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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