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DHT Holdings, Inc. Reports First Quarter 2011 Results And Declares Quarterly Dividend Of $0.10 Per Share

Stocks in this article: DHT

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

Reconciliation of non-IFRS financial measures

($ in thousands except shares and per share amounts)

 
  1Q 2011   1Q 2010
Jan. 1 - Mar. Jan. 1 - Mar.
31, 2011 31, 2010
Unaudited Unaudited
 
Net Income 4,014 (2,209 )
Amortization of unrealized loss of interest rate swaps 466 6,060
Fair value (gain)/loss on derivative financial instrument (716 ) (5,073 )
Net Income adjusted for non-cash financial items 3,764   (1,222 )
 
Weighted average number of shares (diluted) 57,599,218 48,688,005

Net Income adjusted for non-cash financial items per share

0.07 (0.03 )
 
 
Net income 4,014 (2,209 )
Amortization of unrealized loss of interest rate swaps 466 6,060
Fair value (gain)/loss on derivative financial instruments (716 ) (5,073 )
Depreciation and amortization 6,753   7,008  

Free cash flow from operations after contractual debt service

10,517   5,786  
 

Free cash flow from operations after contractual debt service per share

0.18 0.12
 

DHT HOLDINGS, INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2011

FINANCIAL INFORMATION

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

($ in thousands except per share amounts)

 
ASSETS   Note   March 31, 2011   December 31, 2010
Unaudited Audited
Current assets
Cash and cash equivalents $ 102,184 58,569
Accrued charter hire 404 464
Prepaid expenses 3,602   2,713  
Total current assets 106,190   61,746  
 
Vessels 5 461,100 412,744
Other assets 384 21
Other long term receivables 836 844
Deposit for vessel acquisition 5 6,700   5,500  
Total assets 575,211   480,855  
 

 

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses 5,329 4,449
Derative financial instruments 3,086 3,065
Prepaid charter hire 7,833   8,088  
Total current liabilities 16,248   15,602  
 
Non-current liabilities
Long term debt 4 292,365 265,231
Derative financial instruments 4 2,486 3,224
Other long term liabilities 420   457  
Total non-current liabilities 295,271   268,912  
 
Total liabilities 311,519   284,514  
 
Stockholders' equity
Common stock

6,7

641 487
Paid-in additional capital

6,7

308,144 240,537

Retained earnings/(deficit)

(43,065 ) (42,188 )
Other components of equity (2,029 ) (2,495 )
Total stockholders equity 263,691   196,341  
   
Total liabilities and stockholders' equity 575,211   480,855  
 

CONDENSED CONSOLIDATED STATEMENT OF INCOME STATEMENT

($ in thousands)

 
    1Q 2011   1Q 2010
Note Jan. 1 - Mar. 31, 2011 Jan. 1 - Mar. 31, 2010
Unaudited Unaudited
Gross revenues $ 22,269 $ 22,417
 
Operating expenses
Voyage expenses (1,299 ) -
Vessel expenses (6,434 ) (7,180 )
Depreciation and amortization 5 (6,753 ) (7,008 )
General and administrative (2,437 ) (1,827 )
Total operating expenses (16,923 ) (16,015 )
 
Operating income 5,346   6,402  
 
Interest income 43 19
Interest expense (1,600 ) (3,933 )
Fair value gain/(loss) on derative financial instruments 4 250   (4,697 )
Profit/(loss) before tax 4,038   (2,209 )
 
Income tax expense (23 ) -  
Net income/(loss) after tax $ 4,014   $ (2,209 )
Attributable to the owners of parent $ 4,014 $ (2,209 )
 
Basic net income per share 0.07 (0.05 )
Diluted net income per share 0.07 (0.05 )
 
Weighted average number of shares (basic) 57,544,595 48,688,005
Weighted average number of shares (diluted) 57,599,218 48,688,005
 
 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
 
Profit for the period $ 4,014 $ (2,209 )
 
Other comprehensive income:
Reclassification adjustment from previous cash flow hedges 466 6,060
   
Total comprehensive income for the period $ 4,480   $ 3,851  
 
Attributable to the owners of parent $ 4,480   $ 3,851  
 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

($ in thousands)

 
    1Q 2011   1Q 2010
Note

Jan. 1 - Mar. 31, 2011

Jan. 1 - Mar. 31, 2010
Unaudited Unaudited
Cash Flows from Operating Activities:
Net income $ 4,014 (2,209 )
Items included in net income not affecting cash flows:
Depreciation and amortization 6,800 7,056
Amortization related to interest and swap expense (250 ) 987
Deferred compensation related to options and restricted stock 221 244
Changes in operating assets and liabilities:
Accrued charterhire, prepaid expenses and long term receivables (821 ) (281 )
Accounts payable, accrued expenses, prepaid charter hire and long term liabilities 588   (975 )
Net cash provided by operating activities 10,553   4,822  
 
Cash Flows from Investing Activities:

Decrease/(increase) in vessel acquisitions deposits

(1,200 ) -
Investment in vessels (55,102 ) -
Investment in fixtures and fittings (371 ) -  
Net cash used in investing activities (56,673 ) -  
 
Cash flows from Financing Activities
Issuance of common stock

6,7

67,540 -
Cash dividends paid 7 (4,892 ) (97 )
Issuance of long term debt, net of acquisition costs 27,088 -
Repayment of long-term debt -   (28,000 )
Net cash provided by/(used) in financing activities 89,736   (28,097 )
 
Net increase/(decrease) in cash and cash equivalents 43,615 (23,275 )
Cash and cash equivalents at beginning of period 58,569   72,664  
Cash and cash equivalents at end of period 102,184   49,389  
 
Specification of items included in operating activities:
Interest paid 1,481 4,275
Interest received 43 27
 

SUMMARY CONSOLIDATED STATEMENT OF CHANGES

IN SHAREHOLDERS’ EQUITY

($ in thousands except shares)

Unaudited

 
  Common Stock   Paid-in   Retained   Cash Flow   Total
Shares   Amount Additional Capital Earnings Hedges equity
 
 
Balance at January 1, 2010 48,675,897 $ 487 $ 239,624 $ (33,824 ) $ (14,363 ) $ 191,924
Total comprehensive income (2,209 ) 6,060 3,851
Cash dividends declared and paid (97 ) (97 )
Issue of common stock -
Compensation related to options and restricted stock   26,284           244                 244  
Balance at March 31, 2010   48,702,181     487     239,868     (36,130 )     (8,303 )     195,922  
 
 
Balance at January 1, 2011 48,921,961 $ 487 $ 240,537 $ (42,188 ) $ (2,495 ) $ 196,341
Total comprehensive income 4,014 466 4,480
Cash dividends declared and paid (4,892 ) (4,892 )
Issue of common stock 15,425,300 154 67,387 67,541
Compensation related to options and restricted stock               221                 221  
Balance at March 31, 2011   64,347,261     641     308,145     (43,066 )     (2,029 )     263,691  
 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2011

Note 1 – General information

DHT Holdings, Inc. (“DHT” or the “Company”) is a limited company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company’s principal executive office is located at 26 New Street, St Helier, Jersey, Channel Islands.

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