TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the year ended December 31, 2021.

For the year ended December 31, 2021, the Company reported:

  • Total revenues of $56.4 million
  • Net Income of $8.6 million
  • Earnings per share of $0.14
  • Adjusted EBITDA of $35.2 million*
  • Total Assets of $330.8 million

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:

"We are very happy to report record net income for the year ended December 31, 2021, which is the highest reported net income since 2008. Furthermore, we announce the conclusion of our newbuilding program following which, as of today, our fixed revenue backlog is about $361 million and our charter coverage is as per below table:"

Year Time Charter Coverage  
2022 100 %  
2023 100 %  
2024 76 %  
2025 17 %  
2026+ 10 %  

Recent Developments

On February 28 we concluded the previously announced sale of the M/T Eco Los Angeles to an unaffiliated party and the related secured financing for the vessel was prepaid in full. The net proceeds after senior debt repayment were used to repay $9 million of funds drawn down under the unsecured credit facility entered into in January 2022 with Central Mare Inc, a company affiliated with our President, CEO and Director Evangelos J. Pistiolis, which is now terminated.

On March 4, 2022, we took delivery of the very high specification, scrubber fitted, 157,000 dwt newbuilding Suezmax tanker vessel M/T Eco Oceano Ca constructed at the Hyundai Samho shipyard in South Korea and consummated the previously announced sale and leaseback of the vessel with a major international financier for total gross proceeds of $48.2 million. The vessel has commenced its previously announced fifteen-year time charter employment.

As of the date of this earnings release, there are currently 4,763,000 Series F Preferred Shares issued and outstanding.

About TOP Ships Inc.

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

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

Forward-Looking Statements

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

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

Contact:

Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org

TOP SHIPS INC.      
         
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE      
(LOSS)/INCOME FOR THE YEARS ENDED DECEMBER 31, 2019, 2020 and 2021      
(Expressed in thousands of U.S. Dollars - except share and per share data)      
    2019 2020 2021
  Revenues (including $1,311, $0 and $0 respectively, from related party) 66,088   60,222   56,367  
         
EXPENSES:      
  Voyage expenses (including $829, $761 and $705 respectively, to related party) 3,038   1,994   1,317  
  Operating lease expense 7,054   755   10,840  
  Vessel operating expenses (including $247, $60 and $17 respectively, to related party) 22,786   21,024   15,679  
  Dry-docking costs 399   356   361  
  Vessel depreciation 12,392   13,174   7,670  
  Management fees-related parties 2,443   5,627   2,596  
  General and administrative expenses (including $360, $360 and $360 respectively, to related party) 1,730   1,932   1,943  
  Other operating loss -   4,800   -  
  Loss on sale of vessels -   12,355   -  
  Impairment on vessels 12,310   -   1,160  
  Operating income/(loss) 3,936   (1,795 ) 14,801  
         
OTHER EXPENSES:      
  Interest and finance costs (including $948, $0 and $0 respectively, to related party) (18,077 ) (20,956 ) (6,998 )
  Gain/(Loss) on derivative financial instruments 1,601   (814 ) 66  
  Interest income 133   34   -  
  Equity gain in unconsolidated joint ventures 778   713   747  
  Impairment on unconsolidated joint ventures (3,144 ) -   -  
  Total other expenses, net (18,709 ) (21,023 ) (6,185 )
         
Net (loss) / income (14,773 ) (22,818 ) 8,616  
  Less: Deemed dividend for beneficial conversion feature of Series E Shares (9,339 ) (1,067 ) (900 )
  Less: Deemed dividend equivalents on Series E Shares related to redemption value (4,227 ) (3,099 ) (437 )
  Less: Series E Shares Dividend (2,650 ) (1,796 ) (1,883 )
Net (loss) / income attributable to common shareholders (30,989 ) (28,780 ) 5,396  
         
(Loss) / Earnings per common share, basic and diluted (264.63 ) (1.22 ) 0.14  
       
Other comprehensive income      
Effective portion of changes in fair value of interest swap contracts (1,361 ) -   -  
Total other comprehensive (loss) / gain (32,350 ) (28,780 ) 5,396  
             
