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

Stocks in this article: DHT

DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced:

Financial highlights:

 
USD mill. (except per share)       Q4 2011       Q3 2011       2011       2010
                       
Revenue 25.3 26.6 100.1 89.7
EBITDA 13.1 13.6 52.7 51.6
Adjusted net income* 3.7 2.9 14.8 6.1
Adjusted EPS*       0.06       0.05       0.24       0.13
 
Interest Bearing Debt 280.6 299.7 280.6 265.2
Cash 42.6 45.4 42.6 58.6
Dividend 0.03 0.03 0.26 0.40
 

* adjusted for impairment and non-cash swap related items

 

Highlights of the quarter:

  • Steady operations with EBITDA of $13.1 million, net income of $4.2 million and EPS of $0.07. The company will pay a dividend of $0.03 per share for the quarter payable on February 15, 2012 for shareholders of record as of February 7, 2012.
  • Cash at quarter-end was $42.6 million, after total debt repayments of $19.2 million during the quarter.
  • The Company prepaid $18 million on its credit facility with Royal Bank of Scotland during the fourth quarter and will prepay an additional $12 million during the first quarter of 2012 to stay in compliance with the loan to value covenant. Following these prepayments, the next scheduled installment under this credit facility will be in the third quarter of 2014.
  • Amendment to the time charter of DHT Eagle with Frontline, whereby monthly charter hire shall be $26,000 per day for the remaining period of the charter commencing January 1, 2012. The difference between the original charter hire and the amendment, being $6,500 per day, shall be paid in arrears with one lump sum payment in December 2012 and a second lump sum payment at the end of the charter period. Following the amendment, the nominal revenue and charter period remains unchanged.
  • Three vessels will be redelivered from time charters. VLCC DHT Regal is expected redelivered from its charterer in March 2012 and will then enter the Tankers International Pool. The Aframaxes Overseas Ania and Overseas Rebecca are expected redelivered from their charterer in March with the company is considering various alternatives including disposal.
  • The company’s contract cover for 2012 is 70% with contracted revenues alone exceeding budgeted cash cost, including debt installments, for the year.

Fourth Quarter 2011 Results

The Company today reported revenues for the fourth quarter of 2011 of $25.3 million. For the quarter there was no profit sharing under our profit-sharing arrangements.

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