NASSAU, Bahamas, Nov. 10, 2009 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited
(Nasdaq: ULTR), an industrial transportation company serving marine
transportation needs in three core markets (River Business, Offshore Supply
Business, and Ocean Business), today announced financial results for the third
quarter ended September 30, 2009.
Third Quarter and Year to Date 2009 Highlights:
* Recorded revenues of $58.5 million in the third quarter of
2009;
* Recorded adjusted EBITDA, adjusted net loss and corresponding
earnings per share, or EPS of $15.8 million, $0.8 million and
$(0.03) per share, for the third quarter of 2009;
* Recorded EBITDA of $14.3 million in the third quarter of 2009;
* Recorded net loss of $4.2 million, or EPS of $(0.14) for the third
quarter of 2009;
* During the third quarter of 2009, UP Rubi commenced its
4-year time charter with Petrobras, as announced. A one time
$1.5 million charge was realized in the third quarter of
2009 to account for a possible contractual penalty associated
with the late delivery of this vessel under its charter party;
* During the third quarter of 2009, the Company entered into
3-year time charters with Petrobras for UP Agua-Marinha,
UP Diamante and UP Topazio, which was repositioned in Brazil
to serve this contract;
* Entered into a 17-year fixed interest credit facility with
the Brazilian Development Bank, or BNDES on August 20, 2009 for
$18.7 million to partially post-finance the construction of our PSV
UP Rubi; and
* Entered into a Standby Letter of Credit Facility Agreement
on October 30, 2009 with DVB Bank SE relating to a $21.5
million Standby Letter of Credit Facility which will counter
guarantee the BNDES credit facility entered into on August 20, 2009.
Felipe Menendez, Ultrapetrol's President and Chief Executive Officer said,
"During the third quarter, Ultrapetrol continued to execute its growth strategy,
taking further steps to position the Company to capitalize on the positive
long-term fundamentals in its businesses. While quarterly results in the River
Business continue to be affected by the prolonged drought, we believe that as
rainfall normalizes, soybean production for 2010 should return to previous
levels. Complementing any near-term volume improvements, we believe the
commencement of barge production in our new yard, during the fourth quarter,
enhances our competitive advantage in the Hidrovia over the long-term. In our
Offshore Supply Business, we continued to grow our presence in Brazil in an
effort to benefit from new oil field discoveries and the need for modern large
supply vessels. During the third quarter, the UP Rubi commenced its 4-year time
charter as announced and the UP Topazio was repositioned to Brazil to start a
3-year time charter with Petrobras. In addition, we extended the time charter
for UP Agua-Marinha and UP Diamante for three years. All four vessels operating
in Brazil are now on long term charters at improved rates. We currently have
four PSV newbuildings under construction in a shipyard in India and two PSV
newbuildings under construction in a shipyard in China. We look forward to
taking delivery of the two Chinese built vessels in the first quarter of 2010."
Mr. Menendez continued, "In our Ocean Business, our FFA coverage continued to be
an effective tool to stabilize the earnings of our Capesize fleet during the
third quarter. A substantial portion of the earnings of this fleet continues to
be hedged through FFAs in the fourth quarter of 2009 and throughout 2010.
Regarding our tanker fleet, all of our vessels remained employed on charters
during the quarter and performed as expected. As we enter the fourth quarter, we
maintain strong financial flexibility to fund our planned growth as well as take
advantage of future opportunities."
Overview of Financial Results
Third quarter 2009 revenues were $58.5 million compared to third quarter 2008
revenues of $84.6 million.
Third quarter 2009 EBITDA was $14.3 million, as compared with $30.6 million for
the third quarter 2008. (A reconciliation of EBITDA to net cash provided by
operating activities is included below).
There may be a contractual penalty associated with the late delivery of UP Rubi
under her charter party for which a provision of $1.5 million has been made. In
our Financial Statements we account for this loss entirely in the third quarter
while the $1.5 million charge is related to the 4-year employment contract,
representing approximately 3% of the earnings under this charter. We have
therefore included this adjustment in our adjusted EBITDA, adjusted net income
and adjusted EPS, respectively.
