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Ultrapetrol Reports Financial Results For First Quarter 2013

Stocks in this article: ULTR

NASSAU, Bahamas, May 8, 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 first quarter ended March 31, 2013.

First Quarter 2013 and subsequent events highlights:

  • Recorded first quarter 2013 revenues of $77.9 million;  
  • Recorded adjusted EBITDA of $19.3 million in the first quarter of 2013; 1 which includes adjusted EBITDA of $6.5 million from our River Business, adjusted EBITDA of $9.5 million from Offshore Supply Business segment, adjusted EBITDA of $0.2 million from Ocean Business segment, and adjusted EBITDA of $3.1 million from financial income and other financial income;  
  • Total adjusted net loss and adjusted net loss per share of $(0.2) million and nil per share, respectively, in the first quarter of 2013 which excludes the effect of a $(3.6) million non-cash loss from debt extinguishments most of which is related to the early repayment of our $80.0 million Convertible Senior Notes, a $(0.2) million loss for deferred taxes on an unrealized foreign exchange gain on U.S. dollar-denominated debt of our Brazilian subsidiary in our Offshore Supply Business and includes a $1.8 million gain related to the sale of ten dry barges which were subsequently leased back to the Company (for accounting purposes such gain will be deferred over the term of the lease up to the present value of the lease payments). 2 Before adjusting for these effects, the recorded total net loss and net loss per share are $(5.9) million and $(0.04), respectively;   
  • River Business segment adjusted EBITDA increased $7.0 million to $6.5 million in the first quarter of 2013, up from $(0.5) million in the same period of 2012;   
  • Offshore Supply Business segment adjusted EBITDA increased $3.0 million or 47% compared with same period of 2012;  
  • As part of the PSV newbuilding program, we received our second vessel from the shipyard in India, UP Amber, on January 30, 2013, which is currently underway to Brazil; including UP Amber, the Company will have ten vessels operating in its PSV fleet;  
  • 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 Notes. The 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; in connection with the repurchase, we recorded a $2.8 million non-cash loss for the extinguishment of the Convertible Notes;  
  • On March 21, 2013, we entered into a Master Agreement whereby we agreed to build and sell from our Punta Alvear yard a set of seven jumbo dry barges and seven jumbo tank barges to a third party for export to Colombia with deliveries ranging between July and August 2013 on terms equivalent to similar previous transactions;  
  • On April 11, 2013, we entered into new four-year time charters for our UP Agua-Marinha, UP Diamante and UP Topazio at significantly higher rates than their expiring contracts;  
  • On April 29, 2013, we appointed Ms. Cecilia Yad as the Company's Chief Financial Officer, succeeding Leonard J. Hoskinson, who will remain with the Company as Vice President, International Finance;  
  • On May 2, 2013, we received Board approval from Petrobras for new four-year time charters for the UP Amber, UP Pearl and a four-year renewal time charter for the UP Esmeralda, all at significantly higher rates than the expiring agreements.

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

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