Financial Statements for Nordic American Tanker Ltd

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Nordic American Tanker Ltd financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-12-31	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31
Revenue	56.20	15.46	28.55	30.48	24.63
Other Revenue, Total	-	-	-	-	-
Total Revenue	56.20	15.46	28.55	30.48	24.63
Cost of Revenue, Total	54.68	16.20	15.66	16.09	20.76
Gross Profit	1.51	-0.74	12.89	14.38	3.87
Selling/General/Admin. Expenses, Total	2.15	3.59	2.89	6.07	4.79
Research & Development	-	-	-	-	-
Depreciation/Amortization	17.62	17.43	17.19	16.98	17.04
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	12.03	-	-	-	-
Other Operating Expenses, Total	-	-	-	-	-
Total Operating Expense	86.47	37.22	35.74	39.15	42.59
Operating Income	-30.28	-21.76	-7.19	-8.67	-17.96
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	0.02	-0.04	0.10	0.14	-0.05
Income Before Tax	-32.53	-23.34	-7.92	-9.39	-17.65
Income After Tax	-32.53	-23.34	-7.92	-9.39	-17.65
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	-32.53	-23.34	-7.92	-9.39	-17.65
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	-32.53	-23.34	-7.92	-9.39	-17.65
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	-32.53	-23.34	-7.92	-9.39	-17.65
Income Available to Common Incl. Extra Items	-32.53	-23.34	-7.92	-9.39	-17.65
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	52.92	52.92	52.92	51.44	47.31
Diluted EPS Excluding Extraordinary Items	-0.61	-0.44	-0.15	-0.18	-0.37
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.30	0.30	0.30	0.30	0.30
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	-0.39	-0.44	-0.15	-0.18	-0.37

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Revenue	130.68	94.79	126.42	124.37
Other Revenue, Total	-	-	-	-
Total Revenue	130.68	94.79	126.42	124.37
Cost of Revenue, Total	102.64	69.78	47.11	52.10
Gross Profit	28.05	25.01	79.30	72.27
Selling/General/Admin. Expenses, Total	12.98	29.96	14.40	13.15
Research & Development	-	-	-	-
Depreciation/Amortization	69.22	64.63	62.55	55.03
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	12.03	-	-	-
Other Operating Expenses, Total	1.72	1.63	1.58	1.67
Total Operating Expense	198.58	166.00	125.64	121.95
Operating Income	-67.90	-71.21	0.78	2.42
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	0.21	-0.14	-0.25	-0.23
Income Before Tax	-73.19	-72.30	-0.81	1.01
Income After Tax	-73.19	-72.30	-0.81	1.01
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-73.19	-72.30	-0.81	1.01
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-73.19	-72.30	-0.81	1.01
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-73.19	-72.30	-0.81	1.01
Income Available to Common Incl. Extra Items	-73.19	-72.30	-0.81	1.01
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	52.55	47.16	46.55	40.45
Diluted EPS Excluding Extraordinary Items	-1.39	-1.53	-0.02	0.03
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	1.20	1.15	1.70	2.35
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-1.16	-1.53	-0.02	0.03

In Millions of USD (except for per share items)	As of 2012-12-31	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31
Cash & Equivalents	55.51	85.06	104.26	110.91	24.01
Short Term Investments	0.55	0.53	0.45	0.57	0.58
Cash and Short Term Investments	56.06	85.59	104.71	111.48	24.59
Accounts Receivable - Trade, Net	12.92	13.21	18.77	18.69	19.16
Receivables - Other	-	-	-	-	-
Total Receivables, Net	12.92	13.21	18.77	18.69	19.16
Total Inventory	4.05	-	-	-	7.59
Prepaid Expenses	5.55	6.28	8.13	12.80	31.77
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	78.57	105.08	131.61	142.97	83.10
Property/Plant/Equipment, Total - Gross	-	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-	-
Goodwill, Net	-	-	-	-	-
Intangibles, Net	-	-	-	-	-
Long Term Investments	0.27	-	-	0.14	0.06
Other Long Term Assets, Total	4.94	0.53	0.65	0.58	0.49
Total Assets	1,085.62	1,128.88	1,166.24	1,191.83	1,125.38
Accounts Payable	4.63	5.66	3.67	5.16	5.30
Accrued Expenses	10.34	3.71	5.16	5.70	12.64
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	-	-	-	-	-
Other Current liabilities, Total	-	-	-	-	-
Total Current Liabilities	14.97	9.38	8.83	10.85	17.95
Long Term Debt	250.00	250.00	250.00	250.00	230.00
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	250.00	250.00	250.00	250.00	230.00
Total Debt	250.00	250.00	250.00	250.00	230.00
Deferred Income Tax	-	-	-	-	-
Minority Interest	-	-	-	-	-
Other Liabilities, Total	11.27	11.98	10.96	10.85	9.88
Total Liabilities	276.24	271.36	269.80	271.70	257.82
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	0.53	-	-	-	0.47
Additional Paid-In Capital	882.13	-	-	-	939.60
Retained Earnings (Accumulated Deficit)	-73.19	-	-	-	-72.30
Treasury Stock - Common	-	-	-	-	-
Other Equity, Total	-0.08	857.52	896.44	920.13	-0.21
Total Equity	809.38	857.52	896.44	920.13	867.56
Total Liabilities & Shareholders' Equity	1,085.62	1,128.88	1,166.24	1,191.83	1,125.38
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	52.91	52.92	52.92	52.92	47.30