Net loss for the third quarter of 2009 was $4.2 million, or EPS of $(0.14), as
compared with net income of $15.1 million, or EPS of $0.46 in the third quarter
of 2008. The third quarter 2009 results include a deferred income tax loss of
$1.9 million, or $(0.06) per share from unrealized foreign currency exchange
rate gains on U.S. dollar denominated debt of our Brazilian subsidiary in the
Offshore Supply Business and a provision of $1.5 million related to the late
delivery of UP Rubi under her charter party. The third quarter 2008 results
include a deferred income tax gain of $3.9 million, or $0.12 per share from
unrealized foreign currency exchange rate losses on U.S. dollar denominated debt
of our Brazilian subsidiary in the Offshore Supply Business. Adjusted net income
for the third quarter 2009, excluding these effects, is a loss of $0.8 million,
or $(0.03) per share as compared with a gain of $11.1 million, or $0.34 per
share in the same period of 2008.
In the third quarter of 2009, we recorded EBITDA from continuing operations, net
loss from continuing operations and EPS from continuing operations of $14.8
million, $3.8 million and $(0.13) per share, respectively.
In the third quarter of 2009, we recorded adjusted EBITDA from continuing
operations, adjusted net loss from continuing operations and adjusted EPS from
continuing operations of $16.3 million, $0.4 million and $(0.01) per share,
respectively.
Ultrapetrol's Chief Financial Officer, Len Hoskinson, said, "Our capital
expenditure program continues to proceed as planned. Our success entering into a
17-year fixed interest credit facility with BNDES further enhanced our financial
strength as we continue to fund our sizeable growth. At the end of the third
quarter, we had $41.9 million in cash and cash equivalents and have remained in
compliance with all of our debt covenants with no financing renegotiations on
the horizon. Regarding our FFAs, we remain pleased with their performance and
the stability they have provided to Ultrapetrol's financial results"
River
The Company experienced a 36% drop in the volume of cargo loaded in the third
quarter 2009 as compared with the same period of 2008. The third quarter 2009
River segment EBITDA was $1.0 million versus $4.8 million in 2008. As
anticipated, the River segment results in the third quarter of 2009 were
impacted by the worst drought in the last 70 years which severely affected
soybean and by-products volumes. The River segment results were also impacted by
generally lower volumes of iron ore produced and loaded than the equivalent
period the year before.
The latest 2009 USDA estimate for the Paraguayan soybean crop of 3.9 million
tons implies a 46% decline in production of about 3.3 million tons, as compared
with the USDA original estimate of 7.2 million tons for 2009. Local sources
suggest that it could be even lower, in fact, the lowest crop since 2000. In
addition, low water levels in the upper Paraguay River have affected river
transit times and fuel consumed during part of the third quarter of 2009. The
continuation of these low water levels in the upper stretch of the Paraguay
River could have a negative effect on the volumes carried in the fourth quarter
of 2009.
USDA current estimate for 2010 Paraguayan soybean crop is 6.7 million tons,
almost equivalent to the 6.9 million tons registered in 2008.
During the fourth quarter, the Company will begin production of its first barge
in its new shipbuilding yard. The Company has also continued its barge
re-bottoming program and its re-engining and re-powering project, under which
two large and two medium range, heavy fuel-propelled pushboats are expected to
be operating for the 2010 season.
