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 fourth quarter
and full year ended December 31, 2011.
Full Year 2011 highlights:
| |
|
| 1 For a reconciliation of
non-GAAP measures, please see the tables included under the
supplemental information section of this release. |
| 2 For a detailed explanation
of these adjustments and other adjustments elsewhere in this
release, see "Overview of Financial Results" and the tables
included under the Supplemental Information section of this
release |
Fourth Quarter 2011
highlights:
- Recorded revenues of $96.2 million in the fourth quarter of
2011;
- Recorded adjusted EBITDA of $16.1 million for the fourth
quarter of 2011, $6.1 million higher than in the equivalent period
of 2010; and
- Recorded total net loss and EPS of $(6.5) million and $(0.22)
respectively, in the fourth quarter of 2011 compared with total net
loss and EPS of $(6.9) million and $(0.23) respectively in the same
period of 2010. The fourth quarter 2011 results include the effect
of a $0.5 million gain for deferred taxes on an unrealized foreign
exchange loss on U.S. dollar- denominated debt of our Brazilian
subsidiary in our Offshore Supply Business3. Excluding the effect
of this gain the adjusted net loss and adjusted net loss per share
are $(7.0) million and $(0.24) per share, respectively.
- In our River Business we sold to a third party for export to
Colombia 14 barges where we will provide management services for a
new river operation and we completed an arbitration related to an
underperformance of an iron ore contract for which we received a
settlement of $5.3 million.
Felipe Menéndez, Ultrapetrol's President and Chief Executive
Officer, said, "During 2011, quarter by quarter, we made progress
implementing our growth strategy as we took delivery of a number of
the assets we invested in over the past few years."
Mr. Menéndez continued, "For the fourth quarter, we increased
Adjusted Consolidated EBITDA by 61% over the same period of 2010.
This was a result of strong Adjusted EBITDA growth in both the
River and Offshore Supply businesses. Notably, the fourth quarter
was the first full quarter in which we operated eight vessels in
our Offshore business."
Mr. Menéndez concluded, "We look forward to taking delivery of
four additional new PSVs, which will enable the Company to grow its
PSV fleet to twelve. Importantly, the first of these four vessels
is scheduled for delivery in May 2012 and has already been
chartered in Brazil for four years at a strong rate. Our River
Business continues to grow and the long-term prospects of this
business remain very strong. While 2012 results in our River
Business are expected to be affected by the drought experienced in
the area of influence of the Hidrovia, we have partially
compensated the reduction in agricultural production with larger
quantities of iron ore. Our new container operation has remained
very active and we are optimistic about future growth prospects in
the sector. Finally, our Product Tanker fleet continues to be
employed in the South American trade on charters with oil
majors."
| |
|
| 3 For a detailed explanation of
these adjustments and other adjustments elsewhere in this release,
see "Overview of Financial Results" and the tables included under
the Supplemental Information section of this release |
Overview of Financial Results
Total revenues for full year and fourth quarter 2011 were $304.5
million and $96.2 million, as compared with $230.4 million and
$57.0 million, respectively, in the same periods of 2010.
Adjusted EBITDA for full year and fourth quarter 2011 was $54.0
million and $16.1 million, respectively, as compared with $61.3
million and $10.0 million, respectively, in the same periods of
2010. For a reconciliation of adjusted EBITDA to cash flows from
operating activities, please see the tables at the end of this
release.
Net loss for the full year and fourth quarter of 2011 was of
$(18.8) million or $(0.64) per share and $(6.5) million or $(0.22)
per share, respectively, as compared with net loss of $(5.4)
million or $(0.18) per share, and net loss of $(6.9) million or
$(0.23) per share, respectively, during the same periods of 2010.
Full year and fourth quarter 2011 net loss include a $3.6 million
provision or $0.12 per share and $0.5 million provision or $0.02
per share, respectively, for unrealized foreign exchange rate gains
on U.S. dollar-denominated debt of our Brazilian subsidiary in the
Offshore Supply Business. Excluding the effect of these gains, the
adjusted net loss and adjusted net loss per share for the full year
and fourth quarter of 2011 are $(22.4) million or $(0.76) per share
and $(7.0) million or $(0.24) per share, respectively.
Len Hoskinson, Ultrapetrol's Chief Financial Officer, said, "In
2011 we transitioned the Company so that its earnings now reflect
the growth in its River and Offshore Supply businesses. Our debt
profile includes medium to long term loans with debt service
arranged to be serviced from free cash flow of the underlying
asset. As a result we have balanced yearly principal repayments in
the medium term and we have no refinancing requirements in the near
term. Additionally, we are in compliance with our covenant
requirements and are committed to maintaining a strong financial
position for the benefit of our shareholders."
Business Segment Highlights
River
The River Business experienced a 14% increase in the volume of
cargo transported in the full year 2011 as compared with the same
period of 2010.
Full year and fourth quarter 2011 River segment adjusted EBITDA
was $31.4 million and $10.6 million, respectively, versus $26.2
million and $3.9 million in the same periods of 2010, equivalent to
an increase of 20% and 172%. For a reconciliation of segment
adjusted EBITDA to operating profit (loss), please see the tables
at the end of this release.
In the fourth quarter of 2011 we satisfactorily resolved a
dispute in respect of an underperforming iron ore contract for
which we received a $5.3 million settlement.
Our operating costs in the River Business, particularly manning
costs, have been severely impacted by revaluation of the local
currency or by inflationary pressure on costs not reflected in a
proportional devaluation of the local currencies in respect of the
U.S. dollar.
The soybean crop in Paraguay for 2011 was 8.4 million tons. In
its latest report issued on March 12, 2012, the USDA estimates that
the soybean crop in Paraguay will likely decrease to 5.0 million
tons in 2012, a decrease of 40% year on year. This decrease is
mainly attributable to the effects of a severe drought and higher
than average temperatures in January and February in large parts of
Argentina and central Brazil as well as Paraguay. Soybean and
particularly the early variety crop in Paraguay suffered severe
impacts on their yields. However, the long-term growth prospects of
the agricultural sector along the Hidrovia continues unabated as
the seeded area is expected to continue to grow. This steady
long-term growth trend represents an important demand driver for
Ultrapetrol's River Business. Partially offsetting the milder
prospects for agricultural products in the Hidrovia, iron ore
production in the three mines connected with the river system has
increased substantially. We have gone early in the year into the
market to fix the available capacity left by agricultural products
on contracts for carrying iron ore. Although these ore volumes will
partially replace volume-wise the decrease in soybean cargo, such
replacement will come at lower margins due to the longer round
trips associated with iron ore and consequent higher fuel
consumption. The Company continues to add capacity and implement
various margin-expansion initiatives as we position Ultrapetrol to
profitably capitalize on the long term growing demand.
The Company's barge building shipyard, which is the most modern
in South America, has been in operation since the first quarter of
2010. We believe this shipyard will allow the Company to meet the
incremental demand growth resulting from the projected increases in
volumes of liquids, soybeans and iron ore produced in the region,
as well as the need to replace a large proportion of the river
system fleet within the next five years. The Company also builds
jumbo barges for third parties in its Punta Alvear Yard and as part
of that effort built and delivered twenty jumbo barges for third
parties in 2011. The Company has successfully continued its
re-engining and re-powering programs that aims to convert engines
on eleven of its main pushboats from diesel to heavy fuel
consuming. Four fuel-consuming pushboats are now in operation and
two more will commence operation at the end of the second quarter.
We expect this program to lead to substantial savings in fuel
expense and to an increase in tow size and navigation speed.
Offshore Supply
In the Offshore Supply Business, we operated seven vessels since
March 2011, and repositioned our UP Jasper from China to the North
Sea, where she commenced service in October 2011, thus effectively
operating eight PSVs during the fourth quarter of 2011. The
adjusted EBITDA generated by the Offshore Supply segment during the
full year and fourth quarter of 2011 was $19.9 million and $6.0
million, respectively, or 15% and 33% higher than the $17.3 million
and $4.5 million respectively generated in the same periods of
2010. For a reconciliation of segment adjusted EBITDA to operating
profit (loss), please see the tables at the end of this
release.
Total revenues from the Offshore Supply Business for the full
year and fourth quarter 2011 increased by 19% and 21% respectively
against the same periods of 2010. The 21% increase was primarily
attributable to the operation of our UP Turquoise for the full
quarter and a 10-day spot operation for the UP Jasper while
repositioning from China to the North Sea followed by her
employment in the North Sea on a time charter.
In Brazil, operating costs, particularly manning costs, have
increased primarily from the revaluation of the local currency and
inflationary pressure on salaries and expenses both of which
affected our earnings during parts of 2011.
As planned, Ultrapetrol continues its building program in India
that will add four new vessels to the fleet and increase capacity
by approximately 50%. We expect to take delivery of the first of
these four PSVs during the second quarter of 2012.
The Company believes that the Brazilian market will grow
substantially due to the support of Petrobras' aggressive capital
expenditure plans, while the activity in the North Sea has
increased. In addition, Ultrapetrol's fleet has the advantage of
being very modern and technologically capable of supporting deep
sea oil drilling.
Ocean
The Ocean segment generated adjusted EBITDA of $5.0 million and
$0.2 million in the full year and fourth quarter of 2011,
respectively as compared to adjusted EBITDA of $18.4 million and
$0.2 million in the same periods of 2010. For a reconciliation of
segment adjusted EBITDA to operating profit (loss), please see the
tables at the end of this release.
The 16% yearly increase in revenues from $56.1 million to $65.3
million is mainly attributable to two factors: 1) the operation of
our container feeder vessels, Asturiano and Argentino for the full
year 2011, which started operations in May 2010 and January 2011
respectively; and 2) the effect of the adjustment in the hire of
our Product Tanker fleet to reflect increased manning costs. These
effects were partly offset by the sales of some of our Capesize
vessels during 2010, which contributed significantly to our
revenues until the sale of Princess Katherine in September
2010.
