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Teekay Corporation Reports Second Quarter Results
11 Aug, 2010 @ 04:01 pm EDT
HAMILTON, BERMUDA -- (Marketwire) -- 08/11/10 -- Teekay Corporation (NYSE: TK) -
Highlights
- Second quarter 2010 cash flow from vessel operations of $195.1 million, up 50 percent from the same period of the prior year
- Second quarter 2010 adjusted net loss attributable to stockholders of Teekay of $26.1 million, or $0.36 per share (excluding specific items which decreased GAAP net income by $127.1 million, or $1.74 per share)
- Adjusted net loss excludes $29 million, or $0.40 per share, second and final catch-up payment received relating to Foinaven FPSO contract amendment
- Signed seven-year contract extension in Brazil for the Cidade de Rio das Ostras (Siri) FPSO unit, estimated to increase annual cash flow from this unit by over 20 percent, commencing in the latter part of fourth quarter of 2010
- Selected as preferred bidder for Tiro Sidon FPSO project in Brazil; contract negotiations in progress with Petrobras
- Completed sale of three conventional tankers to Teekay Tankers and one FSO unit to Teekay Offshore; total proceeds of $213 million used to reduce Teekay Parent debt
- As at June 30, 2010, current consolidated liquidity of $2.2 billion; $2.8 billion in total consolidated liquidity, including pre-arranged newbuilding financing
Teekay Corporation (Teekay or the Company) today reported an adjusted net loss attributable to stockholders of Teekay(1) of $26.1 million, or $0.36 per share, for the quarter ended June 30, 2010, compared to an adjusted net loss of $21.8 million, or $0.30 per share, attributable to the stockholders of Teekay for the same period of the prior year. Adjusted net loss attributable to stockholders of Teekay excludes a number of specific items that had the net effect of increasing the GAAP net loss by $127.1 million (or $1.74 per share) for the three months ended June 30, 2010 and decreasing GAAP net income by $181.2 million (or $2.49 per share) for the three months ended June 30, 2009, as detailed in Appendix A to this release. Including these items, the Company reported on a GAAP basis, net loss attributable to the stockholders of Teekay of $153.1 million, or $2.10 per share, for the quarter ended June 30, 2010, compared to net income attributable to the stockholders of Teekay of $159.4 million, or $2.19 per share, for the same period of the prior year. Net revenues(2) for the second quarter of 2010 increased to $478.2 million, compared to $469.5 million for the same period of the prior year.
For the six months ended June 30, 2010, the Company reported an adjusted net loss attributable to stockholders of Teekay(1) of $30.0 million, or $0.41 per share, compared to adjusted net loss attributable to the stockholders of Teekay of $10.9 million, or $0.15 per share, for the same period of the prior year. Adjusted net loss attributable to stockholders of Teekay excludes a number of specific items that had the net effect of increasing GAAP net loss by $137.2 million (or $1.88 per share) and decreasing GAAP net income by $251.7 million (or $3.45 per share), respectively, as detailed in Appendix A to this release. Including these items, the Company reported on a GAAP basis, net loss attributable to the stockholders of Teekay of $167.2 million, or $2.29 per share, for the six months ended June 30, 2010, compared to net income attributable to the stockholders of Teekay of $240.9 million, or $3.30 per share, for the same period of the prior year. Net revenues(2) for the six months ended June 30, 2010 were $970.6 million, compared to $995.4 million for the same period of the prior year.
On July 6, 2010, the Company declared a cash dividend on its common stock of $0.31625 per share for the quarter ended June 30, 2010. The cash dividend was paid on July 30, 2010, to all shareholders of record on July 16, 2010.
(1) Adjusted net income (loss) attributable to stockholders of Teekay is a non-GAAP financial measure. Please refer to Appendix A to this release for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable financial measure under United States generally accepted accounting principles (GAAP).
(2) Net revenues represents revenues less voyage expenses, which comprise all expenses relating to certain voyages, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Net revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company's web site at www.teekay.com for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable financial measure under GAAP.
"We generated strong cash flow from vessel operations of $195 million in the second quarter. This is almost unchanged from the first quarter and reflects the combination of our significant stable fixed-rate business and the spot tanker market holding up relatively well in the second quarter," commented Bjorn Moller, Teekay's President and Chief Executive Officer. "The seasonal downturn in tanker rates in the third quarter to date, coupled with a heavier-than-usual summer maintenance schedule in our FPSO fleet, will affect our third quarter results before an expected return to full production in the fourth quarter."
Mr. Moller continued, "Even though we have already achieved a 50 percent increase in our cash flow from vessel operations compared to one year ago, including a $29 million catch-up payment relating to the Foinaven FPSO contract amendment, our second quarter results do not yet fully reflect the progress we have made in improving the profitability of our existing assets, particularly in our Offshore business which is enjoying strong momentum. In April we announced the amendment to our contract for the Foinaven FPSO in the North Sea which is expected to result in $30 to $40 million of incremental annual cash flow through 2021; and in June we announced a seven-year contract extension for the Siri FPSO in Brazil which we estimate will result in over a 20 percent increase in annual cash flow from this unit, compared to the annualized 2010 cash flow to date, commencing in the latter part of the fourth quarter of 2010. We have also made further progress in our shuttle tanker fleet where we had another strong quarter with high utilization and we redeployed two of our shuttle tankers to Brazil on fixed-rate charters, bringing the total number of Teekay shuttle tankers operating in Brazil to 13 vessels. In addition, we secured improved contract terms on a number of existing North Sea shuttle tanker contracts. Going forward, we continue to see growing demand for Teekay's Offshore services. We were recently selected by Petrobras as the preferred bidder for the Tiro Sidon FPSO project in Brazil and are currently in negotiations to conclude this contract with targeted commencement in 2012. We are also in negotiations for the employment of our Amundsen Class newbuilding shuttle tankers, due for delivery in the second half of 2010 and in 2011."
