SFL - First Quarter 2013 Results

Ship Finance International Limited yesterday announced its preliminary financial results for the quarter ended March 31, 2013.
Highlights:
•    Declares first quarter dividend of $0.39 per share
•    Delivery of the final dry-bulk newbuilding and disposal of three older vessels in 1Q 2013
•    Refinanced $375 million bank debt related to an ultra-deepwater drilling rig - total capital raised now exceeds $1.4 billion since October 2012
•    Contracted four 8,700 TEU eco-design container newbuildings with delivery in 2014 and 2015
Dividends and Results for the Quarter Ended March 31, 2013
The Board of Directors has declared a quarterly cash dividend of $0.39 per share. The dividend will be paid on or about June 28, 2013 to shareholders of record as of June 21, 2013. The ex-dividend date will be June 19, 2013.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $65.1 million, or $0.76 per share, in the first quarter of 2013. This number excludes $14.0 million of revenues classified as `repayment of investments in finance lease`, and also excludes $74.9 million of charter revenues earned by assets classified as `investment in associate`.
The Company recorded a $18.0 million gain on sale of vessels in the quarter arising from the sale of three older vessels; a combination carrier, a Suezmax tanker and a non-double hull VLCC.
Reported net operating income pursuant to U.S. GAAP for the quarter was $43.8 million, or $0.51 per share, and reported net income was $32.4 million, or $0.38 per share.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: "We continue the renewal of the fleet and have now ordered four 8,700 TEU container vessels at historically low prices. The vessels will be built to high specifications at one of the leading shipyards in Korea and will include the latest in eco-design features.
Mr Hjertaker continued: "We see interesting investment opportunities also in our other core segments and expect to invest more capital in the near term with the ambition to build additional distribution capacity going forward."
http://www.shipfinance.org/reports/134876/R/1705876/564385.pdf
Source: Ship Finance International