Contact: | Michael Mason (investors) | Stamatis Tsantanis, CFO |
Allen
& Caron Inc
|
TOP
Ships Inc
|
|
212
691 8087
|
011
30 210 812 8199
|
|
michaelm@allencaron.com
|
snt@topships.org
|
·
|
Net
loss of $0.93 per share, including special items of $0.83 per
share
|
·
|
New
time charter agreements for three dry-bulk
vessels
|
·
|
New
employment agreements for all newbuilding
vessels
|
Suezmax
Vessels
|
||||||||||||
Three Months Ended March
31,
|
||||||||||||
(In
U.S. Dollars unless otherwise stated)
|
2007
|
2008
|
Change
|
|||||||||
Total
available ship days
|
1,170 | 970 | -17.1 | % | ||||||||
Total
operating days
|
1,084 | 724 | -33.2 | % | ||||||||
Utilization
|
92.6 | % | 74.6 | % | -19.4 | % | ||||||
TCE2 per ship per day under spot voyage
charter
|
38,565 | 47,548 | 23.3 | % | ||||||||
TCE
per ship per day under time charter
|
35,123 | 38,574 | 9.8 | % | ||||||||
Average
TCE
|
37,428 | 43,123 | 15.2 | % | ||||||||
Other
vessel operating expenses per ship per day
|
8,231 | * | 15,391 | * | 87.0 | % | ||||||
Handymax
Vessels
|
||||||||||||
Three Months Ended March
31,
|
||||||||||||
(In
U.S. Dollars unless otherwise stated)
|
2007
|
2008
|
Change
|
|||||||||
Total
available ship days
|
990 | 728 | -26.5 | % | ||||||||
Total
operating days
|
911 | 621 | -31.8 | % | ||||||||
Utilization
|
92.0 | % | 85.3 | % | -7.3 | % | ||||||
TCE
per ship per day under spot voyage charter
|
- | 16,000 | - | |||||||||
TCE
per ship per day under time charter
|
20,279 | 18,360 | -9.5 | % | ||||||||
Average
TCE
|
20,279 | 18,356 | -9.5 | % | ||||||||
Other
vessel operating expenses per ship per day
|
6,576 | 10,789 | * | 64.1 | % | |||||||
Tanker
Fleet
|
||||||||||||
Three Months Ended March
31,
|
||||||||||||
(In
U.S. Dollars unless otherwise stated)
|
2007
|
2008
|
Change
|
|||||||||
Total
available ship days
|
2,160 | 1,698 | -21.4 | % | ||||||||
Total
operating days
|
1,995 | 1,345 | -32.6 | % | ||||||||
Utilization
|
92.4 | % | 79.2 | % | -14.2 | % | ||||||
TCE
per ship per day under spot voyage charter
|
38,565 | 47,462 | 23.1 | % | ||||||||
TCE
per ship per day under time charter
|
24,467 | 25,746 | 5.2 | % | ||||||||
Average
TCE
|
29,597 | 31,688 | 7.1 | % | ||||||||
Other
vessel operating expenses per ship per day
|
7,473 | 13,418 | 79.6 | % | ||||||||
Drybulk
Fleet
|
||||||||||||
Three Months Ended March
31,
|
||||||||||||
(In
U.S. Dollars unless otherwise stated)
|
2007
|
2008
|
Change
|
|||||||||
Total
available ship days
|
- | 390 | - | |||||||||
Total
operating days
|
- | 385 | - | |||||||||
Utilization
|
- | 98.7 | % | - | ||||||||
TCE
per ship per day under spot voyage charter
|
- | - | - | |||||||||
TCE
per ship per day under time charter
|
- | 51,151 | - | |||||||||
Average
TCE
|
- | 51,151 | - | |||||||||
Other
vessel operating expenses per ship per day
|
- | 7,842 | * | - | ||||||||
Total
Fleet
|
||||||||||||
Three Months Ended March
31,
|
||||||||||||
(In
U.S. Dollars unless otherwise stated)
|
2007
|
2008
|
Change
|
|||||||||
Total
available ship days
|
2,160 | 2,088 | -3.3 | % | ||||||||
Total
operating days
|
1,995 | 1,730 | -13.3 | % | ||||||||
Utilization
|
92.4 | % | 82.9 | % | -10.3 | % | ||||||
TCE
per ship per day under spot voyage charter
|
38,565 | 47,462 | 23.1 | % | ||||||||
TCE
per ship per day under time charter
|
24,467 | 32,927 | 34.6 | % | ||||||||
Average
TCE
|
29,597 | 36,019 | 21.7 | % | ||||||||
Other
vessel operating expenses per ship per day
|
7,473 | 12,376 | 65.6 | % | ||||||||
General
and administrative expenses per ship per day**
|
2,406 | 3,690 | 53.3 | % | ||||||||
Dwt
|
Year
Built
|
Charter Type
|
ExpiryE
|
Daily Base Rate
|
Profit Sharing
Above Base Rate (2008)
|
||||||||||
9
Suezmax Tankers
|
|||||||||||||||
TimelessB
|
154,970 |
1991
|
Spot
|
||||||||||||
FlawlessB
|
154,970 |
1991
|
Spot
|
||||||||||||
StoplessB
|
154,970 |
1991
|
Time
Charter
|
Q3/2008 | $ | 35,000 |
50%
thereafter
|
||||||||
PricelessB
|
154,970 |
1991
|
Spot
|
||||||||||||
EndlessD
|
135,915 |
1992
|
Time
Charter
|
Q3/2008 | C | $ | 36,500 |
None
|
|||||||
LimitlessD
|
136,055 |
1993
|
Spot
|
||||||||||||
StormlessD
|
150,038 |
1993
|
Time
Charter
|
Q2/2010 | $ | 35,000 |
None
|
||||||||
Ellen
PD.
|
146,286 |
1996
|
Time
Charter
|
Q2/2009 | $ | 44,500 |
None
|
||||||||
EdgelessD
|
147,048 |
1994
|
Spot
|
||||||||||||
8
Handymax Tankers
|
|||||||||||||||
SovereignA
|
47,084 |
1992
|
Spot
|
||||||||||||
RelentlessA
|
47,084 |
1992
|
Time
Charter
|
Q3/2009 | $ | 14,000 |
50%
thereafter
|
||||||||
VanguardB
|
47,084 |
1992
|
Time
Charter
|
Q1/2010 | $ | 15,250 |
50%
thereafter
|
||||||||
SpotlessB
|
47,094 |
1991
|
Time
Charter
|
Q1/2010 | $ | 15,250 |
50%
thereafter
|
||||||||
DoubtlessB
|
47,076 |
1991
|
Time
Charter
|
Q1/2010 | $ | 15,250 |
50%
thereafter
|
||||||||
FaithfulB
|
45,720 |
1992
|
Time
Charter
|
Q2/2010 | $ | 14,500 |
100%
first $500 + 50% thereafter
|
||||||||
DauntlessD
|
46,168 |
1999
|
Time
Charter
|
Q1/2010 | $ | 16,250 |
100%
first $1,000 + 50% thereafter
|
||||||||
Ioannis
PD.
|
46,346 |
2003
|
Time
Charter
|
Q4/2010 | $ | 18,000 |
100%
first $1,000 + 50% thereafter
|
||||||||
6
Newbuilding Product Tankers
|
|||||||||||||||
Hull
S-1025
|
50,000 |
2009
|
Bareboat
Charter
|
Q1-2/2019 | $ | 14,400 |
None
|
||||||||
Hull
S-1026
|
50,000 |
2009
|
Bareboat
Charter
|
Q1-2/2019 | $ | 14,550 |
None
|
||||||||
Hull
S-1027
|
50,000 |
2009
|
Bareboat
Charter
|
Q1-2/2016 | $ | 14,300 |
None
|
||||||||
Hull
S-1029
|
50,000 |
2009
|
Bareboat
Charter
|
Q1-2/2016 | $ | 14,300 |
None
|
||||||||
Hull
S-1031
|
50,000 |
2009
|
Bareboat
Charter
|
Q1-2/2019 | $ | 14,550 |
None
|
||||||||
Hull
S-1033
|
50,000 |
2009
|
Bareboat
Charter
|
Q1-2/2019 | $ | 14,550 |
None
|
||||||||
Total
Tanker dwt
|
2,008,878 | ||||||||||||||
5
Drybulk Vessels
|
|||||||||||||||
CycladesD
|
75,681 |
2000
|
Time
Charter
|
Q2/2011 | $ | 50,860 |
None
|
||||||||
AmalfiD
|
45,526 |
2000
|
Time
Charter
|
Q1/2009 | $ | 22,000 |
None
|
||||||||
Voc
GallantD
|
51,200 |
2002
|
Bareboat
Charter
|
Q2/2012 | $ | 25,650 | F |
None
|
|||||||
PepitoD
|
75,928 |
2001
|
Time
Charter
|
Q2/2013 | $ | 38,950 |
None
|
||||||||
AstraleD
|
75,933 |
2000
|
Time
Charter
|
Q2/2009 | $ | 67,500 |
None
|
||||||||
Total
Drybulk dwt
|
324,268 | ||||||||||||||
TOTAL
DWT
|
2,333,146 | ||||||||||||||
A.
Vessels sold and leased back in August and September 2005 for a period of
7 years
|
|||||||||||||||
B.
Vessels sold and leased back in March 2006 for a period of 5
years
|
|||||||||||||||
C.
Charterers have option to extend contract for an additional four-year
period
|
|||||||||||||||
D.
Owned vessels
E.
For the newbuilding product tankers we refer to the initial charter
period excluding extension options
F.
From May/June 2009 until May/June 2012 the net daily base rate will
be $23,580
|
|
--
|
a
fleet of 17 tankers, consisting of 9 double-hull Suezmax tankers and 8
double-hull Handymax tankers, with a total carrying capacity of
approximately 1.7 million dwt, of which 83% are sister ships. Eleven of
the Company's 17 tankers are on time charter contracts with an average
term of two years with all but three of the time charters including profit
sharing agreements above their base rates. In addition, the Company has
ordered six newbuilding product tankers, which are expected to be
delivered in the first half of
2009.
|
|
--
|
a
fleet of five drybulk vessels. Four of the Company's five drybulk vessels
have time charter contracts for an average period of 30
months.
|
TOP
SHIPS INC.
|
||||||||||||
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
||||||||||||
(Expressed
in thousands of U.S. Dollars - except for share and per share
data)
|
||||||||||||
Three
Months Ended
|
||||||||||||
March
31,
|
||||||||||||
2007
|
2007
|
2008
|
||||||||||
As
originally reported under the deferral method
|
As
computed under the direct expense method
|
|||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||
REVENUES:
|
||||||||||||
Revenues
|
$ | 73,988 | $ | 73,988 | $ | 72,637 | ||||||
EXPENSES:
|
||||||||||||
Voyage
expenses
|
14,942 | 14,942 | 10,324 | |||||||||
Charter
hire expense
|
29,498 | 29,498 | 17,988 | |||||||||
Amortization
of deferred gain on sale and leaseback of vessels
|
(2,433 | ) | (2,433 | ) | (1,297 | ) | ||||||
Other
vessel operating expenses
|
16,141 | 16,141 | 25,842 | |||||||||
Dry-docking
costs
|
- | 1,984 | 4,049 | |||||||||
Depreciation
|
5,239 | 5,239 | 10,510 | |||||||||
Amortization
of dry-docking costs
|
4,036 | - | - | |||||||||
General
and administrative expenses
|
5,198 | 5,198 | 7,705 | |||||||||
Foreign
currency (gains) / losses, net
|
(29 | ) | (29 | ) | 532 | |||||||
Gain
on sale of vessel
|
- | - | (582 | ) | ||||||||
Operating
income (loss)
|
1,396 | 3,448 | (2,434 | ) | ||||||||
OTHER
INCOME (EXPENSES):
|
||||||||||||
Interest
and finance costs
|
(2,973 | ) | (2,973 | ) | (7,946 | ) | ||||||
Fair
value change of financial instruments
|
1,711 | 1,711 | (8,859 | ) | ||||||||
Interest
income
|
825 | 825 | 430 | |||||||||
Other,
net
|
(12 | ) | (12 | ) | (32 | ) | ||||||
Total
other expenses, net
|
(449 | ) | (449 | ) | (16,407 | ) | ||||||
Net
Income (loss)
|
$ | 947 | $ | 2,999 | $ | (18,841 | ) | |||||
Earnings
(loss) per share, basic and diluted
|
$ | 0.09 | $ | 0.28 | $ | (0.93 | ) | |||||
Weighted
average common shares outstanding, basic
|
10,777,043 | 10,777,043 | 20,295,240 | |||||||||
Weighted
average common shares outstanding, diluted
|
10,785,688 | 10,785,688 | 20,295,240 |
TOP
SHIPS INC.
|
||||||||
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
||||||||
(Expressed
in thousands of U.S. Dollars - except for share and per share
data)
|
||||||||
December
31,
|
March
31,
|
|||||||
2007
|
2008
|
|||||||
ASSETS
|
(Unaudited)
|
(Unaudited)
|
||||||
CASH
AND CASH EQUIVALENTS
|
$ | 26,012 | $ | 8,375 | ||||
OTHER
CURRENT ASSETS
|
29,881 | 31,026 | ||||||
NET
INVESTMENT IN CAPITAL LEASE
|
- | 42,300 | ||||||
VESSEL
HELD FOR SALE
|
46,268 | - | ||||||
ADVANCES
FOR VESSELS ACQUISITIONS / UNDER CONSTRUCTION
|
66,026 | 60,504 | ||||||
VESSEL
UNDER CAPITAL LEASE
|
- | 76,532 | ||||||
VESSELS,
NET
|
553,891 | 641,422 | ||||||
OTHER
NON-CURRENT ASSETS
|
28,339 | 26,536 | ||||||
RESTRICTED
CASH
|
26,500 | 30,000 | ||||||
Total
assets
|
$ | 776,917 | $ | 916,695 | ||||
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
PORTION OF LONG-TERM DEBT
|
$ | 107,488 | $ | 124,459 | ||||
OBLIGATIONS
UNDER CAPITAL LEASE
|
- | 68,571 | ||||||
OTHER
CURRENT LIABILITIES
|
45,802 | 69,229 | ||||||
FINANCIAL
INSTRUMENTS, NET OF CURRENT PORTION
|
10,683 | 13,658 | ||||||
FAIR
VALUE OF BELOW MARKET TIME CHARTER
|
29,199 | 35,748 | ||||||
LONG-TERM
DEBT, NET OF CURRENT PORTION
|
331,396 | 373,630 | ||||||
DEFERRED
GAIN ON SALE AND LEASEBACK OF VESSELS
|
40,941 | 38,352 | ||||||
Total
liabilities
|
565,509 | 723,647 | ||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
STOCKHOLDERS'
EQUITY
|
211,408 | 193,048 | ||||||
Total
liabilities and stockholders' equity
|
$ | 776,917 | $ | 916,695 |
TOP
SHIPS INC.
|
||||||||||||
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
||||||||||||
(Expressed
in thousands of U.S. Dollars)
|
||||||||||||
Three
Months Ended
|
||||||||||||
March
31,
|
||||||||||||
2007
|
2007
|
2008
|
||||||||||
As
originally reported under the deferral method
|
As
computed under the direct expense method
|
|||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||
Cash
Flows from (used in) Operating Activities:
|
||||||||||||
Net
income (loss)
|
$ | 947 | $ | 2,999 | $ | (18,841 | ) | |||||
Adjustments
to reconcile net income to net cash
|
||||||||||||
provided
by operating activities:
|
||||||||||||
Depreciation
and amortization
|
9,483 | 5,447 | 12,087 | |||||||||
Stock-based
compensation expense
|
151 | 151 | 483 | |||||||||
Change
in fair value of financial instruments
|
(1,711 | ) | (1,711 | ) | 8,859 | |||||||
Amortization
of deferred gain on sale and leaseback of vessels
|
(2,433 | ) | (2,433 | ) | (1,297 | ) | ||||||
Amortization
of fair value below market time charter
|
- | - | (6,099 | ) | ||||||||
Loss
on sale of other fixed assets
|
61 | 61 | 25 | |||||||||
Gain
on sale of vessels
|
- | - | (582 | ) | ||||||||
Payments
for dry-docking
|
(6,791 | ) | - | - | ||||||||
Change
in operating assets and liabilities
|
5,165 | 358 | 13,634 | |||||||||
Net
Cash from Operating Activities
|
4,872 | 4,872 | 8,269 | |||||||||
Cash
Flows from (used in) Investing Activities:
|
||||||||||||
Principal
payments received under capital lease
|
- | - | 3,700 | |||||||||
Principal
payments paid under capital lease
|
- | - | (928 | ) | ||||||||
Advances