Mr. Moller added, "Teekay continues to benefit from its unique daughter company structure through the steady appreciation in the value of our ownership share of our publicly-traded daughter companies and the significant reduction in net debt at the Teekay Parent level. During the most recent quarter, Teekay Tankers completed a public follow-on equity offering and used the net proceeds to partially finance the acquisition of three conventional tankers from the parent company. In July, Teekay LNG Partners completed a $51 million direct equity placement, and Teekay Tankers made an accretive $115 million investment in two first priority ship mortgage loans secured by two newbuilding VLCCs. As our daughter companies grow, Teekay Parent benefits from the increased cash distributions we receive from our daughter companies while also freeing up capital via the dropdown of assets to the daughters, capital which can be used to further reduce debt, invested in new profitable projects, returned to shareholders, or a combination thereof. Teekay is financially strong with over $2.8 billion of consolidated total liquidity and parent company net debt now down to approximately $550 million."
Operating Results
The following tables highlight certain financial information for each of Teekay's four publicly-listed entities: Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE: TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE: TGP), Teekay Tankers Ltd. (Teekay Tankers) (NYSE: TNK) and Teekay, excluding results attributed to Teekay Offshore, Teekay LNG and Teekay Tankers, referred to herein as Teekay Parent. A brief description of each entity and an analysis of its respective financial results follows the tables below. Please also refer to the "Fleet List" section below and Appendix B to this release for further details.
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Three Months Ended June 30, 2010
(unaudited)
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Teekay
Teekay Teekay Consol- Corpor-
Offshore LNG Teekay idation ation
(in thousands Partners Partners Tankers Teekay Adjust- Consol-
of U.S. dollars) LP LP Ltd. Parent ments idated
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Net revenues 181,011 91,353 31,133 215,650 (40,919) 478,228
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Vessel operating
expense 56,613 22,041 9,239 62,899 - 150,792
Time-charter hire
expense 23,424 - - 85,601 (40,919) 68,106
Depreciation and
amortization 44,151 22,407 9,781 34,895 - 111,234
Cash flow from
vessel
operations
(1)(2) 89,053 65,428 19,062 21,521(3) - 195,064
Net debt(4) 1,520,865 1,501,521 316,775 555,426 - 3,894,587
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Three Months Ended June 30, 2009
(unaudited)
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Teekay
Teekay Teekay Consol- Corpor-
Offshore LNG Teekay idation ation
(in thousands Partners Partners Tankers Teekay Adjust- Consol-
of U.S. dollars) LP LP Ltd. Parent ments idated
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Net revenues 174,884 82,211 37,615 219,908 (45,070) 469,548
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Vessel operating
expense 58,306 18,473 9,829 57,396 - 144,004
Time-charter hire
expense 29,144 - - 132,377 (45,070) 116,451
Depreciation and
amortization 40,221 20,506 9,799 37,666 - 108,192
Cash flow from
vessel
operations
(1)(2) 58,262 52,911 18,694 (181)(3) - 129,686
Net debt(4) 1,395,230 1,411,957 289,453 1,082,050 - 4,178,690
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(1) Cash flow from vessel operations represents income from vessel
operations before depreciation and amortization expense,
vessel/goodwill write-downs, gains and losses on the sale of vessels
and unrealized gains and losses relating to derivatives, but includes
realized gains and losses on the settlement of foreign currency
forward contracts. Cash flow from vessel operations is a non-GAAP
financial measure used by certain investors to measure the financial
performance of shipping companies. Please see the Company's Web site at
www.teekay.com for a reconciliation of this non-GAAP measure as used
in this release to the most directly comparable GAAP financial measure.
(2) Excludes the cash flow from vessel operations relating to assets
acquired from Teekay Parent for the periods prior to their acquisition
by Teekay Offshore, Teekay LNG and Teekay Tankers, respectively, as
those results are included in the historical results for Teekay Parent.
(3) In addition to Teekay Parent's cash flow from vessel operations, Teekay
Parent also receives cash dividends and distributions from its daughter
public companies. For the three months ended June 30, 2010 and 2009,
Teekay Parent received daughter company dividends and distributions,
totaling $47.1 million and $42.2 million, respectively. The dividends
and distributions received by Teekay Parent also include those made
with respect to its general partner interests in Teekay Offshore and
Teekay LNG and its 49% interest in Teekay Offshore Operating L.P.,
which is controlled by Teekay Offshore. Please refer to Appendix D to
this release for further details.
(4) Net debt represents current and long-term debt less cash and, if
applicable, current and long-term restricted cash.
Teekay Offshore Partners L.P.
Teekay Offshore is an international provider of marine transportation, oil production and storage services to the offshore oil industry. Through its 51 percent ownership interest in Teekay Offshore Operating L.P. (OPCO), Teekay Offshore operates a fleet of 32 shuttle tankers (including six chartered-in vessels), four floating storage and offtake (FSO) units and 11 conventional oil tankers. Teekay Offshore also has direct ownership interests in two shuttle tankers, two FSO units, and one floating, production, storage and offloading (FPSO) unit, and has the right to participate in certain other FPSO and other vessel opportunities. As at June 30, 2010, Teekay Parent directly owned the remaining 49 percent interest in OPCO, as well as a 35.9 percent interest in Teekay Offshore (including the two percent sole general partner interest).
Cash flow from vessel operations from Teekay Offshore increased to $89.1 million in the second quarter of 2010, from $58.3 million in the same period of the prior year. This increase was primarily due to the acquisition from Teekay of the Petojarl Varg FPSO in September 2009 and the Falcon Spirit FSO in April 2010, as well as lower vessel operating expenses relating mainly to crewing costs, lower time-charter hire expense, and an increase in net revenues due to higher utilization and charter rate improvements in the shuttle fleet.
