Teekay Reports 1Q Results

Teekay Corporation reported net income of $15.2m, or $0.21 per share, for the quarter ended March 31, 2008, compared to net income of $76.4 million, or $1.02 per share, for the quarter ended March 31, 2007. The results for the quarters ended March 31, 2008 and 2007 included a number of specific items (predominantly unrealized losses relating to foreign exchange translation and interest rate swaps) that had the net effect of decreasing net income by $45.6 million, or $0.62 per share, and by $7.4 million, or $0.10 per share, respectively, as detailed in Appendix A to this release. Net revenues(2) for the first quarter of 2008 increased to $567.7m from $459.5mfor the same period in 2007, and income from vessel operations decreased to $110.9 million from $125.5 million.