The Company operated a total of four vessels in its Product
Tanker fleet in the full year and fourth quarter of 2011 (Miranda
I, Amadeo, Alejandrina, and Austral) which continue to be employed
in the South American coastal trade on charters with oil majors
that operate in the region.
In our Ocean Business, again inflationary pressures particularly
in manning costs not compensated by a proportional devaluation of
the local currency against the U.S. dollar have resulted in an
increase in operating costs. The volumes in our container service
particularly in the southbound leg have been sustained at high
levels. If this tendency continues we will obtain a better than
expected result from this business in the coming year.
Use of Non-GAAP Measures
Ultrapetrol believes that the disclosed non-Generally Accepted
Accounting Principles ("GAAP") measures such as adjusted EBITDA,
adjusted net income and any other adjustments thereto, when
presented in conjunction with comparable GAAP measures, are useful
for investors to use in evaluating the liquidity of the company.
These non-GAAP measures should not be considered a substitute for,
or superior to, measures of liquidity prepared in accordance with
GAAP. A reconciliation of adjusted EBITDA to segment operating
profit and cash flow from operations 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 Friday, March 16, 2012, at 10:00 a.m. ET accessible via
telephone and Internet with an accompanying slide presentation.
Investors and analysts may participate in the live conference call
by dialing 888-566-6146 (toll-free U.S.) or +1-630-395-0200
(outside of the U.S.); passcode: ULTR. Please register at least 10
minutes before the conference call begins. A replay of the call
will be available for one week via telephone starting approximately
one hour after the call ends. The replay can be accessed at
866-423-4833 (toll-free U.S.) or +1-203-369-0845 (outside of the
U.S.); passcode: 31612. The webcast will be archived on
Ultrapetrol's Web site for 30 days after the call.
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 containers, grain
and soya bean products, forest products, 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 pushboats, platform supply
vessels, tankers and two container feeder vessels. More information
on Ultrapetrol 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, 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.
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 summary financial information set forth below is
for the years ended December 31, 2011, 2010, 2009, 2008 and 2007
and has been derived from the Company's Financial Statements.
Operations of our Passenger Business are presented as discontinued
operations on a net of tax basis.
| (Stated in thousands of U.S.
dollars, except par value and share amounts) |
| |
| |
Year Ended
December 31, |
| |
2011 |
2010 |
2009 |
2008 |
2007 |
| |
(Dollars in
thousands) |
| Statement of Operations
Data: |
|
|
|
|
|
| Revenues |
$ 304,482 |
$ 230,445 |
$ 220,529 |
$ 303,575 |
$ 193,807 |
| Operating and manufacturing expenses (1) |
(224,607) |
(150,922) |
(140,607) |
(164,476) |
(104,507) |
| Depreciation and amortization |
(39,144) |
(34,371) |
(41,752) |
(38,620) |
(30,268) |
| Loss on write-down of vessels |
-- |
-- |
(25,000) |
-- |
-- |
| Administrative and commercial expenses |
(29,604) |
(27,051) |
(25,065) |
(24,396) |
(20,355) |
| Other operating income, net |
8,257 |
617 |
2,844 |
6,513 |
10,944 |
| Operating profit (loss) |
19,384 |
18,718 |
(9,051) |
82,596 |
49,621 |
| |
|
|
|
|
|
| Financial expense and foreign currency
(losses) gains, net |
(37,978) |
(26,417) |
(23,237) |
(30,542) |
(20,440) |
| Financial income |
332 |
399 |
340 |
1,156 |
2,916 |
| (Loss) gains on derivatives, net |
(16) |
10,474 |
241 |
8,816 |
(17,801) |
| Investments in affiliates |
(1,073) |
(341) |
(28) |
(442) |
(28) |
| Other, net |
(621) |
(875) |
(707) |
(558) |
(339) |
| |
|
|
|
|
|
| (Loss) Income from continuing operations
before income taxes |
(19,972) |
1,958 |
(32,442) |
61,026 |
13,929 |
| Income taxes benefit (expense) |
1,737 |
(6,363) |
(5,355) |
4,173 |
(4,832) |
| |
|
|
|
|
|
| (Loss) Income from continuing operations |
$ (18,235) |
$ (4,405) |
$ (37,797) |
$ 65,199 |
$ 9,097 |
| (Loss) from discontinued operations (2) |
$ -- |
$ (515) |
$ (2,131) |
$ (16,448) |
$ (3,917) |
| Net (Loss) Income |
$ (18,235) |
$ (4,920) |
$ (39,928) |
$ 48,751 |
$ 5,180 |
| |
|
|
|
|
|
