Ship Finance International Posts Net Income Of $13.5 Mln In Q3 - Quick Facts

(RTTNews) - Ship Finance International Limited (SFL) announced its preliminary financial results for the third-quarter ended September 30, 2013. Reported net income for the latest-quarter was $13.5 million, and $0.14 per basic share. Reported net operating income for the latest-quarter was $24.3 million and $0.26 per share. Net income for the second-quarter ended June 30 2013 was $25.06 million, and $0.29 per basic share.

The latest-quarter result included a recorded non-cash mark-to-market loss related to interest rate hedge derivatives of $2.6 million and approximately $1 million of non-cash expense of theoretical equity cost relating to one of its convertible bonds. The latest-quarter also included $1.4 million of drydocking costs which were fully expensed in the quarter.

The Company reported total U.S. GAAP operating revenues on a consolidated basis of $68.1 million, in the third quarter of 2013. This number excludes $13.8 million of revenues classified as 'repayment of investments in finance lease', and also excludes $76.1 million of charter revenues earned by assets classified as 'investment in associate'.

Total operating revenues for the second-quarter ended June 30 2013 was $65.99 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share and revenues of $72.01 million for the third-quarter. Analysts' estimates typically exclude special items.

The company said its board has declared a quarterly cash dividend of $0.39 per share, and Ship Finance has now declared dividends for 39 consecutive quarters. The dividend will be paid on or about December 30, 2013 to shareholders of record as of December 12, 2013. The ex-dividend date will be December 10, 2013.