Seaspan Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net earnings were $55.6 million or $0.53 per diluted share compared with $51.3 million or $0.51 per diluted share a year ago. Normalized net earnings were $28.4 million or $0.21 per diluted share compared with $33.2 million or $0.30 per diluted share a year ago. Adjusted EBITDA was $121.2 million compared with $115.8 million a year ago. Revenue was $164.9 million compared with $153.4 million a year ago. Operating earnings were $75.7 million compared with $74.4 million a year ago. Cash from operating activities was $34.3 million compared with $49.8 million a year ago. Expenditures for vessels were $59.2 million compared with $86.6 million a year ago. Intangible assets were $1.1 million compared with $7.0 million a year ago. Normalized net earnings attributable to common shareholders were $9.1 million compared with $16.6 million a year ago. Revenue increased is due primarily to the impact of a full quarter's contribution of the larger new build vessels delivered in 2012 that have higher time-charter rates. These increases were partially offset by an increase in unscheduled off-hire which includes 221 off-charter days for four of Seaspan's 4250 TEU vessels, fewer days in 2013 due to leap year and lower rates for four vessels which were on short-term charters during the quarter.

Seaspan Corporation, Q1 2013 Earnings Call, Apr 30, 2013

Seaspan Corporation announced that they will report Q1, 2013 results at 5:00 PM, Fiji Standard Time on Apr 29, 2013