Offshore Supply
The Offshore Supply segment EBITDA in the third quarter of 2009 was $(0.3)
million compared to $5.9 million in the same period of 2008. Following the
delivery of UP Rubi in mid August, the Company has operated a total of six
vessels. One important factor when considering the results of this quarter is
that the EBITDA of our Offshore Supply segment was negatively affected by a
possible contractual penalty associated with the late delivery of UP Rubi under
her charter party with Petrobras for which a provision of $1.5 million has been
made. In our Financial Statements we account for the loss entirely in the third
quarter while the $1.5 million charge is related to the 4-year employment
contract, representing approximately 3% of the earnings under this charter. If
we adjust the Offshore Supply segment EBITDA in the third quarter for this
effect, the result would be $1.2 million. Additionally, the results in the
Offshore Supply segment in third quarter 2009 were adversely affected by the
repositioning of the UP Topazio from the North Sea to Brazil (40 days including
re-registration in Brazil) after which the vessel entered a 3-year profitable
charter with Petrobras. The earnings of the North Sea vessels (three vessels in
the beginning of the quarter and two on the second half) were negatively
affected by the lower spot market rates prevailing in the North Sea.
In the third quarter of 2009, the Company paid the third 20% installments for
two of its four PSV newbuildings currently under construction in a shipyard in
India. Additionally, the Company recently paid the fourth 20% installment for
both of its two PSV newbuildings under construction in a shipyard in China and
is expecting delivery of these vessels to commence in the first quarter of 2010.
While spot rates in the North Sea have been much softer, the Brazilian market
remains short of modern, large, deep-sea supply vessels and is expected to grow
significantly over the next few years, which is expected to have a sizeable
global effect.
We took delivery of our sixth PSV, the UP Rubi, which commenced its 4-year time
charter with Petrobras on August 18, 2009. During the third quarter of 2009, we
repositioned our UP Topazio to Brazil where the vessel commenced a 3-year time
charter with Petrobras and we re-contracted our UP Agua-Marinha and UP Diamante
for further 3 years in Brazil at improved rates.
Ocean
The Company's Ocean segment generated EBITDA in the third quarter 2009 of $13.6
million, as compared with $20.3 million for the same period in 2008. This
decrease is mainly attributable to lower charter rates obtained by our Capesize
fleet in the third quarter of 2009 as compared to the same period in 2008,
partially offset by higher results on FFAs in the third quarter of 2009 due to a
net gain of $8.7 million as compared to a net loss of $7.4 million in the same
period of 2008.
Through FFAs the Company had hedged a substantial portion of the earnings of its
Capesize fleet. The Company's counterparties have met their obligations under
their respective FFAs. This fleet maintains coverage through FFAs for a
substantial portion of its available days in the fourth quarter of 2009 and
2010.
Passenger
The Company's remaining passenger ship, the Blue Monarch, remained in lay-up, as
planned, in the third quarter of 2009 and has been advertised widely for sale.
No definitive proposals are in hand at present, but several potential sales are
being negotiated. Use of Non-GAAP Measures
Ultrapetrol believes that the disclosed non-Generally Accepted Accounting
Principles ("non-GAAP") measures such as EBITDA, and any adjustments thereto,
when presented in conjunction with comparable Generally Accepted Accounting
Principles ("GAAP") measures, are useful for investors to use in evaluating the
performance of the Company. These non-GAAP measures should not be considered a
substitute for, or superior to, measures of financial performance prepared in
accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is
presented in the tables that accompany this press release.
Investment Community Conference Call
Ultrapetrol will host a conference call for investors and analysts on Wednesday,
November 11, 2009, at 10:00 a.m. ET. Interested parties may participate in the
live conference call by dialing 1-888-495-9739 (toll-free U.S.) or
+1-212-287-1658 (outside of the U.S.); passcode: ULTR. Please register at least
10 minutes before the conference call begins. A simultaneous audio webcast of
the call and an accompanying slide presentation will also be available in the
Investor Relations section of Ultrapetrol's Web Site,
http://www.ultrapetrol.net. The webcast will be archived on Ultrapetrol's Web
site for 30 days after the call. A replay of the call will be available for one
week via telephone and on Ultrapetrol's Web Site starting approximately one hour
after the call ends. The replay can be accessed at 1-866-498-9752 (toll-free
U.S.) or +1-203-369-1801 (outside of the U.S.); passcode: 3251.
About Ultrapetrol
Ultrapetrol is an industrial transportation company serving the marine
transportation needs of its clients in the markets on which it focuses. It
serves the shipping markets for grain, vegetable oils, minerals, crude oil,
petroleum and refined petroleum products, as well as the offshore oil platform
supply market with its extensive and diverse fleet of vessels. These include
river barges and push boats, platform supply vessels, tankers and Capesize bulk
vessels. More information about the Company can be found at www.ultrapetrol.net.
The Ultrapetrol (Bahamas) Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3164
Forward-Looking Language
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, the Company's management's examination of
historical operating trends, data contained in our records and other data
available from third parties. Although the Company believes 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 its control, the Company cannot assure you
that the Company will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other important factors that, in the
Company's 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; its ability to
obtain additional financing; its financial condition and liquidity, including
its ability to obtain financing in the future to fund capital expenditures,
acquisitions and other general corporate activities; its expectations about the
availability of vessels to purchase, the time that it may take to construct new
vessels, or vessels' useful lives; its dependence upon the abilities and efforts
of its management team; changes in governmental rules and regulations or actions
taken by regulatory authorities; adverse weather conditions that can affect
production of the goods the Company transports 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 the Company's filings with the Securities and Exchange Commission for
a more complete discussion of these and other risks and uncertainties.
ULTR-G
CONDENSED CONSOLIDATED BALANCE SHEETS
(Stated in thousands of U.S. dollars, except per value share amounts)
As of As of
Sept. 30, Dec. 31,
2009 2008
(Unaudited)
----------- -----------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 41,854 $ 105,859
Restricted cash 1,658 2,478
Accounts receivable, net of allowance
for doubtful accounts of $761 and
$432 in 2009 and 2008, respectively 20,577 17,782
Receivables from related parties 104 363
Operating supplies 6,299 4,059
Prepaid expenses 4,933 5,294
Receivables from derivative instruments 25,851 44,152
Other receivables 17,642 23,073
Other assets 3,366 4,852
----------- -----------
Total current assets 122,284 207,912
----------- -----------
NONCURRENT ASSETS
Receivables from derivative
instruments 5,853 20,078
Other receivables 9,780 11,600
Receivables from related parties 5,110 4,873
Restricted cash 1,181 1,170
Vessels and equipment, net 593,564 552,683
Dry dock 4,397 3,953
Investment in affiliates 1,852 1,815
Intangible assets 1,631 2,174
Goodwill 5,015 5,015
Other assets 8,086 9,049
Deferred income tax assets 6,075 4,737
----------- -----------
Total noncurrent assets 642,544 617,147
----------- -----------
Total assets $ 764,828 $ 825,059
=========== ===========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 12,649 $ 21,747
Payable to related parties 165 15
Accrued interest 6,865 2,567
Current portion of long-term financial
debt 21,460 43,421
Other liabilities 4,802 4,416
----------- -----------
Total current liabilities 45,941 72,166
----------- -----------
NONCURRENT LIABILITIES
Long-term financial debt net
of current portion 368,456 369,519
Deferred income tax liability 11,930 6,515
----------- -----------
Total noncurrent liabilities 380,386 376,034
----------- -----------
Total liabilities 426,327 448,200
----------- -----------
EQUITY
Common stock, $.01 par value:
100,000,000 authorized shares;
29,519,936 shares outstanding 334 334
Additional paid-in capital 269,759 268,425
Treasury stock 3,923,094 shares at cost (19,488) (19,488)
Accumulated earnings 53,543 57,195
Accumulated other comprehensive
income (loss) 29,357 65,423
----------- -----------
Total Ultrapetrol (Bahamas)
Limited stockholders equity 333,505 371,889
Non-controlling interests 4,996 4,970
----------- -----------
Total equity 338,501 376,859
----------- -----------
Total liabilities and equity $ 764,828 $ 825,059
=========== ===========
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Stated in thousands of U.S. dollars except share and per share data)