For the second quarter of 2010, Teekay Offshore's quarterly distribution was $0.475 per unit. As a result, quarterly cash distributions received by Teekay Parent based on its common unit ownership and general partnership interest in Teekay Offshore totaled $8.2 million as detailed in Appendix D to this release.
Teekay LNG Partners L.P.
Teekay LNG provides liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil marine transportation services under long-term, fixed-rate time-charter contracts with major energy and utility companies through its current fleet of 15 LNG carriers, three LPG carriers and 11 conventional tankers. In addition, Teekay LNG expects to take delivery of three newbuilding LPG carriers in 2010 and 2011. Teekay Parent currently owns a 47.7 percent interest in Teekay LNG (including the two percent sole general partner interest).
Cash flow from vessel operations from Teekay LNG during the second quarter of 2010, increased to $65.4 million from $52.9 million in the same period of the prior year. This increase was primarily due to the acquisition of the Tangguh LNG carriers in August 2009 and the delivery of the second Skaugen LPG carrier in November 2009.
The increase in cash flow from vessel operations was also due to the acquisition of two Suezmax tankers and one Handymax Product tanker from Teekay Parent in March 2010. This was partially offset by an increase in the number of scheduled drydocking days in the second quarter of 2010 and a decrease in the daily charter rates (which are linked to LIBOR) of certain conventional tankers in the fleet.
In July 2010, Teekay LNG completed the direct placement of new common units to a large institutional investor. Net proceeds, including the general partner's proportionate capital contribution, totaled approximately $51 million and were used to repay outstanding amounts under Teekay LNG's revolving credit facilities, which may be redrawn to finance future vessel acquisitions.
For the second quarter of 2010, Teekay LNG's quarterly distribution was $0.60 per unit. As a result, quarterly cash distributions received by Teekay Parent based on its common unit ownership and general partnership interest in Teekay LNG were $17.5 million as detailed in Appendix D to this release.
Teekay Tankers Ltd.
Teekay Tankers currently owns a fleet of nine Aframax tankers and five Suezmax tankers. Nine of the 14 vessels are currently employed on fixed-rate time charters, generally ranging from one to three years in initial duration, with the remaining vessels trading in Teekay's spot tanker pools. Based on the existing fleet employment profile, approximately 65 percent of Teekay Tankers' revenue days for the remainder of 2010 are under fixed-rate charters. Teekay Parent currently owns a 37.1 percent interest in Teekay Tankers (including 100 percent of the outstanding Class B common shares, which with its current ownership of Class A common shares, provides Teekay voting control of Teekay Tankers).
Cash flow from vessel operations from Teekay Tankers increased to $19.1 million in the second quarter of 2010, from $18.7 million in the same period of the prior year, primarily due to the acquisition of two Suezmax tankers and one Aframax tanker in April and May 2010 as described below.
In April 2010, Teekay Tankers completed a follow-on public offering of 8.8 million Class A common shares and a concurrent private placement of to Teekay Parent of 2.6 million Class A common shares, raising net proceeds of $135.2 million. Teekay Tankers used the net proceeds, in addition to approximately $33.5 million of its existing revolving credit facility, to finance the acquisition from Teekay Parent of two Suezmax tankers, the Yamuna Spirit and the Kaveri Spirit, and one Aframax tanker, the Helga Spirit, for a total purchase price of $168.7 million.
In April 2010, Teekay Tankers sold a 1995-built Aframax tanker, the Falster Spirit, to a third party for proceeds of $17 million.
In July 2010, Teekay Tankers loaned for three years a total of $115 million to another shipping company, with the loans secured by two Very Large Crude Carrier (VLCC) newbuildings. The term loans earn an annual interest rate of 9.0 percent and include a repayment premium feature which provides Teekay Tankers with a total yield of approximately 10 percent per annum. Teekay Tankers financed the loans using a portion of its undrawn revolving credit facility, which bears interest at a rate of LIBOR plus 0.60 percent.
Teekay Parent
In addition to its equity ownership interests in Teekay Offshore, Teekay LNG and Teekay Tankers, Teekay Parent directly owns a substantial fleet of vessels. As at June 30, 2010, this included 20 conventional tankers, four FPSOs, a 33 percent interest in four newbuilding LNG carriers under construction and four Aframax shuttle tanker newbuildings under construction. In addition, as at June 30, 2010, Teekay Parent had 31 chartered-in conventional tankers (including 10 vessels owned by its subsidiaries), two chartered-in LNG carriers owned by Teekay LNG and two chartered-in shuttle tankers owned by OPCO.
For the second quarter of 2010, Teekay Parent's cash flow from vessel operations increased to $21.5 million, from ($0.2) million in the same period of the prior year. During the first quarter of 2010, Teekay signed a contract amendment for the Foinaven FPSO unit which resulted in a $30 million catch-up payment recognized in the first quarter of 2010. The second and final catch-up payment of $29 million was recognized in the second quarter of 2010. In addition, Teekay Parent's time-charter hire expense declined as a result of its redelivery of 13 in-chartered vessels during the 12 months ended June 30, 2010. These factors were partially offset by the sale of the Petrojarl Varg FPSO unit to Teekay Offshore in September 2009, the sale of two Suezmax tankers and one Handymax Product tanker to Teekay LNG in March 2010, the sale of two Suezmax tankers and one Aframax tanker to Teekay Tankers in April and May 2010, and a decrease of 1,496 spot revenue days, partially offset by higher average spot tanker rates compared to the second quarter of 2009.
Tanker Market
Average freight rates for crude oil tankers during the second quarter of 2010 were relatively unchanged from the previous quarter, in contrast to the seasonal decline which typically occurs at the end of the winter season. Second quarter tanker rate strength was primarily driven by the continued recovery in global oil demand, led by China, where crude oil imports reached a record high of 5.4 million barrels per day (mb/d) in June 2010. Large crude oil tanker rates were aided by the temporary removal from the active trading fleet of approximately 25 VLCCs to be used as floating storage off the coast of Iran while the Suezmax sector was supported by strong Asian demand for crude oil sourced from West Africa, a relatively ton-mile intensive trade route.
