Global Ship Lease, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Jeffrey Pribor Steps Down as Director of Global Ship Lease, Inc
March 11, 2013 at 05:30 pm IST
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Global Ship Lease, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported revenue of $36,168,000, operating income of $13,249,000, income before income taxes of $8,159,000 and net income of $8,121,000 or $0.17 per basic and diluted share against revenue of $39,714,000, operating income of $16,503,000, income before income taxes of $10,648,000 and net income of $10,860,000 or $0.23 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $14,869,000 against $11,064,000 for the same period a year ago. Adjusted EBITDA was $23,315,000 against $26,579,000 for the same period a year ago. Normalized net income was $3,471,000 against $6,811,000 for the same period a year ago.
For the year, the company reported revenue of $153,205,000, operating income of $61,832,000, income before income taxes of $32,056,000 and net income of $31,928,000 or $0.67 per basic and diluted share against revenue of $156,268,000, operating income of $49,927,000, income before income taxes of $9,145,000 and net income of $9,071,000 or $0.19 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $83,698,000 against $74,872,000 for the same period a year ago. Adjusted EBITDA was $102,175,000 against $103,703,000 for the same period a year ago. Normalized net income was $22,203,000 against $23,597,000 for the same period a year ago. Revenue was down due to lower levels of charterhire on two vessels for new charters which commenced in late September 2012.
As of March 8, 2013, Jeffrey Pribor stepped down as a Director of Global Ship Lease, Inc. in order to dedicate his time and attention to his new role at Jefferies & Co. as Global Head of Maritime Investment Banking.
Global Ship Lease, Inc. is a United Kingdom-based containership owner, leasing ships to container shipping companies under industry-standard, fixed-rate time charters. The Company focuses on mid-size Post-Panamax and smaller containerships. As a containership owner, its business is both procyclical with chartered tonnage and counter-cyclical with sale and lease-back structures. The Company owns 68 containerships, ranging from 2,207 to 11,040 TEU, with a combined capacity of 375,406 TEU. 36 ships are wide beam Post-Panamax. The mix of ship sizes within its fleet provides flexibility to deploy its vessels on a range of trading routes. Its portfolio of vessels includes CMA CGM Thalassa, ZIM Norfolk, Anthea Y, ZIM Xiamen, MSC Tianjin, MSC Qingdao, GSL Ningbo, GSL Alexandra, GSL Effie, GSL Lydia, GSL Sofia, GSL Kalliopi, GSL Grania, GSL Eleni, Mary, Kristina, Katherine, Alexandra, Alexis, Olivia I, CMA CGM Berlioz, Agios Dimitrios, and GSL Christel Elisabeth, among others.
Global Ship Lease, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Jeffrey Pribor Steps Down as Director of Global Ship Lease, Inc