Three Months Nine Months
Ended September 30, Ended September 30,
Percent
2009 2008 2009 2008 Change
---------------------------------------------------------------------
Revenues
Attributable to
River Business $20,400 $38,664 $63,525 $100,675 -37%
Attributable to
Offshore Supply
Business 7,328 13,019 25,784 33,180 -22%
Attributable to
Ocean Business 30,744 32,965 81,860 98,288 -17%
---------------------------------------------------------------------
Total revenues 58,472 84,648 171,169 232,143 -26%
---------------------------------------------------------------------
Voyage expenses
Attributable to
River Business (9,723) (21,378) (28,724) (52,861) -46%
Attributable to
Offshore Supply
Business (1,941) (534) (2,660) (1,447) 84%
Attributable to
Ocean Business (6,772) (1,539) (14,603) (4,236) 245%
---------------------------------------------------------------------
Total voyage expenses (18,436) (23,451) (45,987) (58,544) -21%
---------------------------------------------------------------------
Running costs
Attributable to
River Business (7,418) (10,160) (22,786) (27,119) -16%
Attributable to
Offshore Supply
Business (4,350) (4,412) (12,120) (12,776) -5%
Attributable to
Ocean Business (7,917) (9,865) (24,036) (26,744) -10%
---------------------------------------------------------------------
Total running costs (19,685) (24,437) (58,942) (66,639) -12%
---------------------------------------------------------------------
Amortization of dry
dock & intangible
assets (880) (1,004) (3,105) (3,344) -7%
Depreciation of
vessels and equipment (9,485) (8,496) (27,548) (24,412) 13%
Administrative and
commercial expenses (6,300) (6,314) (17,916) (17,413) 3%
Other operating income 132 1,267 1,093 3,690 -70%
---------------------------------------------------------------------
Operating profit 3,818 22,213 18,764 65,481 -71%
---------------------------------------------------------------------
Financial expense and
other financial
income (5,373) (7,956) (16,359) (18,819) -13%
Financial income 69 186 287 828 -65%
Gain on derivative
instruments, net 126 -- 241 5,862 -96%
Investment in
affiliates 17 (201) 37 (250) -115%
Other, net (198) (128) (600) (419) 43%
---------------------------------------------------------------------
Total other expenses (5,359) (8,099) (16,394) (12,798) 28%
---------------------------------------------------------------------
---------------------------------------------------------------------
Income (loss) from
continuing operations
before income taxes (1,541) 14,114 2,370 52,683 -96%
---------------------------------------------------------------------
Income taxes (2,432) 3,071 (4,728) (296) --
Net (loss) income
attributable to non-
controlling interest (199) 438 26 863 -97%
---------------------------------------------------------------------
Income from continuing
operations (3,774) 16,747 (2,384) 51,524 -105%
---------------------------------------------------------------------
Loss from discontinued
operations (406) (1,682) (1,268) (7,406) -83%
=====================================================================
Net income (loss)
attributable to
Ultrapetrol (Bahamas)
Limited $(4,180) $15,065 $(3,652) $44,118 -108%
=====================================================================
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(Stated in thousand of U.S. dollars)
Nine Months Ended
September 30,
---------------------------
2009 2008
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income $ (3,652) $ 44,118
Adjustments to reconcile net (loss)
income to net cash provided by
operating activities:
Loss from discontinued operations 1,268 7,406
Depreciation of vessels and
equipment 27,548 24,412
Amortization of dry docking 2,562 2,755
Expenditure for dry docking (3,006) (2,128)
Gains on derivatives, net (241) (5,862)
Amortization of intangible assets 543 589
Share-based compensation 1,334 1,334
Debt issuance expense amortization 1,210 1,100
Net income attributable to
non-controlling interest 26 863
Net (gain) loss from investment
in affiliates (37) 250
Allowance for doubtful accounts 329 40
Cash settlements of FFAs 292 (12,562)
Changes in assets and liabilities:
Decrease (increase) in assets:
Accounts receivable (3,124) (13,634)
Receivable from related parties 22 (113)
Other receivables, operating
supplies and prepaid
expenses (2,573) (6,130)
Other 1,705 1,300
Increase (decrease) in
liabilities:
Accounts payable (8,686) 2,266
Payable to related parties 150 (699)
Other 10,099 2,612
---------- ----------
Net cash provided by
