Ultrapetrol (Bahamas) Ltd. (ULTR) out with Q2 2010 earnings. Stock up 5%.
Ultrapetrol Reports Financial Results for Second Quarter 2010
finance.yahoo.com
From the article:..."
Highlights:
* Recorded revenues of $60.6 million in the second quarter 2010;
* Recorded adjusted EBITDA of $17.6 million for the second quarter of 2010; and
* Recorded total adjusted net income and adjusted EPS of $1.7 million and $0.06, respectively, in the second quarter of 2010, which include the effect of a net gain on FFAs of $1.3 million corresponding to the second quarter of 2010 and exclude the effect of a $0.2 million income tax benefit for unrealized foreign exchange rate losses on U.S. dollar-denominated debt of our Brazilian subsidiary in the Offshore Supply Business.
* Revenues, adjusted EBITDA, adjusted net income and adjusted EPS for the first half of 2010 were $114.8 million, $37.2 million, $6.0 million and $0.2 per share, respectively...."
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Pretty good report.
They continue to expand their River Business.
From the report: "...In our River Business, we began operations at our new yard which has already launched five jumbo tank barges which will commence service in the third quarter and will continue to deliver new barges into our fleet on a regular basis. We are pleased that our new 8,300BHP heavy fuel powered pushboat Zonda I started service in May and that her operational performance has exceeded expectations. Before year's-end, we expect three additional re-engined pushboats to commence service and anticipate completing eleven units by the end of 2011...".
Their offshore business should get traction when their new boats get placed in service ( their offshore fleet is expected to double in size in the next two years).
The next 24 months should see them growing earnings. Not too sure we will test the highs from 2007 ($16.00/share-$25.00/share) but we should test the $10.00/share - $15.00/share range if management can deliver on their multi-year growth strategy. That's a 1-2 bagger from current levels.
EKS |
