New York-listed ship and barge Ultrapetrol Ltd. (ULTR) has reported a loss of $5.1 million in its first quarter.
The Nassau, Bahamas-based company said it had a loss of 4 cents per share. Losses, adjusted for non-recurring costs, were 3 cents per share.
The industrial transportation company posted revenue of $84.6 million in the period. In the final minutes of trading on Thursday, the company's shares hit $1.20. A year ago, they were trading at $2.92.
Damian Scokin, Ultrapetrol's President and Chief Executive Officer, stated, "During a first quarter of 2015 that was marked by challenging market conditions for both of our core segments, we continue to believe that there are significant opportunities to unlock Ultrapetrol's full potential. We are fully engaged in implementing strategic initiatives to achieve that goal, and those efforts have begun to gain early traction over the course of the first quarter."
Total revenues for the first quarter of 2015 were $84.6 million as compared with $86.3 million in the same period of 2014.
Adjusted EBITDA for the first quarter of 2015 was $15.2 million as compared with $19.6 million in the same period of 2014. For a reconciliation of adjusted EBITDA to cash flows from operating activities.