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

Forward Looking Statements

This press release contains assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2011.

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.

 

DHT HOLDINGS, INC.

 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
($ in thousands)
 
ASSETS Note Sep. 30 2011 Dec. 31 2010
Current assets Unaudited Audited
Cash and cash equivalents $ 45,393 58,569
Accrued charter hire 4,520 464
Prepaid expenses 2,182 2,713
Total current assets 52,095 61,746
 
Vessels 5 459,981 412,744
Other assets 559 21
Other long term receivables 118 844
Deposit for vessel acquisition 5 - 5,500
Total assets 512,752 480,855
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses 4,514 4,449
Derivative financial instruments 4 3,413 3,065
Current portion long term debt 4 4,938 -
Prepaid charter hire 150 8,088
Total current liabilities 13,014 15,602
 
Non-current liabilities
Long term debt 4 294,789 265,231
Derivative financial instruments 4 1,038 3,224
Other long term liabilities 327 457
Total non-current liabilities 296,154 268,912
 
Total liabilities 309,168 284,514
 
Stockholders' equity
Common stock 6.7 640 487
Paid-in additional capital 6.7 308,485 240,537
Retained earnings/(deficit) (104,383) (42,188)
Other components of equity (1,158) (2,495)
Total stockholders equity 203,584 196,341
   
Total liabilities and stockholders' equity 512,752 480,855
       

DHT HOLDINGS, INC.

CONDENSED CONSOLIDATED INCOME STATEMENT
($ in thousands, except per share amounts)
 
3Q 2011 3Q 2010 9 months 9 months
Jul. 1 - Sep. 30 Jul. 1 - Sep. 30 Jan. 1 - Sep. 30 Jan. 1 - Sep. 30
Note 2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited
Gross revenues $ 26,639 $ 23,304 $ 74,811 $ 66,801
 
Operating expenses
Voyage expenses - - (1,294) -
Vessel expenses (8,197) (6,803) (23,187) (22,870)
Charter hire expense (2,484) - (3,687) -
Depreciation and amortization 5 (8,445) (7,152) (22,985) (21,240)
Impairment charge 5 (56,000) - (56,000) -
General and administrative expense (2,349) (2,094) (7,021) (6,290)
Total operating expenses $ (77,476) $ (16,049) $ (114,174) $ (50,400)
 
Operating income/(loss) $ (50,837) $ 7,255 $ (39,363) $ 16,401
 
Interest income 17 50 80 100
Interest expense (1,979) (3,821) (5,352) (11,574)

Fair value gain/(loss) on derivative financial

instruments 4 327 94 501 (1,875)
Other Financial income/(expenses) (260) - (260) (3,710)
Profit/(loss) before tax $ (52,732) $ 3,578 $ (44,394) $ (658)
 
Income tax expense (22) - (72) -
Net income/(loss) after tax $ (52,754) $ 3,578 $ (44,465) $ (658)
Attributable to the owners of parent $ (52,754) $ 3,578 $ (44,465) $ (658)
 
Basic net income per share (0.82) 0.07 (0.72) (0.01)
Diluted net income per share (0.82) 0.07 (0.72) (0.01)
 
Weighted average number of shares (basic) 64,450,762 48,762,255 62,172,378 48,727,580
Weighted average number of shares (diluted) 64,450,762 48,762,255 62,190,586 48,727,580
 
 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
 
Profit for the period $ (52,754) $ 3,578 (44,465) (658)
 
Other comprehensive income:
Reclassification adjustment from
previous cash flow hedges 423 2,002 1,337 11,092
Total comprehensive income for the period $ (52,331) $ 5,580 $ (43,128) $ 10,434
 
Attributable to the owners of parent $ (52,331) $ 5,580 $ (43,128) $ 10,434
     

DHT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
($ in thousands)
 
3Q 2011 3Q 2010 9 months 9 months
Note Jul. 1 -Sep.30 2011 Jul. 1 -Sep.30 2010 Jan. 1 - Sep. 30, 2011 Jan. 1 - Sep. 30, 2010
Unaudited Unaudited Unaudited Unaudited
Cash Flows from Operating Activities:
Net income/(loss) $ (52,754) $ 3,578 $ (44,465) $ (658)
Items included in net income not affecting cash flows:
Depreciation and amortization 5 8,490 7,197 23,077 21,380
Impairment charge 5 56,000 - 56,000 -
Amortization related to interest and swap expense (327) (94) (501) 1,875

Deferred compensation related to options and

restricted stock 272 404 648 751
Changes in operating assets and liabilities:

Accrued charter hire, prepaid expenses and long

term receivables 2,040 43 (2,798) 748

Accounts payable, accrued expenses, prepaid charter hire and

long term liabilities (8,133) (2,243) (7,951) (869)
Net cash provided by operating activities $ 5,589 $ 8,885 $ 24,010 $ 23,227
 
Cash Flows from Investing Activities:
Decrease/(increase) in vessel acquisitions deposits - - 5,500 -
Investment in vessels (1,755) - (126,158) -
Investment in fixtures and fittings (67) - (625) -
Net cash used in investing activities $ (1,823) $ - $ (121,282) $ -
 
Cash flows from Financing Activities
Issuance of common stock 6.7 - - 67,540 -
Cash dividends paid 7 (6,445) (4,876) (17,772) (9,848)
Issuance of long term debt 4 - - 60,169 -
Repayment of long-term debt 4 (25,234) - (25,843) (28,000)
Net cash provided by/(used) in financing activities $ (31,679) $ (4,876) $ 84,094 $ (37,848)
 
Net increase/(decrease) in cash and cash equivalents (27,913) 4,009 (13,179) (14,621)
Cash and cash equivalents at beginning of period 73,305 54,034 58,569 72,664
Cash and cash equivalents at end of period $ 45,392 $ 58,043 $ 45,390 $ 58,043
 
Specification of items included in operating activities:
Interest paid 1,915 3,704 5,087 11,681
Interest received 17 50 80 100
 

DHT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
($ in thousands except shares)
Unaudited
 
Common Stock Paid-in Retained Cash Flow Total
Note 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 (658 ) 11,092 10,434
Cash dividends declared and paid 7 (9,848 ) (9,848 )
Issue of common stock -

Compensation related to options

and restricted stock

    86,358       751           751  
Balance at September 30, 2010     48,762,255   487   240,375   (44,330 )   (3,271 )   193,261  
 
 
Balance at January 1, 2011 48,921,961 $ 487 $ 240,537 $ (42,188 ) $ (2,495 ) $ 196,341
Total comprehensive income (44,465 ) 1,337 (43,128 )
Cash dividends declared and paid 7 (17,772 ) (17,772 )
Issue of common stock 6 15,425,300 154 67,342 67,496
Compensation related to options and restricted stock     103,501       647           647  
Balance at Sept 30, 2011     64,450,762   641   308,526   (104,425 )   (1,158 )   203,584  
 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 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. The Company’s principal activity is the ownership and operation of a fleet of crude oil carriers. Our strategy is to employ our vessels in a combination of charters with stable cash flow and market exposure.

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