As of and for six months ended
- Total revenues of
$41.1 million - Net Income of
$5.8 million - Earnings Per Share (“EPS”) of
$0.13 and diluted EPS of$0.10 - EBITDA* of
$23.4 million - Total Assets of
$446.2 million - Total Cash and Cash Equivalents including Restricted Cash of
$13.6 million
Mr.
“We are delighted to announce yet another successful period, marking our fifth consecutive six-month period of generating net income. This achievement brings us closer to celebrating our third year of sustained profitability. After successfully completing our newbuilding program in 2022, we don’t have any capital commitments going forward. We now possess one of the most modern tanker fleets in the industry, with an average age of less than three years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications and features. Due to our successful long-term time charter strategy, we are enjoying a substantial charter backlog and a positive income and cashflow generation, which we anticipate will extend into 2024. I would like to emphasise, that in my opinion, the current trading price of our common shares does not reflect all of these positive aspects of the Company.”
About
For more information about
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:
Chief Financial Officer
Tel: +30 210 812 8107
Email: atsirikos@topships.org
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED | |||||||
(Expressed in thousands of | |||||||
Six Months Ended | |||||||
2022 | 2023 | ||||||
REVENUES: | |||||||
Time charter revenues | $ | 36,060 | $ | 36,710 | |||
Time charter revenues from related parties | 2,786 | 4,435 | |||||
Total revenues | 38,846 | 41,145 | |||||
EXPENSES: | |||||||
Voyage expenses | 875 | 804 | |||||
Operating lease expenses | 5,378 | 5,378 | |||||
Other vessel operating expenses | 9,705 | 9,624 | |||||
Vessel depreciation | 6,114 | 7,175 | |||||
Management fees-related parties | 1,030 | 1,092 | |||||
Gain on sale of vessels | (78 | ) | - | ||||
General and administrative expenses | 691 | 799 | |||||
Operating income | 15,131 | 16,273 | |||||
OTHER INCOME (EXPENSES): | |||||||
Interest and finance costs | (6,927 | ) | (10,528 | ) | |||
Interest income | - | 58 | |||||
Equity gains/(losses) in unconsolidated joint ventures | 401 | (29 | ) | ||||
Total other expenses, net | (6,526 | ) | (10,499 | ) | |||
Net income and comprehensive income | 8,605 | 5,774 | |||||
Less: Deemed dividend equivalents on Series F Shares related to redemption value | (14,400 | ) | - | ||||
Less: Dividends of preferred shares | (7,322 | ) | (3,485 | ) | |||
Net (loss)/income and comprehensive income attributable to common shareholders | (13,117 | ) | 2,289 | ||||
(Loss)/Earnings per common share, basic | (6.15 | ) | 0.13 | ||||
(Loss)/Earnings per common share, diluted | (6.15 | ) | 0.10 | ||||
Weighted average common shares outstanding, basic | 2,132,179 | 17,793,072 | |||||
Weighted average common shares outstanding, diluted | 2,132,179 | 33,079,436 | |||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(Expressed in thousands of | |||||
2022 | 2023 | ||||
ASSETS | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | 20,544 | 9,629 | |||
Trade accounts receivable | 8 | - | |||
Prepayments and other | 1,314 | 1,626 | |||
Inventories | 1,026 | 1,057 | |||
Due from related parties | - | 622 | |||
Total current assets | 22,892 | 12,934 | |||
FIXED ASSETS: | |||||
Vessels, net | 389,059 | 381,884 | |||
Right of use assets from operating leases | 28,708 | 24,093 | |||
Other fixed assets, net | 505 | 505 | |||
Total fixed assets | 418,272 | 406,482 | |||
OTHER NON CURRENT ASSETS: | |||||
Restricted cash | 4,000 | 4,000 | |||
Investments in unconsolidated joint ventures | 22,173 | 20,804 | |||
Deposit asset | 2,000 | 2,000 | |||
Total non-current assets | 28,173 | 26,804 | |||
Total assets | 469,337 | 446,220 | |||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |||||
CURRENT LIABILITIES: | |||||
Current portion of long-term debt | 12,344 | 34,874 | |||
Due to related parties | 237 | - | |||
Accounts payable | 1,953 | 1,759 | |||
