This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Top Ships Reports Fourth Quarter And Fiscal Year 2010 Financial Results

Stocks in this article: TOPS

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs