Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Ultrapetrol Reports Financial Results for Second Quarter 2013



Ultrapetrol Reports Financial Results for Second Quarter 2013

NASSAU, Bahamas, Aug. 13, 2013 (GLOBE NEWSWIRE) -- 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 second
quarter ended June 30, 2013.

Second Quarter 2013 and subsequent events highlights:

  * Recorded second quarter 2013 revenues of $121.8 million;
     
  * Recorded adjusted EBITDA of $32.6 million in the second quarter of 2013;
    ^1 which includes adjusted EBITDA of $20.5 million from our River
    Business, adjusted EBITDA of $6.8 million from Offshore Supply Business
    segment, adjusted EBITDA of $0.2 million from Ocean Business segment, and
    adjusted EBITDA of $5.2 million from other activities—primarily foreign
    currency exchange cash gains;
     
  * Total adjusted net income and adjusted net income per share of $12.5
    million and $0.09 per share, respectively, in the second quarter of 2013
    which excludes the effect of a $1.1 million gain for deferred taxes on
    unrealized foreign exchange losses on U.S. dollar-denominated debt of our
    Brazilian subsidiary in our Offshore Supply Business, a $(0.2) million
    non-cash loss from debt extinguishments and a $0.1 million gain related to
    the sale of 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).^2 Before adjusting
    for these effects, the recorded total net income and net income per share
    are $13.5 million and $0.10, respectively;
     
  * We redeemed on July 10, 2013, all $180.0 million of our outstanding 9%
    First Preferred Ship Mortgage Notes due 2014 with proceeds of our offering
    of $200.0 million 8 7/8% First Preferred Ship Mortgage Notes due 2021 (at
    quarter end both the 2014 and the 2021 Notes are shown outstanding with
    $181.6 million of proceeds held in cash until redemption date of July 10,
    2013);
     
  * Second quarter 2013 Adjusted EBITDA for our River Business segment
    increased almost threefold compared with the same period of 2012 as a
    result of normal crop year and rainfall and the increased activity from
    our Punta Alvear shipyard;
     
  * In July 2013, our PSV UP Amber, commenced operations in Brazil under a
    long term time charter with Petrobras. In addition, on August 12, 2013, we
    took delivery of UP Pearl, the eleventh PSV in our fleet which is expected
    to commence a four year charter with Petrobras during the fourth quarter
    of 2013;
     
  * Entered into a barge building contract for an additional seven tank barges
    for a third party. Delivery of these barges is expected in the fourth
    quarter of 2013.

^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

Felipe Menéndez, Ultrapetrol's President and Chief Executive Officer, stated,
"We generated strong second quarter results, consistent with our expectations.
During the quarter, we achieved strong utilization for our larger and more
efficient river fleet, capitalizing on a crop year that has produced high
volumes of soy beans and other agricultural commodities as well as the strong
demand for iron ore transportation. Our shipyard is producing close to its
maximum capacity and we continue to successfully sell barges to third parties
as well while adding new barges to grow Ultrapetrol's fleet. This has also
been an exciting quarter in our Offshore Business: We renewed the contracts on
four of our existing vessels with Petrobras for an additional four years with
substantial increases over the expiring rates. We also chartered our two new
vessels UP Amber, which was delivered in the first quarter of 2013, and UP
Pearl, which was delivered yesterday at the yard in India, both to Petrobras
for four years at a rate of $32,950 per day. Our ocean tankers have done well
and continue to be employed in the same flag restricted trade in which they
have operated in the past. In our container feeder service, we expect cargos
to increase over second quarter levels in the third quarter."

Mr. Menéndez continued, "The success we have experienced in River and Offshore
so far this year is the result of the significant investment that the Company
made in these sectors over the past five years which are now starting to show
in our results. During the first half of the year we generated EBITDA of $51.9
million and expect to benefit from the full impact of stronger rates on our
PSV fleet as the year progresses."

Overview of Financial Results

Total revenues for the second quarter 2013 were $121.8 million as compared
with $79.5 million in the same period of 2012.

Adjusted EBITDA for the second quarter 2013 was $32.6 million as compared with
$9.6 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.

Adjusted net income for the second quarter of 2013 was $12.5 million which
excludes the effect of a $1.1 million gain for deferred taxes on unrealized
foreign exchange losses on U.S. dollar-denominated debt of our Brazilian
subsidiary in our Offshore Supply Business, a $(0.2) million non-cash loss
from debt extinguishments and a $0.1 million gain related to the sale of 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 adjusting for these effects, the
recorded total net income was $13.5 million.

