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Friday, 02/18/2005 8:34:36 AM

Friday, February 18, 2005 8:34:36 AM

Post# of 173788
TOPT... Top Tankers beats by $0.15 (TOPT) 19.29: Reports Q4 (Dec) earnings of $0.80 per share, $0.15 better than the Reuters Estimates consensus of $0.65; revenues rose 641.0% year/year to $47.7 mln.

TOP Tankers Reports Fourth Quarter and Fiscal Year 2004 Results
Friday February 18, 7:35 am ET

ATHENS, Greece, Feb. 18 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT - News) today announced operating results for the fourth quarter and the fiscal year ended December 31, 2004.
For the three months ended December 31, 2004, the Company reported net income of $19,286,000, or $0.80 per share, compared with net income of $688,000, or $0.11 per share, for the fourth quarter of 2003. The weighted average number of basic and diluted shares used in the computations was 24,196,917 and 6,000,000 for the fourth quarter of 2004 and 2003, respectively.

For the three months ended December 31, 2004, operating income was $21,302,000 compared with $1,136,000 for the fourth quarter of 2003. EBITDA* for the fourth quarter of 2004 was $28,254,000 compared with $2,322,000 for the previous year's fourth quarter. Voyage revenues for the fourth quarter of 2004 were $47,722,000 compared to $6,441,000 recorded in the fourth quarter of the previous year.

For the year ended December 31, 2004, TOP Tankers reported net income of $32,739,000, or $2.53 per share, compared to $1,634,000, or $0.27 per share, for the previous year. The weighted average number of basic and diluted shares used in the computations was 12,922,449 and 6,000,000 for the years ended December 31, 2004, and 2003, respectively.

For the year ended December 31, 2004, operating income was $37,268,000 compared with $2,710,000 for the previous year. EBITDA for 2004 was $52,081,000 compared to $7,172,000 for the previous year. Voyage revenues for the year ended December 31, 2004, was $93,774,000, compared to $23,085,000 recorded in the previous year.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers Inc, commented, "2004 was a milestone year for our Company:

* We listed our shares on the Nasdaq National Market on July 23, raising
$146.6 million, the largest shipping IPO at the time.
* We completed our follow-on public offering on November 5, raising
$148 million.
* We successfully acquired a fleet of 10 modern double-hull vessels with
the proceeds of our IPO in record time, and we are in the process of
taking delivery of another five modern double-hull tankers, acquired
with the proceeds of our follow-on offering.
* Our total fleet size increased six times, from five vessels, or
0.18 million Dwt on December 31, 2003, to 15 vessels, or 1.08 million
Dwt on December 31, 2004, and 10.2 times pro-forma the delivery of the
follow-on vessels.
* We sold two of our single-hull Handysize vessels and increased our
double-hull configuration to 97.2 percent by Dwt. Consistent with our
policy of operating a high quality double-hull fleet, we intend to
sell our last single-hull tanker during 2005.
* We fixed our 10 Handymax vessels with major oil-traders on long-term
employment contracts at profitable base rates with 50/50 profit
sharing on subcharters. This employment strategy allows us to
minimize downside risk, secure a significant part of our cashflow and
benefit from higher spot voyage charter rates.


"We look forward to expanding our tanker fleet in 2005 and will also explore acquisitions in the dry-bulk carrier sector as opportunities arise that satisfy our investment criteria."






The information posted by 2morrowsGains is opinion only and should not to be taken as investment advice.

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