Teekay Corporation reports second quarter results

Teekay Corporation (Teekay or the Company) (NYSE: TK) today reported net income of $78.4 million, or $1.04 per share, for the quarter ended June 30, 2007, compared to net income of $20.4 million, or $0.27 per share, for the quarter ended June 30, 2006. The results for the quarters ended June 30, 2007 and 2006 included a number of specific items that had the net effect of increasing net income by $10.8 million, or $0.14 per share, and decreasing net income by $29.4 million, or $0.39 per share, respectively, as detailed in Appendix A to this release. Net voyage revenues(2) for the second quarter of 2007 increased to $442.6 million from $311.2 million for the same period in 2006, and income from vessel operations increased to $117.6 million from $68.9 million.