TOP Ships Announces a 412% Increase in Net Income for the Six Months Ended June 30
September 28 2022 - 8:57AM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient "ECO" tanker vessels, announced today its
unaudited financial results for six months ended June 30, 2022.
For the six months ended June 30, 2022, the
Company reported:
- Total revenues
of $38.8 million (53% increase from 1st half 2021)
- Net Income of
$8.6 million (412% increase from 1st half 2021)
- Adjusted EBITDA
of $26.9 million* (88% increase from 1st half 2021)
- Total Assets of
$475.4 million (44% increase from December 31, 2021)
Evangelos Pistiolis, the President, Chief
Executive Officer and Director of the Company, said:
“We are very happy to report a dramatic
year-on-year increase in net income for the six months ended June
30, 2022, which represents our highest reported net income for a
six month period since 2005. Furthermore, as of June 30, 2022, our
fixed revenue backlog is about $278.5 million and our charter
coverage is as per below table:
Year |
Time Charter Coverage |
2022 (remainder) |
100% |
2023 |
100% |
2024 |
76% |
2025 |
17% |
2026+ |
10% |
”
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning
company.
For more information about TOP Ships Inc., visit
its website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect” “pending” and similar
expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections.
Contact:
Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30
210 812 8107Email: atsirikos@topships.org
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TOP SHIPS INC. |
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|
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|
UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND
2022 |
(Expressed in thousands of U.S. Dollars - except share and
per share data) |
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2021 |
|
2022 |
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
25,310 |
|
$ |
36,060 |
|
|
Time charter revenues from related parties |
|
- |
|
|
2,786 |
|
|
Total revenues |
|
25,310 |
|
|
38,846 |
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
608 |
|
|
875 |
|
|
Operating lease expenses |
|
5,378 |
|
|
5,378 |
|
|
Other vessel operating expenses |
|
7,919 |
|
|
9,705 |
|
|
Vessel depreciation |
|
3,339 |
|
|
6,114 |
|
|
Management fees-related parties |
|
1,661 |
|
|
1,030 |
|
|
Dry-docking costs |
|
26 |
|
|
- |
|
|
Gain on sale of vessels |
|
- |
|
|
(78 |
) |
|
Impairment on vessels |
|
1,160 |
|
|
- |
|
|
General and administrative expenses |
|
963 |
|
|
691 |
|
|
|
|
|
|
|
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Operating income |
|
4,256 |
|
|
15,131 |
|
|
|
|
|
|
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OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(2,837 |
) |
|
(6,927 |
) |
|
Gain on derivative financial instruments |
|
66 |
|
|
- |
|
|
Equity gains in unconsolidated joint ventures |
|
197 |
|
|
401 |
|
|
|
|
|
|
|
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Total other expenses, net |
|
(2,574 |
) |
|
(6,526 |
) |
|
|
|
|
|
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Net income and comprehensive income |
|
1,682 |
|
|
8,605 |
|
|
|
|
|
|
|
Less: Deemed dividend equivalents on Series F Shares related to
redemption value |
|
- |
|
|
(14,400 |
) |
Less: Dividends of preferred shares |
|
(915 |
) |
|
(7,322 |
) |
|
|
|
|
|
|
Net income/(loss) and comprehensive income/(loss)
attributable to common shareholders |
|
767 |
|
|
(13,117 |
) |
|
|
|
|
|
|
|
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TOP SHIPS INC. |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS |
DECEMBER 31, 2021 AND JUNE 30, 2022 |
|
(Expressed in thousands of U.S. Dollars - except share and
per share data) |
|
|
|
|
|
December 31, |
|
June 30, |
|
2021 |
|
2022 |
ASSETS |
|
|
|
|
|
|
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CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
2,370 |
|
|
14,267 |
|
Trade accounts receivable |
76 |
|
|
293 |
|
Prepayments and other |
581 |
|
|
1,061 |
|
Inventories |
671 |
|
|
936 |
|
Vessels held for sale |
71,636 |
|
|
- |
|
Total current assets |
75,334 |
|
|
16,557 |
|
|
|
|
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FIXED ASSETS: |
|
|
|
Advances for vessels under construction |
30,579 |
|
|
- |
|
Vessels, net |
156,585 |
|
|
396,234 |
|
Right of use assets from operating leases |
37,279 |
|
|
33,058 |
|
Other fixed assets, net |
534 |
|
|
530 |
|
Total fixed assets |
224,977 |
|
|
429,822 |
|
|
|
|
|
OTHER NON CURRENT ASSETS: |
|
|
|
Restricted cash |
4,000 |
|
|
4,000 |
|
Investments in unconsolidated joint ventures |
24,477 |
|
|
23,027 |
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Deposit asset |
2,000 |
|
|
2,000 |
|
Total non-current assets |
30,477 |
|
|
29,027 |
|
|
|
|
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Total assets |
330,788 |
|
|
475,406 |
|
|
|
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
