2011 Results News

Huntington Ingalls Industries (NYSE: HII) reported fourth quarter 2012 revenues of $1.82 billion, up 5.1 percent from the same period last year. Segment operating income for the fourth quarter was $140 million, compared to $127 million in the same period last year. Total operating income for the fourth quarter was $106 million, compared to $121 million in the same period last year. Pension-adjusted total operating income for the fourth quarter was $131 million, or 7.2 percent of revenue…

Company announces offering of $650 million senior secured term loan. Commercial Barge Line Company  announced results for the quarter and year ended December 31, 2012. For the year, the Company reported total revenues of $811.6 million and Adjusted EBITDAR of $232.1 million. Compared to 2011 results, revenues declined $41.4 million, or 4.9%, while Adjusted EBITDAR improved by $57.8 million, or 33.2%. For the quarter, total revenues were $207.9 million compared to $244.5 million in 2011 and Adjusted EBITDAR was $62.8 million compared to $60.3 million in 2011. Commenting on the results, Mark Knoy, President and Chief Executive Officer…

Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2011 ("Fiscal 2011"). The Company's revenues for Fiscal 2011 were approximately $20,213,000, an approximate 9% decrease compared to approximately $22,305,000 in the Company's fiscal year ended December 31, 2010 ("Fiscal 2010"). The net income for Fiscal 2011 was approximately $521,000, as compared to net loss of approximately $1,087,000 for Fiscal 2010. The decrease of the company's revenues was mainly due to further decline in revenues from trading activities as some major foreign suppliers market and sell their products directly or through many distributors in China instead of using the Company as their sole distributor as in the past.

Horizon Lines, Inc. have reported financial results for the fiscal fourth quarter ended December 25, 2011.Financial results are being presented on a continuing operations basis, excluding the discontinued FSX and logistics operations. "Our fourth-quarter operating performance from continuing operations was relatively stable when compared with a year ago, as both container volumes and rates reflected marginal improvement on a comparable 52-week basis," said Stephen H. Fraser, interim President and Chief Executive Officer. "Our financial performance was pressured by high fuel prices, the ongoing recession in Puerto Rico, severe winter weather in Alaska, and increased expenses from incremental lift and equipment costs resulting from the expiration of certain of our Maersk agreements.

Conrad Industries Inc. announced its fourth-quarter and twelve months 2011 results and the addition of new business during the first quarter totaling $61.8 million. For the quarter ended December 31, 2011, Conrad had net income of $6.8 million and earnings per diluted share of $1.09, compared to net income of $3.3 million and earnings per diluted share of $0.51 during the fourth quarter of 2010. The Company had net income of $19.2 million and earnings per diluted share of $3.01 for the twelve months ended December 31, 2011, compared to net income of $10.3 million and earnings per diluted share of $1.60 for the twelve months ended December 31, 2010.

Conrad Industries, Inc. has announced its fourth quarter and twelve months 2011 results and the addition of new business during the first quarter totaling $61.8 million. New business added during the first quarter of 2012 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $68.7 million, compared to $47.1 million at December 31, 2011, $112.3 million at March 31, 2011, and $89.5 million at December 31, 2010. New contracts added during the first quarter of 2012 include four 297'6"x 54'x 12' 30,000 bbl. tank barges, a 245'x 48'x 12'LPG tank barge, a 260'x 72'x 16' ocean deck barge…

Driven by growth through a strategic acquisition in the decorative coatings market, Hempel’s revenue grew by 21 per cent in 2011, passing the EUR one billion milestone for the first time. The Hempel Group delivered an operating profit of EUR 72 million in 2011, and a record turnover of EUR 1,077 million. Increasing raw material prices had an impact on Group profitability. Hempel’s 2011 results: Group revenues rose by 21 per cent, from EUR 889 million to EUR 1,077 million. EBITDA of EUR 105 million was the second highest in the Group’s history. Operating profit of EUR 72 million was  reported. The net profit was EUR 35 million. The growth in revenue was driven by the revenue gained following the strategic acquisition of Crown Paints…

OSX, a company which provides equipment and services for the offshore oil and gas industry, part of EBX Group, consolidated third quarter 2011 results with important achievements, including the start of the construction of the Açu Shipbuilding Unit (UCN Açu); arrival of FPSO OSX-1 in Rio de Janeiro; agreement for the construction of the FPSO OSX-3; a financing agreement for the construction of FPSO OSX-2 ($850 Million); and Disclosure of its 2011-2015 Execution Plan. OSX finished the fourth quarter with a R$7 million net profit and the full year of 2011. The consolidated cash position of the Company and its subsidiaries on December 31st, 2011 was of R$1.0 billion (R$ 2.2 billion on December 31st, 2010).

