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Ultrapetrol Reports Financial Results For Second Quarter 2010

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

The following table shows our unaudited consolidated balance sheet as of June 30, 2010 and our audited consolidated balance sheet as of December 31, 2009:

($000's) At June 30, 2010 (Unaudited) At December 31, 2009
ASSETS    
     
CURRENT ASSETS    
     
Cash and cash equivalents  $ 45,968  $ 53,201
Restricted cash 1,661 1,658
Accounts receivable, net of allowance for doubtful accounts of $270 and $411 in 2010 and 2009, respectively   20,910 16,402
Operating supplies 3,853 3,743
Prepaid expenses 4,464 4,210
Receivables from derivative instruments 10,643 16,885
Other receivables 19,181 15,547
Other current assets 649 2,684
Total current assets 107,329 114,330
NONCURRENT ASSETS    
     
Other receivables 16,269 16,256
Restricted cash 1,181 1,181
Vessels and equipment, net 574,549 571,478
Dry dock 6,062 5,281
Investment in affiliates 1,632 1,787
Intangible assets 1,238 1,456
Goodwill 5,015 5,015
Other noncurrent assets 7,920 8,390
Deferred income tax assets 7,997 7,760
Total noncurrent assets 621,863 618,604
Total assets  $  729,192   $ 732,934
     
LIABILITIES AND EQUITY    
     
CURRENT LIABILITIES    
     
Accounts payable  $ 18,853  $ 13,707
Accrued interest 2,062 2,008
Current portion of long-term financial debt 21,428 21,286
Other current liabilities 9,777 8,977
Total current liabilities 52,120 45,978
NONCURRENT LIABILITIES    
     
Long-term financial debt 378,736 384,245
Deferred income tax liabilities 12,265 13,033
Other liabilities 1,729 1,095
Total noncurrent liabilities 392,730 398,373
Total liabilities 444,850 444,351
     
EQUITY    
Common stock, $.01 par value: 100,000,000 authorized shares; 29,943,653 shares outstanding 338 338
Additional paid-in capital 270,658 269,958
Treasury stock: 3,923,094 shares at cost (19,488) (19,488)
Accumulated earnings 25,842 17,357
Accumulated other comprehensive income 1,839 15,538
Total Ultrapetrol (Bahamas) Limited stockholders equity 279,189 283,703
     
Non-controlling interest 5,153 4,880
Total equity 284,342 288,583
Total liabilities and equity  $  729,192  $ 732,934

The following table sets forth certain unaudited historical statements of income data for the periods indicated above derived from our unaudited condensed consolidated statements of income expressed in thousands of dollars:

  Three Months Ended June 30, Six Months Ended June 30,
($000's) 2010 2009 2010 2009 Percent Change
Revenues          
Attributable to River Business $ 34,259 $ 19,849 $ 58,534 $ 43,125 36%
Attributable to Offshore Supply Business 13,438 9,284 25,648 18,456 39%
Attributable to Ocean Business 12,910 25,748 30,655 51,116 -40%
Total revenues 60,607 54,881 114,837 112,697 2%
           
Voyage expenses          
Attributable to River Business (12,399) (9,209) (21,628) (19,001) 14%
Attributable to Offshore Supply Business (706) (312) (1,780) (719) 148%
Attributable to Ocean Business (2,083) (4,517) (4,823) (7,831) -38%
Total voyage expenses (15,188) (14,038) (28,231) (27,551) 2%
           
Running costs          
Attributable to River Business (8,410) (7,419) (14,830) (15,368) -4%
Attributable to Offshore Supply Business (5,751) (3,686) (12,212) (7,770) 57%
Attributable to Ocean Business (6,814) (8,020) (14,281) (16,119) -11%
Total running costs (20,975) (19,125) (41,323) (39,257) 5%
           
