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Ultrapetrol Reports Financial Results For First Quarter 2013

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 future operating or financial results; pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking and insurance costs; general market conditions and trends, including charter rates, vessel values, and factors affecting vessel supply and demand; our ability to obtain additional financing; our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or vessels' useful lives; our dependence upon the abilities and efforts of our management team; changes in governmental rules and regulations or actions taken by regulatory authorities; adverse weather conditions that can affect production of the goods we transport and navigability of the river system; the highly competitive nature of the oceangoing transportation industry; the loss of one or more key customers; fluctuations in foreign exchange rates and devaluations; potential liability from future litigation; 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.

ULTR – G

Supplemental Information: Summary consolidated financial data
     
The following table shows our unaudited consolidated balance sheet as of March 31, 2013 and our audited consolidated balance sheet as of December 31, 2012:
     
CONSOLIDATED BALANCE SHEETS AT MARCH 31, 2013 AND DECEMBER 31, 2012
(Stated in thousands of U.S. dollars, except par value and share amounts)
     
  At March 31, December 31,
  2013 2012
ASSETS    
     
CURRENT ASSETS    
     
Cash and cash equivalents $123,613 $222,215
Restricted cash 6,973 5,968
Accounts receivable, net of allowance for doubtful accounts of $2,211 and $1,916 in 2013 and 2012, respectively 47,125 36,487
Operating supplies 20,254 13,638
Prepaid expenses 6,801 5,973
Other receivables 25,335 22,532
Other current assets -- 177
Total current assets 230,101 306,990
NONCURRENT ASSETS    
     
Other receivables 21,933 22,758
Restricted cash 1,526 1,464
Vessels and equipment, net 646,106 647,519
Dry dock 4,631 4,238
Investments in and receivables from affiliates 4,385 4,282
Intangible assets 757 801
Goodwill 5,015 5,015
Other assets 7,382 10,214
Deferred income tax assets 6,297 7,037
Total noncurrent assets 698,032 703,328
Total assets $928,133 $1,010,318
     
 LIABILITIES AND EQUITY    
     
CURRENT LIABILITIES    
     
Accounts payable $30,865 $32,450
Customer advances 26,438 15,175
Payables to related parties 1,898 3,761
Accrued interest 7,011 4,858
Current portion of long-term financial debt 34,152 129,031
Other current liabilities 16,845 13,470
Total current liabilities 117,209 198,745
NONCURRENT LIABILITIES    
     
Long-term financial debt 389,862 388,521
Deferred income tax liabilities 13,626 12,441
Other liabilities 2,086 2,026
Deferred gain 3,915 2,086
Total noncurrent liabilities 409,489 405,074
Total liabilities 526,698 603,819
     
EQUITY    
Common stock, $0.01 par value: 250,000,000 authorized shares; 140,419,487 shares outstanding in 2013 and 2012 1,443 1,443
Additional paid-in capital 490,915 490,850
Treasury stock: 3,923,094 shares at cost (19,488) (19,488)
Accumulated deficit (76,330) (70,476)
Accumulated other comprehensive (loss) (2,141) (2,578)
Total Ultrapetrol (Bahamas) Limited stockholders' equity 394,399 399,751
     
Non-controlling interest 7,036 6,748
Total equity 401,435 406,499
Total liabilities and equity $928,133 $1,010,318
 
The following table sets forth certain unaudited historical statements of income data for the periods indicated below derived from our unaudited condensed consolidated statements of income expressed in thousands of dollars:
       
  Three months ended March 31,  
  2013 2012 Percent Change
Revenues      
Attributable to River Business $39,347 $29,384 34%
Attributable to Offshore Supply Business 21,602 17,028 27%
Attributable to Ocean Business 16,941 18,126 -7%
Total revenues 77,890 64,538 21%
       
Voyage and manufacturing expenses      
Attributable to River Business (19,373) (18,901) 2%
Attributable to Offshore Supply Business (949) (1,213) -22%
Attributable to Ocean Business (5,685) (7,970) -29%
Total voyage and manufacturing expenses (26,007) (28,084) -7%
       
Running costs      
Attributable to River Business (14,063) (11,450) 23%
Attributable to Offshore Supply Business (8,366) (8,548) -2%
Attributable to Ocean Business (9,043) (8,024) 13%
Total running costs (31,472) (28,022) 12%
       
Amortization of dry dock and intangible assets (708) (1,048) -32%
Depreciation of vessels and equipment (9,412) (9,444) --%
Administrative and commercial expenses (8,822) (7,787) 13%
Other operating income, net 450 5,764 -92%
       
Operating profit (loss) 1,919 (4,083)  
       
Financial expense and other financial expense (5,289) (8,086) -35%
Financial income 76 42 81%
Loss on derivatives, net (216) --  
Investment in affiliates (195) (313) -38%
Other, net (228) 41  
Total other (expenses) income (5,852) (8,316) -30%
       
(Loss) before income taxes (3,933) (12,399) -68%
       
Income tax expenses (1,622) (1,259) 29%
Net income attributable to non-controlling interest 299 169 77%
       
Net loss attributable to Ultrapetrol (Bahamas) Limited (5,854) (13,827) -58%
 
The following table contains our unaudited statements of cash flows for the three-month periods ended March 31, 2013, and 2012:
     
(Stated in thousands of U.S. dollars)
     