VIKING achieves an eight year track record of constant growth. Global success in the crucial offshore market and around-the-world export growth are behind yet another solid financial report from fast-expanding VIKING Life-Saving Equipment, which joins a long list of Danish exporters that are defying today’s economic difficulties. ANNUAL ACCOUNTS: In 2011, VIKING Life-Saving Equipment A/S, global manufacturer of safety equipment for the maritime, offshore and fire industries, continued its seemingly unstoppable and increasingly global expansion…

Transocean Ltd. reported a net loss attributable to controlling interest of $6.119 billion, or $18.62 per diluted share, for the three months ended December 31, 2011. The results compare to a net loss attributable to controlling interest of $799 million, or $2.51 per diluted share, for the three months ended December 31, 2010. • New contracts totaling $1.4 billion were secured in the Fleet Status Report period October 17, 2011 through February 14, 2012. • An estimated, non-cash charge of $5.2 billion, or $15.83 per diluted share, resulting from a goodwill impairment associated with the contract drilling services reporting unit. • $1.0 billion…

Greek-based containership owner Danaos Corporation (NYSE: DAC) reported unaudited results for the quarter and full year ended December 31, 2011. - Operating revenues of $128.3 million for the three months ended December 31, 2011 compared to $100.5 million for the three months ended December 31, 2010, an increase of 27.7%. - Operating revenues of $468.1 million for the year ended December 31, 2011 compared to $359.7 million for the year ended December 31, 2010, an increase of 30.1%. - Adjusted EBITDA1 of $88.8 million for the three months ended December 31, 2011 compared to $65.0 million for the three months ended December 31, 2010, an increase of 36.6%.

Aker Solutions ASA: Fourth quarter and preliminary annual results 2011. Aker Solutions reported an 18 percent increase in revenues and a solid operating result in the fourth quarter of 2011, reflecting strong market conditions and high activity in the oil and gas industry. Revenues in the fourth quarter of 2011 amounted to NOK 11 600 million, compared with NOK 9 794 million in the same period one year ago. Earnings before interest, tax, depreciation and amortisation continuing operations (EBITDA) rose 29.6 percent to NOK 1 047 million (NOK 808 million)…

The Directors of Keppel Corporation Limited advise the following unaudited results of the Group for the full year ended 31 December 2011. The FY 2011 Report Card and the Address by Mr Choo Chiau Beng, Chief Executive Officer, are below. I am pleased to announce that 2011 was yet another record year for Keppel Corporation. Our net profit grew by 14% to a new high of nearly $1.5 billion. This is the fifth year running that our net profit has surpassed the $1 billion mark. Also for the fifth consecutive year, our Return on Equity has remained above 20%. Economic Value Added has also increased to $1,024 million for the year. With these strong results, the Board of Directors will be recommending a total distribution to shareholders of 43 cents per share for the whole year.

Dockwise Ltd. announced 12 new awards totaling $55m, of which six, to the value of more than $15m, are for execution in Q4 2011. The remaining contracts are for execution in 2012 and 2013. Furthermore the company has entered into a Master Service Agreement (MSA) with Keppel of Singapore for transportation of their jack-up and semi-submersible drilling units. The $55m awards comprise contracts for transportation of four jack-up drilling rigs, one semi-submersible drilling rig, assorted dredging equipment, offshore transfer and elevation platforms and tugs & barges. Transportations in 2012 will now also include a SPAR buoy from Finland to the Gulf of Mexico and a LOI for a multi voyage module transportation assignment.

Hamilton, Bermuda, May 23, 2011. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2011. •    The Board of Directors declared an increased quarterly dividend of $0.39 per share. •    Net income for the quarter was $32.1 million, or $0.41 per share, including an accrued profit share in the first quarter of $2.3 million, or $0.03 per share. •    In February 2011, the Company acquired a 2007-built jack-up drilling rig in combination with a seven-year bareboat charter back to the seller.