Amortization of dry dock & intangible assets (989) (1,142) (1,913) (2,225) -14%
Depreciation of vessels and equipment (7,232) (9,161) (15,031) (18,063) -17%
Administrative and commercial expenses (6,694) (6,120) (12,935) (11,616) 11%
Other operating income 65 195 513 961 -47%
           
Operating profit 9,594 5,490 15,917 14,946 6%
           
Financial expense and other financial expenses (7,516) (3,313) (14,968) (10,986) 36%
Financial income 111 123 203 218 -7%
Gains on derivative instruments, net 266 40 9,369 115 8047%
Investment in affiliates (110) 110 (155) 20 --
Other, net (328) (243) (451) (402) 12%
Total other expenses (7,577) (3,283) (6,002) (11,035) -46%
           
Income from continuing operations before income tax 2,017 2,207 9,915 3,911 154%
           
Income taxes expenses (1,232) (1,889) (642) (2,296) -72%
Net income attributable to non-controlling interest 125 95 273 225 21%
           
Net income from continuing operations $660 $223 $9,000 $1,390 547%
           
Loss from discontinued operation 0 (312) (515) (862) -40%
           
Net income (loss) attributable to Ultrapetrol (Bahamas) Ltd. $ 660 $ (89) $ 8,485 $ 528 1507%

The following table contains our unaudited statements of cash flows for the six months period ended June 30, 2010 and 2009:

  For the six-month periods ended June 30,
  2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES    
     
Net income  $ 8,758  $ 753
     
Adjustments to reconcile net income to net cash provided by operating activities:    
     
Loss from discontinued operations 515 862
Depreciation of vessels and equipment 15,031 18,063
Amortization of dry docking 1,695 1,855
Expenditure for dry docking (4,222) (2,464)
Gains on derivatives, net (9,369) (115)
Amortization of intangible assets 218 370
Loss on sale of vessels, net 314 --
Share-based compensation 700 889
Debt issuance expense amortization 750 1,059
Net loss (gain) from investment in affiliates 155 (20)
Allowance for doubtful accounts 84 150
Cash settlements of FFAs -- (70)
     
Changes in assets and liabilities:    
Decrease (increase) in assets:    
Accounts receivable (4,592) (4,979)
Other receivables, operating supplies and prepaid expenses (3,247) 5,880
Other 2,226 1,195
Increase (decrease) in liabilities:    
Accounts payable 5,205 (5,969)
Payable to related parties 296 78
Other 241 1,062
Net cash provided by operating activities from continuing operations 14,758 18,599
     
Net cash (used in) provided by operating activities from discontinued operations (1,960) 406
Total cash flows provided by operating activities 12,798 19,005
     
CASH FLOWS FROM INVESTING ACTIVITIES    
     
Purchase of vessels and equipment ($890 and $21,024 in 2010 and 2009 for vessels in construction)   (44,833) (42,081)
Net decrease in funding cash collateral of forward freight agreements 578 --
Cash settlements of FFAs 1,405 --
Proceeds from disposal of assets, net 26,656 --
Other -- 1,701
Net cash (used in) investing activities from continuing operations (16,194) (40,380)
     
Net cash provided by investing activities from discontinued operations 1,950 --
Total cash flows (used in) investing activities (14,244) (40,380)
     
CASH FLOWS FROM FINANCING ACTIVITIES    
     
Scheduled repayments of long-term financial debt (5,507) (7,366)
Early repayments of long-term financial debt -- (22,894)
Proceeds from long-term financial debt -- 3,450
Other (280) (267)
Net cash (used in) financing activities from continuing operations (5,787) (27,077)
Net (decrease) in cash and cash equivalents (7,233) (48,452)
     
Cash and cash equivalents at the beginning of year (including $304 and $2,546 related to discontinued operations)  $ 53,201  $ 105,859
Cash and cash equivalents at the end of period (including $294 and $308 related to discontinued operations)  $ 45,968  $ 57,407

Supplemental Information:

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