Seaspan Corporation announced today the financial results for the fourth quarter and year ended December 31, 2007.
Fourth Quarter 2007 and Year-to-Date Highlights
- Declared a fourth quarter dividend of $0.475 per share paid on February 15, 2008 to all shareholders of record as of February 1, 2008, increasing aggregate dividends to $1.81375 per share for 2007 and cumulative dividends to $4.19 per share since the Company's initial public offering;
- Generated a record $31.9 million in cash available for distribution(1) for the quarter and $114.4 million for the full year;
- Increased normalized net earnings(2), which exclude the non-cash unrealized loss from interest rate swap agreements, to $17.5 million, or $0.31 per share, for the quarter and $62.6 million, or $1.18 per share, for the full year;
- Including the non-cash unrealized loss of $37.6 million and $72.4 million, respectively, for the quarter and year ended, from interest rate swap agreements, which do not represent results from Seaspan's operating earnings, reported a net loss of $20.0 million, or $0.35 per share, for the fourth quarter and $10.4 million, or $0.20 per share, for the full year;
- Reported record revenue of $55.0 million and $199.2 million, respectively, for the quarter and year ended December 31, 2007;
- Took delivery of six vessels during 2007;
- Expanded Seaspan's contracted fleet to 68 vessels through the execution of five transactions to acquire and charter a total of 27, increasing our total contracted revenue to more than $7.1 billion over the life of the contracts;
- Announced the acceleration of Seaspan's newbuilding delivery schedule for 2008 with the delivery of six 2500 TEU newbuildings this year, an increase from two as originally planned;
- Raised $296.8 million in net proceeds from follow-on offerings of our common stock in April 2007 and August 2007;
- Amended Seaspan's $1.0 billion credit facility agreement in May 2007 to a senior secured revolving credit facility and increased the maximum facility amount to $1.3 billion;
- Completed a $920.0 million revolving credit facility in August 2007 led by DnB NOR Bank ASA;
- Secured $400 million in a lease financing structure and $150.0 million in debt financing at favourable rates; and
- Arranged for approximately $290.0 million in additional debt financing in January 2008
