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."  

SELECTED FINANCIAL DATA – UNAUDITED
(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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