ATHENS, Greece, July 29, 2016 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS) ("Top Ships" or the "Company"), an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced today its financial results for the first half of 2016.

Evangelos Pistiolis, President and CEO of the Company, stated,

"As our newbuilding program successfully draws to an end and our vessels are deployed to their profitable time charters we are increasingly optimistic about our earnings and cashflow generation capacity in the near and mid-term future, as indicated by the earnings we announce today for the six month period ended June 30, 2016."

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.

For more information about TOP Ships Inc., visit its website: www.topships.org.

Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

TABLES FOLLOW

Set forth below are the unaudited interim condensed consolidated statements of comprehensive (loss) / income for the six months ended June 30, 2015 and 2016 and the unaudited interim condensed consolidated balance sheets as at December 31, 2015 and June 30, 2016.
TOP SHIPS INC.        
           
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME  
FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2016        
(Expressed in thousands of U.S. Dollars - except share and per share data)    
           
      Six Months Ended   Six Months Ended
      June 30,   June 30,
        2015       2016  
           
REVENUES:        
           
  Revenues $   4,697   $   11,627  
           
EXPENSES:        
           
  Voyage expenses     121       301  
  Bareboat charter hire expenses     2,107       3,132  
  Amortization of prepaid bareboat charter hire     603       789  
  Other vessel operating expenses     1,863       4,445  
  Vessel depreciation     120       1,228  
  Management fees-related parties     397       764  
  Other operating loss, net     277       -  
  General and administrative expenses     1,505       1,117  
  Vessels impairment charge     3,081       -  
           
  Operating loss     (5,377 )     (149 )
           
OTHER INCOME (EXPENSES):        
           
  Interest and finance costs       (594 )     (774 )
  Gain on financial instruments       592       1,220  
  Other, net       18       (7 )
           
  Total other income, net     16       439  
           
Net (loss) / income and comprehensive (loss) / income     (5,361 )     290  
           
(Loss) / earnings per common share, basic and diluted     (2.74 )     0.08  
         
Weighted average common shares outstanding, basic and diluted   1,959,603       3,426,780  

TOP SHIPS INC.          
             
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS    
DECEMBER 31, 2015 AND JUNE 30, 2016          
(Expressed in thousands of U.S. Dollars)          
             
       
      December 31,     June 30,
      2015     2016
             
ASSETS          
             
CASH AND CASH EQUIVALENTS $   2,668   $ 554
RESTRICTED CASH     1,750       4,240
ADVANCES FOR VESSEL ACQUISITIONS     25,098       8,717
VESSELS, NET   32,044     95,878
PREPAID BAREBOAT CHARTER HIRE     10,169       9,380
OTHER ASSETS   2,277     2,899
    Total assets $ 74,006   $ 121,668
             
LIABILITIES AND STOCKHOLDERS' EQUITY          
             
FINANCIAL INSTRUMENTS     3,216       1,996
DEBT   24,226     71,227
OTHER LIABILITIES   12,411     9,857
  Total liabilities   39,853     83,080
             
COMMITMENTS AND CONTINGENCIES          
             
STOCKHOLDERS' EQUITY   34,153     38,588
             
    Total liabilities and stockholders' equity $ 74,006   $ 121,668

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TOP SHIPS INC.(registrant)

Dated: July 29, 2016                                                                                                By:                           /s/ Evangelos J. PistiolisEvangelos J. PistiolisChief Executive Officer

 
Contact:Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8180Email: atsirikos@topships.org

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