Five-Year Highlights
| 2007 | 2006 | 2005 | 2004 | 2003 | |
|---|---|---|---|---|---|
| (in thousands of U.S. $, except number of shares, per common share data, fleet and other financial data) | |||||
Income Statement Data: | |||||
| Total operating revenues | 224,674 | 239,697 | 171,042 | 163,410 | 132,765 |
| Gain on sale of newbuilding | 41,088 | - | - | - | - |
| Vessel operating expenses | 52,986 | 44,490 | 37,215 | 35,759 | 30,156 |
| Voyage expenses | 10,763 | 9,582 | 4,594 | 2,561 | 2,187 |
| Administrative expenses | 18,645 | 13,657 | 12,219 | 8,471 | 7,138 |
| Restructuring costs | - | - | 1,344 | - | - |
| Depreciation and amortization | 60,163 | 56,822 | 50,991 | 40,502 | 31,147 |
| Impairment of long-lived assets | 2,345 | - | - | - | - |
| Operating income | 120,860 | 115,146 | 64,679 | 76,117 | 62,137 |
| Gain on sale of available-for-sale securities | 46,276 | - | - | - | - |
| Net financial expenses | (65,592) | (52,156) | (39,319) | (25,304) | (15,140) |
| Income before equity in net earnings of investees, income taxes and minority interests | 101,544 | 62,990 | 25,360 | 50,813 | 46,997 |
| Income taxes and minority interests | (6,248) | (8,306) | (9,323) | (7,995) | (7,427) |
| Equity in net earnings of investees | 13,640 | 16,989 | 18,492 | 13,015 | - |
| Gain on sale of investee | 27,268 | - | - | - | - |
| Net income | 136,204 | 71,673 | 34,529 | 55,833 | 39,570 |
| Earnings per common share | |||||
| - basic | 2.09 | 1.09 | 0.53 | 0.85 | 0.68 |
| - diluted | 2.07 | 1.05 | 0.50 | 0.84 | 0.68 |
| Cash dividends declared and paid per common share | 2.25 | - | - | - | - |
| Weighted average number of shares – basic | 65,283 | 65,562 | 65,568 | 65,612 | 58,533 |
| Weighted average number of shares - diluted | 65,715 | 65,735 | 65,733 | 65,797 | 58,623 |
Balance Sheet Data (at end of year): | |||||
| Cash and cash equivalents | 185,739 | 56,616 | 62,227 | 51,598 | 117,883 |
| Restricted cash and short-term investments | 52,106 | 52,287 | 49,448 | 41,953 | 32,095 |
| Amounts due from related parties | 712 | 778 | 17 | 294 | 180 |
| Long-term restricted cash | 792,038 | 778,220 | 696,308 | 714,802 | 623,179 |
| Equity in net assets of non-consolidated investees | 14,023 | 97,255 | 65,950 | 48,869 | 12,176 |
| Newbuildings | - | 49,713 | 111,565 | 145,233 | 207,797 |
| Vessels and equipment, net | 659,018 | 669,639 | 533,008 | 371,867 | 211,098 |
| Vessels under capital lease, net | 789,558 | 796,186 | 676,036 | 706,516 | 553,385 |
| Total assets | 2,573,610 | 2,566,189 | 2,230,695 | 2,110,329 | 1,783,968 |
| Current portion of long-term debt | 80,037 | 72,587 | 67,564 | 66,457 | 61,331 |
| Current portion of obligations under capital leases | 5,678 | 5,269 | 2,466 | 2,662 | - |
| Long-term debt | 735,629 | 803,771 | 758,183 | 636,497 | 593,904 |
| Long-term obligations under capital leases | 1,024,086 | 1,009,765 | 801,500 | 842,853 | 616,210 |
| Minority interest | 36,983 | 32,436 | 27,587 | 26,282 | 18,706 |
| Stockholders’ equity | 552,532 | 507,044 | 434,554 | 402,770 | 338,801 |
| Common shares outstanding | 67,577 | 65,562 | 65,562 | 65,612 | 65,612 |
Cash Flow Data: | |||||
| Net cash provided by operating activities | 73,055 | 117,219 | 71,026 | 82,028 | 60,077 |
| Net cash provided by (used in) investing activities activities | 224,435 | (268,993) | (213,176) | (356,113) | (658,515) |
| Net cash (used in) provided by financing activities | (168,367) | 146,163 | 152,779 | 207,800 | 663,580 |
Fleet Data (unaudited) | |||||
| Number of vessels at end of year | 12 | 12 | 10 | 9 | 7 |
| Average number of vessels during year | 12 | 11.52 | 10 | 8.33 | 6.34 |
| Average age of vessels (years) | 14.7 | 13.7 | 15.3 | 15.9 | 19.3 |
| Total calendar days for fleet | 4,380 | 4,214 | 3,645 | 3,023 | 2,315 |
| Total operating days for fleet | 3,732 | 3,845 | 2,976 | 2,660 | 2,140 |
Other Financial Data (Unaudited): | |||||
| Adjusted EBITDA (1) | $268,207 | $188,957 | $134,162 | $129,634 | $93,284 |
| Average daily time charter equivalent (TCE) earnings (2) | $51,000 | $55,700 | $46,200 | $54,900 | $57,300 |
| Average daily vessel operating costs (3) | $12,097 | $10,558 | $10,210 | $11,800 | $13,000 |
Footnotes | |||||
| The following table reconciles net income to adjusted EBITDA. | |||||
| 2007 | 2006 | 2005 | 2004 | 2003 | |
| (in thousands of U.S.$) | |||||
| Net income | 136,204 | 71,673 | 34,529 | 55,833 | 39,570 |
| Depreciation and amortization | 60,163 | 56,822 | 50,991 | 40,502 | 31,147 |
| Interest income | (54,906) | (40,706) | (35,653) | (31,879) | (14,800) |
| Interest expense | 112,336 | 101,298 | 82,479 | 61,987 | 37,157 |
| Other financial items, net | 8,162 | (8,436) | (7,507) | (4,804) | (7,217) |
| Income taxes and minority interest | 6,248 | 8,306 | 9,323 | 7,995 | 7,427 |
| Adjusted EBITDA | 268,207 | 188,957 | 134,162 | 129,634 | 93,284 |
The following table reconciles our total operating revenues to average daily TCE. | |||||
| 2007 | 2006 | 2005 | 2004 | 2003 | |
| (in thousands of U.S.$, except number of days and average daily TCE) | |||||
| Total operating revenues | 224,674 | 239,697 | 171,042 | 163,410 | 132,765 |
| Voyage expenses | (10,763) | (9,582) | (4,594) | (2,561) | (2,187) |
| 213,911 | 230,115 | 166,448 | 160,849 | 130,578 | |
| Calendar days less scheduled off-hire days | 4,197 | 4,130 | 3,602 | 2,930 | 2,279 |
| Average daily TCE (to the closest $100) | 51,000 | 55,700 | 46,200 | 54,900 | 57,300 |
We calculate average daily vessel operating costs by dividing vessel operating costs by the number of calendar days.