TOP SHIPS INC.  
UNAUDITED CONSOLIDATED BALANCE SHEETS  
DECEMBER 31, 2020 AND 2021  
   
(Expressed in thousands of U.S. Dollars - except share and per share data)  
  December 31,   December 31,
  2020   2021
ASSETS      
       
CURRENT ASSETS:      
       
Cash and cash equivalents 19,328     2,370  
Trade accounts receivable -     76  
Prepayments and other 904     581  
Inventories 514     671  
Vessels held for sale 24,340     71,636  
Total current assets 45,086     75,334  
       
FIXED ASSETS:      
       
Advances for vessels under construction 31,654     30,579  
Vessels, net 136,292     156,585  
Right of use assets from operating leases 45,222     37,279  
Other fixed assets, net 548     534  
Total fixed assets 213,716     224,977  
       
OTHER NON CURRENT ASSETS:      
       
Restricted cash 4,000     4,000  
Investments in unconsolidated joint ventures 28,230     24,477  
Deposit asset 2,000     2,000  
Total non-current assets 34,230     30,477  
       
Total assets 293,032     330,788  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
       
CURRENT LIABILITIES:      
       
Current portion of long-term debt 5,324     7,205  
Debt related to vessels held for sale -     53,202  
Due to related parties 5,159     29,755  
Accounts payable 2,544     2,308  
Accrued liabilities 959     1,145  
Unearned revenue 2,074     3,658  
Current portion of derivative financial instruments 66     -  
Current portion of Operating lease liabilities 9,288     9,815  
Total current liabilities 25,414     107,088  
       
NON-CURRENT LIABILITIES:      
       
Non-current portion of long term debt 99,295     90,163  
Non-current portion of Operating lease liabilities 33,805     23,948  
Other non-current liabilities 300     225  
Total non-current liabilities 133,400     114,336  
       
COMMITMENTS AND CONTINGENCIES -     -  
       
Total liabilities 158,814     221,424  
       
MEZZANINE EQUITY:      
Preferred stock; 11,264 and 13,452 Series E Shares issued and outstanding at December 31, 2020 and 2021 with $0.01 par value 13,517     16,142  
Total mezzanine equity 13,517     16,142  
       
STOCKHOLDERS’ EQUITY:      
       
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D Shares were outstanding at December 31, 2020 and 2021 1     1  
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 39,831,972 shares issued and outstanding at December 31, 2020 and 2021 398     398  
Additional paid-in capital 465,672     429,577  
Accumulated deficit (345,370 )   (336,754 )
Total stockholders’ equity 120,701     93,222  
       
Total liabilities, mezzanine equity and stockholders’ equity 293,032     330,788  
           

*Non-US GAAP Measures

This report describes Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA), which is not a measure prepared in accordance with U.S. GAAP (i.e., a “Non-US GAAP” measure). We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, other operating loss, operating lease expenses, vessel impairments, gains on sale of vessels and gains/losses on derivative financial instruments.

Adjusted EBITDA is a non-U.S. GAAP financial measure that is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. We believe that this non-U.S. GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate effects between periods of interest, gain/loss on financial instruments, taxes, depreciation and amortization, other operating losses, operating lease expenses, gains on sale of vessels and vessel impairments, and which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect results of operations between periods and other items that the Company believes are not indicative of the ongoing performance of its core operations.

This Non-U.S. GAAP measure should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our definition of Adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries. Adjusted EBITDA does not represent and should not be considered as an alternative to operating income or cash flow from operations, as determined by U.S. GAAP.

Reconciliation of Net (Loss) / Income to Adjusted EBITDA

(Expressed in thousands of U.S. Dollars)   2019   2020   2021
Net (loss)/income   (14,773 )   (22,818 )   8,616  
             
Add: Operating lease expense   7,054     755     10,840  
Add: Vessel depreciation   12,392     13,174     7,670  
Add: Impairment on vessel   12,310     -     1,160  
Add: Impairment on unconsolidated joint ventures   3,144     -     -  
Add: Interest and finance costs   18,077     20,956     6,998  
Add: Loss/(gain) on derivative financial instruments   (1,601 )   814     (66 )
Add: Loss on sale of vessels   -     12,355     -  
Add: Other operating loss (Time Charter Termination Fees)   -     4,800     -  
Less: Interest income   (133 )   (34 )   -  
             
Adjusted EBITDA   36,470     30,002     35,218  
                   
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