NASSAU, Bahamas, May 12, 2009 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in three core markets (River Business, Offshore Supply Business and Ocean Business), today announced financial results for the first quarter ended March 31, 2009.
First Quarter and Year to Date 2009 Highlights:
* Recorded revenues of $57.8 million;
* Recorded EBITDA of $17.1 million (A reconciliation of EBITDA to
Net cash provided by operating activities is included below);
* Recorded net income of $0.6 million, or earnings per share
("EPS") of $0.02;
* Recorded adjusted EBITDA, adjusted net income and corresponding
EPS of $17.1 million, $0.8 million and $0.03 per share (For a
detailed explanation of these adjustments, see "Overview of
Financial Results");
* Excluding the effect of the discontinued operations, recorded
EBITDA from continuing operations, net income from continuing
operations and EPS from continuing operations of $17.6 million,
$1.2 million and $0.04 per share, respectively, for the first
quarter of 2009;
* Took delivery of a 5,706 dwt, 2008 Product Tanker on a bareboat
charter agreement and commenced a time charter with an Oil Major
on the South American coastal trade;
* On April 23, 2009, announced a further extension of its share
repurchase program, within the original parameters of a $50
million total, out of which $19.5 million has already been used.
The new expiration date for this program is September 30, 2009;
and
* On April 29, 2009, prepaid the remaining loan balance on the
"Princess Marisol" financing that the Company had with Banco
BICE
Felipe Menendez, Ultrapetrol's President and Chief Executive Officer said, "During a challenging time for the global economy, Ultrapetrol's businesses remained resilient in the first quarter and performed in-line with our expectations. While the long-term prospects for our River Business remain intact, the region in which we operate suffered one of the worst droughts of the last 70 years, drastically reducing the volumes of soybeans produced in the 2009 season.
"At the same time, our River Business results for the first quarter were affected by reduced production levels at iron ore mines that operate in the area. In our Ocean Business, our strategy of utilizing FFA agreements to partially hedge the earnings of our Capesize / OBO vessels enabled the Company to generate cash flow in excess of the current drybulk freight environment and report results which were very much in line with what was previously announced. In addition, our Product Tanker fleet has continued to operate satisfactorily with renewed term commitments. In our Offshore Supply Business, we are pleased to have continued to draw upon our sizeable contract business to post solid results during a time when the Company prepares to take delivery of its sixth PSV in Brazil."
Mr. Menendez continued, "We believe that our financial strength positions Ultrapetrol to continue to implement its growth strategy as planned, further enhancing its competitive advantage in its River and Offshore segments. In our River Business, we are in the final stages of construction of our new barge building yard, parts of which have already initiated production. Full production is expected to commence in the third quarter of 2009. Additionally, we are progressing with our re-engining and re-powering project and further implementing our barge re-bottoming program.
"While the drought and expected iron ore production levels will continue to have an impact on our 2009 River Business earnings, we believe that our strong leadership position combined with the significant efficiency and cost advantages we expect to realize from our investments in this segment position us well to profit from 2010. USDA predicts 2010 Paraguayan soybean crop production levels to grow approximately 67 percent over 2009 levels. In our Offshore Supply Business, we are well positioned to further benefit from the favorable long-term fundamentals in the Brazilian offshore market as we take delivery of our PSVs currently under construction."
Overview of Financial Results
First quarter 2009 revenues were $57.8 million, compared to first quarter 2008 revenues of $67.4 million.
First quarter 2009 EBITDA was $17.1 million, as compared with $34.3 million for the first quarter 2008. (A reconciliation of EBITDA to Net cash provided by operating activities is included below).
Net Income for the first quarter of 2009 was $0.6 million, or EPS of $0.02, as compared with net income of $17.3 million, or EPS of $0.52 in the first quarter of 2008. The first quarter 2009 results include a deferred income tax loss of $0.2 million, or $0.01 per share from unrealized foreign currency exchange rate gains on U.S. dollar denominated debt of our Brazilian subsidiary in the Offshore Supply Business. The first quarter 2008 results include a non-cash mark-to-market net gain on FFA hedges of $11.7 million, or $0.35 per share and a deferred income tax loss of $0.2 million, or $0.01 per share from unrealized foreign currency exchange rate gains on U.S. dollar denominated debt of our Brazilian subsidiary in the Offshore Supply Business. Net Income for the first quarter 2009, excluding these effects, is a gain of $0.8 million, or $0.03 per share as compared with $5.8 million, or $0.18 per share in the same period of 2008.
