TOP SHIPS Inc. Reports Third Quarter And Nine Months Ended September 30, 2010 Financial Results

ATHENS, GREECE, November 18, 2010, TOP Ships Inc. (NASDAQ:TOPS) today announced its financial results for the third quarter and nine months ended September 30, 2010.

For the three months ended September 30, 2010, the Company reported:

• Net income of $1.1 million or $0.03 per share.
• Operating income of $6.6 million.
• Revenues of $23.3 million.

For the nine months ended September 30, 2010, the Company reported:

• Net income of $0.2 million or $0.01 per share.
• Operating income of $16.1 million.
• Revenues of $68.3 million.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

We are happy to report one more profitable quarter in 2010, which is the result of a combination of a strong charter portfolio together with the implementation of our cost cutting initiatives.

We are also happy to report that we have concluded the sale of M/T Dauntless for $20 million. The sale has resulted in a gain of approximately $5 million, which will be included in the results of the fourth quarter.

Detailed report at: www.topships.org

About TOP Ships Inc.
TOP Ships Inc., is an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities. Top Ships was recently ranked first – based on Revenue Per Employee (RPE) - on SmarTrend’s list of the most-efficient companies in the Oil & Gas Storage & Transportation industry.

Top Ships Press Release