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Global Ship Lease Reports Results For The Second Quarter Of 2013

Stocks in this article: GSL

LONDON, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and six months ended June 30, 2013.

Second Quarter and Year To Date Highlights

  • Reported revenue of $35.9 million for the second quarter 2013. Revenue for the six months ended June 30, 2013 was $71.1 million
  • Reported net income of $10.1 million for the second quarter 2013, including a $5.0 million non-cash interest rate derivative mark-to-market gain. For the six months ended June 30, 2013, net income was $17.4 million, after a $10.4 million non-cash mark-to-market gain.
  • Generated $22.9 million of Adjusted EBITDA (1) for the second quarter 2013. Adjusted EBITDA for the six months ended June 30, 2013 was $45.1 million
  • Excluding the non-cash mark-to-market items, normalized net income (1) was $5.1 million for the second quarter 2013 and $6.9 million for the six months ended June 30, 2013
  • Repaid $10.8 million debt during the second quarter of 2013 for a total repayment of $199.0 million since the fourth quarter 2009
  • Commenced one-year charters for two 4,113 TEU vessels at $7,000 per vessel per day. The new charters expire on April 30, 2014 plus/minus 30 days at charterer's option

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "With utilization of our fully time charted fleet of 17 vessels close to 100%, we generated Adjusted EBITDA of $22.9 million in the second quarter 2013, allowing us to continue to de-lever the Company."

Mr. Webber continued, "We successfully re-chartered two vessels in the quarter, thereby maintaining a strong and uninterrupted revenue stream, supporting $45.1 million of Adjusted EBITDA and $25.6 million of debt repayment in the first half of 2013. With contracted revenue of approximately $1 billion and an average remaining charter term of seven years, we continue to be well positioned to generate stable cash flow and further amortize our debt despite near-term industry challenges. As we continue to pay down debt, we are actively exploring opportunities to enhance our financial flexibility."

(thousands of U.S. dollars)
  Three Three Six Six
  months  months  months months
  ended ended  ended  ended
  June 30, June 30, June 30, June 30,
    2013  2012   2013  2012
Revenue  35,867 39,233 71,076 77,583
Operating Income 12,796 16,623 24,901 31,822
Net Income 10,128 7,514 17,361 15,464
Adjusted EBITDA (1) 22,922 26,788 45,097 51,956
Normalised Net Income (1) 5,140 6,607 6,919 11,881

(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.

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