Ultrapetrol's Chief Financial Officer, Len Hoskinson, said, "Our strategy of partially hedging the earnings of our Capesize / OBO vessels with FFA agreements through 2010 should continue to serve the Company well as it did in the first quarter of 2009. As we progress through the second quarter, we continue to have a significant percentage of our Capesize / OBO operating days covered by FFA Contracts. We have structured our credit facilities so that we do not have substantial principal repayments or refinancing to do in the next few years. We remain in compliance with all of our loan agreements and have retained a strong cash position to fund our Capex program as well as respond to new investment opportunities as they arise."
River
The Company experienced a 9% drop in the volume of cargo loaded in the first quarter 2009 as compared with the same period of 2008. First quarter 2009 River segment EBITDA was $2.6 million versus $3.5 million in 2008. The River segment results of the first quarter of 2009 were impacted by a reduction in the volume of iron ore that was loaded, as mining companies slowed down or even halted production. However, the Company benefited in the first quarter of 2009 from volumes of agricultural products that should have shipped in fourth quarter 2008 but were delayed due to the international financial crisis. The first quarter overall saw reduced volumes of soybeans and by-products on account of a small crop and late harvest.
Industry sources expect the soybean crop for the year in the Hidrovia Region to be adversely affected by drought conditions in 2009. The latest 2009 USDA estimate for the Paraguayan soybean crop of 3.9 million tons suggests a 43% fall in production of about 2.9 million tons, as compared with the 2008 total of 6.8 million tons. In addition, low water levels in the upper Paraguay River during the fourth quarter of 2008 extended into January 2009, affecting volumes carried from the upper Paraguay River mainly out of Corumba. The continuation of these low water levels in the upper stretch of the Paraguay River could have a negative effect on the volumes carried in the second, third and fourth quarters of 2009.
The Company is in the final stages of construction of its new barge building yard. Certain areas of the yard have already begun production, which is expected to commence in full during the third quarter of 2009. The Company has also continued its barge re-bottoming program and its re-engining and re-powering project, under which two large, fuel-propelled pushboats are expected to start operating by the end of 2009.
Offshore Supply
The Offshore Supply segment EBITDA in the first quarter of 2009 was $3.3 million compared to $4.9 million in the same period of 2008. The Company continued to operate a total of five vessels in the first quarter of 2009. The UP Topazio undertook a scheduled drydock in the first three months of 2009. The results in the Offshore Supply segment in first quarter 2009 were adversely affected by the strength of the U.S. dollar versus the British pound, which is the currency in which our North Sea vessels earn their income.
Construction of the Company's sixth PSV in Brazil is almost complete and the Company is expecting the vessel to be delivered by the end of June 2009.
The Company has paid the third 20% installments for both of its PSV newbuildings currently under construction in a shipyard in China and is expecting the first of these vessels to be delivered by the end of the fourth quarter of 2009. In the first quarter of 2009, the Company also paid the third 20% installment for one of its four PSV newbuildings under construction in a shipyard in India and is expecting delivery of these vessels to commence in the first quarter of 2010.
The Company believes that the market in Brazil remains strong due to new Brazilian oil field discoveries, which will require modern large supply vessels such those in Ultrapetrol's Offshore Supply segment fleet.
Ocean
The Company's Ocean segment generated EBITDA in the first quarter 2009 of $13.2 million, as compared with $26.5 million for the same period in 2008. However, first quarter 2008 results include a non-cash mark-to-market net gain on FFA hedges of $11.7 million. Excluding this effect, first quarter 2008 EBITDA is $14.8 million, or 11% higher than the same period of 2009, mainly attributable to the completion of our Princess Marisol's special survey and to drydocking works in two of our Product Tankers.
