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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.

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