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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.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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