| Net Income (loss) attributable to
non-controlling interest |
570 |
451 |
(90) |
1,228 |
739 |
| |
|
|
|
|
|
| |
Year Ended December
31, |
| |
2011 |
2010 |
2009 |
2008 |
2007 |
| |
(Dollars in
thousands) |
| |
|
| Net (Loss) Income attributable to Ultrapetrol
(Bahamas) Limited |
(18,805) |
(5,371) |
(39,838) |
47,523 |
4,441 |
| Amounts attributable to Ultrapetrol (Bahamas)
Limited: |
|
|
|
|
|
| (Loss) Income from continuing operations |
(18,805) |
(4,856) |
(37,707) |
63,971 |
8,358 |
| (Loss) from discontinued operations |
-- |
(515) |
(2,131) |
(16,448) |
(3,917) |
| Net (loss) income attributable to Ultrapetrol
(Bahamas) Limited |
(18,805) |
(5,371) |
(39,838) |
47,523 |
4,441 |
| Basic and diluted (loss) income per share of
Ultrapetrol (Bahamas) Limited: |
|
|
|
|
|
| From continuing operations |
$ (0.64) |
$ (0.16) |
$ (1.28) |
$ 1.99 |
$ 0.26 |
| From discontinued operations |
$ -- |
$ (0.02) |
$ (0.07) |
$ (0.51) |
$ (0.12) |
| |
$ (0.64) |
$ (0.18) |
$ (1.35) |
$ 1.48 |
$ 0.14 |
| Basic weighted average number of shares |
29,547,365 |
29,525,025 |
29,426,429 |
32,114,199 |
31,596,346 |
| Diluted weighted average number of
shares |
29,547,365 |
29,525,025 |
29,426,429 |
32,213,741 |
31,923,350 |
| |
|
|
|
|
|
| Balance Sheet Data (end of
period): |
|
|
|
|
|
| Cash and cash equivalents |
$ 34,096 |
$ 105,570 |
$ 53,201 |
$ 105,859 |
$ 64,262 |
| Restricted cash - current |
6,819 |
1,661 |
1,658 |
2,478 |
-- |
| Working capital (3) |
32,245 |
98,318 |
68,352 |
135,746 |
64,768 |
| Vessels and equipment, net |
671,445 |
612,696 |
571,478 |
552,683 |
452,544 |
| Total assets |
830,287 |
823,797 |
732,934 |
825,059 |
622,160 |
| Total debt (4) |
517,762 |
501,657 |
407,539 |
415,507 |
334,514 |
| Ultrapetrol (Bahamas) Limited stockholders'
equity |
244,297 |
263,463 |
283,703 |
371,889 |
253,142 |
| Non-controlling interest |
5,874 |
5,331 |
4,880 |
4,970 |
3,742 |
| Total equity |
250,171 |
268,794 |
288,583 |
376,859 |
256,884 |
| |
| Statement of Cash Flow
Data: |
| Total cash flows provided by operating
activities |
14,757 |
18,894 |
38,716 |
71,257 |
41,900 |
| Total cash flows used in investing
activities |
(97,863) |
(54,139) |
(83,598) |
(87,991) |
(200,648) |
| Total cash flows provided by (used in)
financing activities |
11,632 |
87,614 |
(7,776) |
58,331 |
202,362 |
| Consolidated EBITDA as defined in the Notes
due 2014 (5) |
$ 54,028 |
$ 39,296 |
$ 56,445 |
$ 116,859 |
$ 64,968 |
| Adjusted Consolidated EBITDA (5) |
$ 54,028 |
$ 61,293 |
$ 57,129 |
$ 116,859 |
$ 64,968 |
| |
| (1) Operating and manufacturing
expenses are voyage expenses and running costs. Voyage expenses,
which are incurred when a vessel is operating under a contract of
affreightment (as well as any time when they are not operating
under time or bareboat charter), comprise all costs relating to a
given voyage, including port charges, canal dues and fuel (bunkers)
costs, are paid by the vessel owner and are recorded as voyage
expenses. Voyage expenses also include charter hire payments made
by us to owners of vessels that we have chartered in. Manufacturing
expenses, which are incurred when a constructed river barge is
sold, is comprised of steel cost, which is the largest component of
our raw materials and the cost of labor. Running costs, or vessel
operating expenses, include the cost of all vessel management,
crewing, repairs and maintenance, spares and stores, insurance
premiums, lubricants and certain drydocking costs. |
| |
| (2) Net of income tax
effect. |
| |
| (3) Current assets less current
liabilities. |
| |
| (4) Includes accrued
interest. |
| |
| (5) The following table
reconciles our EBITDA as defined in the Notes due 2014 and Adjusted
Consolidated EBITDA to our cash flows from operating
activities: |
The following table reconciles our EBITDA as defined in the
Notes due 2014 and Adjusted Consolidated EBITDA to our cash flows
from operating activities:
| |
Year Ended December
31, |
| |
2011 |
2010 |
2009 |
2008 |
2007 |
| |
(Dollars in
thousands) |
| |
|
| Net cash provided by operating activities
from continuing operations |
$ 14,772 |
$ 20,844 |
$ 38,679 |
$ 79,902 |
$ 40,451 |
| Net cash (used in) provided by operating
activities from discontinued operations |
(15) |
(1,950) |
37 |
(8,645) |
1,449 |
| Total cash flows from operating
activities |
14,757 |
18,894 |
38,716 |
71,257 |
41,900 |
| Plus |
|
|
|
|
|
| Adjustments from continuing
operations |
|
|
|
|
|
| Increase / Decrease in operating assets and
