Stolt-Nielsen Reports 2Q Results

Wednesday, July 14, 2004
Stolt-Nielsen S.A. reported results for the second quarter ended May 31, 2004. Net income for the latest quarter was $3.9 million on operating revenue of $448.4 million, compared to a net loss of $50.4 million, or $0.92 per share, on operating revenue of $760.7 million for the second quarter of 2003. The basic weighted average number of shares outstanding for the quarter was 62.8 million compared with 54.9 million for the same period in 2003. SNSA's reported results reflect the deconsolidation of Stolt Offshore S.A. (SOSA) in February 2004.

The net income for the six-month period ended May 31, 2004 was $14.9 million, on operating revenue of $1,116.4 million on operating revenue of $1,541.0 million for the same period in 2003. For the six-month periods of 2004 and 2003, the basic weighted average number of shares outstanding was 60.5 million and 54.9 million, respectively. A series of transactions in the first quarter of 2004 resulted in SNSA's deconsolidation of SOSA in February. Consequently, SNSA accounted for its investment in SOSA in accordance with the equity method of accounting, as reflected in the consolidated balance sheet of SNSA as of May 31, 2004 and the consolidated statement of operations for the three months ended May 31, 2004. In addition to the actual as reported historical information, SNSA has provided financial statements on a pro-forma basis reflecting the deconsolidation of SOSA in comparable prior periods, based on historical ownership percentages, as an attachment to this earnings release.

The results for the second quarter of 2004 included costs related to SNSA's financial restructuring of $10.5 million, which includes fees to financial and legal advisors as well as waiver fees paid to lenders, as well as SNTG legal expenses of $6.0 million, compared to nil and $4.8 million in the second quarter of 2003. The results for the first six months of 2004 included costs related to SNSA's financial restructuring of $19.9 million and SNTG legal expenses of $9.2 million, compared to nil and $5.5 million in the first six months of 2003. "SNTG reported income from operations of $40.7 million in the second quarter of 2004 compared with $32.5 million in the second quarter of 2003 and $29.2 million reported in the first quarter of this year.

"SNTG's parcel tanker division reported income from operations of $30.0 million in the second quarter of 2004, up substantially from $22.5 million in the second quarter of 2003 and $19.3 million in the first quarter of 2004. The Stolt Tankers Sailed-in Time Charter Index for the Joint Service in the second quarter of 2004 increased by 17% from the first quarter of 2004, which represents the largest single quarterly improvement in the Index since 1990. Parcel tanker operations are benefiting from strong volumes and higher rates in most major trade lanes. SNTG won several new contracts of affreightment during the quarter and contract renewals were up on average close to 10%. Bunker fuel prices remain at historically high levels. "SNTG's tank container division reported income from operations of $4.5 million in the second quarter of 2004, compared with $7.0 million in the second quarter of last year and $3.9 million in the first quarter of this year. The difference between the second quarter of last year and this year is primarily due to higher repositioning costs this year for empty tank containers. Utilization remains high at close to 80%. While the number of shipments is up 7.4% on a year-to-date basis compared with last year, competition keeps margins tight.”

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

NZ Interislander Ferry to Dry-dock in Devonport

NewZealand's KiwiRail says that the Interislander ferry Arahura has left Wellington for her scheduled bi-annual dry-docking in Devonport, having last visited Auckland in July 2012.

DoD Award Dredging, Ship Maintenance, Charter Contracts

US Department of Defense informs of placement of contracts for Chesapeake Bay dredging, dry-docking of USS Pearl Harbor, and charter of surface escort vessels. Details as follows: 1.

Finance

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

 
 
Maritime Contracts Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1092 sec (9 req/sec)