Published: 14:15 CEST 25-08-2011 /Thomson Reuters /Source: Ship Finance International Limited /NOTC: SFL /ISIN: BMG810751062
SFL - Second Quarter 2011 Results
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 2Q 2011 results and quarterly dividend of $0.39 per share
Hamilton, Bermuda, August 25, 2011. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended June 30, 2011.
Highlights
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The Board of Directors declared a quarterly dividend of $0.39 per share.
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Net income for the quarter was $41.5 million, or $0.52 per share, including an accrued profit share in the second quarter of $0.2 million.
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Two old combination carriers and a jack-up drilling rig were sold in the quarter with an aggregate gain on sales of approximately $9.9 million.
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The Company took delivery of the second 2010-built 13,800 teu container vessel to CMA-CGM with 15-year time charter.
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The Company contracted four newbuilding 4,800 teu container vessels in the quarter. Delivery is scheduled in 2013 and the vessels have already been chartered out for seven years from delivery.
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Bank financing has been arranged for all vessels under construction and is expected to be higher than the remaining yard installments.
Dividends and Results for the Quarter Ended June 30, 2011
The Board of Directors has declared a quarterly cash dividend of $0.39 per share. Ship Finance has now paid dividends for 30 consecutive quarters. The dividend will be paid on or about September 29, 2011 to shareholders of record as of September 9, 2011. The ex-dividend date will be September 7, 2011.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $73.8 million, or $0.93 per share, in the second quarter of 2011. This number excludes $25.0 million of charter hire classified as 'repayment of investments in finance lease', and also excludes $104.3 million of charter revenues earned by assets classified as 'investment in associate'.
The profit share income in the second quarter was $0.2 million compared to $2.3 million in the first quarter of 2011. The reduced profit share was a result of a continued weak tanker market in the second quarter. The Company recorded a gain on sale of assets of $9.9 million in the quarter, including $4.1 million classified as 'gain on sale of associate' related to the sale of a jack-up drilling rig accounted for as 'investment in associate'.
Reported net operating income pursuant to U.S. GAAP for the quarter was $44.6 million, or $0.56 per share, and reported net income was $41.5 million, or $0.52 per share.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: "This has been another active quarter for the Company, where we have taken delivery of a 13,800 teu container vessel, contracted four newbuilding 4,800 teu container vessels and sold one jack-up drilling rig and two older combination carriers. We have also sourced financing for the whole newbuilding program, where net proceeds from the financing will exceed remaining installments."
Mr. Hjertaker continued: "We continue to develop our fleet and backlog of fixed rate charters, which as of June 30, 2011 was approximately $6.9 billion, and with more than 11 years of remaining charter term if weighted by charter revenue. The Company has a strong balance sheet and the recently announced financings demonstrate our premium access to the capital markets. We are therefore well positioned for continued selective growth within our core segments, while always maintaining our conservative profile".
The full report can be found in the link below.
August 25, 2011
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Second Quarter 2011 Results:
http://hugin.info/134876/R/1541248/471487.pdf
Accounting items:
http://www.media-server.com/m/p/4s2wbzg5
Ship Finance (SFL)website:
http://www.shipfinance.bm/
25/8 2011 16:23 Kristensen 0
45593 Umiddelbart virker SFL attraktiv i nuværende kurs. EPS var i Q2 0,52$ og der udloddes udbytte 0,39$.
I Q1 var EPS 0,41$ og ligeledes udbytte på 0,39$.
Forudsætter vi at der udbetales 0,39$ i udbytte de kommende 2 kvartaler svarer det til 1,56$ for hele året eller en Yield på 11,50%, ved kurs 13,50.
Men der må være noget ved fremtidsudsigterne som ikke tegner for godt?
I Q1 var EPS 0,41$ og ligeledes udbytte på 0,39$.
Forudsætter vi at der udbetales 0,39$ i udbytte de kommende 2 kvartaler svarer det til 1,56$ for hele året eller en Yield på 11,50%, ved kurs 13,50.
Men der må være noget ved fremtidsudsigterne som ikke tegner for godt?
26/8 2011 21:15 1980 045689 Ja det virker interessant særligt i lyset af -
"The Company has a substantial portfolio of long term fixed charters with an average tenor of approximately 12 years. Stability in both charter revenues and operating costs supports the Company's long term distribution capacity."
Så en del af indtjeningen må være fixed og danner dermed grundlag for et højt udbytte. Har dog ikke checket hvor meget det rent faktisk er. Absolut interessant.
"The Company has a substantial portfolio of long term fixed charters with an average tenor of approximately 12 years. Stability in both charter revenues and operating costs supports the Company's long term distribution capacity."
Så en del af indtjeningen må være fixed og danner dermed grundlag for et højt udbytte. Har dog ikke checket hvor meget det rent faktisk er. Absolut interessant.
26/8 2011 23:18 Kristensen 045699 Hvis du gør nogle interessante observationer, mu selvfølgelig meget gerne dele :D
