Stolt-Nielsen S.A. Reports Third Quarter Results.Business Editors LONDON--(BUSINESS WIRE)--Oct. 8, 2002 Stolt-Nielsen Stolt-Nielsen (OSE: SNI, NASDAQ: SNSA) is a Norwegian-Luxembourgish shipping and seafood company. The company has two main subsidiaries, Stolt-Nielsen Transportation Group and Stolt Sea Farms. S.A. (Nasdaq: SNSA SNSA Slovenian Nuclear Safety Administration SNSA Student Network Systems Administrator ; Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. : SNI (1) (Subscriber Network Interface) The point of interface between the customer's equipment (CPE) and a communications service from a common carrier. (2) (SNA Network I ) today reported results for the third quarter and the nine-month period ended August 31, 2002. Net income for the latest quarter was $1.8 million, or $0.03 per share, on net operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $753.2 million, compared with a net income of $29.7 million, or $0.54 per share, on net operating revenue of $739.5 million for the third quarter in 2001. Excluding Stolt-Nielsen Transportation Group restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1.7 million and a one-off (1) One at a time. CD-ROM recorders (CD-R drives) are commonly called one-off machines because they write one CD-ROM at a time. (2) Only once. Software that is written to solve a specific problem only one time is sometimes called a one-off. gain of $8.0 million in Stolt Offshore for the sale of Big Inch Marine Systems, the net loss in the third quarter of 2002 was $1.1 million or $0.02 per share. The weighted basic average number of shares outstanding for the third quarter of 2002 and 2001 was 54.9 million. Net loss for the nine-month period ended August 31, 2002 was $1.7 million, or $0.03 per share, on net operating revenue of $2.0 billion, compared with net income of $26.3 million, or $0.48 per share, on net operating revenue of $1.9 billion for the same period of 2001. Excluding $8.1 million of restructuring charges and the $8.0 million gain from the sale of Big Inch Marine Systems, the net income for the nine-month period ended August 31, 2002 was $1.8 million or $0.03 per share. For the nine-month period of 2002 and 2001, the weighted basic average number of shares outstanding was 54.9 million. Commenting on the results, Niels G. Stolt-Nielsen Niels G. Stolt-Nielsen (born January 23, 1965) is a Norwegian business leader, living in England. Since 1996 he has served as director of Stolt-Nielsen S.A., a trans-national seafood company, and since 2000 he has been the company's chief executive officer, taking over after his , Chief Executive Officer of Stolt-Nielsen S.A. said, "The results for the quarter were much lower than originally anticipated due to the previously announced earnings shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in Stolt Offshore. The Stolt-Nielsen Transportation Group posted a solid quarter. While Stolt Sea Farm's third quarter results were up from the second quarter benefiting from the seasonal harvest (tool, networking) Harvest - A highly scalable, customisable system for discovering resources on the Internet. Version: 1.3. http://tardis.ed.ac.uk/harvest/. of bluefin tuna tuna or tunny, game and food fishes, the largest members of the family Scombridae (mackerel family) and closely related to the albacore and bonito. They have streamlined bodies with two fins, and five or more finlets on the back. , the business continued to be negatively impacted by weak prices for salmon. "Before restructuring charges, the Stolt-Nielsen Transportation Group (SNTG SNTG Sea Nymph Test Group ) reported income from operations of $38.1 million in the third quarter of 2002 compared to $40.3 million in the third quarter of 2001. For the nine-month period in 2002, income from operations before restructuring charges was $97.9 million compared to $104.7 million last year. These declines are almost entirely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher bunker bunk, bunker large storage bin. bunk forage forage, usually ensilage stored in a large storage bunk and made available to cattle or other livestock along a face of the storage. costs and the loss of income following the redelivery Re`de`liv´er`y n. 1. Act of delivering back. 2. A second or new delivery or liberation. of nine simpler time-chartered tanker ships, which operated primarily in the commodity chemical and clean petroleum markets that are now considerably weaker than in early 2001, and the sale of the non-strategic Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , IL and Perth Amboy Perth Amboy (ăm`boi), city (1990 pop. 41,962), Middlesex co., NE N.J., with a harbor on Arthur Kill at the mouth of