If we begin on Slide 3 of the presentation, I will briefly review some recent highlights for Teekay Corporation and our three daughter companies. For Q3 2011, Teekay Corporation generated a consolidated $157 million of cash flow from vessel operations, or CFVO, an increase of 18% from Q3 2010. We reported a consolidated adjusted net loss of $40.6 million, or $0.58 per share in Q3 on a consolidated basis. This was a disappointment. The profits from our fixed-rate businesses were not enough to make up for the losses from our spot tanker operations, including in-chartering of tonnage which took place in previous years.While the third quarter of the year is usually the weakest quarter on a seasonal basis it was particularly weak this quarter. In addition we also looked at our tanker franchise including the booked value of our tanker assets and, after analysis, recorded some non-cash write downs to the goodwill and the booked value of some of our MR product tankers and older crude tankers.
Teekay's CEO Discusses Q3 2011 Results - Earnings Call Transcript
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