Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2012
LONDON, January 31, 2013 - Stolt-Nielsen Limited (Oslo B?rs: SNI) today reported unaudited results for the fourth quarter ended November 30, 2012. Net profit attributable to SNL shareholders in the fourth quarter was $18.2 million, with revenue of $510.9 million, compared with $7.1 million and $516.4 million, respectively, in the third quarter of 2012.
Net profit attributable to SNL shareholders for the full year was $70.2 million, with revenue of $2,071.7 million, compared with $108.2 million and $2,029.4 million, respectively, in 2011.
Highlights for the fourth quarter of 2012, compared with the third quarter of 2012, were:
- Stolt Tankers reported an operating profit of $2.6 million, compared with an operating loss of $0.8 million, reflecting a modest improvement in operating results.
- The Stolt Tankers Joint Service Sailed-in Time-Charter Index rose to 1.14 from 1.12.
- Stolthaven Terminals reported an operating profit of $22.9 million, up from $12.2 million. Excluding one-time gains and charges and the impact of damage to the New Orleans terminal caused by Hurricane Isaac, Stolthaven's operating results improved by approximately 7% in the fourth quarter driven by increased capacity and throughputs.
- Stolt Tank Containers reported an operating profit of $17.5 million, down from $20.1 million. Excluding a $3.0 million reduction in depreciation in the prior period, operating profit at STC was essentially unchanged for the quarter.
- Stolt Sea Farm reported an operating loss of $2.0 million, before reflecting a $6.5 million gain in connection with a recent acquisition, compared with a loss of $1.4 million.
- Stolt-Nielsen Gas reported equity income of $0.1 million from its investment in Avance Gas Holding Ltd., compared with equity income of $1.1 million in the third quarter, as conditions softened in the LPG transportation market and routine drydockings were accelerated in the weak market.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said:
"Excluding one-time gains and charges, SNL's fourth-quarter results were up slightly, compared with the third quarter. Stolt Tankers reported a modest operating profit for the quarter, due to a combination of improved trading performance and lower operating costs. While an improvement from the previous quarter, it caps off a rather disappointing year for our tanker business and I do not believe in any significant recovery in 2013. Results at Stolthaven Terminals, excluding one-time factors in the third and fourth quarters, were up due to increases in both capacity and throughput. Stolt Tank Containers' fourth-quarter results were flat, excluding the $3.0 million reduction in depreciation in the third-quarter. Stolt Sea Farm would have reported a loss for the quarter, excluding the $6.5 million one-time gain in connection with its Acuidoro acquisition."
"Over the last four years we have aggressively expanded both our terminal and tank containers businesses, while maintaining our leading position in the chemical tanker market. With the significant capital investments and commitments we have made in our businesses during these challenging years, we will be in a strong position to benefit from improved market conditions once the global economy eventually improves."
 The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed measurement of the sailed-in rate for the Joint Service and was set at 1.00 in the first quarter of 1990 based on the average sailed-in time-charter result for the fleet at the time. The sailed-in rate is a measure frequently used by shipping companies, which subtracts from the ships' operating revenue the variable costs associated with a voyage, primarily commissions, sublets, external time charter expenses, transshipments, port costs, and bunker fuel.