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Top Ships (TOPS) Announces Interim Results for First Half of 2016

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July 29, 2016 4:34 PM EDT

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, announced today its financial results for the first half of 2016.

Evangelos Pistiolis, President and CEO of the Company, stated,

“As our newbuilding program successfully draws to an end and our vessels are deployed to their profitable time charters we are increasingly optimistic about our earnings and cashflow generation capacity in the near and mid-term future, as indicated by the earnings we announce today for the six month period ended June 30, 2016.”

TABLES FOLLOW

Set forth below are the unaudited interim condensed consolidated statements of comprehensive (loss) / income for the six months ended June 30, 2015 and 2016 and the unaudited interim condensed consolidated balance sheets as at December 31, 2015 and June 30, 2016.

TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2016
(Expressed in thousands of U.S. Dollars - except share and per share data)
Six Months Ended Six Months Ended
June 30, June 30,
2015 2016
REVENUES:
Revenues$ 4,697 $ 11,627
EXPENSES:
Voyage expenses 121 301
Bareboat charter hire expenses 2,107 3,132
Amortization of prepaid bareboat charter hire 603 789
Other vessel operating expenses 1,863 4,445
Vessel depreciation 120 1,228
Management fees-related parties 397 764
Other operating loss, net 277 -
General and administrative expenses 1,505 1,117
Vessels impairment charge 3,081 -
Operating loss (5,377) (149)
OTHER INCOME (EXPENSES):
Interest and finance costs (594) (774)
Gain on financial instruments 592 1,220
Other, net 18 (7)
Total other income, net 16 439
Net (loss) / income and comprehensive (loss) / income (5,361) 290
(Loss) / earnings per common share, basic and diluted (2.74) 0.08
Weighted average common shares outstanding, basic and diluted 1,959,603 3,426,780

TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2015 AND JUNE 30, 2016
(Expressed in thousands of U.S. Dollars)
December 31, June 30,
2015 2016
ASSETS
CASH AND CASH EQUIVALENTS$ 2,668 $554
RESTRICTED CASH 1,750 4,240
ADVANCES FOR VESSEL ACQUISITIONS 25,098 8,717
VESSELS, NET 32,044 95,878
PREPAID BAREBOAT CHARTER HIRE 10,169 9,380
OTHER ASSETS 2,277 2,899
Total assets$74,006 $121,668
LIABILITIES AND STOCKHOLDERS' EQUITY
FINANCIAL INSTRUMENTS 3,216 1,996
DEBT 24,226 71,227
OTHER LIABILITIES 12,411 9,857
Total liabilities 39,853 83,080
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY 34,153 38,588
Total liabilities and stockholders' equity$74,006 $121,668


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