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Ship Finance International GAAP operating revenues $92 million

Staff writer |
Ship Finance International Limited announced its preliminary financial results for the quarter ended June 30, 2015. The board has declared an increased quarterly cash dividend of $0.44 per share.




The dividend will be paid on or about September 30, 2015 to shareholders on record as of September 14, 2015, and the ex-dividend date at the New York Stock Exchange will be September 10, 2015. This will be the 46th consecutive quarterly dividend declared by the company.

The company reported total U.S. GAAP operating revenues on a consolidated basis of $92 million, or $0.98 per share, in the second quarter of 2015. This number excludes $9.5 million of revenues classified as "repayment of investments in finance lease", and $46 million of charter revenues earned by 100% owned assets classified as "investment in associate".

The cash sweep agreement with Frontline had a positive effect of $9.9 million, or $0.11 per share in the second quarter. For the first half of 2015, a total cash sweep of $19.9 million was recorded.

This amount was paid to the company in August and going forward, the new 50% profit share will be calculated and payable on a quarterly basis. There was also a $0.9 million profit share in the second quarter relating to some of our dry-bulk carriers.

Reported net operating income pursuant to U.S. GAAP for the quarter was $16.7 million, or $0.18 per share, and reported net income was $67.9 million, or $0.73 per share.

This is after approximately $29 million, or $0.31 per share, in non-cash vessel impairments related to two smaller container vessels in the second quarter of 2015 and a gain of approximately $45 million, or $0.48 per share, on the sale of notes and warrants in Horizon Lines.


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