Ship Finance International Limited (NYSE:SFL) - Earnings Release
Reports second quarter results and quarterly dividend of $0.55 per share
HAMILTON, Bermuda, Aug. 22, 2007 (PRIME NEWSWIRE) -- Ship Finance International Limited ("Ship Finance" or the "Company") announces the financial results for the quarter ended June 30, 2007.
Highlights
* Reported net income for the quarter of $39.5 million or $0.54 per share, including profit share of $15.7 million or $0.22 per share. * Declared a quarterly cash dividend of $0.55 per share. * All five container vessels chartered to Horizon Lines, Inc. have commenced their long-term charters with full cash flow and earnings effect from the third quarter. * The Company's second jack-up drilling rig West Prospero was delivered from the shipyard and commenced its 15-year charter to Seadrill Limited at the end of the quarter. * The single hull VLCC Front Vanadis was sold on hire/purchase terms, and a gain of $4.3 million was recorded in the quarter. * Five newbuilding container vessels were ordered in China for delivery in 2010 at an aggregate price of approximately $190 million. * Acquisition of a 2003 built 1,700 TEU container vessel scheduled to be delivered in August 2007. * Acquisition of five new offshore supply vessels from Deep Sea Supply Plc. in combination with 12-year charters. Scheduled delivery in late August 2007. * Amendment of profit share agreement with Frontline Ltd. Profit share will be earned on a quarterly basis, starting the second quarter 2007.
Dividends and Results for the Quarter ended June 30, 2007
The Board of Directors has declared a cash dividend for the second quarter of $0.55 per share. The dividend will be paid on or about September 13, 2007 to shareholders of record as of August 31, 2007. The ex-dividend date will be August 29, 2007.
The Company reported total operating revenues of $96.6 million or $1.33 per share in the second quarter. This includes $15.7 million or $0.22 per share of profit share from Frontline Ltd. ("Frontline"). Net operating income for the quarter was $70.5 million or $0.97 per share and net income was $39.5 million or $0.54 per share.
As the majority of the Company's assets are accounted for as finance leases, a significant portion of the charter hire received does not appear in the Income Statement. These amounts are classified as 'repayment of investment in finance leases', and are only included in the Statement of Cashflows. For the second quarter, this amounted to $46.2 million or $0.64 per share.
Net cash provided by operating activities in the second quarter was $29.0 million, net cash used in investing activities was $201.9 million and net cash provided by financing activities was $125.7 million.
For the complete report please see the link below.
August 22, 2007 The Board of Directors Ship Finance International Limited Hamilton, Bermuda