Arlington Tankers Slips To Loss In Q3

Arlington Tankers Slips To Loss In Q3; Declares Dividend
October 23, 2007
(RTTNews)

Arlington Tankers Ltd. reported third quarter net loss of $41 thousand, compared to a profit of $37 thousand in the earlier year quarter. On a per share basis, company reported breakeven, flat with last year.
On a non-GAAP basis, net income for the quarter was $4.91 million or $0.32 per share, in comparison with $5.23 million or $0.34 per share in the prior year quarter.

On average, 3 analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.32 per share for the quarter.

Quarterly total revenue decreased to $17.51 million from $17.60 million in the year ago quarter. Two Wall Street analysts projected revenues of $17.62 million for the quarter.

In addition, the company Board of Directors has declared a cash dividend of $0.59 per share. The dividend is payable on November 6, 2007 to shareholders of record at the close of business on November 2, 2007.

The Company expects to announce its next dividend on January 29, 2008 and to pay that dividend on or about February 12, 2008.

Arlington (ATB) announces 2Q results

July 24
PRNewswire-FirstCall

Arlington Tankers Ltd. ATB today announced financial results for the second quarter and the six months ended June 30, 2007. For the quarter ended June 30, 2007, the Company's total revenues were $17.8 million, consisting of $16.5 million in basic vessel charter hire and $1.3 million in additional charter hire that the Company received under its profit sharing arrangements.

On the basis of the second quarter results, Arlington's Board of Directors has declared a cash dividend of $0.59 per share. The dividend is payable on August 6, 2007 to shareholders of record at the close of business on August 3, 2007.

Second Quarter Results

The additional charter hire earned during the second quarter of 2007 was derived from profit sharing arrangements under the time charters of the Company's V-MAX, Panamax and Product vessels. Of the $1.3 million in additional charter hire, $545,000 was attributed to contractually guaranteed profit sharing for the two V-MAX vessels. The additional $751,000 was attributed to additional charter hire from the Company's two Panamax tankers and the Company's two Product tankers that are eligible to earn additional charter hire. For these four vessels, the average time charter equivalent rates under the Company's profit sharing agreements over the preceding twelve months were in excess of contractual minimum levels.

The Company's operating expenses during the second quarter of 2007, including depreciation costs of $3.8 million and administrative expenses of $614,000, were $9.4 million. The Company's interest expense, net of interest income for the second quarter of 2007, was $3.2 million. This expense represents interest under the Company's $229.5 million, secured credit facility with The Royal Bank of Scotland plc.

The Company's net income for the second quarter of 2007 was increased by an unrealized gain of approximately $3.4 million, representing the change in the fair value of the Company's interest rate swap arrangement related to its secured credit facility with The Royal Bank of Scotland plc. As a result, the Company's net income for the second quarter of 2007 was $8.5 million, or $0.55 per share. Excluding the effect of this unrealized gain, the Company's net income for the second quarter of 2007 was $5.1 million, or $0.33 per share.