Published: 08:23 17.08.2009 GMT+2 /HUGIN /Source: Golden Ocean Group /OSE: GOGL /ISIN: BMG4032A1045
GOGL - Interim Results for the Quarter ended June 30, 2009
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $101.0 million and earnings per share of $0.22 for the second quarter of 2009.
This compares with net income and earnings per share of $201.0 million and $0.73 respectively for the second quarter of 2008.
Total operating revenues for the second quarter were $85.2 million, total operating expenses were $57.6 million and net other income were $73.4 million.
Net other income includes the gain from the buy back of the Convertible Bond of $96.1 million as well as a loss from the sale of the Company's shares in Navios Maritime Holdings Inc (Navios) of $12.1 million.
In addition an impairment loss of $4.1 million on the Company's remaining shares in Navios has been recorded in the quarter.
Cash and cash equivalents increased by $108.0 million during the quarter.
The Company generated cash from operating activities of $27.6 million and used $41.6 million in investing activities.
Investing activities include part payments on new buildings of $59.8 million.
The Company generated $122 million in financing activities during the quarter.
Financing activities includes $108 million in new equity from the issuance of 180 million new shares in the Company.
In addition it includes repayment of debt of $71.5 million including the Convertible bond as well as $89.2 million in new debt.
Golden Ocean reports net income of $117.3 million for the six months ended June 30, 2009, equivalent to earnings per share of $0.51.
At June 30, 2009 the total number of shares outstanding in Golden Ocean was 456,990,107 of $0.10 par value each.
The full report is available in the enclosed attachment.***
August 17, 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
***
Q2 2009 Results
http://hugin.info/135378/R/1335089/317182.pdf
