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TheStreet Open House

Ultrapetrol Reports Financial Results For Fourth Quarter And Full Year 2012

Stocks in this article: ULTR

NASSAU, Bahamas, March 14, 2013 (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 fourth quarter and full year ended December 31, 2012.

Full Year 2012 highlights:

  • On December 12, 2012, we announced the closing of the Investment Agreement entered into on November 13, 2012, with Sparrow. Pursuant to such closing, we sold 110,000,000 shares of newly issued common stock to Sparrow at a purchase price of $2.00 per share and received proceeds of $220.0 million from the transaction;  
  • Recorded full year 2012 revenues of $313.2 million;  
  • Recorded adjusted consolidated EBITDA before financial income and other financial expense is $34.1 million for 2012; 1 which includes adjusted EBITDA of $3.8 million from our River Business segment, adjusted EBITDA of $27.7 million from our Offshore Supply Business segment, and adjusted EBITDA of $2.7 million from our Ocean Business segment. After including $(2.1) million from financial income and other financial expense (mainly attributable to foreign currency exchange variance), our adjusted consolidated EBITDA for 2012 was $32.0 million;  
  • Total adjusted net loss and adjusted net loss per share of $(46.0) million and $(1.30), respectively, in 2012, which excludes the effect of a non-cash loss of $(16.0) million corresponding to an impairment charge of our ocean tanker Amadeo, a $1.4 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 and a $(0.9) million non-cash loss of expenses from our DVB/Natixis loan facility related to its partial extinguishment; and includes a $2.1 million gain related to the sale of fourteen dry barges which were subsequently leased back to the Company (for accounting purposes such gain will deferred over the term of the lease up to the present value of the lease payments). 2 Before including any of these effects, the net loss and net loss per share are $(63.7) million and $(1.80) per share, respectively;  
  • FY 2012 Adjusted EBITDA for our Offshore Supply Business segment increased 39% to $27.7 million as compared to $19.9 million in the same period of 2011;

Fourth Quarter 2012 and subsequent events highlights:

  • During the fourth quarter of 2012, we entered into a barge building contract whereby we agreed to build and sell from our Punta Alvear yard 13 newbuilt jumbo dry barges to a third party with deliveries between March and June 2013;  
  • During the fourth quarter of 2012, we entered into a Transshipment Services Agreement with a non-related third party to provide storage and transshipment services of cargo from river barges to ocean export vessels through one of our ocean going barges. Under such Agreement, the Company agreed to transship approximately 800,000 metric tons per year until June 1, 2016;  
  • During the fourth quarter of 2012, we entered into a barge building contract whereby we agreed to build and sell from our Punta Alvear yard two newbuilt jumbo dry uncovered barges to a third party;  
  • During the fourth quarter of 2012, we delivered from our barge building facility a total of 15 barges related to the barge building contracts entered into with third parties; and

1  For a reconciliation of non-GAAP measures, please see the tables included under the supplemental information section of this release.

2  For a detailed explanation of these adjustments and other adjustments elsewhere in this release, see "Overview of Financial Results" and the tables included under the Supplemental Information section of this release.

  • On January 23, 2013, we repurchased $80.0 million of our outstanding Convertible Senior Notes in accordance with the provisions of the indenture governing the Convertible Senior Notes. The Convertible Senior Notes were repurchased at par plus accrued and unpaid interest to, but excluding, the date of repurchase, for a total price of $1,001.61 per $1,000.00 principal amount of Convertible Senior Notes. No Convertible Senior Notes remain outstanding.

Felipe Menéndez, Ultrapetrol's President and Chief Executive Officer, stated, "At the end of 2012, we received a $220.0 million capital infusion from Southern Cross Group. This is a very important transaction that we believe will have a very positive effect for the Company. It strengthens our balance sheet, reduces our net debt and opens new doors for our future growth. While our River Business was impacted by a severe drought during the 2012 planting season combined with very low river levels during critical months of the year, we have entered 2013 in a strong position to take advantage of significantly improved conditions on the river and we have implemented measures to improve our results. This year's planting season has seen healthy rainfall and experts anticipate strong soybean yields in the regions we serve. In addition, we have been successfully renewing Contracts of Affreightments in this segment, which will enable the Company to take advantage of a stronger rate environment. We also continue to benefit from our new building yard, which is maintaining high productivity levels and is fully employed, building barges for both the Company and third parties. We believe that the combined effect of these developments, as well as our on-going re-engining and re-powering initiatives, will have a long-lasting positive impact on our River Business segment."

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