The world tanker fleet grew by 11.9 million deadweight tonnes (mdwt), or approximately 2.7 percent, in the first half of 2010. This compares to fleet growth of 20.3 mdwt, or 5.0 percent, in the same period of 2009. A higher level of fleet removals compared to recent years has dampened tanker fleet growth in 2010 to date. In total, 10.6 mdwt of tanker capacity was removed for scrapping or conversion in the first half of the year. The ongoing phase-out of the world's remaining single-hull tankers should continue to dampen tanker fleet growth in the near- to medium-term.
Tanker freight rates have declined during the third quarter to date due to seasonal factors such as increased oil field maintenance in the North Sea, and the unwinding of floating storage contracts which has the effect of increasing the actively trading tanker fleet.
In July 2010, the International Monetary Fund (IMF) raised its forecast for global GDP growth in 2010 from 4.2 percent to 4.6 percent, its fifth upward revision since its April 2009 forecast of 1.9 percent GDP growth. The International Energy Agency (IEA) is forecasting 2010 global oil demand of 86.5 mb/d which constitutes growth of 1.8 mb/d, or 2.1 percent, over 2009 levels, the fastest rate of oil demand growth since 2004. China is expected to account for approximately 40 percent of global oil demand growth this year.
Teekay Parent Conventional Tanker Fleet Performance
The table below highlights the operating performance of Teekay Parent's owned and in-chartered conventional tankers participating in the Company's commercial tonnage pools and vessels on period out-charters with an initial term greater than one year, measured in net revenues per revenue day or time-charter equivalent (TCE) rates. Revenue days represent the total number of vessel calendar days less off-hire associated with major repairs, drydockings, or mandated surveys.
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Three Months Ended
June 30, March 31, June 30,
2010 2010 2009
------------------------------
Suezmax
Gemini Suezmax Pool
average spot TCE rate (1) $30,937 $31,940 $24,633
Spot revenue days (2)(3) 542 609 683
Average time-charter rate (4)(5) $27,079 $27,385 $41,544
Time-charter revenue days (3)(4) 739 962 632
Aframax
Teekay Aframax Pool
average spot TCE rate (1)(6)(7) $19,928 $17,824 $16,475
Spot revenue days (2)(3) 1,570 1,797 2,769
Average time-charter rate (5) $24,513 $26,131 $27,286
Time-charter revenue days (3) 1,072 1,070 1,150
LR2
Taurus LR2 Pool
average spot TCE rate (1)(6) $15,257 $15,998 $17,721
Spot revenue days (2)(3) 361 360 398
Average time-charter rate (5) - - $32,000
Time-charter revenue days (3) - - 11
MR
MR product tanker
average spot TCE rate (1) $9,721 $9,729 $15,278
Spot revenue days (2)(3) 151 135 270
Average product tanker
time-charter rate (5) $26,752 $26,312 $24,897
Time-charter revenue days (3) 269 371 530
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(1) Average spot rates include short-term time-charters and fixed-rate
contracts of affreightment that are initially under a year in duration
and third-party vessels trading in the pools
(2) Spot revenue days include total owned and in-chartered vessels in the
Teekay Parent fleet, but exclude pool vessels commercially managed on
behalf of third parties.
(3) Average time-charter days are adjusted to reflect the vessel-equivalent
number of days in the respective period that any synthetic
time-charters (STCs) or forward freight agreements (FFAs) were in
effect. For vessel classes in which STCs and FFAs are in effect, a
corresponding reduction in spot revenue days is made in each of the
respective periods.
(4) Includes one VLCC on time-charter until March 11, 2011 at a TCE rate of
$47,000 per day.
(5) Average time-charter rates include realized gains and losses of STCs
and FFAs, bunker hedges, short-term time-charters, and fixed-rate
contracts of affreightment that are initially one year in duration or
greater.
(6) Excludes pool vessels greater than 15 years-old.
(7) Including items outside of the pool (vessels greater than 15 years-old
and realized results of bunker hedging, STCs and FFAs), the average
Teekay Aframax spot TCE rate was $18,232 per day, $19,441 per day and
$16,892 per day for the three months ended June 30, 2010, March 31,
2010 and June 30, 2009, respectively.
Fleet List
As at July 31, 2010, Teekay's consolidated fleet consisted of 151 vessels, including chartered-in vessels, newbuildings under construction but excluding vessels managed for third parties, as summarized in the following table:
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Number of Vessels (1)
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Owned Chartered-in
Vessels Vessels Newbuildings Total
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Teekay Parent Fleet (2)
Spot-rate:
Aframax Tankers (3) - 9 - 9
Suezmax Tankers 6 3 - 9
LR2 Product Tankers 3 1 - 4
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Total Teekay Parent Spot Fleet 9 13 - 22
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Fixed-rate:
Aframax Tankers (3) 4 6 - 10
Suezmax Tankers 3 1 - 4
VLCC Tankers - 1 - 1
MR Product Tankers 4 - - 4
LNG Carriers (4) - - 4 4
Shuttle Tankers(5) 1 - 3 4
FPSO Units 4 - - 4
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Total Teekay Parent
Fixed-rate Fleet 16 8 7 31
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Total Teekay Parent Fleet 25 21 7 53
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Teekay Offshore Fleet (6)(7) 46 6 - 52
Teekay LNG Fleet 29 - 3 32
Teekay Tankers Fleet 14 - - 14
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Total Teekay Consolidated Fleet 114 27 10 151
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(1) Excludes vessels managed on behalf of third parties.
