Ship Finance International Limited (NYSE: SFL) – Earnings Release
Reports preliminary second quarter 2014 results and quarterly dividend of $0.41 per share
Hamilton, Bermuda, August 28, 2014. Ship Finance International Limited (“Ship Finance” or the “Company”) today announced its preliminary financial results for the quarter ended June 30, 2014.
- Second quarter dividend of $0.41 per share
- $1.8 million accumulated in cash sweep from Frontline
- Increased charter rate on the drilling rig West Linus following commencement of sub-charter
- Delivery of two 82,000 dwt dry-bulk carriers in combination with long-term charters
- Agreement to sell three older VLCCs
- Selected key financial data:
|Three Months Ended|
|Jun 30, 2014||Mar 31, 2014|
|Net income||$ 22m||$ 41m|
|Earnings per share||$0.24||$0.44|
Dividends and Results for the Quarter Ended June 30, 2014
The Board of Directors has declared a quarterly cash dividend of $0.41 per share, and Ship Finance has now declared dividends for 42 consecutive quarters. The dividend will be paid on or about September 30, 2014 to shareholders on record as of September 12, 2014. The ex-dividend date will be September 10, 2014.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $73.0 million, or $0.78 per share, in the second quarter of 2014. This number excludes $11.3 million of revenues classified as ‘repayment of investments in finance lease’, and also excludes $73.7 million of charter revenues earned by assets classified as ‘investment in associate’.
The cash sweep agreement with subsidiaries of Frontline had a positive effect of $1.8 million, or $0.02 per share in the quarter despite the soft tanker market in the quarter. The cash sweep for the full year 2014 will be payable in March 2015. There was also a $0.3 million profit share in the quarter relating to four Handysize dry-bulk carriers.
Questions can be directed to Ship Finance Management AS:
Investor and Analyst Contact:
Harald Gurvin, Chief Financial Officer: +47 23114009
Magnus T. Valeberg, Senior Vice President: +47 23114012
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock Exchange (NYSE: SFL). Including newbuildings and adjusted for the sale of assets, the Company will have a fleet of 70 vessels, including 19 crude oil tankers (VLCC and Suezmax), two chemical tankers, 14 drybulk carriers, 24 container vessels (including four newbuildings), two car carriers, six offshore supply vessels, two jack-up drilling rigs, two ultra-deepwater semi-submersible drilling rigs and one ultra-deepwater drillship. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters.
More information can be found on the Company’s website: www.shipfinance.org
Cautionary Statement Regarding Forward Looking Statements
This press release may contain 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. 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.