HAMILTON, Bermuda, Dec. 2, 2002 (PRIMEZONE) -- Golar LNG (Other OTC:GRLGF):
-- Golar LNG reports third quarter EBITDA of $24.5 million
-- Net income for the quarter amounts to $1.9 million after the impact
of a net loss of $7.6 million as a result of the "mark to market"
valuation of interest rate swaps.
-- The Company's registration statement with the U.S. Securities
and Exchange Commission has been declared effective and the Company
is aiming to start trading its shares on the Nasdaq National Market
in mid December.
-- Firm Gas Prices world wide.
THIRD QUARTER AND NINE MONTHS RESULTS
Golar LNG reports net income of $1.9 million for the three months ended September 30, 2002, compared with a loss of $2.2 million for the same period last year. Earnings per share for the quarter were $0.03. This is after a gross charge of $12.7 million as a result of the movement of the fair value of interest rate swaps due to the reduction in long-term interest rates between June and September 2002. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter were $24.5 million compared with $21.9 million for the comparable period in 2001.
Net operating revenue for the quarter was $32.6 million and average daily time charter equivalents (TCE's) were $58,400. Total vessel operating expenses were $6.6 million.
Administration costs of $1.5 million include costs of $0.3 million which represent Golar's 10 per cent share of expenses incurred by the Baja LNG joint venture in respect of project development activities undertaken.
Net interest expense for the quarter was $5.6 million, which reflects continued benefit from lower USD LIBOR rates that have reduced the cost of floating rate loans. The main component of other financial items of $13.0 million was $12.7 million associated with the fair valuing of interest rate swaps. This has been caused by the significant fall in long-term swap interest rates between June 2002 and September 2002. The charge is offset by the minority interest element of 40 per cent resulting in a net book loss for Golar of $7.6 million.
Net income for the nine months to September 30, 2002 was $17.0 million (2001 net loss $4.8 million) and EBITDA was $72.7 million (2001 EBITDA $59.8 million). The improvement in net income from the previous year is a reflection of increased hire rates for four of the ships and a reduction in interest expenses. As noted above, net income is after the impact of the movement of the fair value of interest rate swaps. The total loss on the interest rate swap for the nine months was $17.9 million and after minority interest share the impact on net income was $10.7 million.
The weighted average number of shares outstanding as of September 30, 2002 and for the quarter then ended was 56,012,000. In view of the current newbuilding investment program, the Company will not pay a dividend for the third quarter 2002.
The full report is enclosed on the following link: http://reports.huginonline.com/883485/111016.pdf