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TheStreet Open House

Global Ship Lease Reports Results For The Fourth Quarter Of 2010

Stocks in this article: GSL

LONDON, March 8, 2011 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months ended December 31, 2010.

Fourth Quarter and Year To Date Highlights - Reported revenue of $40.0 million for the fourth quarter of 2010, up slightly on $39.9 million for the fourth quarter 2009 due to 16 days offhire in fourth quarter 2009 for a planned drydocking. Revenue for the year ended December 31, 2010 was $158.8 million, up 7% on $148.7 million for the year ended December 31, 2009 due to the full year effect of our seventeenth vessel purchased in August 2009 and better utilization from lower offhire

- Reported net income of $1.2 million for the fourth quarter of 2010, including an $11.7 million non-cash interest rate derivative mark-to-market gain and $17.1 million impairment charge. Reported net income for the fourth quarter 2009 was $12.3 million, including $5.1 million non-cash mark-to-market gain. The net loss for the year ended December 31, 2010 was $4.0 million including $15.3 million non-cash interest rate derivative mark-to-market loss and $17.1 million impairment charge compared to net income of $42.4 million for the year ended December 31, 2009 including $17.9 million non-cash interest rate derivative mark-to-market gain and $2.2 million accelerated write off of deferred financing costs

- Generated $26.4 million EBITDA (1) for the fourth quarter 2010, down 5% on $27.9 million for the fourth quarter 2009 due mainly to vessel repairs, maintenance and stores catch up. EBITDA for the year ended December 31, 2010 was $108.9 million, up 11% on $99.0 million for the year ended December 31, 2009 mainly due to the additional vessel

- Excluding the non-cash mark-to-market items and the impairment charge, normalized net income (1) was $6.6 million for the fourth quarter of 2010 compared to normalized net income of $7.3 million for the fourth quarter 2009. Normalized net income for the year ended December 31, 2010 was $28.4 million compared to normalized net income of $26.6 million for the year ended December 31, 2009

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "2010 was a year of significant progress for Global Ship Lease. We achieved almost 100% utilization of our vessels and posted record revenues. We proactively converted our contractual obligation to acquire two 4,250 TEU vessels in December 2010 into purchase options under which we have the ability to purchase one vessel in December 2011 and the other in January 2012. Finally, we paid down $55.4 million of debt during the year. These steps improve our financial flexibility going forward."

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