Nordic Shipholding A/S Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Year of 2014
May 28 14
Nordic Shipholding A/S announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the group incurred a loss before tax of USD 1.1 million compared to a larger loss of USD 2.5 million before tax in the same quarter last year. This was due to lower interest expenses of USD 1.3 million and no contribution in first quarter of 2013 from Nordic Ruth as she underwent repairs and was off-hire. EBITDA fell 8.3% to USD 1.2 million compared to USD 1.3 million for the same period last year, due mainly to higher professional fees incurred and costs relating to the change of technical managers. Operating result EBIT was USD 241,000 compared to USD 258,000 for the same period last year. Loss per share was 0.27 cents compared to 6.31 cents for the same period last year. Time charter equivalent revenue (TCE revenue) was USD 7,348,000 compared to USD 5,746,000 for the same period last year. Cash flow from operations was USD 1.1 million compared to USD 1.5 million for the same period last year mainly from the distributions earned by the respective pools and after payment of periodic interest expense on the working capital facility and term loan. Investments in tangible assets were USD 174,000.
For the full year of 2014, the company announced barring unforeseen circumstances, it's forecasted TCE revenue from the six product tankers is expected to be in the region of USD 27.0 million to USD 30.0 million, EBITDA to be in the range of USD 9.0 million to USD 12.0 million while results before tax is expected to be between loss of USD 2.0 million and profit of USD 1.0 million. The group's cash flows expected to be between out flows of USD 1.0 million and in flows of USD 2.0 million.
Nordic Shipholding A/S Auditor Raises 'Going Concern' Doubt
Mar 11 14
Nordic Shipholding A/S filed its Annual on Mar 11, 2014 for the period ending Dec 31, 2013. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Nordic Shipholding A/S Reports Audited Consolidated and Company Earnings Results for the Full Year Ended December 31, 2013
Mar 11 14
Nordic Shipholding A/S reported audited consolidated and company earnings results for the full year ended December 31, 2013. For the full year, the company reported total revenue of $13,580,000, LBITDA of $40,000, operating loss (LBIT) of $1,116,000, results before tax from continuing operations of $19,454,000 and result of $19,435,000 compared to revenue of $13,561,000, LBITDA of $500,000, operating loss (LBIT) of $13,007,000, loss before tax from continuing operations of $55,005,000 and loss of $64,294,000 a year ago. Cash flows used in operating activities were $2,646,000 against $3,795,000 a year ago.
For the period, the group reported revenue of $60,002,000, EBITDA of $3,601,000, operating loss (LBIT) of $2,029,000, result before tax from continuing operations of $19,471,000 and loss of $19,435,000 compared to revenue of $57,333,000, EBITDA of $6,513,000, operating loss (LBIT) of $40,842,000, loss before tax from continuing operations of $54,966,000 and loss of $64,294,000 a year ago. Basic and diluted result per share was $0.37 against basic and diluted loss per share $1.65 a year ago. Cash flows used in operating activities were $5,806,000 against $3,518,000 a year ago.