Ship Finance International Limited (NYSE: SFL) – Earnings Release
Reports third quarter 2007 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 September 30, 2007.
$5.5 million or $0.07 per share in the third quarter.
primarily due to lower interest rates at the end of the third quarter compared to the previous quarter.
share in the quarter. Due to lease accounting, a significant portion of the cash flow is not included in the Income
Statement, but appears as ‘repayment of investment in finance leases’ only.
was in operation for the full quarter.
Finance end of August 2007.
Four vessels were delivered in September 2007, one vessel in October 2007 and the last two vessels are expected to be delivered in December 2007.
expected in the first quarter 2008.
Dividends and Results for the Quarter ended September 30, 2007
The Board of Directors has declared a cash dividend for the third quarter of $0.55 per share. The dividend will be paid on or about December 10, 2007 to shareholders of record as of November 27, 2007. The ex-dividend date will be November 23, 2007.
The Company reported total operating revenues of $93.4 million or $1.28 per share in the third quarter. This includes $5.5 million or $0.07 per share of profit share from subsidiaries of Frontline Ltd. (“Frontline”). Net operating income for the quarter was $59.9 million or $0.82 per share and net income was $20.6 million or $0.28 per share.
The profit share contribution is down from $15.7 million, or $0.22 per share in the second quarter, due to lower earnings in the spot tanker market in the period. Year-to-date, $36.4 million of profit share has accumulated, of which $15.2 million, or $0.21 per share has not yet been recognized in the accounts, and will be included in the fourth quarter.
The fixed-rate charter hire increased to $132.8 million, or $1.83 per share in the quarter, up from $115.0 million, or $1.58 per share in the second quarter. Net of operating expenses and general and administrative expenses in the third quarter, the contribution from the fixed-rate charters was $105.4 million or $1.45 per share, compared to $87.8 million, or $1.21 per share in the second quarter. This excludes profit share contribution.
For the complete report please see the link below.
November 15, 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