NASSAU, Bahamas, Aug. 14, 2012 (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 second quarter ended June 30, 2012.
Second Quarter 2012 and subsequent events highlights:
- Recorded second quarter 2012 revenues of $79.5 million;
Recorded adjusted EBITDA before foreign currency exchange variance of $12.9 million in the second quarter of 2012; 1 which includes adjusted EBITDA of $5.4 million from our River Business segment, adjusted EBITDA of $6.9 million from our Offshore Supply Business segment, adjusted EBITDA of $0.6 million from our Ocean Business segment adjusted EBITDA. After including a loss of $3.3 million from financial income and other financial expense (mainly attributable to foreign currency exchange variance), the adjusted EBITDA was $9.6 million;
- Recorded total net loss and net loss per share of $5.4 million and $0.18, respectively, in the second quarter of 2012, which includes a $2.6 million gain for deferred taxes on an unrealized foreign currency exchange loss on U.S. dollar-denominated debt of our Brazilian subsidiary in our Offshore Supply Business. 2 Excluding the effect of this gain, the adjusted net loss and adjusted net loss per share are $8.0 million and $0.27 per share, respectively;
- Second quarter 2012 Adjusted EBITDA for our Offshore Supply Business segment increased 47% compared with the same period of 2011;
- The Company has nine vessels operating in its Platform Supply Vessel, or PSV, fleet. On August 10, 2012, our recently delivered newly built PSV, UP Jade, commenced its operations in Brazil under a long term time charter with Petrobras. The upcoming deliveries of the first two PSVs out of three currently under construction in India are expected to occur in the fourth quarter of 2012;
- Two new re-engined and re-powered pushboats in our River Business fleet ( Alto Parana and Cavalier XII) were delivered during the second quarter of 2012, increasing the number of re-engined pushboats in operation to six as opposed to only two this time last year; and
- In the second quarter of 2012 we have entered into three separate barge building contracts for a total of approximately $63.0 million. Over two thirds of these barges or $43.0 million will be delivered in the second half of 2012 generating additional adjusted EBITDA.