Cecilia Yad, Ultrapetrol's Chief Financial Officer, said, "We generated strong
financial results during the second quarter and we continued strengthening our
overall financial position. We successfully redeemed $180.0 million of our
outstanding 9% Senior Notes due 2014 utilizing a portion of the proceeds of
our $200.0 million offering of 8 ^7/[8]% First Preferred Ship Mortgage Notes
due 2021. In placing the new 2021 Notes, we received continued support from
existing investors and strong interest from the market in general, reflecting
investors' long term confidence in our investment strategy and prospects. With
the successful refinancing, Ultrapetrol has addressed its most relevant short
term maturity and has enhanced its ability to draw upon the Company's improved
flexibility and strong liquidity to advance our investing strategy and take
advantage of future growth opportunities."

Business Segment Highlights

River

The River Business experienced a 13% increase in the volume of cargo
transported in the second quarter of 2013 as compared with the same period of
2012, which was due to normalized rainfall levels resulting in a significantly
higher crop.

Second quarter 2013 River Business segment adjusted EBITDA was $20.5 million
versus $5.4 million in the same period of 2012, a $15.1 million increase. For
a reconciliation of segment adjusted EBITDA to operating profit (loss), please
see the tables at the end of this release.

Results for the second quarter of 2013 demonstrate the positive compounded
effects of rate increases and the normalized cargo volumes, taking into
consideration the expected seasonality inherent in the segment as well as the
sale of a larger number of barges manufactured in our shipyard to third
parties. According to the latest USDA estimates, the soybean crop in Paraguay
for 2013 is expected to be 9.4 million tons, 5.3 million tons or 132% above
the 2012 crop. Argentina, Brazil, Bolivia, Paraguay and Uruguay are estimated
to account for approximately 55% of world soybean production in 2013, as
compared to 30% in 1995.

These figures are a sign of the strength of the long-term growth prospects of
the agricultural sector along the Hidrovia, by which seeded area is expected
to continue to grow, fostered by the strong prices of soybean and other
agricultural commodities. This steady long-term growth trend represents an
important demand driver for Ultrapetrol's River Business. In addition, iron
ore production in the three mines connected with the river system has also
increased substantially in the last decade.

The Company will continue to install its new engines that will change
power for a substantial portion of its line pushboats from diesel to heavy
fuel consuming ones. The seventh re-engined pushboat is expected to commence
operation within the first half of 2014. This program has demonstrated its
potential to lead to substantial savings in fuel expense and to an increase in
tow size and navigation speed, which we believe will enhance our EBITDA
margins in the future.

During the second quarter of 2013, our Punta Alvear barge-building facility
continued with the production of barges for third parties and has secured an
order to build an additional set of barges for a non-related third party.
Including this order, as well as the barges built for our own fleet, we expect
to have our yard fully contracted until the end of the year.

Offshore Supply

In the Offshore Supply Business, we now operate a fleet of ten PSVs consisting
of nine chartered to Petrobras in Brazil and one in the North Sea. On August
12, 2013, we took delivery from the yard of UP Pearl, the eleventh PSV in our
fleet (third of the four ordered in India). The UP Pearl is expected to
commence operations during the fourth quarter of 2013 under a four year
charter with Petrobras after finalizing the vessel's positioning trip and
completing the set-up work for that charter. The adjusted EBITDA generated by
the Offshore Supply Business segment during the second quarter of 2013 was
$6.8 million, unchanged from the adjusted EBITDA generated in the same period
of 2012. 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 second quarter of
2013 increased by $2.7 million compared with the same period of 2012. This
represents a 15% increase which was primarily attributable to the operation of
our UP Jade which commenced operation with Petrobras on August 10, 2012.
During the second quarter of 2013 we renewed the charters of our UP
Agua-Marinha, UP Topazio and UP Diamante with Petrobras for four years at
$35,380 per day as compared to their expiring charters at $28,000 per day.
Also, during the second quarter of 2013 the charter of UP Esmeralda was
renewed for four years at $31,950 per day as compared to its expiring charter
of $26,200 per day. Finally, on May 2, 2013, Petrobras confirmed the four year
charters of our UP Amber, and UP Pearl at $32,950 starting between August 2013
and February 2014 in our option. We expect that the full effect of these new
rates and progressively the earnings of the new vessels will positively impact
our results in the third and fourth quarters of 2013.

