Marine Link
Sunday, September 25, 2016

Teekay Corporation Reports Q1 Results

May 14, 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 (TK) 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



Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News