LONDON, March 11, 2013 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and year ended December 31, 2012.
Fourth Quarter and Year To Date Highlights
- Reported revenue of $36.2 million for the fourth quarter 2012 and $153.2 million for the full year- Reported net income of $8.1 million for the fourth quarter 2012, after a $4.7 million non-cash interest rate derivative mark-to-market gain; net income for full year 2012 was $31.9 million, after a $9.7 million non-cash mark-to-market gain - Normalized net income (1) was $3.5 million for the fourth quarter and $22.2 million for the full year 2012 - Generated $23.3 million of Adjusted EBITDA (1) for the fourth quarter 2012, and $102.2 million for the full year - Agreed with lenders in November 2012 to waive the requirement to test the Leverage Ratio until December 1, 2014 and also to include all secured vessels in the test, whether subject to a charter or not - Repaid $11.1 million of bank debt during the fourth quarter of 2012; repaid $57.9 million in the year ended December 31, 2012 and $173.4 million since the fourth quarter 2009 Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "On the strength of our stable business model and a 99% utilization rate, we generated Adjusted EBITDA of $23.3 million for the fourth quarter and continued to de-lever our balance sheet, repaying an additional $11.1 million of debt. With all of our 17 vessels fully employed on time charters, we generated Adjusted EBITDA of $102.2 million during 2012 and utilized our sizeable cash flow to pay down a total of $57.9 million of debt." Mr. Webber continued, "With an average remaining lease term of over seven years for our fleet and contracted revenue totaling $1 billion, we remain well insulated from the current charter rate environment. Further, with supportive credit markets and having secured relief from our loan-to-value test until December 2014, our top priority is to strengthen our capital structure and enhance our financial flexibility to create incremental value for our shareholders. In the meantime, we will continue to utilize our cash flow to further de-lever our balance sheet."
|SELECTED FINANCIAL DATA – UNAUDITED|
|(thousands of U.S. dollars)|
|Three months ended||Three months ended||Year ended||Year ended|
|December 31, 2012||December 31, 2011||December 31, 2012||December 31, 2011|
|Adjusted EBITDA (1)||23,315||26,579||102,175||103,703|
|Normalized Net Income (1)||3,471||6,811||22,203||23,597|
|(1) Adjusted EBITDA and Normalized net income are non-US Generally Accepted Accounting Principles (US GAAP) measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. Reconciliations of such non-GAAP measures to the interim unaudited financial information are provided in this Earnings Release.|