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HONG KONG, CHINA -- (Marketwired) -- 04/29/13 -- Seaspan Corporation ("Seaspan") (NYSE: SSW) announced today its financial results for the quarter ended March 31, 2013. Below is a summary of Seaspan's key financial results:
Summary of Key Financial Results (in thousands of USD):
Quarter Ended March 31, Change ------------------------- --------------------- 2013 2012 $ % ------------ ------------ ---------- ----------Reported net earnings $ 55,606 $ 51,258 $ 4,348 8.5%Normalized net earnings(1) $ 28,350 $ 33,228 $ (4,878) (14.7%)Earnings per share, basic $ 0.57 $ 0.54 $ 0.03 5.6%Earnings per share, diluted $ 0.53 $ 0.51 $ 0.02 3.9%Normalized earnings per share, converted(1) (Series A preferred shares converted at $15) $ 0.21 $ 0.30 $ (0.09) (30.0%)Cash available for distribution to common shareholders(2) $ 66,815 $ 65,344 $ 1,471 2.3%Adjusted EBITDA(3) $ 121,224 $ 115,826 $ 5,398 4.7%----------------------------- (1)Normalized net earnings and normalized earnings per share are non-GAAP measures that are adjusted for items such as interest expense, change in fair value of financial instruments, interest expense at the hedged rate, organizational development costs and certain other items that Seaspan believes are not representative of its operating performance. Normalized earnings per share, converted, reflects normalized earnings per share on a pro-forma basis on the assumption that Seaspan's outstanding Series A preferred shares are converted at $15.00 per share. Please read "Reconciliation of Non-GAAP Financial Measures for the Quarters Ended March 31, 2013 and 2012- Description of Non-GAAP Financial Measures - B. Normalized Net Earnings and Normalized Earnings per Share" for a description of normalized net earnings and normalized earnings per share, converted, and for reconciliations of these measures to net earnings and earnings per share, respectively.(2) Cash available for distribution to common shareholders is a non-GAAP measure that represents net earnings adjusted for depreciation and amortization, interest expense, amortization of deferred charges, non- cash share-based compensation, change in fair value of financial instruments, bareboat charter adjustment, organizational development costs, amounts paid for dry-docking, cash dividends paid on preferred shares, interest expense at the hedged rate and certain other items that Seaspan believes are not representative of its operating performance. Please read "Reconciliation of Non-GAAP Financial Measures for the Quarters Ended March 31, 2013 and 2012 - Description of Non-GAAP Financial Measures - A. Cash Available for Distribution to Common Shareholders" for a description of cash available for distribution to common shareholders and a reconciliation of cash available for distribution to net earnings.(3) Adjusted EBITDA is a non-GAAP measure that represents net earnings before interest expense and other debt-related expenses, interest income, depreciation and amortization, bareboat charter adjustment, organizational development costs, change in fair value of financial instruments and certain other items that Seaspan believes are not representative of its operating performance. Please read "Reconciliation of Non-GAAP Financial Measures for the Quarters Ended March 31, 2013 and 2012 - Description of Non-GAAP Financial Measures - C. Adjusted EBITDA" for a description of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net earnings.