(2) Excludes the fleet of OPCO, which is owned 51 percent by Teekay
Offshore and 49 percent by Teekay Parent. All of OPCO's 47 vessels are
included within the Teekay Offshore fleet.
(3) Excludes nine vessels chartered-in from Teekay Offshore Partners and
one vessel chartered-in from Teekay Tankers.
(4) Excludes two LNG carriers chartered-in from Teekay LNG.
(5) Excludes two shuttle tankers chartered-in from OPCO.
(6) Includes five shuttle tankers in which OPCO's ownership is 50 percent
and three shuttle tankers in which OPCO's ownership is 67 percent.
(7) Includes one FSO in which Teekay Offshore's ownership is 89 percent.
Liquidity and Capital Expenditures
As at June 30, 2010, Teekay had consolidated liquidity of $2.2 billion, consisting of $641.5 million cash and approximately $1.6 billion of undrawn revolving credit facilities, of which $1.3 billion, consisting of $459.9 million cash and $806.6 million of undrawn revolving credit facilities, is attributable to Teekay Parent. Including pre-arranged newbuilding financing, Teekay's total consolidated liquidity was approximately $2.8 billion.
The Company's remaining capital commitments relating to its portion of newbuildings were as follows as at June 30, 2010:
--------------------------------------------------------------------------- (in millions) 2010 2011 2012 Total --------------------------------------------------------------------------- Teekay Offshore - - - - --------------------------------------------------------------------------- Teekay LNG $52 $18 - $70 --------------------------------------------------------------------------- Teekay Tankers - - - - --------------------------------------------------------------------------- Teekay Parent $199 $320 $45 $564 --------------------------------------------------------------------------- Total Teekay Corporation Consolidated $251 $338 $45 $634 ---------------------------------------------------------------------------
As indicated above, the Company had total capital expenditure commitments of approximately $634 million remaining as at June 30, 2010. Financing for all of these capital expenditure commitments has been pre-arranged.
Conference Call
The Company plans to host a conference call on August 12, 2010 at 11:00 a.m. (ET) to discuss its results for the second quarter of 2010. An accompanying investor presentation will be available on Teekay's Web site at www.teekay.com prior to the start of the call. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:
- By dialing (866) 321-6651 or (416) 642-5212, if outside North America, and quoting conference ID code 7687940.
- By accessing the webcast, which will be available on Teekay Tankers' Web site at www.teekay.com (the archive will remain on the Web site for a period of 30 days).
The conference call will be recorded and available until Thursday, August 19, 2010. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 7687940.
About Teekay
Teekay Corporation transports more than 10 percent of the world's seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK). With a fleet of over 150 vessels, offices in 16 countries and approximately 6,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay's reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.
Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".
TEEKAY CORPORATION
SUMMARY CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands of U.S. dollars, except share and per share data)
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Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2010 2010 2009 2010 2009
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
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REVENUES (1) 544,947 564,537 532,473 1,109,484 1,149,024
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OPERATING EXPENSES
Voyage expenses (1) 66,719 72,198 62,925 138,917 153,594
Vessel operating
expenses (1)(2)(3) 150,792 154,535 144,004 305,327 296,764
Time-charter
hire expense 68,106 70,913 116,451 139,019 253,279
Depreciation and
amortization 111,234 108,230 108,192 219,464 214,745
General and
administrative
(1)(2)(3) 50,256 48,091 49,220 98,347 96,928
Loss (gain) on sale
of vessels and
equipment, net of
write-downs 22 760 (11,083) 782 (10,125)
Restructuring
charges 4,195 3,783 5,003 7,978 10,561
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451,324 458,510 474,712 909,834 1,015,746
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Income from vessel
operations 93,623 106,027 57,761 199,650 133,278
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OTHER ITEMS
Interest
expense (1) (33,926) (32,152) (37,280) (66,078) (81,470)
Interest
income (1) 2,209 4,274 5,023 6,483 11,701
Realized and
unrealized (loss)
gain on
derivative
instruments (1) (219,225) (87,847) 157,485 (307,072) 204,730
Income tax
recovery (expense) 5,147 7,307 4,598 12,454 (1,270)
Equity (loss)
income from
joint ventures (1) (21,827) (2,666) 27,380 (24,493) 38,802
Foreign exchange
gain (loss) 27,488 29,026 (25,165) 56,514 (13,853)
Other income
(loss) - net 1,092 (10,038) 3,823 (8,946) 6,481
---------------------------------------------------------------------------
Net (loss)
income (145,419) 13,931 193,625 (131,488) 298,399
Less: Net income
attributable
to non-controlling
interests (7,729) (27,933) (34,266) (35,662) (57,535)
---------------------------------------------------------------------------
Net (loss) income
attributable to
stockholders of
Teekay
Corporation (153,148) (14,002) 159,359 (167,150) 240,864
---------------------------------------------------------------------------
(Loss) earnings per
common share of
Teekay
- Basic ($2.10) ($0.19) $2.20 ($2.29) $3.32
- Diluted ($2.10) ($0.19) $2.19 ($2.29) $3.30
---------------------------------------------------------------------------
Weighted-average
number of
common shares
outstanding
- Basic 72,961,471 72,788,591 72,535,899 72,875,508 72,526,101
- Diluted 72,961,471 72,788,591 72,798,023 72,875,508 72,887,474
---------------------------------------------------------------------------
(1) Realized and unrealized gains and losses related to derivative
instruments that are not designated as hedges for accounting purposes
are included as a separate line item in the statements of income (loss).