As planned, Ultrapetrol continues its building program in India that will add
the last and twelfth newbuilt vessel to the fleet. We expect to take delivery
of the PSV, UP Onyx, during the first half of 2014.

The Company believes that the Brazilian market should grow in-line with
Petrobras' capital expenditure plans. Ultrapetrol's fleet in the Offshore
Supply Business has the advantage of being very modern and technologically
capable of supporting deep sea oil drilling in both the Brazilian and North
Sea markets.

Ocean

The Ocean Business segment generated adjusted EBITDA of $0.3 million in the
second quarter of 2013 as compared to adjusted EBITDA of $0.6 million in the
same period of 2012. For a reconciliation of segment adjusted EBITDA to
operating profit (loss), please see the tables at the end of this release.

The 9% decrease in revenues from $19.6 million in the second quarter of 2012
to $17.8 million in the same period of 2013 is mainly attributable to a
decrease in revenues from our container vessels as a result of a reduction in
volumes transported. We expect volumes will return to normal in the third
quarter which should reflect in higher returns.

The Company operated a total of four vessels in its Product Tanker fleet in
the second quarter of 2013 (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.

Operating costs in our Ocean Business, particularly manning costs, have been
impacted by inflationary pressure on costs not adjusted by a proportional
devaluation of the local currency with respect to the U.S. dollar.

Use of Non-GAAP Measures

Ultrapetrol believes that the disclosed non-Generally Accepted Accounting
Principles, ("or 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
Wednesday, August 14, 2013, at 10:00 a.m. EDT accessible via telephone and
Internet with an accompanying slide presentation. Investors and analysts may
participate in the live conference call by dialing 888-469-1093 (toll-free
U.S.) or +1-210-234-0032 (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 866-490-2546
(toll-free U.S.) or +1-203-369-1701 (outside of the U.S.); passcode: 5034. 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.

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 table shows our unaudited consolidated balance sheet as of June
30, 2013 and our audited consolidated balance sheet as of December 31, 2012:

                                                                
CONSOLIDATED BALANCE SHEETS AT JUNE 30, 2013 AND DECEMBER 31, 2012
(Stated in thousands of U.S. dollars, except par value and share amounts)
                                                                
                                                   At June 30, At December 31,
                                                   2013        2012
ASSETS                                                          
                                                                
CURRENT ASSETS                                                  
                                                                
Cash and cash equivalents                          $ 131,315   $ 222,215
Restricted cash to redeem 2014 Senior Notes (Note  182,115     --
3)
Restricted cash                                    8,903       5,968
Accounts receivable, net of allowance for doubtful 46,954      36,487
accounts of $2,321 and $1,916
in 2013 and 2012, respectively                                  
Operating supplies and inventories                 18,039      13,638
Prepaid expenses                                   6,807       5,973
Other receivables                                  26,575      22,532
Other current assets                               --          177
Total current assets                               420,708     306,990
NONCURRENT ASSETS                                               
                                                                
Other receivables                                  23,026      22,758
Restricted cash                                    1,466       1,464
Vessels and equipment, net                         641,109     647,519
Dry dock                                           6,056       4,238
Investments in and receivables from affiliates     4,305       4,282
Intangible assets                                  713         801
Goodwill                                           5,015       5,015
Other assets                                       14,847      10,214
Deferred income tax assets                         4,960       7,037
Total noncurrent assets                            701,497     703,328
Total assets                                       $ 1,122,205 $ 1,010,318
                                                                
LIABILITIES AND EQUITY                                          
                                                                
CURRENT LIABILITIES                                             
                                                                
Accounts payable                                   $ 31,826    $ 32,450
Customer advances                                  16,473      15,175
Payables to related parties                        1,918       3,761
Accrued interest                                   1,703       4,858
2014 Senior Notes and accrued interest (Note 3)    181,620      
Current portion of long-term financial debt        28,704      49,031
2017 Senior Convertible Notes (Note 3)             --          80,000
Other current liabilities                          14,036      13,470
Total current liabilities                          276,280     198,745
NONCURRENT LIABILITIES                                          
                                                                
