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Ultrapetrol Reports Financial Results For Fourth Quarter And Full Year 2010

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

1Adjusted EBITDA is not an accounting measure used in Generally Accepted Accounting Principles or GAAP as described below. The tables set out at the end of this release include reconciliations of Adjusted EBITDA to segment operating profit and cash flow from operations.

2For a detailed explanation of these adjustments and other adjustments elsewhere in this release, see "Overview of Financial Results" and the tables included under the Supplemental Information section of this release

Felipe Menendez, Ultrapetrol's President and Chief Executive Officer, said, "2010 was a pivotal and important year for Ultrapetrol. We completed the disposal of our dry cargo Capesize vessels and began to realize the benefits of our initiatives in our River Business, providing the Company increased capacity to cost effectively meet the growing supply of agricultural and mineral products in the Hidrovia Region. During the year, we also achieved growth and improved earnings in our Offshore Supply business, which now has seven vessels operating under favorable medium-term charters in Brazil."

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