STAVANGER, Norway, Aug. 27, 2014 (GLOBE NEWSWIRE) --
Highlights from the second quarter
*) EBITDA is defined as earnings before interest, depreciation and amortization equal to operating profit plus depreciation and amortization. Condensed consolidated income statements Second quarter and half year 2014 results Consolidated revenues for the second quarter 2014 were US$342.6 million compared to US$273.7 million for the first quarter 2014. Operating profit for the second quarter was US$104.8 million, an increase of US$33.6 million compared to the first quarter operating profit of US$71.2 million. Net financial items for the second quarter of 2014 amounted to a loss of US$42.4 million. The loss included US$27.4 million in interest expenses and US$19.3 million loss related to financial derivatives, compared to the first quarter 2014 that incurred a loss of US$48.5 million including interest expenses of US$23.4 million and US$22.5 million in a settlement premium for the prepayment of the US$500 million bond. Income taxes for the second quarter were US$2.7 million. Net income for the second quarter was US$59.7 million, and basic earnings per share were US$0.24. The Company reports operating revenues of US$616.3 million, operating income of US$176.0 million and a net income of US$79.9 million for the six months ended June 30, 2014. This compares to operating revenues of US$692.6 million, operating income of US$178.5 million and a net income of US$118.6 million for the six months ended June 30, 2013. The full report for the second quarter can also be downloaded from www.nadlcorp.com | Investor relations | Financial reports Questions should be directed to North Atlantic Management AS represented by: Ragnvald Kavli: Chief Financial Officer Tore Byberg: VP Commercial Finance
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
NADL Second Quarter 2014 report http://hugin.info/155697/R/1851455/646688.pdf
NADL Fleet status Q2 2014 http://hugin.info/155697/R/1851455/646687.pdf