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Ultrapetrol Reports Financial Results For Third Quarter 2010

 

  Three Months Ended September 30, Nine Months Ended September 30,  
          Percent
($000's) 2010 2009 2010 2009 Change
Revenues          
 Attributable to River Business $31,365 $20,400 $89,899 $63,525 42%
 Attributable to Offshore Supply Business 13,737 7,328 39,385 25,784 53%
 Attributable to Ocean Business 13,507 30,744 44,162 81,860 -46%
Total revenues 58,609 58,472 173,446 171,169 1%
           
Voyage expenses          
 Attributable to River Business (11,868) (9,723) (33,496) (28,724) 17%
 Attributable to Offshore Supply Business (984) (1,941) (2,764) (2,660) 4%
 Attributable to Ocean Business (3,457) (6,772) (8,280) (14,603) -43%
Total voyage expenses (16,309) (18,436) (44,540) (45,987) -3%
           
Running costs          
 Attributable to River Business (9,639) (7,418) (24,469) (22,786) 7%
 Attributable to Offshore Supply Business (6,149) (4,350) (18,361) (12,120) 51%
 Attributable to Ocean Business (7,608) (7,917) (21,889) (24,036) -9%
Total running costs (23,396) (19,685) (64,719) (58,942) 10%
           
Amortization of dry dock & intangible assets (1,346) (880) (3,259) (3,105) 5%
Depreciation of vessels and equipment (7,225) (9,485) (22,256) (27,548) -19%
Administrative and commercial expenses (7,257) (6,300) (20,192) (17,916) 13%
Other operating (loss) income (216) 132 297 1,093 -73%
           
Operating profit 2,860 3,818 18,777 18,764 0%
           
Financial expense and other financial expenses (5,964) (5,373) (20,932) (16,359) 28%
Financial income 89 69 292 287 2%
Gains on derivative instruments, net 901 126 10,270 241 4161%
Investment in affiliates (86) 17 (241) 37 --
Other, net (225) (198) (676) (600) 13%
Total other expenses (5,285) (5,359) (11,287) (16,394) -31%
           
(Loss) income from continuing operations before income tax (2,425) (1,541) 7,490 2,370 216%
           
Income taxes expenses (4,498) (2,432) (5,140) (4,728) 9%
Net (loss) income attributable to non-controlling interest 55 (199) 328 26 1162%
           
Net (loss) income from continuing operations attributable to Ultrapetrol (Bahamas) Ltd. $(6,978) $(3,774) $2,022 $(2,384)  
           
Loss from discontinued operation (1) -- (406) (515) (1,268) -59%
           
Net (loss) income attributable to Ultrapetrol (Bahamas) Ltd. $(6,978) $(4,180) $1,507 $(3,652)  
           
(1) Operations of our Passenger Business are presented as discontinued operations on a net of tax basis            

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

  For the nine-month periods ended September 30,
  2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES    
     
Net income (loss)  $ 1,835  $ (3,626)
     
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
     
Loss from discontinued operations 515 1,268
Depreciation of vessels and equipment 22,256 27,548
Amortization of dry docking 2,997 2,562
Expenditure for dry docking (7,643) (3,006)
Gains on derivatives, net (10,270) (241)
Amortization of intangible assets 262 543
(Gain) loss on sale of vessels, net (724) --
Share-based compensation 1,050 1,334
Debt issuance expense amortization 1,328 1,210
Net loss (gain) from investment in affiliates 241 (37)
Allowance for doubtful accounts 378 329
Cash settlements of FFAs --  292
     
Changes in assets and liabilities:    
Decrease (increase) in assets:    
Accounts receivable (8,896) (3,124)
Receivables from related parties 289 22
Other receivables, operating supplies and prepaid expenses (752) (2,573)
Other 1,543 1,705
Increase (decrease) in liabilities:    
Accounts payable 7,430 (8,686)
Payable to related parties (42) 150
Other 7,364 10,099
Net cash provided by operating activities from continuing operations 19,161 25,769
     
Net cash (used in) provided by operating activities from discontinued operations (1,959) 415
Total cash flows provided by operating activities 17,202 26,184
     
CASH FLOWS FROM INVESTING ACTIVITIES    
     
Purchase of vessels and equipment (68,214) (69,071)
Cash settlements of FFAs 5,834 --
Proceeds from disposal of assets, net 36,584 --
Other 41 2,154
Net cash (used in) investing activities from continuing operations (25,755) (66,917)
     
Net cash provided by investing activities from discontinued operations 1,950 --
Total cash flows (used in) investing activities (23,805) (66,917)
     
CASH FLOWS FROM FINANCING ACTIVITIES    
     
Scheduled repayments of long-term financial debt (8,400) (10,480)
Early repayments of long-term financial debt --  (22,894)
Proceeds from long-term financial debt --  10,350
Other (790) (248)
Net cash (used in) financing activities from continuing operations (9,190) (23,272)
Net (decrease) in cash and cash equivalents (15,793) (64,005)
     
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 $390 related to discontinued operations)  $ 37,408  $ 41,854

Supplemental Information:

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