Long-term financial debt                           412,941     388,521
Deferred income tax liabilities                    12,217      12,441
Other liabilities                                  1,084       2,026
Deferred gain                                      3,784       2,086
Total noncurrent liabilities                       430,026     405,074
Total liabilities                                  706,306     603,819
                                                                
EQUITY                                                          
Common stock, $0.01 par value: 250,000,000
authorized shares; 140,419,487 shares outstanding  1,443       1,443
in 2013 and 2012
Additional paid-in capital                         490,981     490,850
Treasury stock: 3,923,094 shares at cost           (19,488)    (19,488)
Accumulated deficit                                (62,844)    (70,476)
Accumulated other comprehensive (loss)             (1,528)     (2,578)
Total Ultrapetrol (Bahamas) Limited stockholders'  408,564     399,751
equity
                                                                
Non-controlling interest                           7,335       6,748
Total equity                                       415,899     406,499
Total liabilities and equity                       $ 1,122,205 $ 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 Six Months Ended     Percent
                               June 30,           June 30,             Change
($000's)                       2013     2012      2013      2012        
Revenues                                                                
Attributable to River Business $ 83,184 $ 41,744  $ 122,531 $ 71,128   72%
Attributable to Offshore       20,845   18,142    42,447    35,170     21%
Supply Business
Attributable to Ocean Business 17,757   19,611    34,698    37,737     -8%
Total revenues                 121,786  79,497    199,676   144,035    39%
                                                                        
Voyage and manufacturing                                                
expenses
Attributable to River Business (42,308) (20,951)  (61,681)  (39,852)   55%
Attributable to Offshore       (982)    (833)     (1,931)   (2,046)    -6%
Supply Business
Attributable to Ocean Business (6,117)  (6,637)   (11,802)  (14,607)   -19%
Total voyage and manufacturing (49,407) (28,421)  (75,414)  (56,505)   33%
expenses
                                                                        
Running costs                                                           
Attributable to River Business (16,383) (12,658)  (30,446)  (24,108)   26%
Attributable to Offshore       (10,286) (8,841)   (18,652)  (17,389)   7%
Supply Business
Attributable to Ocean Business (9,479)  (8,964)   (18,522)  (16,988)   9%
Total running costs            (36,148) (30,463)  (67,620)  (58,485)   16%
                                                                        
Amortization of dry dock &     (748)    (1,029)   (1,456)   (2,077)    -30%
intangible assets
Depreciation of vessels and    (9,655)  (9,530)   (19,067)  (18,974)   --
equipment
Administrative and commercial  (9,501)  (7,650)   (18,323)  (15,437)   19%
expenses
Other operating income, net    957      984       1,407     6,748      -79%
 
Operating profit (loss)        17,284   3,388     19,203    (695)      --
                                                                        
Financial expense              (8,291)  (8,780)   (16,230)  (18,117)   -10%
Financial loss on              (180)    --        (3,785)   --         --
extinguishment of debt
Foreign currency exchange      5,190    (3,374)   11,445    (2,123)    --
gains (losses), net
Financial income               11       38        87        80         9%
(Loss) on derivatives, net     5        --        (211)     --         --
Investment in affiliates       (124)    (353)     (319)     (666)      -52%
Other expenses, net            246      (432)     18        (391)      --
Total other expenses           (3,143)  (12,901)  (8,995)   (21,217)   -58%
 
Income (loss) before income    14,141   (9,513)   10,208    (21,912)   --
taxes
                                                                        
Income tax (expenses) benefit  (401)    4,399     (2,023)   3,140      --
Net income attributable to     254      276       553       445        24%
non-controlling interest
 
Net income (loss) attributable $ 13,486 $ (5,390) $ 7,632   $ (19,217) --
to Ultrapetrol (Bahamas) Ltd.
                                                                        

The following table contains our unaudited statements of cash flows for the
six-month periods ended June 30, 2013, and 2012:

                                                                   
(Stated in thousands of U.S. dollars)
                                                                   
