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Global Ship Lease Reports Results For The Third Quarter Of 2010

Mr. Webber continued, "We are pleased to have reached agreement with the sellers of the two 4,250 TEU vessels which we were due to purchase in December 2010 and for which we did not have financing. Our proactive decision to convert the purchase of these two vessels into options eliminates any risk of not being able to perform on our purchase commitments and, crucially, provides the Company the right but not obligation to purchase the vessels in one year."  

(thousands of U.S. dollars except per share data)      
  Three months ended Sept 30, 2010 Three months ended Sept 30, 2009 Nine months ended Sept 30, 2010 Nine months ended Sept 30, 2009
Revenue  40,040 37,623 118,802 108,824
Operating Income  16,703 16,132 52,546 43,855
Net (Loss) Income (3,526) (3,893) (5,198) 30,026
(Loss) Earnings per A and B share  (0.06) (0.07) (0.10) 0.56
Normalised net earnings (1) 6,173 6,249 21,834 19,383
Normalised earnings per A and B share (1) 0.11 0.12 0.40 0.36
EBITDA (1) 26,803 25,601 82,501 71,096
Adjusted Cash From Operations (1) 15,450 15,361 48,873 45,507

(1) Normalized net earnings, normalized earnings per share, EBITDA and adjusted cash from operations are non-US Generally Accepted Accounting Principles (US GAAP) measures, as explained further in this press release, and reconciliations are provided to the interim unaudited financial information.

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