TOP Tankers Reports Financial Results

Friday, December 08, 2006
TOP Tankers Inc., announced its operating results for the third quarter and nine-month period of 2006 and restatement of first, second quarter and first half of 2006 unaudited financial statements. For the three months ended September 30, 2006, the company reported net loss of $11,394,000, or $0.35 per share, compared with net income of $7,921,000, or $0.28 per share, for the third quarter of 2005. The weighted average numbers of basic shares used in the computations were 32,163,137 and 28,020,990 for the third quarters of 2006 and 2005, respectively. The results for the third quarter of 2006 and 2005 include net charges of $5,377,000, or $0.17 per share and $5,665,000, or $0.20 per share, respectively, of special items that affected the Company's net results for the period that the Company believes are typically excluded by securities analysts in their published estimates of the Company's financial results, which are described in Appendix A of this release. In addition, the third quarter of 2006 was also reduced by $0.07 per share, resulting from the revised accounting treatment of a Seller's Credit, discussed below. For the three months ended September 30, 2006, operating loss was $2,485,000, compared with operating income of $13,670,000 for the third quarter of 2005. EBITDA(1) for the third quarter of 2006 was $7,704,000, compared with $28,324,000 for the third quarter of 2005. Voyage revenues for the third quarter of 2006 were $70,646,000, compared to $50,003,000 recorded in the third quarter of 2005.

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