Teekay LNG Reports 1Q Results
Teekay LNG Partners L.P. reported net income of $0.8m for the three months ended March 31 compared to net income of $41.9m for the three months ended March 31. The results for the first quarters of 2006 and 2005 include a $7.8m foreign currency exchange loss and a foreign currency exchange gain of $45.0m. Nearly all of Teekay LNG's foreign currency exchange gains and losses are unrealized. The Partnership generated $17.6m of distributable cash flow. Teekay GP L.L.C., the general partner of Teekay LNG, has declared a cash distribution of $0.4625 per unit for the first quarter of 2006, representing a total cash distribution of $16.5m. The cash distribution is payable on May 15 to all unitholders of record on May 10.