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TheStreet Open House

Global Ship Lease Reports Results For The Third Quarter Of 2013

Stocks in this article: GSL

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
         
Revenue  36,080 39,454 107,156 117,037
Operating Income 13,450 16,761 38,352 48,583
Net Income 7,264 8,343 24,625 23,807
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.  

Revenue and Utilization The 17 vessel fleet generated revenue from fixed rate long-term time charters of $36.1 million in the three months ended September 30, 2013, down $3.4 million on revenue of $39.5 million for the comparative period in 2012 due mainly to reduced revenue for two vessels following charter renewals at lower rates after the initial charters expired in September 2012, offset by less offhire from reduced levels of planned drydocking. There were 1,564 ownership days in the quarter, the same as the comparable period in 2012. There was no offhire in the three months ended September 30, 2013, giving utilization of 100.0%. In the comparable period of 2012, there were 12 days offhire, all for planned drydockings, for utilization of 99.2%.

For the nine months ended September 30, 2013, revenue was $107.2 million, down $9.8 million on revenue of $117.0 million in the comparative period, mainly due to lower revenue from charter renewals and 17 fewer ownership days as 2012 was a leap year, offset by 55 days less offhire, mainly from reduced levels of planned drydockings.

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