operating activities from
continuing operations 25,769 47,917
Net cash provided by (used
in) operating activities
from discontinued operations 415 (7,660)
---------- ----------
Total cash flows from
operating activities 26,184 40,257
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of vessels and equipment
($31,192 and $21,712 in 2009 and
2008 for vessels in construction) (69,071) (98,592)
Net decrease in funding cash
collateral of FFAs -- 51,851
Cash settlements paid on FFAs -- (5,408)
Other 2,154 --
---------- ----------
Net cash (used in) investing
activities from continuing
operations (66,917) (52,149)
Net cash (used in) investing
activities from discontinued
operations -- (1,307)
---------- ----------
Total cash flows (used in)
investing activities (66,917) (53,456)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Scheduled repayments of long-term
financial debt (10,480) (12,954)
Early repayments of long-term
financial debt (22,894) (15,000)
Proceeds from long-term financial
debt 10,350 91,900
Funds used in repurchase of
treasury shares -- (6,466)
Other (248) (1,822)
---------- ----------
Net cash (used in) provided
by financing activities
from continuing operations (23,272) 55,658
---------- ----------
Net (decrease) increase in
cash and cash equivalents (64,005) 42,459
Cash and cash equivalents at
the beginning of year
(including $2,546 and $1,448
related to discontinued
operations) $ 105,859 $ 64,262
---------- ----------
Cash and cash equivalents at
the end of period (including
$308 and $1,633 related to
discontinued operations) $ 41,854 $ 106,721
---------- ----------
SUPPLEMENTAL INFORMATION
The following tables reconcile our EBITDA to our cash flow for
the three months ended September 30, 2009 and 2008.
=====================================================================
Three Months Ended
September 30,
=====================================================================
($000) 2009 2008
--------------------------------------------------------------------
Total cash flows provided by
operating activities 7,179 26,667
Total cash flows (used in)
investing activities (26,537) (736)
Total cash flows provided by
financing activities 3,805 50,333
---------------------------------------------------------------------
---------------------------------------------------------------------
Net cash provided by operating
activities from continuing
operations 7,170 29,454
Net cash provided by (used in)
operating activities from
discontinued operations 9 (2,787)
Total cash flows provided by
operating activities 7,179 26,667
---------------------------------------------------------------------
Plus
Adjustments from continuing
operations
Increase / decrease in operating
assets and liabilities (326) 9,565
Expenditure for dry docking 542 717
Income taxes 2,432 (3,071)
Financial expenses 5,728 7,956
Gain on derivatives, net (236) (12,116)
Other adjustments (559) (1,373)
Adjustments from discontinued
operations
Increase / decrease in operating
assets and liabilities (415) 2,001
Expenditure for dry docking -- 28
Income taxes -- --
Financial expenses 4 215
(Gain) on disposal of assets -- --
Other adjustments -- --
---------------------------------------------------------------------
EBITDA from continuing operations 14,751 31,132
EBITDA from discontinued operations (402) (543)
=====================================================================
Consolidated EBITDA 14,349 30,589
=====================================================================
(1) EBITDA consists of net income (loss) prior to deductions for
interest expense and other financial gains and losses related to the
financing of the Company, income taxes, depreciation of vessels and
equipment and amortization of drydock expense, intangible assets,
financial gain (loss) on extinguishment of debt and a premium paid for
redemption of preferred shares. We have provided EBITDA in this report
because we use it to, and believe it provides useful information to
investors to evaluate our ability to incur and service indebtedness
and it is a required disclosure to comply with a covenant contained
in the Indenture governing the Company's 9% First Preferred Ship
Mortgage Notes due 2014. We do not intend for EBITDA to represent
cash flows from operations, as defined by GAAP (on the date of
calculation) and it should not be considered as an alternative to
measure our liquidity. This definition of EBITDA may not be
comparable to similarly titled measures disclosed by other companies.