Two of the Company's four Capesize / OBO vessels completed their old charters in the course of the first quarter and were employed under COAs carrying iron ore from Brazil to China. The other two of these vessels are currently employed for periods ending between May 2009 and August 2009 at daily charter rates linked to the average of the Baltic 4 Time Charter Capesize Routes Index ("BCI 4TC Routes Index"), less a discount taking into account size, speed and consumption when compared with the typical "index" vessel.
Ultrapetrol continued its FFA hedging activity to consolidate significant levels of coverage at attractive rates, providing the Company with strong and stable cash flow through 2010.
In April 2009, the Company took delivery under bareboat charter of a 2008-built Product Tanker which is currently employed on the South American coastal trade.
The Company's Capesize vessel Princess Marisol was out of service for approximately 25 days for scheduled drydock and completion of Special Survey during the first quarter of 2009.
Passenger
The Company's remaining passenger ship, the Blue Monarch, remained in lay-up, as planned, in the first quarter of 2009 and has been advertised widely for sale. No definitive proposals are in hand at present.
Share Repurchase Program
On March 17, 2008 the Company announced that its Board of Directors had approved a share repurchase program for up to $50.0 million of its common stock up to September 30, 2008, which was subsequently extended to September 30, 2009. On March 19, 2008 the Company started repurchasing its shares under this program and, as of March 31, 2009, it had acquired 3,923,094 of its shares at an average cost of $4.97 per share for a total cost of about $19.5 million. This program does not require the Company to purchase a specific number of shares and it may be suspended or reinstated at any time at the Company's discretion and without notice. The shares purchased under this program are held as treasury stock and are recorded by the Company as authorized but unissued shares in its books.
Use of Non-GAAP Measures
Ultrapetrol believes that the disclosed non-Generally Accepted Accounting Principles ("non-GAAP") measures such as EBITDA, and any adjustments thereto, when presented in conjunction with comparable Generally Accepted Accounting Principles ("GAAP") measures, are useful for investors to use in evaluating the liquidity of the Company. These non-GAAP measures should not be considered a substitute for, or superior to, measures of financial liquidity prepared in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is presented in the tables that accompany this press release.
Investment Community Conference Call
Ultrapetrol will host a conference call for investors and analysts on Wednesday, May 13, 2009, at 10:00 a.m. ET. Interested parties may participate in the live conference call by dialing 1-888-946-7497 (toll-free U.S.) or +1-212-519-0831 (outside of the U.S.); passcode: ULTR. Please register at least 10 minutes before the conference call begins. A simultaneous audio webcast of the call and an accompanying slide presentation will also be available in the Investor Relations section of Ultrapetrol's Web Site, http://www.ultrapetrol.net. The webcast will be archived on Ultrapetrol's Web site for 30 days after the call. A replay of the call will be available for one week via telephone and on Ultrapetrol's Web Site starting approximately one hour after the call ends. The replay can be accessed at 1-866-491-2939 (toll-free U.S.) or +1-203-369-1727 (outside of the U.S.); passcode: 2000.
About Ultrapetrol
Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for grain, vegetable oils, minerals, crude oil, petroleum and refined petroleum products, as well as the offshore oil platform supply market with its extensive and diverse fleet of vessels. These include river barges and push boats, platform supply vessels, tankers, oil-bulk-ore and capesize bulk vessels. More information about the Company can be found on its Web Site at http://www.ultrapetrol.net.