Athens, Greece – July 21, 2011 -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and six months periods ended June 30, 2011. The Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the second quarter of 2011. Net revenue for the second quarter of 2011 increased by 1% to $41.2 million from $40.6 million during the same period in 2010. Net income for the second quarter of 2011 decreased by 22% to $19.1 million from $24.4 million during the same period in 2010. Adjusted net income1 for the second quarter of 2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010.

Global container shipping and logistics group Neptune Orient Lines (NOL) reported a net loss of $67 million for the first half of 2011 compared to a $1 million net profit in the same period a year ago. The Group said it lost $57 million in the second quarter of 2011. NOL reported a 9% revenue increase in the first half of 2011 to US$4.595 billion. It announced a Core EBIT (Earnings Before Interest and Taxes) loss of US$28 million. The Group said first half 2011 results were affected by higher operating costs, especially for fuel, and declining freight rates. It added that its supply chain management business, APL Logistics, increased revenue and Core EBIT. “Conditions are challenging throughout the shipping industry,” said NOL Group CEO Ronald D. Widdows.

Morgan City, Louisiana (August 15, 2011) - Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its second quarter and six months 2011 financial results. For the quarter ended June 30, 2011, Conrad achieved net income of $5.2 million and earnings per diluted share of $0.81 compared to net income of $3.6 million and earnings per diluted share of $0.56 during the second quarter of 2010. The Company had net income of $8.9 million and earnings per diluted share of $1.39 for the six months ended June 30, 2011 compared to net income of $5.4 million and earnings per diluted share of $.83 for the six months ended June 30, 2010. The diluted shares for the quarters and six months ended June 30, 2011 and June 30, 2010 are 6.4 million and 6.5 million, respectively.

The second quarter of 2011 saw slightly improved time charter equivalent (TCE) revenue resulting in improved results compared to the first quarter 2011, and led to an impoved H1 2011 EBITDA compared with H1 2010. EBITDA in Q2 2011 was $4.8 million, up from $1.5 million in Q1 2011, and cash flow was a positive USD 4.3 million compared to a negative cash flow in Q1 2011 of USD 6.1 million, Nordic Tankers reported for the first half of 2011. In H1 2011 Nordic Tankers’ TCE revenue increased by $20.4 million compared to H1 2010 to $51.2 million ($30.8 million). EBITDA was $6.3 million in H1 2011 ($1.9 million) and the result before tax was a loss of $5.9 million ($-12.0 million).

OceanFreight Inc. (NASDAQ: OCNF) announced for the three-month period ended June 30, 2011 the company reported a Net Loss of $1 million or $0.16 basic and diluted loss per share. Included in these results is a loss of $2.0 million associated with the sale of M/T Olinda. Excluding this item, Net Income for the second quarter of 2011 would amount to $1 million or $0.16 cents basic and diluted earnings per share. On July 20, 2011, the company received notice from the Nasdaq Stock market that the company regained compliance with the minimum bid price of $1.00 per share and the noncompliance matter is now closed. On July 26, 2011, it entered into a definitive agreement for DryShips Inc.

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below. Excluding infrequently occurring and non-cash items, the Company’s net results would have amounted to a net income of $17.4 million or $0.04 per share. - Impairment losses from the sale of vessels La Jolla, Conquistador, Samsara, Brisbane and Toro, net of gain from the total loss of the Oliva, amounting to $87.0 million, or $0.25 per share.

Statoil's third quarter 2011 net operating income was NOK 39.3 billion, a 39% increase compared to NOK 28.2 billion in the third quarter of 2010. "Statoil delivered strong financial results in the third quarter of 2011, reflecting operational performance in line with expectations and strong oil and gas prices throughout the period," says Helge Lund, Statoil's chief executive officer. Statoil presented the long term strategy and long term growth outlook on its capital markets day in June 2011…

Announcement to include Third Quarter 2011 Results Release, Conference Call and Webcast. DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today that it will release its results for the third quarter 2011 after the market closes in New York on Monday, November 7, 2011. DryShips' management team will host a conference call the following day on Tuesday, November 8, 2011, at 9:00 a.m.