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FreeSeas Reports Fourth Quarter And Year End 2010 Financial Results

PIRAEUS, Greece, March 4, 2011 (GLOBE NEWSWIRE) --

Highlights

  • Reported adjusted net income of $5.7 million or $0.90 basic and diluted earnings per share for the full year of 2010. Including various non-recurring items, the Company reported a net loss of $21.8 million or $3.46 basic and diluted loss per share for the full year of 2010. A table reconciling adjusted net income to net income can be found in footnote (1) to this release.
  • Reported adjusted EBITDA of $26.8 million for the full year of 2010. A table reconciling adjusted EBITDA to net income can be found in footnote (2) to this release.
  • Generated $20.8 million in cash from operations for the full year of 2010.
  • Reported adjusted net income of $9,000 or $0.00 basic and diluted earnings per share for the fourth quarter of 2010. Including various non-recurring items such as a non-cash vessel impairment charge, the Company reported a net loss of $17.0 million or $2.69 basic and diluted loss per share for the last quarter of 2010. A table reconciling adjusted net income to net income can be found in footnote (1) to this release.
  • Reported adjusted EBITDA of $5.0 million for the fourth quarter of 2010. A table reconciling adjusted EBITDA to net income can be found in footnote (2) to this release.
  • Reported net debt of $110.4 million at December 31, 2010, reflecting a net debt to capital ratio of 44%.

FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEZ) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today financial results for its fourth quarter and year ended December 31, 2010. All per-share amounts have been adjusted to reflect the Company's 1-for-5 reverse stock split effective October 1, 2010.

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