                                                     For the six month periods
                                                     ended June 30,
                                                     2013         2012
CASH FLOWS FROM OPERATING ACTIVITIES                               
Net income (loss)                                    $ 8,185      $ (18,772)
Adjustments to reconcile net (loss) to cash flows                  
(used in) operating activities:
Depreciation of vessels and equipment                19,067       18,974
Amortization of dry docking                          1,368        1,989
Expenditure for dry docking                          (3,186)      (3,909)
Debt issuance expense amortization                   1,375        1,491
Financial loss on extinguishment of debt             3,785        --
Net losses from investments in affiliates            319          666
Allowance for doubtful accounts                      958          --
Share - based compensation                           131          580
Gain on sale of assets                               --           (3,557)
Other                                                304          144
Changes in assets and liabilities:                                 
(Increase) decrease in assets:                                     
Accounts receivable                                  (11,425)     (10,884)
Other receivables, operating supplies and            (7,273)      (2,926)
inventories and prepaid expenses
Other                                                77           (991)
Increase (decrease) in liabilities:                                
Accounts payable                                     (497)        7,175
Customer advances                                    1,298        8,736
Other payables                                       (3,312)      (2,013)
Net cash provided by (used in) operating activities  11,174       (3,297)
                                                                   
CASH FLOWS FROM INVESTING ACTIVITIES                               
Purchase of vessels and equipment ($7,521 in 2013    (20,503)     (27,339)
for barges built, sold and leased-back)
Proceeds from disposal of assets, net ($9,300 in     9,300        5,562
2013 for barges sold and leased-back)
Other investing activities                           --           (175)
Net cash (used in) investing activities              (11,203)     (21,952)
                                                                   
CASH FLOWS FROM FINANCING ACTIVITIES                               
Scheduled repayments of long-term financial debt     (17,832)     (10,321)
Early repayments of long-term financial debt         (31,200)     (1,849)
Prepayment of 7.25% Senior Convertible Notes         (80,000)     --
Short-term credit facility repayments                (8,275)      --
Proceeds from 2021 Senior Notes, net of issuance     192,618      --
costs
Increase in restricted cash to redeem 2014 Senior    (182,115)    -- 
Notes 
Proceeds from long-term financial debt               41,400       18,550
Other financing activities, net                      (5,467)      2,900
Net cash (used in) provided by financing activities  (90,871)     9,280
Net decrease in cash and cash equivalents            (90,900)     (15,969)
Cash and cash equivalents at the beginning of year   $ 222,215    $ 34,096
Cash and cash equivalents at the end of the period   $ 131,315    $ 18,127
                                                                   

Supplemental Information

The following tables reconcile our Adjusted Consolidated EBITDA to our cash
flow for the six months ended June 30, 2013 and 2012:

 
                                                     Six Months Ended June 30,
$(000)                                               2013         2012
Net cash provided by (used in) operating activities  $ 11,174     $ (3,297)
Net cash (used in) investing activities              (11,203)     (21,952)
Net cash (used in) provided by financing activities  (90,871)     9,280
 
Net cash provided by (used in) operating activities  $ 11,174     $ (3,297)
                                                                   
Plus                                                               
                                                                   
Adjustments                                                        
                                                                   
Increase / decrease in operating assets and          21,132       903
liabilities
Expenditure for dry docking                          3,186        3,909
Income taxes expenses                                2,023        (3,140)
Financial expenses                                   16,230       18,117
Gain on sale of assets                               --           3,557
Allowance for doubtful accounts                      (958)        --
Net income attributable to non-controlling interest  (553)        (445)
Yard EBITDA from Touax barge sale                    1,698        --
Other adjustments                                    (2,041)      (2,793)
                                                                   
Adjusted Consolidated EBITDA                         $ 51,891     $ 16,811

The following table reconciles our adjusted net income and adjusted EPS to net
income and EPS for the six months and three months ended June 30, 2013, and
2012:

                                                                         
                     Six months   Six months   %                        %
($000's)             ended June   ended June   Change  2Q 13    2Q 12   Change
                     30, 2013     30, 2012
                                                                         
Revenues             $ 199,676    144,035      39%     121,786  79,497  53%
                                                                         
Adjusted EBITDA      $ 51,891     16,811       209%    32,630   9,550   242%
                                                                         
Net income (loss) as $ 7,632      (19,217)     --      13,486   (5,390)  --
reported
                                                                         
EPS as reported      $ 0.05       (0.65)        --     0.10     (0.18)  --
                                                                         
Adjustments to net                                                       
income as reported
                                                                         
Yard EBITDA from     1,698        --           --      (131)    --      --
Touax sale
Income tax on
Exchange Variance    (874)        (1,827)      -52%    (1,052)  (2,561) -59%
Provision (1)
Extinguishment of    3,785        --           --      181      --      --
debt one time event
                                                                         
