Stocks that Float: TANKERS & DRY BULK SHIPPERS

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FREE $6.38 FreeSeas Inc. Reports Third Quarter and Nine-Month Results for the Period Ending September 30, 2007
Monday December 10, 8:00 am ET
Third Quarter Operating Revenue Increased 47 Percent

PIRAEUS, Greece, Dec. 10, 2007 (PRIME NEWSWIRE) -- FreeSeas Inc. (NasdaqGM:FREE - News) (NasdaqGM:FREEW - News) (NasdaqGM:FREEZ - News) (``FreeSeas'' or ``the Company''), a provider of seaborne transportation for drybulk cargoes, announced today unaudited operating results for the quarter and nine-months ended September 30, 2007.

Financial Highlights

* Revenue grew by 47.0% compared to the same quarter of 2006,
to $4.88 million from $3.32 million, and by 47.5% for the
year-to-date period of 2007 over the comparable 2006 period,
to $12.71 million from $8.61 million.
* Income from operations reached $1.07 million, compared to a
loss of $0.02 million for the same period of 2006; income
from operations for the year-to-date period of 2007 reached
$4.18 million, compared with a loss of $1.61 million for the
comparable year-to-date period of 2006.
* Net loss of $0.50 million for the third quarter of 2007, or
loss of $0.08 per share based on 6,674,627 basic shares
outstanding, compared with a loss of $0.11 million, or loss
of $0.02 per share based on 6,290,100 basic shares outstanding
for the same quarter of 2006.
* Net income for the quarter ended September 30, 2007 was
affected by the following factors:
o The MV Free Destiny was in drydock for 30 days during the
third quarter 2007, passing her scheduled special survey.
o An unrealized expense related to interest rate swaps (change
in derivative fair value) of $0.4 million.
o Higher interest expense attributable to the higher
interest-bearing bridge loan facilities utilized in
financing the MV Free Hero, Free Jupiter and Free Goddess.
These bridge loan facilities have subsequently been repaid
in the fourth quarter from the proceeds of the Company's
recent equity offering.
* Net income from operations for the nine-months ended September
30, 2007 was $2.13 million, or $0.33 per share, compared with
a loss of $2.37 million, or loss of $0.38 per share, for the
same period in 2006.
* Adjusted EBITDA for the nine-month period ended September
30, 2007 increased by 353.5% as compared to same period in
2006, to $7.38 million from $2.08 million.

http://biz.yahoo.com/pz/071210/132759.html