  For the three-month periods ended March 31,
  2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $(5,555) $(13,658)
Adjustments to reconcile net (loss) to cash provided by (used in) operating activities:    
Depreciation of vessels and equipment 9,412 9,444
Amortization of dry docking 664 1,004
Expenditure for dry docking (1,057) (991)
Loss on derivatives, net 216 --
Amortization of intangible assets 44 44
Gain on sale of assets -- (3,564)
Debt issuance expense amortization 603 919
Financial loss on extinguishment of debt 3,605 --
Net losses from investments in affiliates 195 313
Allowance for doubtful accounts 295 10
Share - based compensation 65 290
Other -- (219)
Changes in assets and liabilities:    
(Increase) decrease in assets:    
Accounts receivable (10,933) 1,430
Other receivables, operating supplies and prepaid expenses (8,496) (3,548)
Other 41 (1,106)
Increase (decrease) in liabilities:    
Accounts payable (1,468) 2,206
Customer advances 11,263 --
Other payables 4,970 72
Net cash provided by (used in) operating activities 3,864 (7,354)
     
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of vessels and equipment ($7,521 in 2013 for barges built, sold and leased-back) (15,738) (14,964)
Proceeds from disposal of assets, net ($9,300 in 2013 for barges sold and leased-back) 9,300 3,850
Net cash (used in) investing activities (6,438) (11,114)
     
CASH FLOWS FROM FINANCING ACTIVITIES    
Scheduled repayments of long-term financial debt (4,050) (3,531)
Early repayment of long-term financial debt (31,200) --
Short-term credit facility repayments (4,138) --
Prepayment of 7.25% Senior Convertible Notes (80,000) --
Proceeds from long-term financial debt 25,850 13,450
Other financing activities, net (2,490) (774)
Net cash (used in) provided by financing activities (96,028) 9,145
Net decrease in cash and cash equivalents (98,602) (9,323)
Cash and cash equivalents at the beginning of year 222,215 34,096
Cash and cash equivalents at the end of the period $123,613 $24,773
 
Supplemental Information
     
The following tables reconcile our Adjusted Consolidated EBITDA to our cash flow for the three months ended March 31, 2013 and 2012:
     
   
  Three Months Ended March 31,
$(000) 2013 2012
Net cash provided by (used in) operating activities 3,864 (7,354)
Net cash (used in) investing activities (6,438) (11,114)
Net cash (used in) provided by financing activities (96,028) 9,145
     
Net cash provided by (used in) operating activities $3,864 $(7,354)
     
Plus    
     
Adjustments    
     
Increase / decrease in operating assets and liabilities 4,623 946
Expenditure for dry docking 1,057 991
Income taxes expense 1,622 1,259
Financial expenses 7,939 9,337
Gain on sale of assets -- 3,564
Net income attributable to non-controlling interest (299) (169)
Loss on derivatives, net (216) --
Yard EBITDA from Touax barge sale 1,829 --
Other adjustments (1,158) (1,313)
     
Adjusted Consolidated EBITDA $19,261 $7,261
 
The following table reconciles our adjusted net loss and adjusted EPS to net loss and EPS for the three months ended March 31, 2013, and 2012:
       
       
 ($000's) Three months ended March 31, 2013 Three months ended March 31, 2012 % Change
       
Revenues $77,890 $64,538 21%
       
Adjusted EBITDA $19,261 $7,261 165%
       
Net (loss) as reported $(5,854) $(13,827) -58%
EPS as reported (In $ per share) $(0.04) $(0.47) -91%
       
Adjustments to Net Loss as reported      
       
Yard EBITDA from Touax barge sale 1,829 --  
Income tax expense on Exchange Variance Benefit (1) 178 734  
Non-cash loss of extinguishment of debt 3,605 --  
       
Adjusted net (loss) $(242) $(13,093) -98%
Adjusted EPS (In $ per share) $(0.00) $(0.44)  
       
(1) Provision for Income Tax on foreign currency exchange gains on U.S. dollar denominated debt of one of our subsidiaries in the Offshore Supply Business
 
The following table reconciles our Adjusted Consolidated EBITDA to our Operating Profit per business segment for the first quarter ended March 31, 2013:
   
  Three Months Ended March 31, 2013
$(000) River Offshore Supply Ocean TOTAL
         
Segment operating (loss) profit $(3,934) $7,400 $(1,547) $1,919
Depreciation and amortization 5,846 2,574 1,700 10,120
Investment in affiliates / Net income attributable to non-controlling interest in subsidiaries (193) (299) (2) (494)
Loss on derivatives, net -- (216) -- (216)
Yard EBITDA from Touax barge sale 1,829 -- -- 1,829
Exchange difference affecting Segment Operating Expenses 3,205 -- -- 3,205
Other net (230) -- 2 (228)
         
Segment Adjusted EBITDA $6,523 9,459 153 16,135
         
Items not included in Segment Adjusted EBITDA        
Financial income       76
Other financial income       3,050
         
Adjusted Consolidated EBITDA       $19,261
 
The following table reconciles our Adjusted Consolidated EBITDA to our Operating Profit per business segment for the first quarter ended March 31, 2012:
         
  Three Months Ended March 31, 2012
$(000) River Offshore Supply Ocean TOTAL
         
Segment operating (loss) profit $(5,526) $4,038 $(2,595) $(4,083)
Depreciation and amortization 5,417 2,569 2,506 10,492
Investment in affiliates / Net income attributable to non-controlling interest in subsidiaries (319) (169) 6 (482)
Other net (90) (2) 133 41
         
Segment Adjusted EBITDA $(518) $6,436 $50 $5,968
         
Items not included in Segment Adjusted EBITDA        
Financial income       42
Other financial income       1,251
         
Adjusted Consolidated EBITDA       $7,261
CONTACT: The IGB Group
         
         Leon Berman / David Burke
         212-477-8438 / 646-673-9701
         lberman@igbir.com / dburke@igbir.com

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