Press release from Ship Finance International Limited - 20.05.2010
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 1Q 2010 results and increased quarterly dividend of $0.33 per share
Hamilton, Bermuda, May 20, 2010. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2010.
Highlights
Dividends and Results for the Quarter ended March 31, 2010
The Board of Directors has declared an increased quarterly cash dividend of $0.33 per share. The dividend will be paid on or about June 10, 2010 to shareholders of record as of June 2, 2010. The ex-dividend date will be May 28, 2010.
The profit share accrued in the first quarter was $11.3 million, or $0.14 per share, compared to $5.7 million, or $0.07 per share in the fourth quarter of 2009.
Under US GAAP, the 100% owned ultra-deepwater drilling units West Polaris, West Hercules and West Taurus and the Panamax dry bulk carrier Golden Shadow are accounted for as 'investment in associate'. Consequently, only the aggregate 'net income' from these assets is recognized in the consolidated income statement of Ship Finance as 'results in associate'.
The Company reported total net operating revenues of $82.6 million, or $1.04 per share, in the first quarter of 2010. This number excludes charter hire classified as 'repayment of investments in finance lease', and also excludes substantial charter revenues earned by the assets classified as 'investment in associate'. Gross charter hire revenues, including these items, were $196.7 million or $2.49 per share.
Reported net operating income for the quarter was $78.9 million, or $1.00 per share, and reported net income was $57.0 million, or $0.72 per share.
For the complete report, please see the link below.
May 20, 2010
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Magnus T. Valeberg: Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
First quarter 2010 results