Ship Finance International Limited Reports preliminary third quarter 2014 results

Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2014.

Highlights

Third quarter dividend of $0.41 per share

$7.9 million accumulated in cash sweep from Frontline

Acquisition of two 2012-built 82,000 dwt dry-bulk carriers in combination with long-term charters

Delivery of two 8,700 TEU container vessels in combination with long-term charters

Sale of three older VLCCs

Dividends and Results for the Quarter Ended September 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 43 consecutive quarters. The dividend will be paid on or about December 30, 2014 to shareholders on record as of December 12, 2014. The ex-dividend date at NYSE will be December 10, 2014.

The Company reported total U.S. GAAP operating revenues on a consolidated basis of $83.2 million, or $0.89 per share, in the third quarter of 2014. This number excludes $11.3 million of revenues classified as ‘repayment of investments in finance lease’, and $82.3 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 $7.9 million, or $0.08 per share in the quarter despite the soft tanker market that continued into the third quarter. The cash sweep for the full year 2014 will be payable in March 2015. There was also a $0.1 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 $38.5 million, or $0.41 per share, and reported net income was $34.6 million, or $0.37 per share. This is after approximately $2.8 million of expenses related to amortization of deferred charges which has no cash effect for the Company.

Source: Ship Finance International Limited