London, England - July 6, 2006 - Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) today reported results for the second quarter ended May 31, 2006.
Highlights for the second quarter of 2006 included:
Operating revenue of $391.7 million for the quarter, compared with operating revenue of $443.4 million for the same quarter last year ($367.8 million excluding the $75.6 million of operating revenue of Stolt Sea Farm (SSF) operations that were contributed to Marine Harvest as of April 29, 2005).
Net income of $57.4 million for the quarter, compared with net income of $5.7 million for the same quarter last year.
Stolt-Nielsen Transportation Group's (SNTG) results reflected solid market conditions for all divisions but were negatively affected by continued high antitrust-related legal advisor expenses totaling $9.4 million for the current quarter and customer-related antitrust provisions.
The Stolt Tankers Joint Service Sailed-in Time-Charter Index of 1.30 was at the same level of 1.30 reported in the first quarter of 2006 and 1.31 reported in the second quarter of 2005.
SSF's 25% share of Marine Harvest contributed a total of $14.7 million to net income. SSF's turbot operations again reported improved results.
Commenting, Mr. Niels G. Stolt-Nielsen, CEO of SNSA, said:
"SNSA had yet another good quarter with solid results driven by sustained healthy demand in markets served by SNTG partially offset by continued high legal advisor costs and customer-related antitrust provisions, along with a positive contribution from SSF's turbot operations.
"Our outlook remains unchanged. In our parcel tanker operations, the market fundamentals remain positive, though we continue to expect some volatility due to shifting trade patterns, new tonnage entering the market, and the impact of new IMO regulations. Our tank container business is expected to continue to post good results. And we are actively growing our terminal operations, as evidenced by investments this year in Tianjin, China and Antwerp, Belgium."
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