Top Ships Reports Fourth Quarter And Fiscal Year 2010 Financial Results

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, failure of a seller to deliver one or more vessels or of a buyer to accept delivery of one or more vessels, inability to procure acquisition financing, default by one or more charterers of our ships, changes in the demand for crude oil and petroleum products, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

TABLES FOLLOW

TOP SHIPS INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. Dollars - except for share and per share data)
	Three Months Ended  December 31,		Year Ended  December 31,
	2009	2010	2009	2010
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
REVENUES:
Revenues	$24,397	$22,603	$107,979	$90,875
EXPENSES:
Voyage expenses	420	1,116	3,372	2,468
Charter hire expense	--	480	10,827	480
Amortization of deferred gain on sale and leaseback of vessels and write-off of seller's credit	--	--	(7,799)	--
Lease termination expense	--	--	15,391	--
Vessel operating expenses	2,414	3,638	23,739	12,853
Dry-docking costs	18	1,243	4,602	4,103
Vessel depreciation	8,726	7,912	31,585	32,376
Management fees-third parties	68	9	419	159
Management fees-related parties	--	1,674	--	3,131
General and administrative expenses	7,851	5,485	23,416	18,142
Gain on sale of vessels	--	(5,101)	--	(5,101)
Impairment on vessels	36,638	--	36,638	--
Operating (loss) income	(31,738)	6,147	(34,211)	22,264
OTHER (EXPENSES) INCOME:
Interest and finance costs	(4,337)	(4,473)	(13,969)	(14,776)
Gain (loss) on financial instruments	224	646	(2,081)	(5,057)
Interest income	18	36	235	136
Other, net	(112)	(21)	(170)	(54)
Total other (expenses), net	(4,207)	(3,812)	(15,985)	(19,751)
Net (loss) income	$ (35,945)	$ 2,335	$ (50,196)	$ 2,513
Loss (earnings) per common share, basic and diluted	$ (1.20)	$0.07	$ (1.78)	$0.08
Weighted average common shares outstanding, basic	30,038,570	30,992,388	28,230,585	30,752,779
Weighted average common shares outstanding, diluted	30,038,570	31,063,971	28,230,585	30,777,413

TOP SHIPS INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars - except for share and per share data)
	Year Ended December 31,
	2009	2010
ASSETS	(Unaudited)	(Unaudited)
CASH AND CASH EQUIVALENTS	$--	$ --
VESSELS, NET	642,953	595,736
RESTRICTED CASH	22,244	17,644
OTHER ASSETS	9,952	8,711
Total assets	$675,149	$622,091
LIABILITIES AND STOCKHOLDERS' EQUITY
FINANCIAL INSTRUMENTS	13,803	12,938
DEBT	399,087	337,377
OTHER LIABILITIES	15,063	16,294
Total liabilities	427,953	366,609
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY	247,196	255,482
Total liabilities and stockholders' equity	$675,149	$622,091

TOP SHIPS INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
	Year Ended December 31,
	2009	2010
	(Unaudited)	(Unaudited)
Cash Flows provided by Operating Activities:
Net (loss) income	$ (50,196)	$2,513
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of deferred financing costs	35,005	35,810
Amortization of debt discount	--	1,464
Translation gain of foreign currency denominated loan	--	(159)
Stock-based compensation expense	3,467	2,024
Change in fair value of financial instruments	(2,635)	(865)
Amortization of deferred gain on sale and leaseback of vessels and write off of seller's credit	(7,799)	--
Amortization of fair value below market time charter	(3,911)	--
Loss on sale of other fixed assets	165	54
Gain on sale of vessels	--	(5,101)
Impairment on vessels	36,638	--
Change in operating assets and liabilities	(4,158)	(138)
Net Cash provided by Operating Activities	6,576	35,602
Cash Flows (used in) provided by Investing Activities:
Vessel acquisitions	(136,678)	511
Insurance claims recoveries	2,656	1,310
Decrease in restricted cash	30,331	4,600
Net proceeds from sale of vessels	--	19,473
Net proceeds from sale of other fixed assets	156	254
Acquisition of other fixed assets	(836)	(416)
Net Cash (used in) provided by Investing Activities	(104,371)	25,732
Cash Flows provided by (used in) Financing Activities:
Proceeds from long-term debt	111,670	4,000
Payments of long-term debt	(54,274)	(64,624)
Financial instrument termination payments	(5,000)	--
Payment of common stock issuance costs	2,569	(27)
Repurchase and cancellation of common stock	(732)	--
Payment of financing costs	(2,680)	(842)
Net Cash provided by (used in) Financing Activities	51,553	(61,493)
Effect of exchange rate changes on cash	--	159
Net (decrease) increase in cash and cash equivalents	(46,242)	(159)
Cash and cash equivalents at beginning of year	46,242	--
Cash and cash equivalents at end of year	$--	$--

CONTACT: Alexandros Tsirikos
         Chief Financial Officer
         TOP Ships Inc.
         1, Vassilissis Sofias Str. & Meg.
         Alexandrou Str.
         151 24, Maroussi, Greece
         Tel: [phone]
         Email: [e-mail]

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