TOP Ships Announces Record Net Income of $18.9 Million for the Year Ended December 31, 2022, 120% Increase From 2021, and Adoption of Shareholder-Friendly Measures Including Moratorium on New Equity Offerings
ATHENS, Greece, March 01, 2023 (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 the year ended December 31, 2022.
As of and for the year ended December 31, 2022, the Company reported:
- Total revenues of
$80.7 million (43% increase from the year ended December 31, 2021) - Net Income of
$18.9 million (120% increase from the year ended December 31, 2021) - EBITDA* of
$46.6 million (100% increase from the year ended December 31, 2021) - Total Assets of
$469.3 million (42% increase from December 31, 2021) - Total Cash and cash equivalents including Restricted Cash of
$24.5 million (285% increase from December 31, 2021)
In addition, the Company announced that for the period commencing from the date of this release to December 31, 2023:
- it will not conduct any new equity offerings, public or private;
- it will not conduct any reverse stock splits, except to the extent its Board of Directors deems advisable for the sole purpose of remaining compliant with Nasdaq continued listing requirements;
- it will not pay any bonuses to its executive management; and
- neither the CEO nor his affiliates will sell any common shares.
The Company believes that the above actions will significantly enhance the trading stability of its common shares during 2023.
Mr. Evangelos J. Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“We are very happy to report record net income for the year ended December 31, 2022, which is the highest reported net income since 2008 and
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 CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME | ||||||
| FOR THE YEARS ENDED DECEMBER 31, 2020, 2021 and 2022 | ||||||
| (Expressed in thousands of U.S. Dollars - except share and per share data) | ||||||
| 2020 | 2021 | 2022 | ||||
| Revenues (including | 60,222 | 56,367 | 80,656 | |||
| EXPENSES: | ||||||
| Voyage expenses (including | 1,994 | 1,317 | 1,648 | |||
| Operating lease expense | 755 | 10,840 | 10,840 | |||
| Vessel operating expenses (including | 21,024 | 15,679 | 18,628 | |||
| Dry-docking costs | 356 | 361 | - | |||
| Vessel depreciation | 13,174 | 7,670 | 13,289 | |||
| Management fees-related parties | 5,627 | 2,596 | 2,093 | |||
| General and administrative expenses (including | 1,932 | 1,943 | 1,617 | |||
| Other operating loss | 4,800 | - | - | |||
| Loss/(Gain) on sale of vessels | 12,355 | - | (78) | |||
| Impairment on vessels | - | 1,160 | - | |||
| Operating (loss)/income | (1,795) | 14,801 | 32,619 | |||
| OTHER EXPENSES: | ||||||
| Interest and finance costs (including | (20,956) | (6,998) | (14,365) | |||
| (Loss)/Gain on derivative financial instruments | (814) | 66 | - | |||
| Interest income | 34 | - | 48 | |||
| Equity gain in unconsolidated joint ventures | 713 | 747 | 646 | |||
| Total other expenses, net | (21,023) | (6,185) | (13,671) | |||
| Net (loss)/income and comprehensive (loss)/income | (22,818) | 8,616 | 18,948 | |||
| Less: Deemed dividend for beneficial conversion feature of Series E Shares | (1,067) | (900) | - | |||
| Less: Deemed dividend equivalents on preferred shares related to redemption value | (3,099) | (437) | (14,400) | |||
| Less: Preferred shares dividend | (1,796) | (1,883) | (12,390) | |||
| Less: Deemed dividend on warrant inducement | - | - | (1,345) | |||
| Net (loss) / income attributable to common shareholders | (28,780) | 5,396 | (9,187) | |||
| (Loss) / Earnings per common share, basic and diluted | (24.48) | 2.71 | (3.03) | |||
| TOP SHIPS INC. | ||||
| UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS | ||||
| DECEMBER 31, 2021 AND 2022 | ||||
| (Expressed in thousands of U.S. Dollars) | ||||
| December 31 | December 31 | |||
| 2021 | 2022 | |||
| ASSETS | ||||
| Cash and cash equivalents | 2,370 | 20,544 | ||
| Restricted cash | 4,000 | 4,000 | ||
| Advances for vessel acquisitions | 30,579 | - | ||
| Vessels, net | 156,585 | 389,059 | ||
| Vessels held for sale | 71,636 | - | ||
| Right of use assets from operating leases | 37,279 | 28,708 | ||
| Investments in unconsolidated joint ventures | 24,477 | 22,173 | ||
| Other assets | 3,862 | 4,853 | ||
| TOTAL ASSETS | 330,788 | 469,337 | ||
| LIABILITIES MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY | ||||
| Debt | 150,570 | 233,714 | ||
| Operating lease liabilities | 33,763 | 23,948 | ||
| Other liabilities | 37,091 | 14,652 | ||
| TOTAL LIABILITIES | 221,424 | 272,314 | ||
| Commitments and contingencies | - | - | ||
| MEZZANINE EQUITY | 16,142 | 86,351 | ||
| STOCKHOLDERS' EQUITY | 93,222 | 110,672 | ||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | 330,788 | 469,337 | ||
*Non-US GAAP Measures
This report describes Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), which is not a measure prepared in accordance with U.S. GAAP (i.e., a “Non-US GAAP” measure). We define EBITDA as earnings before interest, taxes, depreciation and amortization.
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 or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength.
EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. EBITDA as presented below may not be comparable to similarly titled measures of other companies. See below for a reconciliation of EBITDA to Net (Loss)/Income, the most directly comparable U.S. GAAP measure.
Reconciliation of Net (Loss) / Income to EBITDA
| (Expressed in thousands of U.S. Dollars) | 2020 | 2021 | 2022 | |||
| Net (loss)/income | (22,818) | 8,616 | 18,948 | |||
| Add: Vessel depreciation | 13,174 | 7,670 | 13,289 | |||
| Add: Interest and finance costs | 20,956 | 6,998 | 14,365 | |||
| Less: Interest income | (34) | - | (48) | |||
| EBITDA | 11,278 | 23,284 | 46,554 | |||
