March 20, 2007
Stolt-Nielsen delays results release
Stolt-Nielsen S.A. (NasdaqGS:SNSA) (Oslo Bors: SNI) says it will be delaying until further notice the release of its results for the fourth quarter and full year of 2006 as well as its conference call and presentation, which were scheduled for Wednesday, March 21, 2007.
Stol-Nielsen says it has "identified errors in its prior year financial statements primarily arising from the accounting for its NYK-Stolt Tankers S.A. (NYK-Stolt) joint venture."
The company says that while these errors may require that it restate its previously issued audited financial statements for the years ended November 30, 2005 and earlier, management presently does not expect these errors to have any material adverse impact on the company's net cash flow for any of the affected prior periods.
Stolt-Nielsen says that during the fourth quarter of 2006, it had "solid operational performance in Stolt-Nielsen Transportation Group (SNTG) as a result of good market conditions in all three divisions. The Stolt Tankers Joint Service Sailed-in Time-Charter Index was 1.34 during the fourth quarter, up 5 percent from 1.28 reported in the third quarter of 2006 and unchanged from the fourth quarter of 2005."
Parcel tanker division results for the fourth quarter were "positively impacted by strong market conditions, reduced customer-related antitrust provisions, and lower bunker fuel prices partially offset by higher antitrust-related legal adviser expenses. Contracts during the fourth quarter were renewed on average at rollover rates.:
The tank container division improved performance in the fourth quarter as a result of strong market conditions and lower antitrust-related legal advisor expenses. The terminal division continued to report good operational results in the fourth quarter benefiting from high activity levels and utilization. Turbot operations benefited from strong market conditions, higher prices and lower costs and its 25 percent share of Marine Harvest again made a strong contribution.