Accrued liabilities | 2,061 | 2,083 | |||
Unearned revenue | 7,030 | 6,286 | |||
Current portion of Operating lease liabilities | 8,610 | 8,795 | |||
Vessel fair value participation liability | - | 3,605 | |||
Total current liabilities | 32,235 | 57,402 | |||
NON-CURRENT LIABILITIES: | |||||
Non-current portion of long-term debt | 221,370 | 192,309 | |||
Non-current portion of Operating lease liabilities | 15,338 | 10,847 | |||
Other non-current liabilities | 100 | 50 | |||
Vessel fair value participation liability | 3,271 | - | |||
Total non-current liabilities | 240,079 | 203,206 | |||
COMMITMENTS AND CONTINGENCIES | |||||
Total liabilities | 272,314 | 260,608 | |||
MEZZANINE EQUITY: | |||||
Preferred stock, | 59 | 37 | |||
Preferred stock, Paid-in capital in excess of par | 86,292 | 60,021 | |||
Total mezzanine equity | 86,351 | 60,058 | |||
STOCKHOLDERS’ EQUITY: | |||||
Preferred stock, | 1 | 1 | |||
Common stock, | 103 | 203 | |||
Additional paid-in capital | 428,374 | 437,382 | |||
Accumulated deficit | (317,806 | ) | (312,032 | ) | |
Total stockholders’ equity | 110,672 | 125,554 | |||
Total liabilities, mezzanine equity and stockholders’ equity | 469,337 | 446,220 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED | |||||
(Expressed in thousands of | |||||
Six months ended | |||||
2022 | 2023 | ||||
13,947 | 13,023 | ||||
Cash Flows from Investing Activities: | |||||
Advances for vessels under construction | (216,559 | ) | - | ||
Net proceeds from sale of vessels | 72,060 | - | |||
Returns of investments in unconsolidated joint ventures | 1,449 | 1,340 | |||
(143,050 | ) | 1,340 | |||
Cash Flows from Financing Activities: | |||||
Proceeds from debt | 156,201 | - | |||
Principal payments of debt | (6,906 | ) | (7,813 | ) | |
Prepayment of debt | (54,179 | ) | - | ||
Proceeds from issuance of series F preferred stock | 47,630 | - | |||
Proceeds from related party debt | 9,000 | - | |||
Prepayment of related party debt | (9,000 | ) | - | ||
Proceeds from equity offerings, gross | 9,217 | 13,561 | |||
Equity offerings costs | (574 | ) | (1,260 | ) | |
Dividends of Preferred shares | (6,921 | ) | (3,485 | ) | |
Payment of financing costs | (3,468 | ) | - | ||
Redemption of preferred shares | - | (26,293 | ) | ||
Proceeds from warrant exercises, net | - | 12 | |||
141,000 | (25,278 | ) | |||
Net increase/(decrease) in cash and cash equivalents and restricted cash | 11,897 | (10,915 | ) | ||
Cash and cash equivalents and restricted cash at beginning of year | 6,370 | 24,544 | |||
Cash and cash equivalents and restricted cash at end of the period | 18,267 | 13,629 | |||
Cash breakdown | |||||
Cash and cash equivalents | 14,267 | 9,629 | |||
Restricted cash, non-current | 4,000 | 4,000 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||
Capital expenditures included in Accounts payable/ Accrued liabilities/ Due to related parties | 155 | - | |||
Interest paid net of capitalized interest | 4,414 | 8,814 | |||
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties | 100 | 16 | |||
Dividends of Preferred shares included in Due to Related Parties | 1,369 | - | |||
Offering expenses included in liabilities | 141 | - | |||
Deemed dividend equivalents on Series F Shares related to redemption value | 14,400 | - | |||
Settlement of Due to related parties with the issuance of Series F Shares | 24,370 | - | |||
Related party S&P commissions relating to Proceeds from vessel sales included in Due to related parties | 346 | - | |||
*Non-US GAAP Measures
This report describes earnings before interest, taxes, depreciation and amortization (EBITDA), which is not a measure prepared in accordance with
EBITDA is a non-
EBITDA is not a measure of financial performance under
Reconciliation of Net Income to EBITDA
Six months ended | |||
(Expressed in thousands of | 2022 | 2023 | |
Net Income | 8,605 | 5,774 | |
Add: Vessel depreciation | 6,114 | 7,175 | |
Add: Interest and finance costs | 6,927 | 10,528 | |
Less: Interest Income | - | (58) | |
EBITDA | 21,646 | 23,419 |
Source:
2023 GlobeNewswire, Inc., source