Scorpio Tankers: Financial Results for 4Q of 2013

Results for the three months ended December 31, 2013 and 2012
For the three months ended December 31, 2013, the Company had net income of $5.8 million, or $0.03 basic and diluted earnings per share. The Companys adjusted net loss was $14.5 million (see Non-GAAP Measure section below), or $0.08 basic and diluted loss per share, which excludes (i) a $41.4 million, or $0.23 per share gain resulting from the previously announced investment in Dorian LPG Ltd. (Dorian), (ii) a $21.2 million, or $0.12 per share write-down resulting from the designation of certain older vessels as held for sale and (iii) an unrealized gain on derivative financial instruments of $0.1 million or $0.00 per share.
For the three months ended December 31, 2012, the Company had a net loss of $4.9 million, or $0.11 basic and diluted loss per share. The Companys adjusted net loss was $3.6 million (see Non-GAAP Measure section below), or $0.08 basic and diluted loss per share, which excludes a $1.3 million, or $0.03 per share, unrealized loss on derivative financial instruments.
Results for the year ended December 31, 2013 and 2012
For the year ended December 31, 2013, the Company had net income of $17.0 million, or $0.12 basic and $0.11 diluted earnings per share. The Companys adjusted net loss was $3.7 million (see Non-GAAP Measure section below), or $0.03 basic and diluted loss per share, which excludes (i) a $41.4 million, or $0.28 per share gain resulting from the previously announced investment in Dorian, (ii) a $21.2 million, or $0.14 per share write-down resulting from the designation of certain older vessels as held for sale and (iii) an unrealized gain on derivative financial instruments of $0.6 million, or $0.00 per share.
For the year ended December 31, 2012, the Company had a net loss of $26.5 million or $0.64 basic and diluted loss per share. The Companys adjusted net loss was $11.9 million (see Non-GAAP Measure section below), or $0.29 basic and diluted loss per share, which excludes (i) a $10.4 million, or $0.25 per share, loss from sales of vessels, (ii) a $3.0 million, or $0.07 per share, write-off of deferred financing fees, and (iii) a $1.2 million, or $0.03 per share, unrealized loss on derivative financial instruments.
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Scorpio Tankers, February 25, 2014