TOP Ships Inc. Reports First Quarter 2011 Financial Results

ATHENS, GREECE (May 19, 2011) - TOP Ships Inc. (NasdaqGS:TOPS) today announced its financial results for the first quarter ended March 31, 2011.

For the first quarter of 2011, the Company reported:

• Net loss of $2.3 million or $0.07 per share.
• Operating income of $1.3 million.
• Revenues of $22.4 million.

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

Our first quarter results were hit by the drydocking of one of our best revenue generating vessels, the M/V Pepito and lower than expected results from our two product tankers operating in the spot market. Product tanker charter hire rates have shown signs of improvement in the latter part of the first quarter and up until today our two spot vessels have been producing better results than the first quarter.

Finally, we have decided that we will effect a reverse stock split and we are currently considering the optimal reverse split ratio.

Full report at: www.topships.org

Top Ships Press Release