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Article Excerpt
DHT Maritime, Inc. (NYSE:DHT) announced results for the period from January 1 to March 31, 2009. Total revenues for this period were $29.8 million and net income was $6.9 million, or $0.17 per share (diluted). Effective January 1, 2009 DHT no longer accounts for interest rate swaps as hedges for accounting purposes and as a result, net income for the first quarter of 2009 includes non-cash financial expenses related to interest rate swaps totaling $3.5 million. Adjusted for these non-cash financial expenses net income was $10.4 million and earnings per share was $0.26. Distributable cash flow per share for the quarter was $0.431.
The Board of Directors of DHT has decided to pay a dividend of $0.25 per share for the first quarter 2009. The dividend will be paid on June 16, 2009 to shareholders of record as of the close of business on June 3, 2009.
DHT plans to host a conference call at 8:30 am ET on May 19, 2009 to present the results for the quarter. See below for further details. Accounting Changes Effective January 1, 2009, DHT changed the basis on which it prepares its financial statements from U.S. GAAP, to International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Previously reported financial statements have been converted to IFRS, but did not result in any changes to the Statement of Operations for 2008, and the changes to the Balance Sheet as of January 1, 2008 and December 31, 2008 are immaterial. A conversion document has been prepared and includes a further discussion of the change to IFRS including Balance Sheet as of January 1, 2008 and December 31, 2008 in accordance with IFRS. The conversion document has been filed as an attachment to the interim financial report filed with the SEC on form 6-K.
Note 1) Distributable cash flow is equal to net income plus depreciation plus non-cash financial expenses related to interest rate swaps.
In addition, effective January 1, 2009, DHT changed the way it accounts for interest rate swaps. The Company will no longer account...
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