Generally, funds represented by EBITDA are available for management's
discretionary use. EBITDA has limitations as an analytical tool, and
should not be considered in isolation, or as a substitute for
analysis of our results as reported.
The following tables reconcile the Company's EBITDA to its Operating
profit for the three months ended September 30, 2009 and 2008, on a
consolidated and a per segment basis:
Three Months Ended September 30, 2009
Offshore
($000) River Supply Ocean TOTAL
---------------------------------------------------------------------
Segment operating profit
(loss) ($2,186) $(2,216) $8,220 $3,818
Depreciation and
amortization 3,438 1,548 5,379 10,365
Investment in affiliates
/Net income attributable
to non controlling
interest 29 199 (12) 216
Gains on derivatives, net -- 126 -- 126
Other Net (248) 12 38 (198)
---------------------------------------------------------------------
Segment EBITDA $1,033 $(331) $13,625 $14,327
---------------------------------------------------------------------
Items not included in
segment EBITDA
Financial income 69
Other financial income 355
EBITDA continuing operations $14,751
EBITDA discontinued operations $(402)
=====================================================================
Consolidated EBITDA $14,349
=====================================================================
Adjustments:
Provision for possible one-time
penalty on UP Rubi late
penalty time charter 1,500 $1,500
Adjusted EBITDA continuing
operations $16,251
Adjusted EBITDA discontinued
operations $(402)
=====================================================================
Adjusted Consolidated EBITDA $15,849
=====================================================================
Three Months Ended September 30, 2009
Offshore
($000) River Supply Ocean TOTAL
---------------------------------------------------------------------
Segment operating profit
(loss) $1,708 $5,049 $15,456 $22,213
Depreciation and
amortization 3,379 1,250 4,871 9,500
Investment in affiliates
/Net income attributable
to non controlling
interest (196) (438) (5) (639)
Gains on derivatives, net -- -- -- 0
Other Net (124) (5) 1 (128)
---------------------------------------------------------------------
Segment EBITDA $4,767 $5,856 $20,323 $30,946
---------------------------------------------------------------------
Items not included in
segment EBITDA
Financial income 186
From discontinued
operations (543)
=====================================================================
Consolidated EBITDA $30,589
=====================================================================
The following tables reconcile the Company's Adjusted Net Income and
Adjusted EPS to its Net Income and EPS, respectively, for the three
months ended September 30, 2009 and 2008, on a consolidated basis:
------------------ -------- -------- -------- -------
3Q 09 3Q 08 3Q 09 3Q 08
Incl. Incl. Incl. Excl.
Disc. Disc. Disc. Disc.
(In $ 000's) Op. Op. Op. Op.
------------------ -------- -------- -------- -------
Net income (loss)
as reported $(4,180) $15,065 $(3,774) $16,747
EPS as reported $ (0.14) $ 0.46 $ (0.13) $ 0.51
Adjustments
-----------
Income Tax on
Exchange Variance
Provision(1) 1,890 (3,938) 1,890 (3,938)
Provision for possible
one-time penalty on
UP Rubi time charter 1,500 -- 1,500 --
---------------------------------------------------------------------
Adjusted Net
Income (Loss) $ (790) $11,127 $ (384) $12,809
Adjusted EPS (In $) $ (0.03) $ 0.34 $ (0.01) $ 0.39
================== ======== ======== ======== =======
(1) Provision for Income Tax on foreign currency exchange gains on
U.S. dollar denominated debt of one of our subsidiaries on the
Offshore Supply Business.
-0-
CONTACT: The IGB Group
Leon Berman, Principal
212-477-8438
Fax: 212-477-8636
lberman@igbir.com
www.igbir.com
