Form 6-K ULTRAPETROL BAHAMAS LTD For: Apr 16

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):       

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):       

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

On April 16, 2015 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.


(c)     Exhibit 99.1. Press release dated April 16, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXHIBIT 99.1

Ultrapetrol Reports Financial Results for Fourth Quarter and Full Year 2014

NASSAU, Bahamas, April 16, 2015 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (Nasdaq: ULTR), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), today announced financial results for the fourth quarter and full year ended December 31, 2014.

Full Year 2014 highlights:

• Recorded full year 2014 revenues of $363.7 million;
   
• Recorded adjusted consolidated EBITDA of $57.1 million in 2014,¹ which includes adjusted EBITDA of $0.2 million from our River Business, adjusted EBITDA of $48.6 million from our Offshore Supply Business, adjusted EBITDA of $6.1 million from our Ocean Business, and adjusted EBITDA of $2.2 million from other activities — including foreign currency exchange cash gains;
   
• Recorded total adjusted net loss and adjusted net loss per share of $(36.7) million and $(0.26), respectively, in 2014, which excludes the effect of a non-cash loss of $(10.5) million corresponding to an impairment charge of our Product Tankers Alejandrina and Miranda I; excludes a $(5.7) million loss related to the Sparrow SPA closing termination payments; excludes a $0.4 million gain related to the sale of dry barges which were subsequently leased back to the Company (for accounting purposes, the gain from the sale is being deferred over the term of the lease up to the present value of the lease payments); and excludes the effect of a $0.2 million gain for deferred taxes on unrealized foreign exchange gains on U.S. dollar-denominated debt of our Brazilian subsidiary in our Offshore Supply Business.² Before adjusting for these effects, the recorded total net loss and net loss per share are $(52.3) million and $(0.37), respectively;
   
• On September 3, 2014, the share purchase transaction with respect to the sale of shares of the Company between the major shareholders of the Company was closed under terms previously announced on July 13, 2014. In the transaction, Sparrow purchased all of the Company's outstanding equity interests held by Hazels, Los Avellanos and certain entities affiliated with them ("SIPSA"), increasing Southern Cross' interest in the Company from 67% to 85%. Simultaneously with Southern Cross' acquisition, the Company's Board of Directors selected Damián Scokin to become the Company's new Chief Executive Officer, starting November 2014; and
   
• FY 2014 Adjusted EBITDA for our Offshore Supply Business segment increased 21% to $48.6 million as compared to $40.0 million in FY 2013.

Fourth Quarter 2014 and subsequent events highlights:

• On October 14, 2014, and January 25, 2015, our UP Safira and UP Opal commenced operations under their recently awarded four-year charters at $30,000 and $31,000 per day, respectively;
   
• On November 10, 2014, Mr. Damián Scokin joined Ultrapetrol as the Company's new Chief Executive Officer;
   
• On March 3, 2015, our UP Turquoise commenced its recently renewed four-year charter at a rate of $30,350 per day, consistent with its previous charter; and
   
• On March 11, 2015, the ten-day period granted by the share purchase agreement for Hazels to deliver an offer to purchase the Company's Ocean Business at a price determined by the average value of two investment banking firms was closed. Upon such closing, Hazel's option to purchase the Ocean Business was terminated.

__________

¹ For a reconciliation of non-GAAP measures, please see the tables included under the supplemental information section of this release.

² For a detailed explanation of these adjustments and other adjustments elsewhere in this release, see "Overview of Financial Results" and the tables included under the Supplemental Information section of this release.

Damián Scokin, Ultrapetrol's President and Chief Executive Officer, stated, "Since joining Ultrapetrol in November, I have come to know a Company with strong fundamentals and a wide range of opportunities ahead. Despite the challenging market environment we face in both the Offshore and River businesses, I believe we are uniquely positioned to generate long-term value for shareholders. Improving Ultrapetrol's performance will require increasing our operational reliability, protecting our Offshore revenue stream, reducing our operational costs and strengthening our organization. We have launched a number of concrete initiatives on each of these fronts that should produce results over the course of the year."

Mr. Scokin continued, "In the Offshore Supply Business, we have continued to focus on securing our revenue stream with attractive, multi-year contracts that provide us with stability and earnings visibility. By signing four-year contracts for the UP Safira and UP Opal and extending the contract of the UP Turquoise for an additional four years on consistent terms, we have made significant progress towards this goal. Additionally, the UP Coral, which will be employed on a six-year contract with Petrobras, is completing its conversion to an ROV Support Vessel and is expected to sail for Brazil next week where it will commence its complex, high-margin employment.

"In the River Business, our efforts to streamline operations, increase voyage efficiency, and more actively manage our operational costs are starting to show early indications of progress. As a result of our efforts, improvements are already becoming apparent in multiple operational metrics, including asset utilization, cost per ton transported, and transit times. As we continue to pursue these turnaround initiatives, we believe that there is a great deal of untapped potential in Ultrapetrol."

Overview of Financial Results

Total revenues for the fourth quarter of 2014 were $78.6 million as compared with $99.0 million in the same period of 2013.

Adjusted consolidated EBITDA for the fourth quarter of 2014 was a loss of $(1.6) million as compared with $15.0 million in the same period of 2013. For a reconciliation of adjusted consolidated EBITDA to cash flows from operating activities, please see the tables at the end of this release.

Adjusted total net loss for the fourth quarter of 2014 was $(25.6) million, or $(0.18) per share, as compared with net loss of $(7.4) million, or $(0.05) per share, during the same period of 2013. Fourth quarter 2014 adjusted net loss excludes the effect of a non-cash loss of $(10.5) million corresponding to an impairment charge of our Product Tankers Alejandrina and Miranda I; excludes the effect of a $0.3 million gain for deferred taxes on unrealized foreign exchange losses on U.S. dollar-denominated debt of our Brazilian subsidiary in our Offshore Supply Business; and excludes a $0.1 million gain related to the sale of dry barges which were subsequently leased back to the Company (for accounting purposes, such gain will be deferred over the term of the lease up to the present value of the lease payments).² Before adjusting for these effects, the recorded total net loss and net loss per share are $(35.7) million and $(0.25), respectively.

Cecilia Yad, Ultrapetrol's Chief Financial Officer, said, "We continue to take steps to strengthen our financial results and visibility on cash flows by locking in multi-year contracts and optimizing our commercial relationships. In addition to increasing our contracted revenue stream, we are implementing measures to improve our cost structure and management systems. In the early months of 2015, we have begun to realize the benefits of our efforts and continue to focus on improving our results for shareholders. We remain committed to maintaining a strong financial position and are pleased to be fully compliant with all debt covenants."

Business Segment Highlights

River

Fourth quarter 2014 River Business segment adjusted EBITDA was a loss of $(7.1) million versus $0.4 million in the same period of 2013, representing a $7.5 million decrease. A significant portion of this difference results from third party barge sales, which decreased from 13 units in the fourth quarter of 2013 to none in the fourth quarter of 2014. This reduction in the number of barges delivered to third parties produced a reduction in revenues of $20.7 million when comparing the fourth quarter of 2014 with the same period of 2013. The shipyard is currently producing barges for our own fleet, which supports the growth of our River Business, but has no immediate effect on our consolidated EBITDA, since barges are accounted for at cost.

In addition, during the fourth quarter of 2014, we had higher costs related to our initiative to improve the reliability of our pushboats.

Volumes transported and gross revenues for the fourth quarter of 2014 is not directly comparable to the 2013 period, as four pushboats and 100 barges operated on time charter to Vale in 2014. These 2014 time charter revenues are paid on a daily basis instead of a freight per metric ton and are net of fuel and port expenses.

We are implementing operating processes and management systems that we believe will increase voyage efficiency, transparency on costs and asset utilization while we transition from a complex hub-and-spoke system to a more streamlined and cost-effective point-to-point system. Initial results from early 2015 suggest that progress is already being made in terms of operating costs, transit times, and tons transported. Significant emphasis is being made on efficiency and customer service at every level of the organization.

Prices of agricultural products as well as prices of iron ore and petroleum products we carry along the Hidrovia have recently been at historically low levels. Although this may temporarily impact output, we are confident that prices will return to healthy levels. According to the latest United States Department of Agriculture ("USDA") estimates, the soybean crop in Paraguay for 2014 was 8.2 million tons, which is in line with USDA's estimate for the 2013 crop. Argentina, Brazil, Bolivia, Paraguay and Uruguay are estimated to account for approximately 55% of world soybean production in 2014, as compared to 30% in 1995. We believe these figures are a sign of the strength of the long-term growth prospects of the agricultural sector along the Hidrovia, where the seeded area is expected to continue to grow. In addition, iron ore production in the three mines connected with the river system has also increased substantially in the last decade. This steady long-term growth trend represents an important demand driver for our River Business.

Offshore Supply

In August, our PSVs UP Opal and UP Safira (whose previous contract expired in September 2014) were formally awarded four-year contracts with Petrobras at $31,000 and $30,000 per day, respectively. UP Opal was delivered on January 25, 2015, while the UP Safira entered into its new charter during October in direct continuation of her current employment.

In the Offshore Supply Business, we operate a fleet of fourteen PSVs, eleven of which are contracted on long-term time charters to Petrobras in Brazil. Upon finalization of its conversion into an RSV subsea support vessel, our UP Coral will be ready to enter into its six-year contract with Petrobras. We expect that this vessel will commence service under this new contract starting in the second quarter of 2015. UP Agate and UP Jasper continue to be operated in the UK North Sea on the spot market.

The adjusted EBITDA generated by the Offshore Supply Business segment during the fourth quarter of 2014 was $9.6 million, compared to $11.1 million in the same period of 2013, or a 14% decrease. This decrease is mostly attributable to the low spot rates experienced in the North Sea. For a reconciliation of segment adjusted EBITDA to operating profit (loss), please see the tables at the end of this release.

Total revenues from our Offshore Supply Business for the fourth quarter of 2014 increased by $4.0 million to $29.5 million, as compared to $25.5 million in the same period of 2013. This 16% increase was primarily attributable to a combined increase in revenues of our UP Agate, UP Coral and UP Opal, which commenced operations in the North Sea on April 11, April 25, and May 3, 2014, respectively, to an increase in revenues of UP Pearl, which commenced operations with Petrobras on November 25, 2013, and to higher revenues from our UP Agua-Marihna, mainly due to its drydock during the fourth quarter of 2013; partially offset by a decrease in revenues of our UP Safira, mostly related to higher offhire days, and to our UP Jasper, on account of lower prevailing rates in the UK North Sea.

Ocean

The Ocean Business segment adjusted EBITDA was a loss of $(2.3) million in the fourth quarter of 2014, as compared to $1.4 million in the same period of 2013, a $3.8 million decrease. For a reconciliation of segment adjusted EBITDA to operating profit (loss), please see the tables at the end of this release.

Revenues from the Ocean Business decreased by $1.9 million, or 11%, to $16.0 million in the fourth quarter of 2014, as compared to $17.9 million the same period of 2013.

During the fourth quarter of 2014, we suffered an extensive off-hire resulting from a now-resolved mechanical issue with one of our container feeder vessels. In addition, our Alejandrina has been laid up in Argentina as of the end of September 2014, which has significantly impacted our segment results. We expect her to be back in operation by May 2015, as lower than expected market demand has delayed her redeployment.

In the fourth quarter of 2014, the Company operated two container vessels in its flag protected feeder container service in South America, as well as three Product Tankers (Miranda I, Amadeo and Austral), which continue to be employed on charters with oil majors in the same flag-protected South American coastal trade in which they have operated in the past. On December 30, 2014, we confirmed the bareboat charter of Mentor for three years, which has also been fixed on time charter to Petrobras. This vessel is expected to commence its service in May 2015, replacing Miranda I which has been placed for sale.

