LONDON, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and nine months ended September 30, 2013.
Third Quarter and Year To Date Highlights - Reported revenue of $36.1 million for the third quarter 2013. Revenue for the nine months ended September 30, 2013 was $107.2 million
- Reported net income of $7.3 million for the third quarter 2013, including a $1.4 million non-cash interest rate derivative mark-to-market gain. For the nine months ended September 30, 2013, net income was $24.6 million, after an $11.8 million non-cash mark-to-market gain- Generated $23.5 million of Adjusted EBITDA (1) for the third quarter 2013. Adjusted EBITDA for the nine months ended September 30, 2013 was $68.6 million - Excluding the non-cash mark-to-market items, normalized net income (1) was $5.9 million for the third quarter 2013 and $12.8 million for the nine months ended September 30, 2013 - Repaid $15.8 million of debt during the third quarter 2013 for a total repayment of $214.8 million since the fourth quarter 2009 Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the third quarter, our fleet achieved 100 percent utilization, giving maximum possible revenue and enabling the Company to generate $23.5 million of Adjusted EBITDA. We used our robust cashflow to reduce our debt, repaying $15.8 million during the quarter for a total of $214.8 million repaid since the fourth quarter of 2009. With a fully time chartered fleet and nearly $1 billion in contracted revenues and a de-levered balance sheet, we remain in a strong position to generate stable cash flow for shareholders and further strengthen our balance sheet."
|SELECTED FINANCIAL DATA – UNAUDITED|
|(thousands of U.S. dollars)|
|Three months ended||Three months ended||Nine months ended||Nine months ended|
|September 30, 2013||September 30, 2012||September 30, 2013||September 30, 2012|
|Adjusted EBITDA (1)||23,544||26,905||68,642||78,860|
|Normalized Net Income (1)||5,874||6,851||12,794||18,732|
|(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.|