The realized gains (losses) relate to the amounts the Company actually
received or paid to settle such derivative instruments and the
unrealized gains (losses) relate to the change in fair value of such
derivative instruments, as detailed in the table below:
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2010 2010 2009 2010 2009
--------------------------------------------------------
Realized (losses)
gains relating to:
Interest rate
swaps (40,634) (38,586) (29,528) (79,220) (50,416)
Foreign currency
forward
contracts
Vessel
operating
expenses (1,037) (356) (2,407) (1,394) (5,845)
General and
administrative
expenses 15 33 (41) 49 (2,100)
Bunkers and FFAs (2,207) (2,149) 4,294 (4,356) 2,005
--------------------------------------------------------
(43,863) (41,058) (27,682) (84,921) (56,356)
--------------------------------------------------------
Unrealized (losses)
gains relating to:
Interest rate
swaps (164,032) (45,806) 182,471 (209,838) 245,447
Foreign currency
forward
contracts (8,836) (3,217) 6,416 (12,053) 13,167
Bunkers, FFAs
and other (2,494) 2,234 (3,720) (260) 2,472
--------------------------------------------------------
(175,362) (46,789) 185,167 (222,151) 261,086
--------------------------------------------------------
Total realized
and unrealized
(losses) gains
on non-designated
derivative
instruments (219,225) (87,847) 157,485 (307,072) 204,730
--------------------------------------------------------
--------------------------------------------------------
In addition, equity income (loss) from joint ventures includes net
unrealized gains (losses) from non-designated interest rate swaps held
within the joint ventures of $(24.6) million, $(6.1) million and $25.5
million for the three months ended June 30, 2010, March 31, 2010, and
June 30, 2009, respectively, and $(30.7) million and $33.3 million for
the six months ended June 30, 2010 and June 30, 2009, respectively.
(2) The Company has entered into foreign currency forward contracts, which
are economic hedges of vessel operating expenses and general and
administrative expenses. Certain of these forward contracts have been
designated as cash flow hedges pursuant to GAAP. Unrealized gains
(losses) arising from hedge ineffectiveness from such forward contracts
are reflected in vessel operating expenses and general and
administrative expenses in the above Summary Consolidated Statements
of Income (Loss), as detailed in the table below:
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2010 2010 2009 2010 2009
Vessel operating
expenses (1,433) (2,082) 6,919 (3,515) 6,696
General and
administrative (844) (892) 1,692 (1,736) 3,689
(3) Effective January 1, 2010, crew training costs of $3.2 million, $3.0
million and $3.5 million for the three months ended June 30, 2010,
March 31, 2010, and June 30, 2009, respectively, and $6.2 million and
$6.9 million for the six months ended June 30, 2010 and June 30, 2009,
respectively, previously recorded in general and administrative
expenses, are now recorded in vessel operating expenses. The
comparative periods presented have been reclassified to conform to the
current period presentation.
---------------------------------------------------------------------------
TEEKAY CORPORATION
SUMMARY CONSOLIDATED BALANCE SHEET
(in thousands of U.S. dollars)
---------------------------------------------------------------------------
As at As at As at
June 30, March 31, December 31
2010 2010 2009
(unaudited) (unaudited) (unaudited)
ASSETS
Cash and cash equivalents 641,467 635,361 422,510
Other current assets 359,810 357,360 338,344
Restricted cash - current 33,601 35,001 36,068
Restricted cash - long-term 564,265 573,256 579,243
Vessels held for sale - 16,725 10,250
Vessels and equipment 6,546,898 6,624,385 6,697,385
Advances on newbuilding contracts 215,407 176,680 138,212
Derivative assets 93,901 48,044 48,115
Investment in joint ventures 126,623 137,422 139,790
Investment in direct
financing leases 502,792 510,516 512,412
Other assets 173,117 176,178 178,042
Intangible assets 200,181 206,437 213,870
Goodwill 203,191 203,191 203,191
---------------------------------------------------------------------------
Total Assets 9,661,253 9,700,556 9,517,432
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES AND EQUITY
Accounts payable and
accrued liabilities 333,281 316,062 346,999
Other current liabilities 30 130 1,294
Current portion of
long-term debt 324,124 283,714 272,225
Long-term debt 4,809,796 5,023,953 4,931,216
Derivative liabilities 651,522 412,093 359,479
In process revenue contracts 219,537 230,925 244,360
Other long-term liabilities 251,918 242,589 266,189
Redeemable non-controlling interest 42,676 43,133 -
Equity:
Non-controlling interests 978,942 918,642 855,580
Stockholders of Teekay 2,049,427 2,229,315 2,240,090
---------------------------------------------------------------------------
Total Liabilities and Equity 9,661,253 9,700,556 9,517,432
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TEEKAY CORPORATION
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
---------------------------------------------------------------------------
Six Months Ended
June 30
2010 2009
(unaudited) (unaudited)
Cash and cash equivalents provided by (used for)
OPERATING ACTIVITIES
---------------------------------------------------------------------------
Net operating cash flow 220,314 229,268
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Net proceeds from long-term debt 833,159 296,560
Scheduled repayments of long-term debt (110,100) (137,777)
Prepayments of long-term debt (741,898) (642,500)
(Increase) decrease in restricted cash (1,769) 5,805
Net proceeds from the public offering
of Teekay LNG - 67,095
Net proceeds from the public offering
of Teekay Offshore 94,491 -
Net proceeds from the public offering
of Teekay Tankers 103,036 65,556
Cash dividends paid (46,058) (45,861)
Distribution from subsidiaries to
non-controlling interests (73,736) (53,093)
Other 2,437 160
---------------------------------------------------------------------------
Net financing cash flow 59,562 (444,055)
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Expenditures for vessels and equipment (92,428) (344,888)
Proceeds from sale of vessels and equipment 27,591 198,837
Loans to joint ventures (4,868) (1,420)
Other 8,786 20,764
---------------------------------------------------------------------------
Net investing cash flow (60,919) (126,707)
---------------------------------------------------------------------------
Increase (decrease) in cash and
cash equivalents 218,957 (341,494)
Cash and cash equivalents,
beginning of the period 422,510 814,165
---------------------------------------------------------------------------
Cash and cash equivalents,
end of the period 641,467 472,671
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TEEKAY CORPORATION
APPENDIX A - SPECIFIC ITEMS AFFECTING NET (LOSS) INCOME
(in thousands of U.S. dollars, except per share data)
Set forth below is a reconciliation of the Company's unaudited adjusted net (loss) income attributable to the stockholders of Teekay, a non-GAAP financial measure, to net income and net (loss) income attributable to stockholders of Teekay as determined in accordance with GAAP. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's financial performance. The items below are also typically excluded by securities analysts in their published estimates of the Company's financial results. Adjusted net (loss) income attributable to the stockholders of Teekay is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.
