Sea Containers Report 4Q Results

Thursday, February 06, 2003
Sea Containers Ltd. marine container lessor, passenger and freight transport operator and leisure industry investor, said today that it has received a number of inquiries about the recent fall in the company's common share price. James B. Sherwood, president, said that he was mystified because the company had an excellent fourth quarter in 2002 and its earnings for the year will be significantly higher than the $27.9 million ($1.40 per common share diluted) reported for the nine months ended September 30, 2002. This will represent a huge improvement over the net income of $4.5 million ($0.24 per common share diluted) reported for the full year 2001. Sherwood said that the 2002 results were currently under audit and the company would announce its results late in March as customary. Sherwood said that the fourth quarter, 2002 results were better than expected because marine container leasing showed improvement and the company's rail subsidiary, GNER, had achieved important cost savings while revenue was on target. Sherwood said that "shelf" registrations for sale of Sea Containers common shares and those of Orient-Express Hotels Ltd. owned by the company, as well as the Form 144 filing for sale of his own shares were exhausted late in 2002 and new filings have recently been made. Sherwood said in his own case he has no present intention of selling any of his shares in the company at today's distress prices.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

MPC Honors Crowley for Tank Vessel Safety

Crowley Maritime Corporation’s petroleum services division has once again been honored by Marathon Petroleum Company (MPC) with its annual Elite Vessel Award, which

Finance

US Funding for Air Emissions/Alternative Energy Projects

The U.S. Maritime Administration (MARAD) announced that up to $1.3 million in Federal funding is now available through cooperative agreements for projects supporting

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

 
 
Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1465 sec (7 req/sec)