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Teekay Corporation's CEO Discusses Q2 2012 Results - Earnings Call Transcript

During our call today, I’ll be walking through the second quarter of 2012 earnings presentation, which can be found on our website. Beginning on Slide 3 of the presentation, I will briefly review some recent highlights for Teekay Corporation and our three publicly traded daughter companies.

For the second quarter of 2012, Teekay Corporation generated total consolidated cash flow from vessel operations or CFVO of $208.4 million, an increase of approximately 26% from the second quarter of 2011.

As a reminder, last quarter we changed the format of our operating results table to include our share of the CFVO generated from our equity accounted investments given their increasing significance, in addition to the CFVO generated by our fully consolidated businesses.

Teekay Corporation reported a consolidated adjusted net loss of $17 million or $0.25 per share for the second quarter of 2012, just under half of the consolidated adjusted net loss of $0.51 per share that we reported in the second quarter of 2011. The reduction in our adjusted net loss for the quarter reflects the contributions from the strategic acquisitions and new building deliveries over the past year, in addition to the progress we’ve made on our profitability enhancement initiatives for our existing assets.

In late June, we completed the previously announced sale of 13 of our 17 conventional Teekay Tankers, two Teekay Tankers for $454.2 million. As a result of the transaction, which closed late in the second quarter, we will not see the full quarter effect until next quarter.

With completion of this transaction, Teekay Parent’s exposure to the conventional tanker market will now be mostly indirect through our minority, but controlling equity ownership in the significantly larger Teekay Tankers.

At our June Investor Day in New York, we announced we had offered to sell the Voyageur Spirit FPSO to Teekay Offshore Partners upon commencement of its charter contract in the North Sea in the fourth quarter of 2012.

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