Use of Non-GAAP Measures

Ultrapetrol believes that the disclosed non-Generally Accepted Accounting Principles, or non-GAAP, measures such as adjusted EBITDA, adjusted net income and any other adjustments thereto, when presented in conjunction with comparable GAAP measures, are useful for investors to use in evaluating the liquidity of the company. These non-GAAP measures should not be considered a substitute for, or superior to, measures of liquidity prepared in accordance with GAAP. A reconciliation of adjusted EBITDA to segment operating profit and cash flow from operations is presented in the tables that accompany this press release.

Investment Community Conference Call

Ultrapetrol will host a conference call for investors and analysts on Friday, April 17, 2015, at 10:00 a.m. EDT accessible via telephone and Internet with an accompanying slide presentation. Investors and analysts may participate in the live conference call by dialing 1-800-369-3357 (toll-free U.S.) or +1-630-395-0256 (outside of the U.S.); passcode: ULTR. Please register at least 10 minutes before the conference call begins. A replay of the call will be available for one week via telephone starting approximately one hour after the call ends. The replay can be accessed at 1-800-839-2291 (toll-free U.S.) or +1-402-998-1194 (outside of the U.S.); passcode: 1004. The webcast will be archived on Ultrapetrol's Web site for 30 days after the call.

About Ultrapetrol

Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for containers, grain and soya bean products, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market with its extensive and diverse fleet of vessels. These include river barges and pushboats, platform supply vessels, tankers and two container feeder vessels. More information on Ultrapetrol can be found at www.ultrapetrol.net .

Forward-Looking Language

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 future operating or financial results; pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking and insurance costs; general market conditions and trends, including charter rates, vessel values, and factors affecting vessel supply and demand; our ability to obtain additional financing; our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or vessels' useful lives; our dependence upon the abilities and efforts of our management team; changes in governmental rules and regulations or actions taken by regulatory authorities; adverse weather conditions that can affect production of the goods we transport and navigability of the river system; the highly competitive nature of the oceangoing transportation industry; the loss of one or more key customers; fluctuations in foreign exchange rates and devaluations; potential liability from future litigation; 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.

ULTR – G

  Supplemental Information: Summary consolidated financial data

The following summary financial information set forth below is for the years ended December 31, 2014, 2013, 2012, 2011 and 2010 and has been derived from the Company's Financial Statements.

(Stated in thousands of U.S. dollars, except par value and share amounts)

The following table shows our audited consolidated balance sheet at December 31, 2014 and 2013:

 (Stated in thousands of U.S. dollars, except par value and share amounts)

The following table contains our audited historical statements of income data for the years ended December 31, 2014 and 2013 derived from our audited condensed consolidated statements of income expressed in thousands of U.S. dollars:

The following table contains our audited statements of cash flows for the years ended December 31, 2014, 2013 and 2012:

(Stated in thousands of U.S. dollars)

The following table reconciles our Adjusted Consolidated EBITDA to our cash flow for the years ended December 31, 2014, and 2013:

The following table reconciles our adjusted net income and adjusted EPS to net loss and EPS for the years ended December 31, 2014 and 2013:

The following table reconciles our Adjusted Consolidated EBITDA to our Operating Profit per business segment for the fourth quarter ended December 31, 2014:

The following table reconciles our Adjusted Consolidated EBITDA to our Operating Profit per business segment for the fourth quarter ended December 31, 2013:

The following table reconciles our Adjusted Consolidated EBITDA to our Operating Profit per business segment for the year ended December 31, 2014:

The following table reconciles our Adjusted Consolidated EBITDA to our Operating Profit per business segment for the year ended December 31, 2013:

CONTACT: The IGB Group
         
         Leon Berman
         212-477-8438
         [email protected]

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