DD(X) Acquisition Poll
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the taxpayer would be over a barrel


April 21, 2005

Teekay nets $279 million in first quarter

Teekay Shipping Corporation (NYSE:TK) reported net income of $279.0 million, or $3.19 per share, for the quarter ended March 31, 2005, compared to net income of $189.0 million, or $2.18 per share, for the quarter ended March 31, 2004.

The results for the first quarter of 2005 included a gain of $101.9 million from the sale of nine older vessels and one newbuilding Suezmax tanker, unrealized foreign currency translation gains of $27.2 million relating to long-term debt denominated in Euros and deferred tax liabilities denominated in Norwegian Kroner, and a deferred income tax recovery of $6.0 million relating to unrealized foreign currency translation losses. The results for the quarter ended March 31, 2004 included a $4.5 million deferred income tax recovery relating to unrealized foreign currency translation losses. Net voyage revenues(1) for the first quarter of 2005 were $418.9 million, compared to $447.6 million for the same period in 2004, and income from vessel operations increased to $269.9 million from $208.6 million.

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