Adjusted Net income  $ 12,241     $ (21,044)   --      12,484   (7,951) -- 
Adjusted EPS (In $   $ 0.09       (0.71)       --      0.09     (0.27)  --
per share)
                                                                         
(1) Provision for income tax on foreign currency exchange gains on U.S. dollar
denominated debt of one of our subsidiaries of our Offshore Supply Business.
                                                                         

The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the second quarter ended June 30,
2013:

                                          Three Months Ended June 30, 2013
                                                   Offshore            
$ (000)                                   River    Supply   Ocean     TOTAL
                                                                       
Segment operating (loss) profit           $ 14,598 $ 4,236  $ (1,550) $ 17,284
Depreciation and amortization             5,881    2,821    1,701     10,403
Investment in affiliates / Net income
attributable to                           (109)    (254)    (15)      (378)
non-controlling interest in subsidiaries
Net gains on derivatives                  --       5        --        5
Yard EBITDA from Touax sale               (131)    --       --        (131)
Other net                                 230      --       16        246
 
Segment Adjusted EBITDA                   $ 20,469 $ 6,808  $ 152     $ 27,429
                                                                       
Items not included in Segment Adjusted                                 
EBITDA
Financial income                                                      11
Other financial income                                                5,190
                                                                       
Adjusted Consolidated EBITDA                                          $ 32,630

The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the second quarter ended June 30,
2012:

                                                                       
                                           Three Months Ended June 30, 2012
                                                   Offshore            
$ (000)                                    River   Supply   Ocean     TOTAL
                                                                       
Segment operating (loss) profit            $ 369   $ 4,486  $ (1,467) $ 3,388
Depreciation and amortization              5,359   2,664    2,536     10,559
Investment in affiliates / Net income
attributable to                            (344)   (276)    (9)       (629)
non-controlling interest in subsidiaries
Other net                                  (17)    (3)      (412)     (432)
 
Segment Adjusted EBITDA                    $ 5,367 $ 6,871   $ 648    $ 12,886
                                                                       
Items not included in Segment Adjusted                                 
EBITDA
Financial income                                                      38
Other financial income                                                (3,374)
                                                                       
Adjusted Consolidated EBITDA                                          $ 9,550

The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the first half ended June 30, 2013:

                                     Six Months Ended June 30, 2013
$(000)                               River    Offshore Supply Ocean   TOTAL
                                                                       
Segment operating (loss) profit      $ 10,664 $ 11,636        (3,097) 19,203
Depreciation and amortization        11,727   5,395           3,401   20,523
Investment in affiliates / Net
income attributable                  (302)    (553)           (17)    (872)
to non-controlling interest in
subsidiaries
Loss on derivatives, net             --       (211)           --      (211)
Yard EBITDA from Touax barge sale    1,698     --             --      1,698
Exchange difference affecting        3,205    --              --      3,205
segment operating expenses
Other net                            --       --              18      18
 
Segment Adjusted EBITDA              $ 26,992 $ 16,267        305     43,564
                                                                            
Items not included in Segment                                               
Adjusted EBITDA
Financial income                                                      87
Foreign currency exchange gains, net                                  8,240
 
Adjusted Consolidated EBITDA                                          $ 51,891

The following table reconciles our Adjusted Consolidated EBITDA to our
Operating Profit per business segment for the first half ended June 30, 2012:

                                  Six months ended June 30, 2012
($000's)                          River     Offshore Supply Ocean     TOTAL
                                                                       
Segment operating (loss) profit   $ (5,157) $ 8,524         $ (4,062) $ (695)
Depreciation and amortization                                          
                                  10,776    5,233           5,042     21,051
Investment in affiliates / Net
(loss) attributable to                                                 
non-controlling interest in       (663)     (445)           (3)       (1,111)
subsidiaries
Loss on derivatives, net                                               
                                  --        --              --        --
Other net                                                              
                                  (107)     (5)             (279)     (391)
 
Segment Adjusted EBITDA           $ 4,849   $ 13,307        $ 698     $ 18,854
                                                                            
Items not included in Segment                                               
Adjusted EBITDA
Financial income                                                      80
Other financial income                                                (2,123)
 
Adjusted Consolidated EBITDA                                          $ 16,811

CONTACT: The IGB Group
        
         Leon Berman
         212-477-8438
         lberman@igbir.com

company logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement