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TOP Ships Reports Third Quarter and Nine Months 2014 Financial Results

ATHENS, Greece, Jan. 21, 2015 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS) ("Top Ships" or the "Company"), an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products today announced its financial results for the third quarter and nine months of 2014.

For the three months ended September 30, 2014, the Company reported:

  • Net income of $0.9 million or $0.05 per share.
  • Operating income of $0.0 million.
  • Revenues of $1.5 million.

For the nine months ended September 30, 2014, the Company reported:

  • Net income of $0.5 million or $0.04 per share.
  • Operating income of $0.3 million.
  • Revenues of $2.1 million.

Outstanding Indebtedness

As of September 30, 2014, the Company had total indebtedness under senior secured credit facilities with its lenders of $19.9 million, net of unamortized financing fees, maturing in 2024.

About TOP Ships Inc.

TOP Ships Inc. is an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products.

Top Ships Inc. owns one MR tanker, currently employed on a time charter, and five newbuilding MRs tankers under construction, which are expected to be delivered to the Company between the first quarter of 2015 and the third quarter of 2016.

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.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, failure of a seller to deliver one or more vessels or of a buyer to accept delivery of one or more vessels, inability to procure acquisition financing, default by one or more charterers of our ships, changes in the demand for crude oil and petroleum products, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

TABLES FOLLOW

TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in thousands of U.S. Dollars - except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2014 2013 2014
REVENUES:
Revenues $ 6,546 $ 1,484 $ 20,783 $ 2,103
EXPENSES:
Voyage expenses 121 55 514 66
Vessel operating expenses 15 490 56 520
Vessel depreciation 2,021 359 6,064 398
Management fees-related parties 142 133 444 176
Other operational income -- (500) -- (861)
General and administrative expenses 546 943 1,631 1,478
Operating income 3,701 4 12,074 326
OTHER INCOME (EXPENSES):
Interest and finance costs (1,796) (243) (5,835) (344)
Net (loss) / gain on financial instruments (41) 1,094 (101) 414
Interest income 23 18 77 67
Other, net -- -- 158 (5)
Total other (expenses)/income, net (1,814) 869 (5,701) 132
Net income and comprehensive income $ 1,887 $ 873 $ 6,373 $ 458
Earnings per common share, basic $ 0.77 $ 0.05 $ 2.62 $ 0.04
Earnings per common share, diluted $ 0.77 $ 0.05 $ 2.62 $ 0.03
Weighted average common shares outstanding, basic 2,435,754 18,948,955 2,434,577 10,939,218
Weighted average common shares outstanding, diluted 2,435,754 18,948,955 2,434,577 14,277,534
TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2013 AND SEPTEMBER 30, 2014
(Expressed in thousands of U.S. Dollars - except share and per share data)
December 31, September 30,
2013 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 9,706 7,178
Inventories -- 357
Advances to various creditors 38 39
Prepayments and other 518 611
Total current assets 10,262 8,185
FIXED ASSETS:
Advances for vessels acquisitions / under construction 14,400 27,564
Vessels, net -- 38,559
Other fixed assets, net 1,467 1,433
Total fixed assets 15,867 67,556
OTHER NON CURRENT ASSETS:
Restricted cash 1,739 1,000
Total assets 27,868 76,741
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt -- 1,383
Current portion of financial instruments 1,135 --
Due to related parties 807 238
Accounts payable 2,082 1,765
Accrued liabilities 4,581 5,376
Total current liabilities 8,605 8,762
NON-CURRENT LIABILITIES:
Long-term debt -- 18,531
Financial instruments 562 6,052
Other non-current liabilities 3,906 3,306
Total non-current liabilities 4,468 27,889
COMMITMENTS AND CONTINGENCIES
Total liabilities 13,073 36,651
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; none issued -- --
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 2,469,648,and 18,969,989 shares issued and outstanding at December 31, 2013 and September 30, 2014 25 190
Additional paid-in capital 293,453 318,125
Accumulated deficit (278,683) (278,225)
Total stockholders' equity 14,795 40,090
Total liabilities and stockholders' equity 27,868 76,741
TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE
NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2014
(Expressed in thousands of U.S. Dollars)
Nine months ended
September 30
2013 2014
Cash Flows provided by / (used in) Operating Activities:
Net income 6,373 458
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of fixed assets including vessels and amortization of deferred financing fees 7,530 495
Translation gain of foreign currency denominated loan and unrealized foreign exchange differences 53 7
Stock-based compensation expense 101 --
Change in fair value of financial instruments (2,032) (990)
Loss on sale of other fixed assets 2 5
Gain on sale of vessels (14) --
(Increase) Decrease in:
Trade accounts receivable (1,371) --
Inventories -- (357)
Advances to various creditors (54) (1)
Prepayments and other 149 (93)
Increase (Decrease) in:
Due to related Parties (780) (622)
Accounts payable 761 (712)
Other non-current liabilities (600) (600)
Accrued liabilities 40 267
Unearned revenue (451) --
Net Cash provided by / (used in) Operating Activities 9,707 (2,143)
Cash Flows provided by / (used in) Investing Activities:
Net proceeds from sale of vessels 25,214 --
Advances for vessel acquisitions / under construction -- (39,464)
Decrease in restricted cash 1,569 739
Net proceeds from sale of other fixed assets 50 --
Acquisitions of other fixed assets -- (61)
Net Cash provided by / (used in) Investing Activities 26,833 (38,786)
Cash Flows (used in) / provided by Financing Activities:
Principal payments of debt (11,120) --
Prepayment of debt (24,364) --
Payment of financing costs (1,056) (191)
Proceeds from long-term debt -- 20,125
Proceeds from the issuance of common shares, net -- 19,601
Financial instrument termination payments -- (1,134)
Net Cash (used in) / provided by Financing Activities (36,540) 38,401
Net decrease in cash and cash equivalents -- (2,528)
Cash and cash equivalents at beginning of period -- 9,706
Cash and cash equivalents at end of period -- 7,178

CONTACT: Jon Cunningham RedChip Companies, Inc. Tel: 1-800-RED-CHIP (733-2447), ext. 107 Email: jon@redchip.comSource:TOP Ships, Inc.