In Millions of USD (except for per share items)	As of 2012-12-31	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31
Cash & Equivalents	55.51	24.01	17.22	30.50
Short Term Investments	0.55	0.58	0.00	-
Cash and Short Term Investments	56.06	24.59	17.22	30.50
Accounts Receivable - Trade, Net	12.92	19.16	11.05	22.68
Receivables - Other	-	-	-	-
Total Receivables, Net	12.92	19.16	37.85	48.48
Total Inventory	4.05	7.59	3.60	-
Prepaid Expenses	4.32	2.71	1.89	3.07
Other Current Assets, Total	1.23	29.05	11.07	28.16
Total Current Assets	78.57	83.10	71.64	110.20
Property/Plant/Equipment, Total - Gross	1,378.32	1,367.04	1,283.79	1,064.01
Accumulated Depreciation, Total	-413.46	-344.24	-295.53	-238.56
Goodwill, Net	-	-	-	-
Intangibles, Net	-	-	-	-
Long Term Investments	0.27	0.06	0.00	-
Other Long Term Assets, Total	4.94	0.49	23.18	10.93
Total Assets	1,085.62	1,125.38	1,083.08	946.58
Accounts Payable	4.63	5.30	2.93	3.36
Accrued Expenses	10.34	12.64	4.06	2.91
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	-	-	-	-
Other Current liabilities, Total	-	-	-	0.54
Total Current Liabilities	14.97	17.95	6.99	6.81
Long Term Debt	250.00	230.00	75.00	0.00
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	250.00	230.00	75.00	0.00
Total Debt	250.00	230.00	75.00	0.00
Deferred Income Tax	-	-	-	-
Minority Interest	-	-	-	-
Other Liabilities, Total	11.27	9.88	8.13	5.68
Total Liabilities	276.24	257.82	90.13	12.49
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.53	0.47	0.47	0.42
Additional Paid-In Capital	882.13	939.60	993.29	933.66
Retained Earnings (Accumulated Deficit)	-73.19	-72.30	-0.81	0.00
Treasury Stock - Common	-	-	-	-
Other Equity, Total	-0.08	-0.21	0.00	-
Total Equity	809.38	867.56	992.96	934.08
Total Liabilities & Shareholders' Equity	1,085.62	1,125.38	1,083.08	946.58
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	52.91	47.30	46.90	42.20

In Millions of USD (except for per share items)	12 months ending 2012-12-31	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	-	-	-	-
Depreciation/Depletion	-	-	-	-
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	-	-	-	-
Changes in Working Capital	-0.57	5.94	9.05	-1.10
Cash from Operating Activities	-0.57	5.94	9.05	-1.10
Capital Expenditures	-2.75	-1.72	-1.50	-0.58
Other Investing Cash Flow Items, Total	8.87	8.87	8.87	8.87
Cash from Investing Activities	6.13	7.16	7.37	8.29
Financing Cash Flow Items	-6.14	-	-	-
Total Cash Dividends Paid	-63.50	-47.62	-31.75	-15.88
Issuance (Retirement) of Stock, Net	75.58	75.58	75.58	75.58
Issuance (Retirement) of Debt, Net	20.00	20.00	20.00	20.00
Cash from Financing Activities	25.95	47.96	63.83	79.71
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	31.50	61.05	80.25	86.90
Cash Interest Paid, Supplemental	2.93	-	-	-
Cash Taxes Paid, Supplemental	0.00	-	-	-

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Net Income/Starting Line	-73.19	-72.30	-0.81	1.01
Depreciation/Depletion	69.22	64.63	62.55	55.03
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	0.88	8.40	0.80	0.29
Changes in Working Capital	2.53	-12.89	-4.78	6.86
Cash from Operating Activities	-0.57	-12.16	57.75	63.20
Capital Expenditures	-2.75	-91.54	-194.43	-190.33
Other Investing Cash Flow Items, Total	8.87	9.75	-8.38	0.00
Cash from Investing Activities	6.13	-81.78	-202.81	-190.33
Financing Cash Flow Items	-6.14	0.00	0.00	0.00
Total Cash Dividends Paid	-63.50	-54.27	-79.73	-95.43
Issuance (Retirement) of Stock, Net	75.58	0.00	136.51	236.68
Issuance (Retirement) of Debt, Net	20.00	155.00	75.00	-15.00
Cash from Financing Activities	25.95	100.73	131.78	126.25
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	31.50	6.79	-13.28	-0.88
Cash Interest Paid, Supplemental	2.93	1.90	1.55	1.25
Cash Taxes Paid, Supplemental	0.00	0.00	0.00	0.00