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TheStreet Open House

Ultrapetrol Reports Financial Results For Third Quarter 2010

 

  At September 30, 2010 (Unaudited) At December 31, 2009
ASSETS    
     
CURRENT ASSETS    
     
Cash and cash equivalents  $ 37,408  $ 53,201
Restricted cash 1,661 1,658
Accounts receivable, net of allowance for doubtful accounts of $584 and $411 in 2010 and 2009, respectively 24,920 16,402
Operating supplies 3,875 3,743
Prepaid expenses 5,388 4,210
Receivables from derivative instruments 4,589 16,885
Other receivables 18,128 15,547
Other current assets 666 2,684
Total current assets 96,635 114,330
NONCURRENT ASSETS    
     
Other receivables 14,497 16,256
Restricted cash 1,181 1,181
Vessels and equipment, net 583,568 571,478
Dry dock 6,317 5,281
Investment in affiliates 1,546 1,787
Intangible assets 1,194 1,456
Goodwill 5,015 5,015
Other noncurrent assets 7,852 8,390
Deferred income tax assets 8,120 7,760
Total noncurrent assets 629,290 618,604
Total assets  $  725,925   $ 732,934
     
LIABILITIES AND EQUITY    
     
CURRENT LIABILITIES    
     
Accounts payable  $ 21,304  $ 13,707
Accrued interest 6,670 2,008
Current portion of long-term financial debt 21,097 21,286
Other current liabilities 8,247 8,977
Total current liabilities 57,318 45,978
NONCURRENT LIABILITIES    
     
Long-term financial debt 376,174 384,245
Deferred income tax liabilities 15,241 13,033
Other noncurrent liabilities 2,817 1,095
Total noncurrent liabilities 394,232 398,373
Total liabilities 451,550 444,351
     
EQUITY    
Common stock, $.01 par value: 100,000,000 authorized shares; 29,943,653 shares outstanding 338 338
Additional paid-in capital 271,008 269,958
Treasury stock 3,923,094 shares at cost (19,488) (19,488)
Accumulated earnings 18,864 17,357
Accumulated other comprehensive income (loss) (1,555) 15,538
Total Ultrapetrol (Bahamas) Limited stockholders equity 269,167 283,703
     
Noncontrolling interests 5,208 4,880
Total equity 274,375 288,583
Total liabilities and equity  $  725,925  $ 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:

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