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DHT Holdings, Inc. Reports Third Quarter 2011 Results And Declares Quarterly Dividend Of $0.03 Per Share

Cash used in investing activities was $121.3 million for the first nine months of 2011 mainly due to the acquisitions of vessels during the period. There were no investments during the same period of 2010.

Cash flows provided from financing activities for the nine month period ended September 30, 2011 was $84.1 million mainly due to issuance of common stock and long term debt, partially offset by the repayment of $25.8 million in long term debt and $17.8 million in dividends. For the first nine months of 2010, net cash flows used in financing activities was $37.8 million which related to the payment of dividends and repayment of long term debt. Working capital, defined as total current assets less total current liabilities, was $39.1 million as of September 30, 2011 compared with $46.1 million at December 31, 2010. As of September 30, 2011 we have no commitments for capital expenditures other than for maintenance such as mandatory interim and special surveys.

We monitor our covenant compliance on an ongoing basis. Decline in vessel values could result in our company no longer being in compliance with its minimum value covenants. Such non-compliance could result in our company making pre-payments under its credit agreements. As of the date of our most recent compliance certificates submitted for the third quarter, we remain in compliance with our financial covenants.

   

1)

 

Operating cash flow after debt service represents the sum of net income, amortization of unrealized loss of interest rate swaps, fair value (gain)/loss on derivative financial instrument, depreciation and amortization, impairment charge and repayment of long term debt. Please refer to the table for reconciliation between net income and operating cash flow after debt service.

 

Reconciliation of non-IFRS financial measures

($ in thousands except shares and per share amounts)

 
  3Q 2011   3Q 2010   9 months   9 months
Jul.1 - Sep. Jul.1 - Sep. Jan. 1 - Sep. Jan. 1 - Sep.
30, 2011 30, 2010 30, 2011 30, 2010
Unaudited Unaudited Unaudited Unaudited
 
Net Income/(loss) (52,754) 3,578 (44,465) (658)
Amortization of unrealized loss of interest rate swaps 423 2,002 1,337 11,092
Fair value (gain)/loss on derivative financial instrument (750) (2,096) (1,847) (9,217)
Impairment charge 56,000 - 56,000 -
Net Income/(loss) adjusted for non-cash
financial items and Impairment charge 2,919 3,484 11,025 1,217
 
 
Weighted average number of shares (diluted) 64,450,762 48,762,255 62,190,586 48,727,580
Net Income adjusted for non-cash financial items
per share 0.05 0.07 0.18 0.02
 
 
Net income/(loss) (52,754) 3,578 (44,465) (658)
Amortization of unrealized loss of interest rate swaps 423 2,002 1,337 11,092
Fair value (gain)/loss on derivative financial instruments (750) (2,096) (1,847) (9,217)
Depreciation and amortization 8,445 7,152 22,985 21,240
Impairment charge 56,000 - 56,000 -
Repayment of long term Debt* (25,234) - (25,843) -
Operating cash flow after debt service (13,870) 10,636 8,167 22,457
*3Q 2011 inkludes $24 mill. in voluntary prepayment
 
Operating cash flow after debt service per share (0.22) 0.22 0.13 0.46
 

EARNINGS CONFERENCE CALL INFORMATION

DHT will host a conference call at 8:00 a.m. EDT Tuesday October 25, 2011 to discuss the results for the quarter. All shareholders and other interested parties are invited to join the conference call, which may be accessed by calling 1 877 249 9037 within the United States, 23162771 within Norway and +44 207 136 5054 for international callers. The passcode is “DHT”. A live webcast of the conference call will be available in the Investor Relations section on DHT's website at http://www.dhtankers.com.

An audio replay of the conference call will be available through November 8, 2011. To access the replay, dial 1 866 932 5017 within the United States, 21000498 within Norway or +44 207 111 1244 for international callers and enter 7243020# as the pass code.

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