Teekay Tankers Ltd. reports Q1 2013 results
Teekay Tankers Ltd. today reported an adjusted net loss attributable to shareholders of Teekay Tankers of $3.5 million, or $0.04 per share, for the quarter ended March 31, 2013, compared to adjusted net income attributable to shareholders of Teekay Tankers of $3.1 million, or $0.04 per share, for the same period in the prior year, said in the company's press release.
The increase in adjusted net loss attributable to shareholders of Teekay Tankers is primarily the result of the change in employment of certain of the company's vessels from fixed rates to lower spot rates on expiry of their fixed-rate charters and lower average spot realized tanker rates for the first quarter of 2013 compared to the same period in the prior year.
Adjusted net loss attributable to shareholders of Teekay Tankers excludes a number of specific items that had the net effect of decreasing net loss attributable to shareholders of Teekay Tankers by $1.6 million, or $0.02 per share, and increasing net income attributable to shareholders of Teekay Tankers by $1.1 million, or $0.02 per share, for the three month periods ended March 31, 2013 and March 31, 2012, respectively, as detailed in Appendix a to this release. Including these items, the company reported, on a GAAP basis, a net loss attributable to shareholders of Teekay Tankers of $2.0 million, or $0.02 per share, for the quarter ended March 31, 2013, compared to a net income attributable to shareholders of Teekay Tankers of $4.1 million, or $0.06 per share, for the quarter ended March 31, 2012. Net revenues were $42.0 million and $53.5 million for the first quarters of 2013 and 2012, respectively.
The company's financial statements for prior periods include the historical results of the 13 vessels acquired by the company from Teekay Corporation in June 2012, referred to herein as the Dropdown Predecessor, for the periods when these vessels were owned and operated by Teekay Corporation.
During the first quarter of 2013, the company generated $8.3 million, or $0.10 per share, in Cash Available for Distribution, compared to $10.8 million, or $0.13 per share, in the fourth quarter of 2012. On May 8, 2013, Teekay Tankers under its new fixed dividend policy declared a dividend of $0.03 per share for the first quarter of 2013, which will be paid on May 28, 2013 to all shareholders of record on May 20, 2013. Since the company's initial public offering in December 2007, it has declared a dividend in 22 consecutive quarters, which now totals $7.215 per share on a cumulative basis (including the dividend to be paid on May 28, 2013).