In last trading session, the stock price of Ultrapetrol (Bahamas) Limited (NASDAQ:ULTR) declined more than 10% to close the day at $0.196. Recently, the company issued financial results for 4Q2015 and fiscal 2015.
The performance
Ultrapetrol reported that total revenue for 4Q2015 was $71.1 million against revenue of $78.6 million in the comparable period of 2014. The adjusted EBITDA came at $2.2 million compared with a loss of $1.7 million in the comparable period, a year earlier. Adjusted net loss was $(26.0) million versus net loss of $(25.6) million during the same quarter of 2014.
The adjusted net loss of 4Q2015 excludes the impact of a non-cash loss of $8 million pertaining to a $5.6 million impairment charge of intangible assets and goodwill linked to Ravenscroft for the discontinuation of ship management operation. It also excluded a $2.4 million loss pertaining to Alejandrina, which was liquidated in earlier in year to write down the carrying funds to its estimated fair value.
In addition, the adjusted net loss excluded the impact of gain for deferred taxes on unrecorded foreign exchange damages on U.S. dollar-denominated debt of Ultrapetrol Brazilian subsidiary in Offshore Supply Business. Lastly, it didn’t cover a $0.1 million gain pertaining to the dry barges sale which were later leased back to the firm.
The management speaks
Cecilia Yad, the CFO of Ultrapetrol, said that they took the decision during 4Q2015 not to make the $10 million interest payment that was due last December, on its outstanding 8.875% Notes. Also, they continued working persistently to discuss with its stakeholders for reaching a solution to leverage challenges.
By year end, the company was able to attain a healthy liquidity and persisted to run operations on a normal basis, making timely and full payments to trading counterparties, vendors, employees and suppliers while fully maintaining their commitment to customer service and safety.
