Mr. Menéndez concluded, "As we progressively receive the increased rates that we have contracted for our PSV fleet during 2013 and we take delivery in the fourth quarter of UP Onyx (the last vessel from the shipyard in India) while we increase the efficiency and size of our river fleet, we believe our EBITDA will strengthen in 2014 and beyond as we had expected when we set this investment plan in motion."

Overview of Financial Results

Total revenues for the first quarter 2013 were $77.9 million as compared with $64.5 million in the same period of 2012.

Adjusted EBITDA for the first quarter 2013 was $19.3 million as compared to $7.3 million in the same period of 2012. For a reconciliation of adjusted EBITDA to cash flows from operating activities, please see the tables at the end of this release.

Total adjusted net loss was $(0.2) million in the first quarter of 2013 which excludes the effect of a $(3.6) million non-cash loss from debt extinguishments, 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). Before these effects, the recorded total net loss was $(5.9) million.

Cecilia Yad, Ultrapetrol's Chief Financial Officer, said, "During the first quarter, we posted improved financial results, while continuing to take important steps to increase our financial strength and flexibility for the benefit of shareholders. Specifically, we secured long-term financing for our four PSV newbuilds by entering into an $84.0 million loan agreement with DVB, NIBC and ABN Amro Bank. We appreciate the continued support we receive from leading banks, which highlight Ultrapetrol's leadership position and strong prospects. We also reduced our debt by repurchasing $80.0 million of our outstanding convertible senior notes. With the recent cash infusion of $220.0 million, we have significantly increased our liquidity and are well positioned to take advantage of future growth opportunities "

If you liked this article you might like

Emerging-Market Bubble Reinflates as Bond Yields Go Negative

5 Stocks Under $10 Set to Soar

3 Stocks Pushing The Transportation Industry Lower

3 Stocks Pushing The Transportation Industry Lower

3 Stocks Pushing The Transportation Industry Lower