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Global Ship Lease Reports Results For The Fourth Quarter Of 2010

Stocks in this article: GSL

At December 31, 2010, the total mark-to-market unrealized loss recognized as a liability on the balance sheet was $44.4 million.

Unrealized mark-to-market adjustments have no impact on operating performance or cash generation in the period reported.

Taxation

Taxation for the three months ended December 31, 2010 was $0.6 million credit as a result of movement in the balance for deferred taxation and following a review of tax exposures. Taxation was $0.1 million charge for the three months ended December 31, 2009. 

For the year ended December 31, 2010 taxation was $0.1 million charge, including $0.4 million tax relating to Marathon Acquisition Corp for the period up to August 14, 2008, compared to $0.4 million charge in the prior year.

Net Income Net income for the three months ended December 31, 2010 was $1.2 million including $11.7 million non-cash interest rate derivative mark-to-market gain and $17.1 million impairment charge. For the three months ended December 31, 2009 net income was $12.3 million, including $5.1 million non-cash interest rate derivative mark-to-market gain. Normalized net income was $6.6 million for the three months ended December 31, 2010 and $7.3 million for the three months ended December 31, 2009. 

For the year ended December 31, 2010 the net loss was $4.0 million including $15.3 million non-cash interest rate derivative mark-to-market loss and $17.1 million impairment charge. For the year ended December 31, 2009 net income was $42.4 million including $17.9 million non-cash interest rate derivative mark-to-market gain and $2.2 million accelerated write off of deferred financing fees. Normalized net income was $28.4 million for the year ended December 31, 2010 and was $26.6 million for the year ended December 31, 2009. 

Credit Facility

On August 20, 2009, the Company entered into an amendment to its credit facility, whereby the loan-to-value covenant has been waived up to and including November 30, 2010 with the next loan-to-value test scheduled for April 30, 2011. Amounts borrowed under the amended credit facility bear interest at LIBOR plus a fixed interest margin of 3.50% up to November 30, 2010. Thereafter, the margin will be between 2.50% and 3.50% depending on the loan-to-value ratio. In the absence of actual current loan-to-value ratios, a loan-to-value ratio of 100% is assumed. 

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