There was one encouraging news item in the third quarter release. There will be a "Profit Share" distribution in March 2010. Based on current profits through 3Q of $27.3 mil, shareholders should receive a special 0.40 dist in Mar 2010. They equate $4.8 mil in 3Q to .06/shr.
From the release: The profit share accrued in the third quarter was $4.8 million, or $0.06 per share, compared to $8.0 million, or $0.11 per share in the second quarter of 2009. The total profit share accrued in the first three quarters is $27.3 million, and will be payable in March 2010
the profit shares goes to the company, not (directly) to the shareholders. And it will of course be lower this year than in the last years. Fronline is struggling too, however it's nice they still managed to make a profit that can be shares with SFL. But the real reward for FRO will be the SH's going to a very low base rate next year ... Luckily there are not that many any more in the fleet, but it will still hurt SFLs bottom line in the future.
Shock-lord.....The earnings call transcript does not say who the 27 million is payable to in March 2010 (SFL as operating cash flow, shareholders, reduce debt or etc.)...however, it does add color to the strength of SFL....That said, it looks like about .48 cents a share to me!