443 0 Kommentare SFL - Second Quarter 2014 Results

Ship Finance International Limited (NYSE: SFL) - Earnings Release

Reports preliminary second quarter 2014 results and quarterly dividend of $0.41 per share

Hamilton, Bermuda, August 28, 2014. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended June 30, 2014.

Highlights

Second quarter dividend of $0.41 per share
$1.8 million accumulated in cash sweep from Frontline
Increased charter rate on the drilling rig West Linus following commencement of sub-charter
Delivery of two 82,000 dwt dry-bulk carriers in combination with long-term charters
Agreement to sell three older VLCCs
Selected key financial data:

Three Months Ended
	Jun 30, 2014	Mar 31, 2014
Charter revenues⁽¹⁾	$157m	$160m
EBITDA⁽²⁾	$129m	$130m
Net income	$ 22m	$ 41m
Earnings per share	$0.24	$0.44

Dividends and Results for the Quarter Ended June 30, 2014

The Board of Directors has declared a quarterly cash dividend of $0.41 per share, and Ship Finance has now declared dividends for 42 consecutive quarters. The dividend will be paid on or about September 30, 2014 to shareholders on record as of September 12, 2014. The ex-dividend date will be September 10, 2014.

The Company reported total U.S. GAAP operating revenues on a consolidated basis of $73.0 million, or $0.78 per share, in the second quarter of 2014. This number excludes $11.3 million of revenues classified as 'repayment of investments in finance lease', and also excludes $73.7 million of charter revenues earned by assets classified as 'investment in associate'.

The cash sweep agreement with subsidiaries of Frontline had a positive effect of $1.8 million, or $0.02 per share in the quarter despite the soft tanker market in the quarter. The cash sweep for the full year 2014 will be payable in March 2015. There was also a $0.3 million profit share in the quarter relating to four Handysize dry-bulk carriers.

Reported net operating income pursuant to U.S. GAAP for the quarter was $30.8 million, or $0.33 per share, and reported net income was $22.4 million, or $0.24 per share. This includes approximately $1.0 million of non-cash expense of theoretical equity cost relating to one of our convertible bonds and $5.9 million of non-cash negative mark-to-market on interest rate swaps.