Athens, Greece - March 01, 2023
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the year ended December 31, 2022.
As of and for the year ended December 31, 2022, the Company reported:
• Total revenues of $80.7 million (43% increase from the year ended December 31, 2021)
• Net Income of $18.9 million (120% increase from the year ended December 31, 2021)
• EBITDA* of $46.6 million (100% increase from the year ended December 31, 2021)
• Total Assets of $469.3 million (42% increase from December 31, 2021)
• Total Cash and cash equivalents including Restricted Cash of $24.5 million (285% increase from December 31, 2021)
In addition, the Company announced that for the period commencing from the date of this release to December 31, 2023:
1. it will not conduct any new equity offerings, public or private;
2. it will not conduct any reverse stock splits, except to the extent its Board of Directors deems advisable for the sole purpose of remaining compliant with Nasdaq continued listing requirements;
3. it will not pay any bonuses to its executive management; and
4. neither the CEO nor his affiliates will sell any common shares.
Mr. Evangelos J. Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
"We are very happy to report record net income for the year ended December 31, 2022, which is the highest reported net income since 2008 and 120% higher than the same period in 2021. I believe that the current trading price of our common shares does not reflect the intrinsic value of the Company, and that the actions we have announced today will benefit all shareholders."
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company. For more information about TOP Ships Inc., visit its website: www.topships.org.
Top Ships Inc. press release