---------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, 2010 June 30, 2010
(unaudited) (unaudited)
$ Per $ Per
$ Share (1) $ Share (1)
---------------------------------------------------------------------------
Net loss - GAAP basis (145,419) (131,488)
Adjust for: Net income
attributable to
non-controlling interests (7,729) (35,662)
---------------------------------------------------------------------------
Net loss attributable to
stockholders of Teekay (153,148) (2.10) (167,150) (2.29)
Add (subtract) specific items
affecting net (loss) income:
Unrealized losses from
derivative instruments (2) 202,236 2.77 258,100 3.54
Foreign currency exchange
gains (3) (27,488) (0.38) (56,514) (0.77)
Deferred income tax recovery
on unrealized foreign
exchange losses (10,997) (0.15) (14,206) (0.19)
Restructuring charge (4) 4,195 0.06 7,978 0.11
Loss on sale of vessels
and equipment 22 - 782 0.01
Retroactive component of
revenue recognized from
contract amendment (5) (29,200) (0.40) (59,200) (0.81)
Loss on bond repurchases
(8.875 percent notes
due 2011) 537 0.01 12,645 0.17
Adjustments to carrying value
of certain capitalized
drydocking expenditures 2,394 0.03 2,394 0.03
Non-recurring adjustments
to tax accruals 6,842 0.09 6,842 0.09
Other (6) 739 0.01 739 0.01
Non-controlling interests'
share of items above (22,219) (0.30) (22,387) (0.31)
---------------------------------------------------------------------------
Total adjustments 127,061 1.74 137,173 1.88
---------------------------------------------------------------------------
Adjusted net loss attributable
to stockholders of Teekay (26,087) (0.36) (29,977) (0.41)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Fully diluted per share amounts.
(2) Reflects the unrealized gains or losses relating to the change in the
mark-to-market value of derivative instruments that are not designated
as hedges for accounting purposes, including those included in equity
income (loss) from joint ventures, and the ineffective portion of
foreign currency forward contracts designated as hedges for accounting
purposes.
(3) Foreign currency exchange gains and losses primarily relate to the
Company's debt denominated in Euros and deferred tax liability
denominated in Norwegian Kroner. Nearly all of the Company's foreign
currency exchange gains and losses are unrealized.
(4) Restructuring charges relate to crew changes, reflagging of certain
vessels, and global staffing changes.
(5) Reflects the retroactive component of revenue recognized in the three
and six months ended June 30, 2010 related to the signing of the
Foinaven FPSO contract amendment on March 30, 2010.
(6) Relates to write-off of capitalized loan costs upon prepayments of
long-term debt.
TEEKAY CORPORATION
APPENDIX A - SPECIFIC ITEMS AFFECTING NET (LOSS) INCOME
(in thousands of U.S. dollars, except per share data)
Set forth below is a reconciliation of the Company's unaudited adjusted net (loss) income attributable to the stockholders of Teekay, a non-GAAP financial measure, to net income and net (loss) income attributable to stockholders of Teekay as determined in accordance with GAAP. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's financial performance. The items below are also typically excluded by securities analysts in their published estimates of the Company's financial results. Adjusted net (loss) income attributable to the stockholders of Teekay is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.
---------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, 2009 June 30, 2009
(unaudited) (unaudited)
$ Per $ Per
$ Share (1) $ Share (1)
---------------------------------------------------------------------------
Net income - GAAP basis 193,625 298,399
Adjust for: Net income
attributable to
non-controlling interests (34,266) (57,535)
---------------------------------------------------------------------------
Net income attributable to
stockholders of Teekay 159,359 2.19 240,864 3.30
Add (subtract) specific items
affecting net income:
Unrealized gains from
derivative instruments (2) (219,251) (3.02) (304,741) (4.18)
Foreign currency
exchange losses (3) 25,165 0.35 13,853 0.19
Deferred income tax expense
on unrealized foreign
exchange gains (4) 1,904 0.03 10,268 0.14
Restructuring charge (5) 5,003 0.07 10,561 0.15
Gains on sale of vessels
and equipment (29,845) (0.41) (29,963) (0.41)
Write-down of vessels
and equipment 18,762 0.26 19,838 0.26
Other (6) (637) (0.01) (205) 0.01
Non-controlling interests'
share of items above 17,725 0.24 28,658 0.39
---------------------------------------------------------------------------
Total adjustments (181,174) (2.49) (251,731) (3.45)
---------------------------------------------------------------------------
Adjusted net loss attributable
to stockholders of Teekay (21,815) (0.30) (10,867) (0.15)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Fully diluted per share amounts.
(2) Reflects the unrealized gains or losses relating to the change in the
mark-to-market value of derivative instruments that are not designated
as hedges for accounting purposes, including those included in equity
income (loss) from joint ventures, and the ineffective portion of
foreign currency forward contracts designated as hedges for accounting
purposes.
(3) Foreign currency exchange gains and losses primarily relate to the
Company's debt denominated in Euros and deferred tax liability
denominated in Norwegian Kroner. Nearly all of the Company's foreign
currency exchange gains and losses are unrealized.
(4) Primarily due to deferred income tax related to unrealized foreign
exchange gains and losses.