the Raritan River, which is crossed there to Staten Island, N.Y., by the Outerbridge Crossing (1928); settled 1683, inc. , NJ terminal facilities at the end of 2001. "The Stolt Tanker Joint Service Sailed-in Time Charter Index in the third quarter of 2002 was down 4% from the comparable quarter of 2001 but up slightly from the second quarter of this year. Income from operations for the parcel tanker division fell to $25.5 million compared to $28.7 million in the third quarter of 2001 reflecting the reduced fleet size and higher bunker costs. Contract volumes remained strong and spot volumes and rates were comparable to the second quarter. While relatively few contracts were up for renewal during the third quarter, those that were renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. were rolled over at similar rates as last year and once again the business picked up several new contracts. "SNTG's tank container (1) Software that acts as a parent program to hold and execute a set of commands or to run other software routines. (2) A data structure that holds one or more different types of data. See metafile and OLE. division delivered another strong result with income from operations rising to $6.2 million from $5.6 million in the comparable quarter of 2001. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. shipments are up some 10% compared to last year and utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be in the third quarter hit a record level of 77.7% although the business continues to see a tight pricing environment. "SNTG's terminal division reported income from operations of $6.4 million compared to $6.0 million in the third quarter of 2001. While utilization was off slightly, it continues to remain at a high level. "At the end of August, SNTG announced it had reached agreements for the charter of seven newbuild stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. parcel tankers with anticipated delivery for the first ship in 2003 and the remaining deliveries in 2004 and 2005. These ships will replace tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. that SNTG expects to scrap over the next several years. "Before minority interests but excluding a gain on asset sales, Stolt Offshore (SOSA) reported a net loss of $25.2 million for the third quarter of 2002 compared to a net income of $17.5 million for the same period last year. "SOSA has been too optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op when calculating cost and time and failed to make adequate reserves for delays and faults of subcontractors nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. by its clients. This has resulted in cost over-runs and operational problems on projects and a delay on a major pipelay contract in Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. . In addition SOSA has seen a continued weak market in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . "SOSA's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. now stands at $1.8 billion of which $488 million is for the remainder of 2002. This compares with a backlog of $1.6 billion for this time last year of which $378 million was for 2001. Contract awards during the third quarter totaled $210 million. The level of bids outstanding now stands at $3.7 billion, similar to this time last year. "In light of the disappointing results for SOSA, in late September September: see month. SOSA's Board of Directors agreed to accept an offer from SNSA to exchange $40 million of outstanding debt owed by SOSA to SNSA for 9.4 million SOSA Common shares at an exchange price of $4.25 per share. This will bring SNSA's ownership up to 63 percent. "Stolt Sea Farm (SSF SSF Scalable Simulation Framework SSF Single Stock Futures SSF Service Switching Function SSF Small Form Factor SSF Svenska Simförbundet (Swedish Swimming Association) SSF Space Station Freedom SSF Society of St. ) reported income from operations in the third quarter of 2002 of $2.3 million. While this was off from the $10.8 million income from operations in the third quarter of 2001, it was an improvement on the $10.7 million loss from operations in second quarter of 2002 as the business benefited from the seasonal harvest of bluefin tuna. Third quarter 2002 Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. harvest volumes were off compared to the third quarter last year due to the effects of forced culling culling removal of inferior animals from a group of breeding stock. The removal is premature, i.e. before completion of its life span, disposal of an animal from a herd or other group. fish due to disease at the start of this year. This was more than offset by increased volumes from Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. as a result of the Eicosal acquisition in July July: see month. of 2001. Salmon prices achieved in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. were up compared to both the third quarter of 2001 and the second quarter of this year while Norwegian prices were off from the comparable quarter of 2001 but up slightly from the second quarter of this year. It has been another good year for the bluefin tuna operations and the turbot turbot: see flatfish. turbot Species (Scophthalmus maximus, family Scophthalmidae or Bothidae) of broad-bodied European flatfish, a highly valued food fish. It lives along sand and gravel shores. business posted another solid quarter. "Even with the global economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , our core transportation business continues to generate good cash flow and we are starting to see a turn for the better in SSF's markets. The outlook in SOSA's market remains strong, but they have been struggling with internal management and organizational issues. With the changes that they have announced, and the initiatives that are under way, I believe SOSA will eventually give us a nice return. SNSA's cash flow remains strong, we have minimal capital expenditure going forward and we have close to $300 million in unused credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities ," Mr. Stolt-Nielsen concluded. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. services, provides integrated transportation for its customers. The Company also owns 63 percent of Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO STO Store (calculator function) STO Société de Transport de l'Outaouais (French) STO Strategic Technology Office (DARPA) STO Security Through Obscurity STO Service to Others ), which is a leading offshore contractor contractor n. 1) a person or entity that enters into a contract. 2) commonly, a person or entity that agrees to construct a building or to provide or install specialized portions of the construction. to the oil and gas industry. Stolt Offshore specializes in providing technologically sophisticated offshore and subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". engineering, flowline and pipeline lay, construction, inspection, and maintenance services. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon Atlantic salmon Oceanic trout species (Salmo salar), a highly prized game fish. It averages about 12 lbs (5.5 kg) and is marked with round or cross-shaped spots. Found on both sides of the Atlantic Ocean, it enters streams in the fall to spawn. , salmon trout trout: see salmon. trout Any of several prized game and food fishes of the family Salmonidae, native to the Northern Hemisphere but widely introduced elsewhere. Though most species inhabit cool fresh waters, a few (called sea trout; e.g. , turbot, halibut halibut: see flatfish. halibut Any of various flatfishes, especially the Atlantic and Pacific halibuts (genus Hippoglossus, family Pleuronectidae), both of which have eyes and colour on the right side. , sturgeon sturgeon, primitive fish of the northern regions of Europe, Asia, and North America. Unlike evolutionarily advanced fishes, it has a fine-grained hide, with very reduced scalation, a mostly cartilaginous skeleton, upturned tail fins, and a mouth set well back on the , caviar caviar or caviare (kăv`ēär), the roe (eggs) of various species of sturgeon prepared as a piquant table delicacy. , bluefin tuna, and tilapia tilapia (təlä`pēə) or St. Peter's fish, a spiny-finned freshwater fish of the family Cichlidae, native chiefly to Africa and the Middle East. . This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined in the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Additional information concerning these factors is contained from time to time in the Company's U.S. SEC filings, including but not limited to the Company's report on Form 20-F for the year ended November November: see month. 30, 2001. Copies of these filings may be obtained by contacting the Company or the U.S. SEC.
Conference Call Details PostView Facility
Date & Time October 8th, 2002 Available directly after
the conference
10AM EDT (3PM BST) Until 5:00pm EDT on Wednesday,
October 9th, 2002
Phone +1-800-967-7184 (in U.S.) +1 888 203 1112 (in U.S.)
+1-719-457-2633 (outside U.S.) +1 719 457 0820 (outside U.S.)
Reservation
Number 729377 729377
Live Webcast conference call is available via the company's
Internet site www.stolt-nielsen.com commencing on Tuesday, October
8th, 2002 at 10:00am EDT (3:00pm BST). A playback of the conference
call commences on
Tuesday, October 8th, 2002 after 12:00 noon EDT (5:00pm BST).