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CURRENT LIABILITIES: |
|
|
|
Current portion of long-term debt |
7,205 |
|
|
14,949 |
|
Debt related to vessels held for sale |
53,202 |
|
|
- |
|
Due to related parties |
29,755 |
|
|
1,787 |
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Accounts payable |
2,308 |
|
|
2,338 |
|
Accrued liabilities |
1,145 |
|
|
1,736 |
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Unearned revenue |
3,658 |
|
|
4,923 |
|
Current portion of Operating lease liabilities |
9,815 |
|
|
9,213 |
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Total current liabilities |
107,088 |
|
|
34,946 |
|
|
|
|
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NON-CURRENT LIABILITIES: |
|
|
|
Non-current portion of long term debt |
90,163 |
|
|
229,509 |
|
Non-current portion of Operating lease liabilities |
23,948 |
|
|
19,642 |
|
Other non-current liabilities |
225 |
|
|
175 |
|
Total non-current liabilities |
114,336 |
|
|
249,326 |
|
|
|
|
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COMMITMENTS AND CONTINGENCIES |
- |
|
|
- |
|
|
|
|
|
Total liabilities |
221,424 |
|
|
284,272 |
|
|
|
|
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MEZZANINE EQUITY: |
|
|
|
Preferred stock, $0.01 par value; 20,000,000 shares authorized;
13,452 Series E Shares issued and outstanding at December 31, 2021
and 13,452 Series E Shares and 7,200,000 Series F Shares issued and
outstanding at June 30, 2022 |
- |
|
|
72 |
|
Preferred stock, Paid-in capital in excess of par |
16,142 |
|
|
102,470 |
|
Total mezzanine equity |
16,142 |
|
|
102,542 |
|
|
|
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STOCKHOLDERS’ EQUITY: |
|
|
|
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of
which 100,000 Series D shares were outstanding at December 31, 2021
and June 30, 2022 |
1 |
|
|
1 |
|
Common stock, $0.01 par value; 1,000,000,000 shares authorized;
1,991,598 shares issued and outstanding at December 31, 2021 and
2,356,041 shares issued and outstanding at June 30, 2022 |
19 |
|
|
23 |
|
Additional paid-in capital |
429,956 |
|
|
416,717 |
|
Accumulated deficit |
(336,754 |
) |
|
(328,149 |
) |
Total stockholders’ equity |
93,222 |
|
|
88,592 |
|
|
|
|
|
Total liabilities, mezzanine equity and stockholders’
equity |
330,788 |
|
|
475,406 |
|
|
|
|
|
|
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*Non-US GAAP Measures
This report describes Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA),
which is not a measure prepared in accordance with U.S. GAAP (i.e.,
a “Non-US GAAP” measure). We define Adjusted EBITDA as earnings
before interest, taxes, depreciation and amortization, other
operating loss, operating lease expenses, vessel impairments, gains
on sale of vessels and gains/losses on derivative financial
instruments.
Adjusted EBITDA is a non-U.S. GAAP financial
measure that is used as a supplemental financial measure by
management and external users of financial statements, such as
investors, to assess our financial and operating performance. We
believe that this non-U.S. GAAP financial measure assists our
management and investors by increasing the comparability of our
performance from period to period. This is achieved by excluding
the potentially disparate effects between periods of interest,
gain/loss on financial instruments, taxes, depreciation and
amortization, other operating losses, operating lease expenses,
gains on sale of vessels and vessel impairments, and which items
are affected by various and possibly changing financing methods,
capital structure and historical cost basis and which items may
significantly affect results of operations between periods and
other items that the Company believes are not indicative of the
ongoing performance of its core operations.
This Non-U.S. GAAP measure should not be
considered in isolation from, as a substitute for, or superior to
financial measures prepared in accordance with U.S. GAAP. In
evaluating Adjusted EBITDA, you should be aware that in the future
we may incur expenses that are the same as or similar to some of
the adjustments in this presentation. Our definition of Adjusted
EBITDA may not be the same as reported by other companies in the
shipping industry or other industries. Adjusted EBITDA does not
represent and should not be considered as an alternative to
operating income or cash flow from operations, as determined by
U.S. GAAP.
Reconciliation of Net (Loss) / Income to
Adjusted EBITDA
|
Six months ended June 30, |
(Expressed in thousands of U.S. Dollars) |
2021 |
2022 |
|
|
|
|
Net (Loss) / Income |
1,682 |
8,605 |
|
|
|
|
|
Add: Operating lease expenses |
5,378 |
5,378 |
|
Add: Vessel depreciation |
3,339 |
6,114 |
|
Add: Impairment on vessels |
1,160 |
- |
|
Add: Interest and finance costs |
2,837 |
6,927 |
|
Add: Loss / (Gain) on financial instruments |
(66) |
- |
|
Less: Gain on sale of vessels |
- |
(78) |
Adjusted EBITDA |
14,330 |
26,946 |
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