liabilities |
7,748 |
(6,974) |
(14,052) |
15,415 |
6,354 |
| Expenditure for drydocking |
3,478 |
8,204 |
5,242 |
3,105 |
2,724 |
| Income taxes (benefit) expense |
(1,737) |
6,363 |
5,355 |
(4,173) |
4,832 |
| Financial expenses |
35,426 |
25,925 |
24,248 |
25,128 |
20,440 |
| (Losses) Gains on derivatives, net |
(16) |
10,474 |
241 |
8,816 |
(17,801) |
| Gain on disposal of assets |
-- |
724 |
1,415 |
-- |
10,282 |
| Adjustment attributable to UP Offshore
declassification (1) |
-- |
(21,997) |
(684) |
-- |
-- |
| Net loss (income) attributable to
non-controlling interest |
(570) |
(451) |
90 |
(1,228) |
(739) |
| Other adjustments |
(5,073) |
(3,306) |
(2,570) |
(3,419) |
(2,645) |
| |
|
|
|
|
|
| Adjustments from discontinued
operations |
|
|
|
|
|
| Increase / Decrease in operating assets and
liabilities |
15 |
1,435 |
(1,566) |
1,457 |
(2,114) |
| Expenditure for drydocking |
-- |
-- |
-- |
289 |
2,124 |
| Other adjustments |
-- |
5 |
10 |
212 |
(389) |
| |
|
|
|
|
|
| EBITDA as defined in the Notes due 2014 from
continuing operations |
$ 54,028 |
$ 39,806 |
$ 57,964 |
$ 123,546 |
$ 63,898 |
| EBITDA as defined in the Notes due 2014 from
discontinued operations |
$ -- |
$ (510) |
$ (1,519) |
$ (6,687) |
$ 1,070 |
| Consolidated EBITDA as defined in the Notes
due 2014 |
$ 54,028 |
$ 39,296 |
$ 56,445 |
$ 116,859 |
$ 64,968 |
| |
|
|
|
|
|
| Plus |
|
|
|
|
|
| Adjustment attributable to UP Offshore
declassification (1) |
$ -- |
$ 21,997 |
$ 684 |
$ -- |
$ -- |
| Adjusted Consolidated EBITDA |
$ 54,028 |
$ 61,293 |
$ 57,129 |
$ 116,859 |
$ 64,968 |
| |
| (1) As of September 30, 2009, our
board of directors declassified UP Offshore Bahamas as a restricted
subsidiary under the terms of the indenture governing the Notes due
2014. Subsequently, on December 3, 2010, UP Offshore Bahamas was
reclassified as a restricted subsidiary under the terms of that
indenture. |
| |
The following table contains our audited consolidated balance
sheets at December 31, 2011 and 2010:
| |
| CONSOLIDATED BALANCE
SHEETS AT DECEMBER 31, 2011 AND 2010 |
| (Stated in thousands of U.S.
dollars, except par value and share amounts) |
| |
| |
At December
31, |
| |
2011 |
2010 |
| ASSETS |
|
|
| CURRENT ASSETS |
|
|
| Cash and cash equivalents |
$ 34,096 |
$ 105,570 |
| Restricted cash |
6,819 |
1,661 |
| Accounts receivable, net of allowance for
doubtful accounts of $841 and $555 in 2011 and 2010,
respectively |
30,993 |
24,675 |
| Operating supplies |
4,520 |
3,176 |
| Prepaid expenses |
3,212 |
3,643 |
| Other receivables |
26,392 |
24,153 |
| Other current assets |
101 |
117 |
| Total current assets |
106,133 |
162,995 |
| NONCURRENT ASSETS |
|
|
| Other receivables |
15,370 |
5,796 |
| Restricted cash |
1,483 |
1,183 |
| Vessels and equipment, net |
671,445 |
612,696 |
| Dry dock |
5,088 |
5,688 |
| Investments in and receivables from
affiliates |
6,851 |
6,824 |
| Intangible assets |
976 |
1,151 |
| Goodwill |
5,015 |
5,015 |
| Other assets |
12,573 |
13,145 |
| Deferred income tax assets |
5,353 |
9,304 |
| Total noncurrent assets |
724,154 |
660,802 |
| Total assets |
$ 830,287 |
$ 823,797 |
| |
|
|
| LIABILITIES AND EQUITY |
|
|
| CURRENT LIABILITIES |
|
|
| Accounts payable |
$ 33,990 |
$ 24,054 |
| Accrued interest |
4,769 |
2,278 |
| Current portion of long-term financial
debt |
21,504 |
27,586 |
| Other current liabilities |
13,625 |
10,759 |
| Total current liabilities |
73,888 |
64,677 |
| NONCURRENT
LIABILITIES |
|
|
| Long-term financial debt |
491,489 |
471,793 |
| Deferred income tax liabilities |
12,951 |
16,142 |
| Other liabilities |
1,788 |
2,391 |
| Total noncurrent liabilities |
506,228 |
490,326 |
| Total liabilities |
580,116 |
555,003 |
| EQUITY |
|
|
| Common stock, $0.01 par
value: 100,000,000 authorized shares; 30,011,628 and
29,943,653 shares outstanding in 2011 and 2010, respectively |
339 |
338 |
| Additional paid-in capital |
272,302 |
271,224 |
| Treasury stock: 3,923,094 shares at
cost |
(19,488) |
(19,488) |
| Retained earnings (deficit) |
(6,819) |
11,986 |
| Accumulated other comprehensive income
(loss) |
(2,037) |
(597) |
| Total Ultrapetrol (Bahamas)
Limited stockholders'
equity |
244,297 |
263,463 |
| Non-controlling interest |
5,874 |
5,331 |
| Total equity |
250,171 |
268,794 |
| Total liabilities and
equity |
$ 830,287 |
$ 823,797 |
The following table contains our audited statements of cash
flows for the years ended December 31, 2011, 2010 and 2009:
| (Stated in thousands of U.S.