(5) Restructuring charges relate to the reorganization of certain of the
Company's operational functions and the reflagging of certain of the
Company's shuttle tankers.
(6) Primarily relates to non-recurring adjustments to tax accruals.
---------------------------------------------------------------------------
TEEKAY CORPORATION
APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
SUMMARY BALANCE SHEET AS AT JUNE 30, 2010
(in thousands of U.S. dollars)
---------------------------------------------------------------------------
(unaudited)
Consoli-
dation
Teekay Teekay Teekay Teekay Adjust-
Offshore LNG Tankers Parent ments Total
-------------------------------------------------------------
ASSETS
Cash and cash
equivalents 101,953 70,999 8,653 459,862 - 641,467
Other current
assets 111,698 24,638 10,272 213,202 - 359,810
Restricted cash
(current &
non-current) - 594,419 - 3,447 - 597,866
Vessels and
equipment 1,885,335 1,989,093 679,803 1,992,667 - 6,546,898
Advances on
newbuilding
contracts 10 59,268 - 156,129 - 215,407
Derivative
assets 416 90,958 - 2,527 - 93,901
Investment in
joint ventures - 89,888 - 36,735 - 126,623
Investment in
direct
financing
lease 83,657 418,774 - 361 - 502,792
Other assets 25,674 23,987 3,421 120,035 - 173,117
Advances to
affiliates 12,430 4,915 9,147 (26,492) - -
Equity
investment
in
subsidiaries - - - 678,423 (678,423) -
Intangibles
and goodwill 159,939 163,742 10,908 68,783 - 403,372
-------------------------------------------------------------
TOTAL ASSETS 2,381,112 3,530,681 722,204 3,705,679 (678,423) 9,661,253
-------------------------------------------------------------
-------------------------------------------------------------
LIABILITIES AND EQUITY
Accounts payable
and accrued
liabilities 75,786 60,079 14,719 182,697 - 333,281
Other current
liabilities - 30 - - - 30
Advances from
affiliates 46,294 106,381 1,458 (154,133) - -
Current
portion of
long-term
debt 161,228 115,233 3,600 44,063 - 324,124
Long-term
debt 1,461,590 2,051,706 321,828 974,672 - 4,809,796
Derivative
liabilities 130,557 243,401 20,601 256,963 - 651,522
In-process
revenue
contracts - - 531 219,006 - 219,537
Other long-term
liabilities 20,010 100,156 - 131,752 - 251,918
Redeemable
non-controlling
interest 42,676 - - - - 42,676
Equity:
Non-controlling
interests (1) 42,098 3,705 - 1,232 931,907 978,942
Equity
attributable
to stockholders/
unitholders of
publicly-listed
entities 400,873 849,990 359,467 2,049,427 (1,610,330) 2,049,427
-------------------------------------------------------------
TOTAL
LIABILITIES
AND EQUITY 2,381,112 3,530,681 722,204 3,705,679 (678,423) 9,661,253
-------------------------------------------------------------
-------------------------------------------------------------
NET DEBT (2) 1,520,865 1,501,521 316,775 555,426 - 3,894,587
-------------------------------------------------------------
-------------------------------------------------------------
(1) Non-controlling interests in the Teekay Offshore and Teekay LNG columns
represent the joint venture partners' share of joint venture net assets.
Non-controlling interest in the Consolidation Adjustments column
represents the public's share of the net assets of Teekay's
publicly-traded subsidiaries.
(2) Net debt represents current and long-term debt less cash and, if
applicable, current and long-term restricted cash.
---------------------------------------------------------------------------
TEEKAY CORPORATION
APPENDIX B - SUPPLEMENTAL FINANCIAL INFORMATION
SUMMARY STATEMENT OF (LOSS) INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2010
(in thousands of U.S. dollars)
---------------------------------------------------------------------------
(unaudited)
Consoli-
dation
Teekay Teekay Teekay Teekay Adjust-
Offshore LNG Tankers Parent ments Total
-------------------------------------------------------------
Voyage
revenues 215,960 91,846 31,917 252,449 (47,225) 544,947
-------------------------------------------------------------
Voyage
expenses 34,949 493 784 36,799 (6,306) 66,719
Vessel operating
expenses 56,613 22,041 9,239 62,899 - 150,792
Time-charter
hire expense 23,424 - - 85,601 (40,919) 68,106
Depreciation
and
amortization 44,151 22,407 9,781 34,895 - 111,234
General and
administrative 14,879 5,037 1,746 28,594 - 50,256
(Gain) loss on
sale of vessels
and equipment,
net of
write-downs - - (37) 59 - 22
Restructuring
charge - 126 - 4,069 - 4,195
-------------------------------------------------------------
Total operating
expenses 174,016 50,104 21,513 252,916 (47,225) 451,324
-------------------------------------------------------------
Income (loss)
from vessel
operations 41,944 41,742 10,404 (467) - 93,623
-------------------------------------------------------------
Net interest
expense (7,083) (9,891) (1,936) (12,807) - (31,717)
Realized and
unrealized loss
on derivative
instruments (56,036) (45,549) (6,705) (110,935) - (219,225)
Income tax
recovery
(expense) 10,378 (222) - (5,009) - 5,147
Equity loss
from joint
ventures - (2,930) - (18,897) - (21,827)
Equity in
earnings of
subsidiaries
(1) - - - 3,720 (3,720) -
Foreign exchange
(loss) gain (1,200) 36,635 5 (7,952) - 27,488
Other - net 1,590 105 - (603) - 1,092
-------------------------------------------------------------
Net (loss)
income (10,407) 19,890 1,768 (152,950) (3,720) (145,419)
Less: Net loss
(income)
attributable to
non-controlling
interests (2) (597) 2,818 - (198) (9,752) (7,729)
-------------------------------------------------------------
Net (loss) income
attributable
to stockholders/
unitholders of
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