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

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

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.1614 sec (6 req/sec)