dollars) |
| |
| |
For the years
ended December 31, |
| |
2011 |
2010 |
2009 |
| CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
| Net (loss) |
$ (18,235) |
$ (4,920) |
$ (39,928) |
| Adjustments to reconcile net (loss) to
total cash flows provided by operating activities: |
|
|
|
| Loss from discontinued operations |
-- |
515 |
2,131 |
| Depreciation of vessels and
equipment |
34,891 |
29,880 |
37,609 |
| Amortization of dry docking |
4,078 |
4,186 |
3,425 |
| Expenditure for dry docking |
(3,478) |
(8,204) |
(5,242) |
| (Loss) gains on derivatives, net |
16 |
(10,474) |
(241) |
| Debt issuance expense amortization |
2,323 |
1,340 |
1,026 |
| Amortization of intangible assets |
175 |
305 |
718 |
| (Gain) on sale of vessels |
-- |
(724) |
(1,415) |
| Net losses from investments in
affiliates |
1,073 |
341 |
28 |
| Allowance for doubtful accounts |
598 |
359 |
(21) |
| Loss on write-down of vessels |
-- |
-- |
25,000 |
| Share - based compensation |
1,079 |
1,266 |
1,537 |
| Changes in assets and liabilities: |
|
|
|
| (Increase) decrease in assets: |
|
|
|
| Accounts receivable |
(6,916) |
(8,632) |
1,401 |
| Other receivables, operating supplies and
prepaid expenses |
(12,302) |
(2,827) |
7,940 |
| Other |
(2,261) |
1,369 |
2,170 |
| Increase (decrease) in liabilities: |
|
|
|
| Accounts payable |
10,324 |
10,661 |
(7,609) |
| Other payables |
3,407 |
6,403 |
9,055 |
| Other |
-- |
-- |
1,095 |
| Net cash provided by operating
activities from continuing operations |
14,772 |
20,844 |
38,679 |
| Net cash (used in) provided by
operating activities from discontinued operations |
(15) |
(1,950) |
37 |
| Total cash flows provided by
operating activities |
14,757 |
18,894 |
38,716 |
| CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
| Purchase of vessels and equipment |
(97,863) |
(105,247) |
(90,095) |
| Proceeds from disposals of vessels,
net |
-- |
36,584 |
9,840 |
| Other investing activities, net |
-- |
12,574 |
(3,343) |
| Net cash (used in) investing
activities from continuing operations |
(97,863) |
(56,089) |
(83,598) |
| Net cash provided by investing
activities from discontinued operations |
-- |
1,950 |
-- |
| Total cash flows used in
investing activities |
(97,863) |
(54,139) |
(83,598) |
| CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
| Scheduled repayments of long-term
financial debt |
(13,286) |
(11,292) |
(13,594) |
| Early repayment of long-term financial
debt |
-- |
-- |
(22,894) |
| Revolving credit facility borrowings |
10,500 |
-- |
-- |
| Revolving credit facility repayments |
(25,500) |
-- |
-- |
| Proceeds from issuance of 7.25% Senior
Convertible Notes, net of issuance costs |
-- |
76,095 |
-- |
| Proceeds from long-term financial
debt |
41,900 |
25,000 |
29,079 |
| Other financial activities, net |
(1,982) |
(2,189) |
(367) |
| Net cash provided by (used in)
financing activities from continuing operations |
11,632 |
87,614 |
(7,776) |
| Net (decrease) increase in cash
and cash equivalents |
(71,474) |
52,369 |
(52,658) |
| Cash and cash equivalents at the
beginning of year (including $304, $304 and $2,546 related to
discontinued operations) |
105,570 |
53,201 |
105,859 |
| Cash and cash equivalents at the
end of year (including $289, $304 and $304 related to discontinued
operations) |
$ 34,096 |
$ 105,570 |
$ 53,201 |
The following table reconciles our EBITDA as defined in the
Notes due 2014 and our Adjusted Consolidated EBITDA to our cash
flow for the years ended December 31, 2011, and 2010:
|
Year ended
December 31, |
| ($000's) |
2011 |
2010 |
| Total cash flows provided by operating
activities |
14,757 |
