Ship Finance International Limited (NYSE: SFL) – Earnings Release
Reports second quarter results and quarterly dividend of $0.55 per share
Ship Finance International Limited (“Ship Finance” or the “Company”) announces the financial results for the quarter ended June 30, 2007.
Dividends and Results for the Quarter ended June 30, 2007
The Board of Directors has declared a cash dividend for the second quarter of $0.55 per share. The dividend will be paid on or about September 13, 2007 to shareholders of record as of August 31, 2007. The ex-dividend date will be August 29, 2007.
The Company reported total operating revenues of $96.6 million or $1.33 per share in the second quarter. This includes $15.7 million or $0.22 per share of profit share from Frontline Ltd. (“Frontline”). Net operating income for the quarter was $70.5 million or $0.97 per share and net income was $39.5 million or $0.54 per share.
As the majority of the Company’s assets are accounted for as finance leases, a significant portion of the charter hire received does not appear in the Income Statement. These amounts are classified as ‘repayment of investment in finance leases’, and are only included in the Statement of Cashflows. For the second quarter, this amounted to $46.2 million or $0.64 per share.
Net cash provided by operating activities in the second quarter was $29.0 million, net cash used in investing activities was $201.9 million and net cash provided by financing activities was $125.7 million.
For the complete report please see the link below.
August 22, 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