The Ultrapetrol (Bahamas) Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3164
Forward-Looking Language
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, the Company's management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, the Company cannot assure you that the Company will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include future operating or financial results; pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking and insurance costs; general market conditions and trends, including charter rates, vessel values, and factors affecting vessel supply and demand; its ability to obtain additional financing; its financial condition and liquidity, including its ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; its expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or vessels' useful lives; its dependence upon the abilities and efforts of its management team; changes in governmental rules and regulations or actions taken by regulatory authorities; adverse weather conditions that can affect production of the goods the Company transports and navigability of the river system; the highly competitive nature of the oceangoing transportation industry; the loss of one or more key customers; fluctuations in foreign exchange rates and devaluations; potential liability from future litigation; and other factors. Please see the Company's filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Stated in thousands of U.S. dollars, except per value share amounts)
At At
March 31, Dec. 31,
2009 2008
----------- -----------
($000)
ASSETS
Current assets
Cash and cash equivalents 88,462 105,859
Restricted Cash 2,478 2,478
Accounts receivable, net of allowance for
doubtful accounts of $507 and $432 in
2009 and 2008, respectively 20,672 17,782
Receivables from related parties 355 363
Operating supplies 4,941 4,059
Prepaid expenses 4,421 5,294
Receivables from derivatives instruments 37,428 44,152
Other receivables 18,097 23,073
Other assets 4,084 4,852
Total current assets 180,938 207,912
Noncurrent assets
Receivables from derivative instruments 17,382 20,078
Other receivables 10,841 11,600
Receivables from related parties 4,958 4,873
Restricted cash 1,170 1,170
Vessels and equipment, net 567,705 552,683
Dry dock 3,976 3,953
Investment in affiliates 1,725 1,815
Intangible assets 1,978 2,174
Goodwill 5,015 5,015
Other assets 8,608 9,049
Deferred income tax assets 4,228 4,737
Total noncurrent assets 627,586 617,147
----------- -----------
TOTAL ASSETS $ 808,524 $ 825,059
----------- -----------
LIABILITIES AND EQUITY
Current liabilities
Accounts payable 18,167 21,747
Payable to related parties 76 15
Accrued interest 7,185 2,567
Current portion of long-term financial debt 33,796 43,421
Other liabilities 3,118 4,416
Total current liabilities 62,342 72,166
Noncurrent liabilities
Long-term financial debt net of
current portion 369,942 369,519
Deferred income tax liability 6,577 6,515
Total noncurrent liabilities 376,519 376,034
Total liabilities 438,861 448,200
EQUITY
Common stock, $0.01 par value:
100,000,000 authorized shares;
29,519,936 shares outstanding 334 334
Additional paid-in capital 268,869 268,425
Treasury stock 3,923,094 shares at cost (19,488) (19,488)
Accumulated earnings 57,812 57,195
Accumulated other comprehensive
income (loss) 57,036 65,423
Total Ultrapetrol (Bahamas) Limited
stockholders equity 364,563 371,889
Noncontrolling interests in subsidiaries 5,100 4,970
Total equity 369,663 376,859
----------- -----------
TOTAL LIABILITIES AND EQUITY $ 808,524 $ 825,059
----------- -----------
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Stated in thousands of U.S. dollars except share and per share data)
Three Months
Ended March 31,
-------------------------
2009 2008
----------- -----------
Revenues
Attributable to River Business $ 23,276 $ 27,156
Attributable to Offshore Supply Business 9,172 9,187
Attributable to Ocean Business 25,368 31,058
----------- -----------
Total revenues 57,816 67,401
----------- -----------
Voyage expenses
Attributable to River Business (9,792) (13,555)
Attributable to Offshore Supply Business (407) (422)
Attributable to Ocean Business (3,314) (982)
----------- -----------
Total voyage expenses (13,513) (14,959)
----------- -----------
Running costs
Attributable to River Business (7,949) (7,954)
Attributable to Offshore Supply Business (4,084) (3,937)
Attributable to Ocean Business (8,099) (8,142)
----------- -----------
Total running costs (20,132) (20,033)
----------- -----------
Amortization of dry dock &
intangible assets (1,083) (1,412)
Depreciation of vessels and equipment (8,902) (7,663)
Administrative and commercial expenses (5,496) (5,234)
Other operating income 766 2,051
----------- -----------
Operating profit 9,456 20,151
----------- -----------
Financial expense and other
Financial expenses (7,673) (6,461)
