15 May, 2012
Attached please find the Q1 2012 Report for Eitzen Maritime Services ASA.
Highlights:
· For Q1 2012 EMS reported total revenues of MUSD 111.6, compared to MUSD 115.7 in Q4 2011, and EBITDA of MUSD 1.7 (MUSD 2.5 excluding non-recurring items) compared to MUSD -2.4 in Q4 (MUSD 0.9 excluding non-recurring items), and MUSD 5.7 in Q1 2011 (MUSD 4.6 excluding non-recurring items).
· Segment performance:
o Middle East reported EBITDA of MUSD 1.3 (MUSD 0.7 last quarter)
o Asia reported EBITDA of MUSD 0.3 (MUSD 0.7 last quarter)
o Europe reported EBITDA of MUSD 1.1 (MUSD -2.5 last quarter)
o America reported EBITDA of MUSD 0.5 (MUSD 0.2 last quarter)
o Corporate reported EBITDA of MUSD -1.4 (MUSD -1.5 last quarter)
· The gross Margin increased from 15.7% to 17.1%, and the Company has taken several measures to reduce the cost level and increase the gross margins. The Q1 2012 performance is one step in the right direction, and further cost measures will be implemented during 2012.
· On February 1, 2012, Ole Anton Gulsvik was employed as the Company's Chief Financial Officer ("CFO"), replacing Andreas Reklev who had held the position from July 4, 2011.
· On March 22, EMS was awarded a MUSD 12 order from the navy of an undisclosed European NATO country.
· On January 6, 2012, the Board initiated a process to evaluate strategic alternatives to better position EMS long term. The process is ongoing and EMS will announce news from this process according to disclosure requirements in the security legislation.
For further information, please contact:
Morten Persen
Chief Executive Officer
Telephone + 47 908 33 624
Ole Anton Gulsvik
Chief Financial Officer
Telephone + 47 995 68 520
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Q1 2012 Report
http://hugin.info/137138/R/1612540/513318.pdf
Eitzen Maritime Services ASA
http://www.ems-asa.com/
Attached please find the Q1 2012 Report for Eitzen Maritime Services ASA.
Highlights:
· For Q1 2012 EMS reported total revenues of MUSD 111.6, compared to MUSD 115.7 in Q4 2011, and EBITDA of MUSD 1.7 (MUSD 2.5 excluding non-recurring items) compared to MUSD -2.4 in Q4 (MUSD 0.9 excluding non-recurring items), and MUSD 5.7 in Q1 2011 (MUSD 4.6 excluding non-recurring items).
· Segment performance:
o Middle East reported EBITDA of MUSD 1.3 (MUSD 0.7 last quarter)
o Asia reported EBITDA of MUSD 0.3 (MUSD 0.7 last quarter)
o Europe reported EBITDA of MUSD 1.1 (MUSD -2.5 last quarter)
o America reported EBITDA of MUSD 0.5 (MUSD 0.2 last quarter)
o Corporate reported EBITDA of MUSD -1.4 (MUSD -1.5 last quarter)
· The gross Margin increased from 15.7% to 17.1%, and the Company has taken several measures to reduce the cost level and increase the gross margins. The Q1 2012 performance is one step in the right direction, and further cost measures will be implemented during 2012.
· On February 1, 2012, Ole Anton Gulsvik was employed as the Company's Chief Financial Officer ("CFO"), replacing Andreas Reklev who had held the position from July 4, 2011.
· On March 22, EMS was awarded a MUSD 12 order from the navy of an undisclosed European NATO country.
· On January 6, 2012, the Board initiated a process to evaluate strategic alternatives to better position EMS long term. The process is ongoing and EMS will announce news from this process according to disclosure requirements in the security legislation.
For further information, please contact:
Morten Persen
Chief Executive Officer
Telephone + 47 908 33 624
Ole Anton Gulsvik
Chief Financial Officer
Telephone + 47 995 68 520
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Q1 2012 Report
http://hugin.info/137138/R/1612540/513318.pdf
Eitzen Maritime Services ASA
http://www.ems-asa.com/