STOLT-NIELSEN S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in U.S. dollar thousands, except per share data)
Three months ended Nine months ended
------------------- -----------------------
August 31, August 31, August 31, August 31,
2002 2001 2002 2001
--------- --------- ----------- -----------
(Unaudited) (Unaudited)
Net operating revenue $753,185 $739,486 $2,042,756 $1,925,842
Operating expenses 684,392 605,663 1,828,348 1,639,917
--------- --------- ----------- -----------
Gross profit 68,793 133,823 214,408 285,925
Equity in net income of
non-consolidated joint
ventures 6,565 3,774 15,707 10,567
Administrative and
general expenses (51,324) (52,677) (155,993) (156,775)
Restructuring charges (1,749) - (8,147) -
Gain (loss) on disposal
of assets, net 8,227 633 9,595 915
Other operating income
(expense) (3,479) (1,216) (3,276) 720
--------- --------- ----------- -----------
Income from
operations 27,033 84,337 72,294 141,352
Non-operating
income/(expense):
Interest expense,
net (23,482) (28,110) (69,648) (89,425)
Foreign currency
exchange gain (loss),
net 1,547 (140) 606 976
--------- --------- ----------- -----------
Income before income
tax provision and
minority interest 5,098 56,087 3,252 52,903
Income tax provision (11,419) (14,653) (7,813) (24,741)
--------- --------- ----------- -----------
Income (loss) before
minority interest (6,321) 41,434 (4,561) 28,162
Minority interest 8,140 (11,730) 2,851 (1,886)
--------- --------- ----------- -----------
Net income (loss) $1,819 $29,704 $(1,710) $26,276
========= ========= =========== ===========
PER SHARE DATA
---------------------
Net income (loss) per
share:
Basic $0.03 $0.54 $(0.03) $0.48
Diluted $0.03 $0.54 $(0.03) $0.47
Weighted average number of Common
shares and equivalents outstanding:
Basic 54,949 54,895 54,934 54,867
Diluted 55,267 55,424 54,934 55,335
SELECTED CASH FLOW DATA
-----------------------
Capital expenditures and
acquisition of
subsidiaries $35,696 $94,520 $92,999 $251,598
Depreciation and
amortization (excluding
drydocking) $50,937 $52,136 $152,652 $152,645
Note: Certain prior period amounts for net operating revenue,
operating expenses and other non-operating income (expense) have
been reclassified to conform to the current presentation.
STOLT-NIELSEN S.A. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in U.S. dollar thousands)
August 31, November 30, August 31,
2002 2001 2001
----------- ----------- -----------
(Unaudited) (Audited) (Unaudited)
ASSETS
-----------------------------
Cash and cash equivalents $19,219 $24,865 $27,512
Trade receivables, net 510,118 566,628 513,444
Inventories 199,186 186,695 184,722
Prepaid expenses 99,671 89,728 104,966
Other current assets 84,826 86,900 70,137
----------- ----------- -----------
Total current assets 913,020 954,816 900,781
Fixed assets, net of accumulated
depreciation 2,402,675 2,511,713 2,587,107
Investment in non-consolidated
joint ventures 112,467 107,035 108,293
Goodwill and other intangible
assets, net 228,659 222,651 232,975
Other non-current assets 196,232 175,659 186,937
----------- ----------- -----------
Total assets $3,853,053 $3,971,874 $4,016,093
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS'
EQUITY
---------------------------------
Loans payable to banks $268,262 $284,083 $298,668
Current maturities of long-term
debt and capital lease
obligations 89,336 133,016 84,261
Accounts payable 309,075 383,272 367,302
Accrued liabilities 325,601 305,443 285,240
----------- ----------- -----------
Total current liabilities 992,274 1,105,814 1,035,471
Long-term debt and capital lease
obligations 1,294,469 1,275,755 1,357,004
Minority interest 265,997 321,584 326,809
Other non-current liabilities 189,870 168,099 171,183
----------- ----------- -----------
Total liabilities 2,742,610 2,871,252 2,890,467
Capital stock and Founder's
shares 62,639 62,607 62,607
Paid-in surplus 354,060 384,199 384,201
Retained earnings 879,384 894,897 897,461
Accumulated other comprehensive
loss (51,616) (107,057) (84,619)
Treasury stock (134,024) (134,024) (134,024)
----------- ----------- -----------
Total shareholders' equity 1,110,443 1,100,622 1,125,626
----------- ----------- -----------
Total liabilities and
shareholders' equity $3,853,053 $3,971,874 $4,016,093
=========== =========== ===========
Total interest-bearing debt and
capital lease obligations net of
cash and cash equivalents: $1,632,848 $1,667,989 $1,712,421
----------- ----------- -----------
Minority interest in Stolt
Offshore $251,423 $309,882 $317,223
----------- ----------- -----------
STOLT-NIELSEN S. A. AND SUBSIDIARIES
UNAUDITED OPERATING YARDSTICKS
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter
--------------------------------------
STOLT PARCEL TANKERS DIVISION:
---------------------------------------------------------------------
Joint Service sailed-in time-
charter index
-------------------------------
2000 0.94 0.93 0.93 0.96
2001 1.02 1.07 1.14 1.13
2002 1.07 1.07 1.08 N\A
Volume of cargo carried -
millions of tonnes
-------------------------------
Joint Service fleet:
------------------------
2000 3.7 3.5 4.1 3.8
2001 3.9 4.1 4.3 3.9
2002 3.4 3.6 3.5 N\A
Regional fleets:
------------------------
2000 2.0 2.6 2.7 2.9
2001 3.0 2.7 2.7 2.4
2002 2.4 2.4 2.4 N\A
Operating days
-------------------------------
Joint Service fleet:
------------------------
2000 6,516 6,485 6,734 6,642
2001 6,792 6,881 6,826 6,496
2002 6,257 6,117 6,076 N\A
Regional fleets:
------------------------
2000 6,037 6,134 6,252 6,293
2001 5,565 5,688 5,681 5,771
2002 5,674 5,617 5,583 N\A
Average number of ships
operated in the period
-------------------------------
Joint Service fleet:
------------------------
2000 72 70 73 73
2001 76 75 74 71
2002 70 66 66 N\A
Regional fleets:
------------------------
2000 66 67 68 69
2001 62 62 62 63
2002 63 61 64 N\A
Notes:
(a) Joint Service and Regional fleet statistics include those for
time- chartered ships
(b) Regional fleet statistics include total joint venture activity and
all cargo carried on behalf of the Joint Service
(c) Regional fleet statistics include the results of both the Northern
Europe and US Gulf barging activities
STOLT TANK CONTAINERS DIVISION:
---------------------------------------------------------------
Tank containers operated and
leased at end of period
-------------------------------
2000 14,752 15,017 15,089 15,923
2001 15,670 15,295 14,737 14,184
2002 13,946 14,157 14,568 N\A
Tank container utilization - %
-------------------------------
2000 68.2% 69.4% 69.7% 69.8%
2001 67.7% 67.4% 66.5% 70.4%
2002 71.1% 77.6%(a) 77.7% N\A
(a) As revised
STOLTHAVEN TERMINALS DIVISION:
---------------------------------------------------------------
Average marketable shell barrel
capacity (millions of barrels)
---------------------------------------
2000 4.96 4.96 4.98 5.00
2001 5.11 5.13 5.14 5.54
2002 (a) 2.82 3.03 3.43 N\A
Tank capacity utilization - %
-------------------------------
2000 88.6% 92.9% 92.5% 90.9%
2001 94.5% 95.8% 94.7% 95.1%
2002 98.0% 98.1% 95.0% N\A
(a) The reduction in capacity in 2002 reflects the sale of the Perth
Amboy and Chicago terminals at the end of 2001.
