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TOP Ships Announces a 412% Increase in Net Income for the Six Months Ended June 30

ATHENS, Greece, Sept. 28, 2022 (GLOBE NEWSWIRE) — 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:

YearTime Charter Coverage
2022 (remainder)100%
2023100%
202476%
202517%
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 Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org

 
TOP SHIPS INC.
      
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 
      
 Operating income 4,256  15,131 
      
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 
      
 Total other expenses, net (2,574) (6,526)
      
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)
       

 
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   
    
CURRENT ASSETS:   
Cash and cash equivalents2,370  14,267 
Trade accounts receivable76  293 
Prepayments and other581  1,061 
Inventories671  936 
Vessels held for sale71,636   
Total current assets75,334  16,557 
    
FIXED ASSETS:   
Advances for vessels under construction30,579   
Vessels, net156,585  396,234 
Right of use assets from operating leases37,279  33,058 
Other fixed assets, net534  530 
Total fixed assets224,977  429,822 
    
OTHER NON CURRENT ASSETS:   
Restricted cash4,000  4,000 
Investments in unconsolidated joint ventures24,477  23,027 
Deposit asset2,000  2,000 
Total non-current assets30,477  29,027 
    
Total assets330,788  475,406 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
    
CURRENT LIABILITIES:   
Current portion of long-term debt7,205  14,949 
Debt related to vessels held for sale53,202   
Due to related parties29,755  1,787 
Accounts payable2,308  2,338 
Accrued liabilities1,145  1,736 
Unearned revenue3,658  4,923 
Current portion of Operating lease liabilities9,815  9,213 
Total current liabilities107,088  34,946 
    
NON-CURRENT LIABILITIES:   
Non-current portion of long term debt90,163  229,509 
Non-current portion of Operating lease liabilities23,948  19,642 
Other non-current liabilities225  175 
Total non-current liabilities114,336  249,326 
    
COMMITMENTS AND CONTINGENCIES   
    
Total liabilities221,424  284,272 
    
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 par16,142  102,470 
Total mezzanine equity16,142  102,542 
    
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, 20221  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, 202219  23 
Additional paid-in capital429,956  416,717 
Accumulated deficit(336,754) (328,149)
Total stockholders’ equity93,222  88,592 
    
Total liabilities, mezzanine equity and stockholders’ equity330,788  475,406 
      

*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)20212022
    
Net (Loss) / Income1,6828,605
    
 Add: Operating lease expenses5,3785,378
 Add: Vessel depreciation3,3396,114
 Add: Impairment on vessels1,160
 Add: Interest and finance costs2,8376,927
 Add: Loss / (Gain) on financial instruments(66)
 Less: Gain on sale of vessels(78)
Adjusted EBITDA14,33026,946

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