Teekay Corporation reported unaudited consolidated and parent earnings results for the first quarter ended March 31, 2013. Net loss attributable to stockholders of Teekay of $6.1 million, or $0.09 per share, for the quarter ended March 31, 2013, compared to net income attributable to stockholders of Teekay of $1.1 million, or $0.02 per share, for the same period of the prior year. Income from vessel operations was $62.8 million against $78 million reported last year. Total revenue was $451.0 million against $501.1 million reported last year. Net revenues for the first quarter of 2013 were $424.7 million, compared to $462.5 million for the same period of the prior year. Net operating cash out flow was $33.7 million against net operating cash flow of $56.8 million reported last year. Expenditure for vessels and equipment was $72.2 million against $46.7 million reported last year. Adjusted net loss attributable to stockholders of Teekay was $11.7 million, or $0.17 per share, for the quarter ended March 31, 2013, compared to an adjusted net loss attributable to stockholders of Teekay of $20.8 million, or $0.30 per share, for the same period of the prior year. For the quarter, the parent company reported net revenues of $122.2 million compared to $161.9 million reported in the same period last year. For the first quarter of 2013, Teekay Parent generated negative cash flow from vessel operations of $19.1 million, compared to negative cash flow from vessel operations of $7.2 million in the same period of the prior year. Loss from vessel operations was $17.2 million against $21.4 million reported last year. Net loss attributable to unit holders of the company was $6.1 million.

Teekay Corporation has announced the resignation of Geir Sekkesaeter, senior vice president of conventional fleet operations, and head of technical, safety and quality.

Teekay Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported revenue of $515,223,000 compared to $512,730,000 a year ago. Loss from vessel operations was $344,997,000 compared to income from vessel operations of $108,179,000 a year ago. Net loss attributable to the stockholders of company was $93,711,000 or $1.35 per diluted share compared to income attributable to the stockholders of company of $58,650,000 or $0.84 per diluted share a year ago. Adjusted net income attributable to stockholders of company was $2,941,000 or $0.04 per diluted share compared to $1,593,000 or $0.02 per diluted share a year ago. The company generated $218 million of total consolidated cash flow from vessel operations, an increase of approximately 3% from the fourth quarter of 2011.   For the full year, the company reported revenue of $1,956,235,000 compared to $1,953,782,000 a year ago. Loss from vessel operations was $150,393,000 compared to income from vessel operations of $108,412,000 a year ago. Net loss attributable to the stockholders of company was $160,180,000 or $2.31 per diluted share compared to $358,616,000 or $5.11 per diluted share a year ago. Net operating cash flow was $289,561,000 compared to $107,193,000 a year ago. Expenditures for vessels and equipment were $616,525,000 compared to $704,746,000 a year ago. Adjusted net loss attributable to stockholders of company was $54,862,000 or $0.79 per diluted share compared to $103,096,000 or $1.47 per diluted share a year ago.  The company declared a fourth quarter dividend which will be paid March 11, 2013 to all shareholders of record on March 4, 2013. Based on its ownership of Teekay Tankers Class A and Class B shares, the dividend to be paid to Teekay Parent will total $0.6 million for the fourth quarter of 2012. In line with Teekay Tankers’ growth strategy, commencing in the first quarter of 2013, Teekay Tankers will change from a variable full-payout dividend policy to a fixed annual dividend of $0.12 per share, payable quarterly. For the first quarter, 2013, the company expects G&A to be about $51 million. Net interest expense for is expected to be about $2 million higher due to the impact of the new Norwegian bond issued in Teekay Offshore in January 2013. Equity income is expected to increase by $4 million, reflecting the recently completed LPG joint venture with Exmar and the first oil being achieved for the Itajai FPSO in Brazil. Income tax expense is expected to be approximately $2 million in and noncontrolling interest expense is expected to be approximately $34 million to $36 million in as a result of higher expected earnings for TGP. For the fourth quarter, the company recorded asset impairment of $428,792,000 against $49,845,000 a year ago.