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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.1210 sec (8 req/sec)