NASSAU, Bahamas, March 14, 2011 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), today announced financial results for the fourth quarter and full year ended December 31, 2010.
Full Year 2010 Highlights:
- Recorded full year 2010 revenues of $230.4 million;
- Recorded adjusted EBITDA of $61.3 million in 2010; (in line with previous segment guidance given with our third quarter results, includes $26.2 million from River Business segment adjusted EBITDA, $17.3 million from Offshore Supply Business segment adjusted EBITDA and $18.4 million from Ocean Business segment adjusted EBITDA) 1
- Recorded total adjusted net loss and adjusted EPS of $(3.0) million and $(0.10), respectively, in 2010, which excludes the effect of a $1.1 million provision for unrealized foreign exchange rate gains on U.S. dollar-denominated debt of our Brazilian subsidiary in the Offshore Supply Business, as well as the effect of a payment of $1.3 million made to the tax authorities of Paraguay in full settlement of a claim pertaining to years 2002 to 2004; 2
- Took delivery of the UP Turquoise, the seventh PSV in the Company's Offshore Supply Business fleet, on December 20, 2010, which was delivered under a long-term time charter to Petrobras on 12 March 2011;
- Issued $80.0 million of 7.25% Convertible Senior Notes due 2017;
- Entered into an eight-year credit facility with DVB Bank SE and Banco Security totaling $40.0 million to partially finance the construction costs of the Company's Chinese-built PSVs, the UP Turquoise and UP Jasper. On December 16, 2010, the first $20.0 million was drawn down in connection with the delivery of the UP Turquoise.
- Continued as planned with the construction of the Company's PSV new building program in the Offshore Supply Business. The UP Jasper, the next PSV under construction in China, will be delivered during the second quarter of 2011; including the UP Jasper, the Company will have eight vessels in its PSV fleet;
- In the Ocean Business, Capesize vessels Princess Nadia and Princess Marisol were sold and delivered on January 28 and April 22, respectively. We sold and delivered the last of our Capesize vessels, Princess Katherine, on September 15, 2010 ;
- On November 19, 2010, the Company took delivery of the M.V. Argentino, a 2002-built, 1,054 TEUs feeder container vessel. With the delivery of the vessel, the Company doubled the frequency in its container feeder operation in South America as of February 2011;
- The remaining passenger vessel, Blue Monarch was sold and subsequently devered to buyers on February 5, 2010.
Fourth Quarter 2010 Highlights:
- Recorded revenues of $57.0 million in the fourth quarter of 2010;
- Recorded adjusted EBITDA of $10.0 million for the fourth quarter of 2010, in line with earlier guidance; 1
- Recorded total adjusted net loss and adjusted EPS of $(6.5) million and $(0.22), respectively, in 2010, which excludes the effect of a $0.4 million provision for unrealized foreign exchange rate gains on U.S. dollar-denominated debt of our Brazilian subsidiary in the Offshore Supply Business; 2