quarter of 2006. Earnings per share for the quarter were $0.79.
Cash provided by operating activities in the fourth quarter was $35.8 million, net cash provided by investing activities was $7.7 million and net cash used in financing activities was $18.5 million.
For the year 2006, operating revenue was $415.2 million, operating income was $284.3 million and net income was $180.8 million. Earnings per share for the year were $2.48.
For the fourth quarter, operating revenues include $35.9 million of profit share due from Frontline with respect to vessels under long term charter agreements. Of the $35.9 million, $15 million accrued during the fourth quarter, while the remaining $20.9 million was accrued during the first nine months of the year but had not been recognized under US GAAP. For the year 2006, a total of $78.9 million in profit share has accrued, and this amount is due from Frontline in March 2007.
As of December 31, 2006, the Company had total cash and cash equivalents of $56.6 million and restricted cash of $12.9 million. In addition, $8.4 million in cash and cash equivalents was held in 100% owned subsidiaries accounted for under the equity method, based on US GAAP. At year-end, the Company had available undrawn credit lines in the amount of $146.7 million.
The full report is available in the link below.
February 27, 2007
The Board of Directors
Ship Finance International Limited
Questions should be directed to:
Lars Solbakken: Chief Executive Officer, Ship Finance Management AS
+47 23114006 / +47 91198844
Ole B. Hjertaker: Chief Financial Officer, Ship Finance Management AS
+47 23114011 / +47 90141243