for vessels acquisitions / under construction
|
(14,778 | ) | (14,778 | ) | (14,768 | ) | ||||||
Vessel
acquisitions and improvements
|
- | - | (115,747 | ) | ||||||||
Insurance
claims recoveries
|
- | - | 125 | |||||||||
Increase
in restricted cash
|
- | - | (3,500 | ) | ||||||||
Net
proceeds from sale of vessels
|
- | - | 47,867 | |||||||||
Net
proceeds from sale of other fixed assets
|
28 | 28 | 49 | |||||||||
Acquisition
of other fixed assets
|
(1,247 | ) | (1,247 | ) | (520 | ) | ||||||
Net
Cash used in Investing Activities
|
(15,997 | ) | (15,997 | ) | (83,722 | ) | ||||||
Cash
Flows from (used in) Financing Activities:
|
||||||||||||
Proceeds
from long-term debt
|
10,000 | 10,000 | 100,180 | |||||||||
Payments
of long-term debt
|
(4,250 | ) | (4,250 | ) | (42,085 | ) | ||||||
Cancellation
of fractional shares
|
- | - | (2 | ) | ||||||||
Payment
of financing costs
|
- | - | (277 | ) | ||||||||
Net
Cash from Financing Activities
|
5,750 | 5,750 | 57,816 | |||||||||
Net
decrease in cash and cash equivalents
|
(5,375 | ) | (5,375 | ) | (17,637 | ) | ||||||
Cash
and cash equivalents at beginning of period
|
29,992 | 29,992 | 26,012 | |||||||||
Cash
and cash equivalents at end of period
|
$ | 24,617 | $ | 24,617 | $ | 8,375 | ||||||
SUPPLEMENTAL
CASH FLOW INFORMATION
|
||||||||||||
Interest
paid
|
$ | 1,443 | $ | 1,443 | $ | 5,477 | ||||||
NON-CASH
TRANSACTIONS
|
||||||||||||
Fair
value below market time charter
|
$ | - | $ | - | $ | 12,647 | ||||||
Amounts
owed for capital expenditures
|
$ | - | $ | - | $ | 2,469 |
(Expressed
in thousands of U.S. Dollars - except for share and per share
data)
|
|||||||||||||||||||||||
Three
Months Ended
|
|||||||||||||||||||||||
Description
|
March
31, 2007
|
March
31, 2008
|
|||||||||||||||||||||
As originally reported under the deferral
method
|
As computed under the direct expense
method
|
||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
||||||||||||||||||||||
$ |
Per Share
|
$ |
Per Share
|
$ |
Per Share
|
||||||||||||||||||
Reported
net income (loss)
|
947 | 0.09 | 2,999 | 0.28 | (18,841 | ) | (0.93 | ) | |||||||||||||||
Restricted
share plan to officers and personnel (1)
|
151 | 0.01 | 151 | 0.01 | 483 | 0.02 | |||||||||||||||||
Change
of fair value of financial instruments
|
(1,711 | ) | (0.16 | (1,711 | ) | (0.16 | ) | 8,859 | 0.44 | ||||||||||||||
Specific
legal fees (2)
|
192 | 0.02 | 192 | 0.02 | - | - | |||||||||||||||||
Amortization
of financing fees (3)
|
- | - | - | - | 758 | 0.04 | |||||||||||||||||
Specific
repairs (4)
|
388 | 0.04 | 388 | 0.04 | 6,637 | 0.33 | |||||||||||||||||
Total
|
(980 | ) | (0.09 | ) | (980 | ) | (0.09 | ) | 16,737 | 0.83 | |||||||||||||
Net
income (loss) after specific items
|
(33 | ) | 0.00 | 2,019 | 0.19 | (2,104 | ) | (0.10 | ) | ||||||||||||||
(1) | Relates to stock-based compensation expense |
(2) | Relates to legal fees incurred due to the class action lawsuit |
(3) | Amortization of financing fees relating to bridge loan with DVB |
(4) | Special unexpected repairs |
Dated: June
20, 2008
|
By: /s/ Evangelos J.
Pistiolis
|
Evangelos J.
Pistiolis
|
|
Chief Executive
Officer
|