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CP Ships    Ticker: TEU

CP Ships 4th Qtr Net Income Up 78% -- Stock Up 52%

02/05/2004 How CP Ships has done for us: +52% in 14.5 months (+41% per year). Today the company released their end of year results which include a 78% jump in net income. The company's press release follows:

LONDON, UK, Feb. 5 /PRNewswire-FirstCall/ - CP Ships Limited today announced unaudited fourth quarter 2003 operating income of US $49 million, up from $34 million before exceptional items in fourth quarter 2002 and up from $44 million in third quarter 2003. Basic earnings per share was $0.46 compared with 2002's $0.23 before exceptional items and third quarter's $0.37. Net income available to common shareholders was $41 million, compared to $23 million in fourth quarter 2002 (an increase of 78%).

For 2003 overall, operating income before exceptional items was $131 million compared with $83 million in 2002. Basic earnings per share before exceptional items was $1.02 compared with $0.59. Return on average capital employed at 7.3% was up from 5.7% in 2002. Net income available to common shareholders was $82 million compared to $52 million in 2002.

"With record operating income in the fourth quarter and up nearly 60% for the full year, and record volume and sales revenue for both the quarter and the year, we consider these to be outstanding results," commented Ray Miles, CEO of CP Ships.

Outlook

After the substantial improvement in profits during 2003 despite significant pressure on costs and competition in most of our trade lanes, we face similar challenges in 2004. Assuming continued solid growth in the world economy, the balance of supply and demand in the global container shipping industry should remain favourable. Continued strong volume and further freight rate improvements will, we consider, continue to outweigh the negative effect on our costs of a weaker US$ and charter renewals, and we therefore expect that earnings in 2004 will be higher than in 2003.

Forward Looking Statements: Except for historical information, the statements made in this quarterly report constitute forward-looking statements. These include statements regarding the intent, belief or current expectations of CP Ships and its management regarding the company's operations, strategic directions, prospects and future results, which in turn involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including changes in freight rates; general global and economic and business conditions; the effects of competition and technological developments; changes in demand for container shipping; changes in laws and regulations; difficulties in achieving cost savings; currency, fuel price and interest rate fluctuations; and other risks discussed in the company's filings with The Toronto Stock Exchange and the US Securities and Exchange Commission, which are incorporated by reference.

About CP Ships: One of the world's leading container shipping companies, CP Ships provides international container transportation services in four key regional markets: TransAtlantic, Australasia, Latin America and Asia. Within these markets CP Ships operates 35 services in 22 trade lanes, most of which are served by two or more of its seven readily recognized brands: ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines. CP Ships has a fleet of 80 ships and 443,000 teu in containers. Its annual volume is 2.2 million teu, more than 80% of which is North American exports or imports. It also owns Montreal Gateway Terminals, which operates one of the largest marine container terminal facilities in Canada. CP Ships' stock is traded on the Toronto and New York stock exchanges under the symbol TEU. It is listed in the S&P/TSX 60 Index of top Canadian publicly listed companies.

The full press release can be found on the CP Ships website, www.cpships.com.

SOURCE: CP Ships

 




 

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