18,894 |
| |
|
|
| Total cash flows (used in) investing
activities |
(97,863) |
(54,139) |
| Total cash flows (used in) from
financing activities |
11,632 |
87,614 |
| |
|
|
| Net cash provided by operating activities
from continuing operations |
$ 14,772 |
$ 20,844 |
| |
|
|
| Net cash (used in) provided by operating
activities from discontinued operations |
$ (15) |
$ (1,950) |
| Total cash flows from operating
activities |
$ 14,757 |
$ 18,894 |
| |
|
|
| Plus |
|
|
| |
|
|
| Adjustments from continuing
operations |
|
|
| |
|
|
| Increase / Decrease in operating assets and
liabilities |
7,748 |
(6,974) |
| Expenditure for dry docking |
3,478 |
8,204 |
| |
|
|
| Income Taxes |
(1,737) |
6,363 |
| Financial Expenses |
35,426 |
25,925 |
| Loss on disposal of assets |
-- |
724 |
| Net loss attributable to non-controlling
interest |
(570) |
(451) |
| |
|
|
| Gains on derivatives,net |
(16) |
10,474 |
| |
|
|
| Adjustment attributable to UP Offshore
declassification |
-- |
(21,997) |
| |
|
|
| Other adjustments |
(5,073) |
(3,306) |
| |
|
|
| Adjustments from discontinued
operations |
|
|
| |
|
|
| Increase / Decrease in operating assets and
liabilities |
15 |
1,435 |
| Financial Expenses |
-- |
5 |
| |
|
|
| EBITDA as defined in the Notes due 2014 from
continuing operations |
$ 54,028 |
$ 39,806 |
| EBITDA as defined in the Notes due 2014 from
discontinued operations |
$ -- |
$ (510) |
| Consolidated EBITDA as defined in the
Notes due 2014 |
$ 54,028 |
$ 39,296 |
| |
|
|
| Plus |
|
|
| Adjustment attributable to UP Offshore
declassification |
$ -- |
$ 21,997 |
| Non-cash gain on FFAs |
-- |
-- |
| Unrealized non-cash gain on FFAs |
|
-- |
| Adjusted Consolidated
EBITDA |
$ 54,028 |
$ 61,293 |
The following table reconciles our adjusted net income and
adjusted EPS to net income and EPS for the years ended December 31,
2011 and 2010, and for the three months ended December 31, 2011 and
2010:
| ($000's) |
Year ended December 31,
2011 |
Year ended December 31,
2010 |
% Change |
4Q 11 |
4Q 10 |
% Change |
| |
|
|
|
|
|
|
| Revenues |
$304,482 |
$230,445 |
32% |
$96,151 |
$56,999 |
69% |
| |
|
|
|
|
|
|
| Adjusted EBITDA |
$54,028 |
$61,293 |
-12% |
$16,140 |
$10,004 |
61% |
| |
|
|
|
|
|
|
| Net income (loss) as
reported |
($18,805) |
($5,371) |
250% |
($6,454) |
($6,878) |
-6% |
| |
|
|
|
|
|
|
| EPS as reported |
($0.64) |
($0.18) |
253% |
($0.22) |
($0.23) |
-4% |
| |
|
|
|
|
|
|
| Adjustments to net income
as reported |
|
|
|
|
|
| |
|
|
|
|
|
|
| Income tax on Exchange Variance
Provision (1) |
(3,615) |
1,081 |
|
(503) |
399 |
|
| Income tax litigation one time
event |
0 |
1,294 |
|
0 |
0 |
|
| |
|
|
|
|
|
|
| Adjusted Net income |
($22,420) |
($2,996) |
648% |
($6,957) |
($6,479) |
7% |
| Adjusted EPS (In $ per
share) |
($0.76) |
($0.10) |
660% |
($0.24) |
($0.22) |
9% |
| (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 |
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the fourth quarter
ended December 31, 2011:
| |
Fourth quarter ended
December 31, 2011 |
| ($000's) |
River |
Offshore Supply |
Ocean |
TOTAL |
| |
|
|
|
|
| Segment operating (loss) profit |
$6,201 |
$3,495 |
($2,371) |
$7,325 |
| Depreciation and amortization |
4,883 |
2,586 |
2,508 |
9,977 |
| Investment in affiliates / Net income (loss)
attributable to non-controlling interest in subsidiaries |
(357) |
(90) |
12 |
(435) |
| Net (loss) on derivatives, net |
-- |
(1) |
-- |
(1) |
| Other, net |
(175) |
-- |
19 |
(156) |
| |
|
|
|
|
| Segment Adjusted
EBITDA |
$10,552 |
$5,990 |
$168 |
$16,710 |
| |
|
|
|
|
| Items not included in Segment Adjusted
EBITDA |
|
|
|
|
| Financial income |
