Reports preliminary 3Q 2013 results and quarterly dividend of $0.39 per share
Hamilton, Bermuda, November 27, 2013. Ship Finance International Limited (“Ship Finance” or the “Company”) today announced its preliminary financial results for the quarter ended September 30, 2013.
Highlights
- Declares third quarter dividend of $0.39 per share
- Refinanced $390 million bank debt related to an ultra-deepwater drilling rig
- Disposal of two older VLCCs
- Selected key financial data:
| Three Months Ended | ||||
| Sep 30, 2013 | Jun 30, 2013 | |||
| Charter revenues(1) | $157m | $154m | ||
| EBITDA(2) | $121m | $122m | ||
| Net income | $13m | $25m | ||
| Earnings per share | $0.14 | $0.29 | ||
Dividends and Results for the Quarter Ended September 30, 2013
The Board of Directors has declared a quarterly cash dividend of $0.39 per share, and Ship Finance has now declared dividends for 39 consecutive quarters. The dividend will be paid on or about December 30, 2013 to shareholders of record as of December 12, 2013. The ex-dividend date will be December 10, 2013.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $68.1 million, or $0.73 per share, in the third quarter of 2013. This number excludes $13.8 million of revenues classified as ‘repayment of investments in finance lease’, and also excludes $76.1 million of charter revenues earned by assets classified as ‘investment in associate’.
Reported net operating income pursuant to U.S. GAAP for the quarter was $24.3 million, or $0.26 per share, and reported net income was $13.5 million, or $0.14 per share. This includes a recorded non-cash mark-to-market loss related to interest rate hedge derivatives of $2.6 million and approximately $1 million of non-cash expense of theoretical equity cost relating to one of our convertible bonds. The quarter also includes $1.4 million of drydocking costs which were fully expensed in the quarter.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: “Over the last 12 months, we have successfully raised a combined amount of more than $2.5 billion in equity, bonds, convertible notes and bank financing. The Company has in a timely manner addressed debt maturities and refinanced both secured and unsecured debt, in addition to raising capital earmarked for growth.”
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
Media Contact:
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, the Company has a fleet of 66 vessels, including 22 crude oil tankers (VLCC and Suezmax), two chemical tankers, 12 drybulk carriers, 17 container vessels (including eight newbuildings), two car carriers, six offshore supply vessels, two jack-up drilling rigs (including one newbuilding), 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.