This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Top Ships Reports Fourth Quarter And Fiscal Year 2010 Financial Results

ATHENS, Greece, March 18, 2011 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS) today announced its financial results for the fourth quarter and the fiscal year ended December 31, 2010.

For the three months ended December 31 2010, the Company reported:
  • A net income of $2.3 million or $0.07 per share.
  • An operating income of $6.1 million.
  • Revenues of $22.6 million.

For the year ended December 31, 2010, the Company reported:
  • A net income of $2.5 million, or $0.08 per share.
  • An operating income of $22.3 million.
  • Revenues of $91 million.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

"We are happy to report one more profitable quarter in 2010 as well as a profitable year.

"During 2010, we repaid $64.6 million of debt, using mainly cash generated from operations and the sale of M/T Dauntless during the fourth quarter of 2010 for $20.1 million. The sale of M/T Dauntless, at what we believe to be a very firm price, demonstrated once again our good sense of timing.

"Looking into the future, we anticipate that 2011 will be challenging for the shipping industry, particularly the dry bulk sector, due to the issue of vessel oversupply, the effect of which is not easy to estimate."

The following indicators serve to highlight the operational performance of the Company's current fleet during the three months ended December 31, 2009 and 2010 and the years ended December 31, 2009 and 2010:
  Three Months Ended – December 31,   Year Ended – December 31,
  2009 2010 2009 2010
Total number of vessels 12 13 12 13
Total calendar days for fleet (1) 1,104 1,196 3,761 4,472
Total available days for fleet (2) 1,104 1,173 3,746 4,397
Total operating days for fleet (3) 1,104 1,165 3,714 4,387
Fleet utilization (4) 100.00% 99.28% 99.15% 99.77%

A. M/T Dauntless not included in either year as it was sold during the 4 th quarter of 2010. M/T Delos included only in 2010 data as it was chartered-in during the 4 th quarter 2010.

(1) We define calendar days as the total days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet over the relevant period and affect both the amount of revenues and expenses that we record during that period.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 -1.20%
FB $117.54 0.09%
GOOG $696.43 0.59%
TSLA $222.82 -4.10%
YHOO $35.95 -0.17%


Chart of I:DJI
DOW 17,654.38 -96.53 -0.54%
S&P 500 2,049.94 -13.43 -0.65%
NASDAQ 4,724.6070 -38.6170 -0.81%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs