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BULK - Golden Ocean Q1/09 Rapport


12033 fcras 25/5 2009 13:48
Oversigt

:
Published: 08:23 25.05.2009 GMT+2 /HUGIN /Source: Golden Ocean Group /OSE: GOGL /ISIN: BMG4032A1045

GOGL - Interim Results for the Quarter ended March 31, 2009


Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $16.3 million and earnings per share of $0.06 for the first quarter of 2009. This compares with net income and earnings per share of $53.7 million and $0.19 respectively for the first quarter of 2008. Total operating revenues for the first quarter were $67.5 million, total operating expenses were $47.0 million and net other expenses were $4.2 million.

Cash and cash equivalents decreased by $21.7 million during the quarter. The Company generated cash from operating activities of $51.1 million and used $3.0 million and $69.8 million for investing and financing activities, respectively. Investing activities include part payments on newbuilding instalments of $21.5 million. During the first quarter the Company repaid $67.4 million in debt.

At March 31, 2009 the total number of shares outstanding in Golden Ocean was 276,990,107 of $0.10 par value each.

Subsequent to March 31st, the Company raised USD 108 million in an equity offering through the issuance of 180 million shares at an issue price of NOK 4.10 per share. The total number of shares as of today is thereby 456,990,107.

The full report is available in the enclosed attachment.

May 25, 2009
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 40

Geir Karlsen: CFO Golden Ocean Management AS
+47 22 01 73 53



Hele Q1 2009 Rapporten:

http://hugin.info/135378/R/1317212/307181.pdf
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Q1 2009 Presentation:

http://hugin.info/135378/R/1317238/307194.pdf





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