STOLT-NIELSEN S.A. AND SUBSIDIARIES
SELECTED SEGMENT DATA
(in U.S. dollar thousands)
The following tables present the contribution to net operating
revenue, gross profit, income from operations, net income (loss) and
total assets for each of the Company's business segments:
Three months ended Nine months ended
--------------------- -----------------------
August 31, August 31, August 31, August 31,
2002 2001 2002 2001
--------- ----------- ----------- -----------
(Unaudited) (Unaudited)
----------------------------------------------------------------------
NET OPERATING REVENUE:
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers $182,578 $192,873 $522,710 $571,878
Stolt Tank Containers 58,851 51,841 167,662 160,942
Stolthaven Terminals 16,183 19,488 44,260 58,551
--------- ----------- ----------- -----------
257,612 264,202 734,632 791,371
Stolt Offshore 368,943 365,578 996,419 838,654
Stolt Sea Farm 126,486 109,529 310,370 295,369
Optimum Logistics 252 177 738 448
SeaSupplier (108) - 597 -
--------- ----------- ----------- -----------
Total $753,185 $739,486 $2,042,756 $1,925,842
========= =========== =========== ===========
----------------------------------------------------------------------
GROSS PROFIT:
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers $43,768 $45,416 $116,279 $121,851
Stolt Tank Containers 11,998 11,306 33,142 29,433
Stolthaven Terminals 6,544 8,076 15,600 23,265
--------- ----------- ----------- -----------
62,310 64,798 165,021 174,549
Stolt Offshore (2,210) 52,317 43,000 76,024
Stolt Sea Farm 8,549 16,531 5,052 34,904
Optimum Logistics 252 177 738 448
Sea Supplier (108) - 597 -
--------- ----------- ----------- -----------
Total $68,793 $133,823 $214,408 $285,925
========= =========== =========== ===========
----------------------------------------------------------------------
INCOME FROM OPERATIONS:
Stolt-Nielsen
Transportation Group:
Stolt Parcel Tankers $25,524 $28,666 $65,587 $73,255
Stolt Tank Containers 6,178 5,623 17,374 12,353
Stolthaven Terminals 6,376 5,963 14,987 19,092
--------- ----------- ----------- -----------
SNTG before
Restructuring Charges 38,078 40,252 97,948 104,700
SNTG Restructuring
Charges (1,749) - (8,147) -
--------- ----------- ----------- -----------
36,329 40,252 89,801 104,700
Stolt Offshore (8,412) 39,144 7,206 37,632
Stolt Sea Farm 2,343 10,763 (13,729) 16,739
Optimum Logistics (1,875) (3,598) (6,861) (11,857)
SeaSupplier (1,352) (2,224) (4,123) (5,862)
--------- ----------- ----------- -----------
Total $27,033 $84,337 $72,294 $141,352
========= =========== =========== ===========
----------------------------------------------------------------------
NET INCOME (LOSS):
Stolt-Nielsen
Transportation Group $20,415 $20,757 $48,390 $42,121
SNTG Restructuring
Charges (1,826) - (8,147) -
Stolt Offshore (17,199) 17,504 (12,131) (4,265)
Stolt Sea Farm (3,167) 5,733 (22,009) 5,211
Optimum Logistics (1,893) (3,505) (6,875) (11,553)
SeaSupplier (1,393) (2,382) (4,246) (6,050)
SNSA:
Minority interest
in Stolt Offshore 7,178 (8,205) 4,873 1,995
Other (296) (198) (1,565) (1,183)
--------- ----------- ----------- -----------
Total $1,819 $29,704 $(1,710) $26,276
========= =========== =========== ===========
----------------------------------------------------------------------
As of
-----------------------------------
August 31, November 30, August 31,
2002 2001 2001
----------- ----------- -----------
(Unaudited) (Audited) (Unaudited)
TOTAL ASSETS:
Stolt-Nielsen
Transportation Group $1,886,934 $1,988,396 $2,070,839
Stolt Offshore 1,485,664 1,560,263 1,531,361
Stolt Sea Farm 474,027 414,220 404,462
Optimum Logistics 5,501 7,883 8,870
SeaSupplier 927 1,112 561
----------- ----------- -----------
Total $3,853,053 $3,971,874 $4,016,093
=========== =========== ===========
----------------------------------------------------------------------
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