Teekay Corporation Reports Q1 Results

Press Release
Friday, May 13, 2011

Highlights

* First quarter 2011 cash flow from vessel operations of $136.4 million.
* First quarter 2011 adjusted net loss attributable to stockholders of Teekay of $27.9 million, or $0.39 per share (excluding specific items which decreased GAAP net income by $1.8 million, or $0.02 per share).
* Completed sale of remaining 49 percent interest in Teekay Offshore Operating L.P. to Teekay Offshore Partners for $390 million; Teekay Offshore increased cash distribution by 5.3 percent.
* Agreed to sell 33 percent interest in four Angola LNG carrier newbuildings to Teekay LNG Partners upon their respective deliveries in 2011 and early 2012.
* Entered into joint venture agreement with Odebrecht to jointly pursue FPSO business in Brazil.
* Ordered newbuilding FPSO conditional on finalizing a long-term charter contract in the North Sea.
* Total consolidated liquidity of $2.2 billion as at March 31, 2011, of which $1.1 billion at Teekay Parent.
* As of May 11, 2011, 2.5 million ($82 million) of Teekay Corporation shares repurchased under existing $200 million authorization (1.1 million shares or $38 million since February 23, 2011).

Teekay Corporation (NYSE: TK) today reported an adjusted net loss attributable to stockholders of Teekay(1) of $27.9 million, or $0.39 per share, for the quarter ended March 31, 2011 compared to adjusted net loss of $3.9 million, or $0.05 per share, attributable to the stockholders of Teekay for the same period of the prior year. Adjusted net loss attributable to stockholders of Teekay excludes a number of specific items that had the net effect of decreasing GAAP net income by $1.8 million (or $0.02 per share) for the three months ended March 31, 2011 and decreasing GAAP net income by $10.1 million (or $0.14 per share) for the three months ended March 31, 2010, as detailed in Appendix A to this release. Including these items, the Company reported on a GAAP basis, net loss attributable to the stockholders of Teekay of $29.7 million, or $0.41 per share, for the quarter ended March 31, 2011, compared to net loss attributable to the stockholders of Teekay of $14.0 million, or $0.19 per share, for the same period of the prior year. Net revenues(2) for the first quarter of 2011 were $442.9 million, compared to $498.9 million for the same period of the prior year.

 

Source: http://www.teekay.com

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