|
|
|
24 |
| Foreign currency (losses) gains, net |
|
|
|
(594) |
| Adjusted Consolidated EBITDA from continuing
operations |
|
|
|
$16,140 |
| Adjusted Consolidated EBITDA from
discontinued operations |
|
|
|
$0 |
| |
| Adjusted
Consolidated EBITDA |
$16,140 |
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the year ended
December 31, 2011:
|
Year ended December
31, 2011 |
| ($000's) |
River |
Offshore Supply |
Ocean |
TOTAL |
| |
|
|
|
|
| Segment operating (loss) profit |
$13,138 |
$10,999 |
($4,753) |
$19,384 |
| Depreciation and amortization |
20,139 |
9,436 |
9,569 |
39,144 |
| Investment in affiliates / Net (loss)
attributable to non-controlling interest in subsidiaries |
(1,042) |
(570) |
(31) |
(1,643) |
| Net (loss) on derivatives, net |
-- |
(16) |
-- |
(16) |
| Other, net |
(791) |
3 |
167 |
(621) |
| |
|
|
|
|
| Segment Adjusted
EBITDA |
$31,444 |
$19,852 |
$4,952 |
$56,248 |
| |
|
|
|
|
| Items not included in Segment Adjusted
EBITDA |
|
|
|
|
| Financial income |
|
|
|
332 |
| Foreign currency (losses) gains, net |
|
|
|
(2,552) |
| Adjusted Consolidated EBITDA from continuing
operations |
|
|
|
$54,028 |
| Adjusted Consolidated EBITDA from
discontinued operations |
|
|
|
$0 |
| |
| Adjusted
Consolidated EBITDA |
$54,028 |
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the fourth quarter
ended December 31, 2010:
|
Fourth quarter ended
December 31, 2010 |
| ($000's) |
River |
Offshore Supply |
Ocean |
TOTAL |
| |
|
|
|
|
| Segment operating (loss) profit |
($441) |
$2,703 |
($2,321) |
($59) |
| Depreciation and amortization |
4,646 |
1,922 |
2,288 |
8,856 |
| Loss on write-down vessels |
-- |
-- |
-- |
-- |
| Investment in affiliates / Net income (loss)
attributable to non-controlling interest in subsidiaries |
(102) |
(123) |
2 |
(223) |
| Net gains on derivatives, net |
-- |
-- |
204 |
204 |
| Other, net |
(229) |
(5) |
35 |
(199) |
| |
|
|
|
|
| Segment Adjusted
EBITDA |
$3,874 |
$4,497 |
$208 |
$8,579 |
| |
|
|
|
|
| Items not included in Segment Adjusted
EBITDA |
|
|
|
|
| Financial income |
|
|
|
107 |
| Foreign currency (losses) gains, net |
|
|
|
1,318 |
| Adjusted Consolidated EBITDA from continuing
operations |
|
|
|
$10,004 |
| Adjusted Consolidated EBITDA from
discontinued operations |
|
|
|
$0 |
| |
| Adjusted
Consolidated EBITDA |
$10,004 |
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the year ended
December 31, 2010:
|
Year ended December
31, 2010 |
| ($000's) |
River |
Offshore Supply |
Ocean |
TOTAL |
| |
|
|
|
|
| Segment operating (loss) profit |
$10,244 |
$10,611 |
($2,137) |
$18,718 |
| Depreciation and amortization |
17,248 |
7,178 |
9,945 |
34,371 |
| Investment in affiliates / Net (loss)
attributable to non-controlling interest in subsidiaries |
(322) |
(451) |
(19) |
(792) |
| Net gains on derivatives, net |
-- |
-- |
10,474 |
10,474 |
| Other, net |
(991) |
(2) |
118 |
(875) |
| |
|
|
|
|
| Segment Adjusted
EBITDA |
$26,179 |
$17,336 |
$18,381 |
$61,896 |
| |
|
|
|
|
| Items not included in Segment Adjusted
EBITDA |
|
|
|
|
| Financial income |
|
|
|
399 |
| Foreign currency (losses) gains, net |
|
|
|
(492) |
| Adjusted Consolidated EBITDA from continuing
operations |
|
|
|
$61,803 |
| Adjusted Consolidated EBITDA from
discontinued operations |
|
|
|
($510) |
| |
| Adjusted
Consolidated EBITDA |
$61,293 |
CONTACT: The IGB Group
Leon Berman / David Burke
212-477-8438 / 646-673-9701
lberman@igbir.com / dburke@igbir.com
Ultrapetrol Bahamas (CE) (USOTC:ULTRF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ultrapetrol Bahamas (CE) (USOTC:ULTRF)
Historical Stock Chart
From Jul 2023 to Jul 2024