Financial income 95 438
Gains on derivates, net 75 6,311
Investment in affiliates (90) (174)
Other, net (159) (175)
----------- -----------
Total other expenses (7,752) (61)
----------- -----------
----------- -----------
Income from continuing operations before
income taxes 1,704 20,090
----------- -----------
Income taxes (407) (627)
Net income attributable to noncontroling
interest in subsidiaries 130 240
=========== ===========
Income from continuing operation $ 1,167 $ 19,223
=========== ===========
=========== ===========
Loss from discontinued operation (550) (1,884)
=========== ===========
Total Net income attributable to
Ultrapetrol (Bahamas) Ltd $ 617 $ 17,339
Basic Income (loss) per share of
Ultrapetrol (Bahamas) Ltd. $ 0.02 $ 0.52
From continuing operations $ 0.04 $ 0.58
From discontinued operations ($ 0.02) ($ 0.06)
Diluted income (loss) per share of
Ultrapetrol (Bahamas) Ltd. $ 0.02 $ 0.52
From continuing operations $ 0.04 $ 0.58
From discontinued operations ($ 0.02) ($ 0.06)
Basic weighted average number of shares 29,404,285 33,170,208
Diluted weighted average number of shares 29,404,285 33,299,557
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
(Stated in thousand of U.S. dollars)
At At
March 31, March 31,
2009 2008
----------- -----------
($000)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 617 $ 17,339
Adjustments to reconcile net income to
net cash provided by operating activities:
Loss from discontinuing operations 550 1,884
Depreciation of vessels and equipment 8,902 7,663
Amortization of dry docking 887 1,216
Expenditure for dry docking (910) (695)
Gains on derivatives, net (75) (6,311)
Amortization of intangible assets 196 196
Share-based compensation 444 444
Debt issuance expense amortization 470 563
Net income attributable to noncontrolling
interest in subsidiaries 130 240
Net loss from investment in affiliates 90 174
Allowance for doubtful accounts 75 3
Other (304) --
Changes in assets and liabilities:
Decrease (increase) in assets:
Accounts receivable (3,047) (2,322)
Receivable from related parties (77) 105
Other receivables, operating supplies
and prepaid expenses 6,232 (1,579)
Other 438 114
Increase (decrease) in liabilities:
Accounts payable (3,422) 2,836
Payable to related parties 3,443 (320)
Other -- 4,558
----------- -----------
Net cash provided by operating activities
from continuing operations $ 14,639 $ 26,108
Net cash provided by (used in) operating
activities from discontinued operations $ 390 ($ 1,187)
Total cash flows from operating activities $ 15,029 $ 24,921
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of vessels and equipment
($11,612 and $11,148 in 2009 and 2008 for
vessels in construction) (24,295) (36,218)
Net decrease in funding cash collateral of
forward freight agreements -- 1,723
Cash settlements paid on forward
freight agreements -- (5,408)
Other 1,100 --
----------- -----------
Net cash (used in) investing activities
from continuing operations (23,195) (39,903)
Net cash (used in) investing activities
from discontinued operations $ 0 ($ 451)
Total cash flows (used in)
investing activities ($ 23,195) ($ 40,354)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Scheduled repayments of long-term
financial debt (4,839) (3,277)
Early repayments of long-term
financial debt (7,813) --
Proceeds from long-term financial debt 3,450 25,000
Decrease in short-term financial debt -- (25,000)
Funds used in repurchase of treasury shares -- (4,580)
Other (29) 985
----------- -----------
Net cash (used in) financing activities
from continuing operations (9,231) (6,872)
Net (decrease) in cash and cash
equivalents ($ 17,397) ($ 22,305)
----------- -----------
----------- -----------
Cash and cash equivalents at the beginning
of year (1) $ 105,859 $ 64,262
Cash and cash equivalents at the end
of period (2) $ 88,462 $ 41,957
----------- -----------
(1) Includes $2546 and $1448 related to discontinued operations (2) Includes $448 and $584 related to discontinued operations
SUPPLEMENTAL INFORMATION
The following tables reconcile our EBITDA to our cash flow for the three months ended March 31, 2009 and 2008.
Three Months Ended
March 31,
-------------------------
2009 2008
----------- -----------
($000)
Total cash flows from operating activities 15,029 24,921
Total cash flows (used in)
investing activities (23,195) (40,354)
Total cash flows (used in)
financing activities (9,231) (6,872)
Net cash provided by operating activities
from continuing operations 14,639 26,108
Net cash (used in) provided by operating
activities from discontinued operations 390 (1,187)
Total cash flows from operating activities 15,029 24,921
Plus -- --
Adjustments from continuing operations -- --
Increase / Decrease in operating assets
and liabilities (3,567) (3,392)
Expenditure for dry docking 910 695
Income Taxes 407 627
Financial Expenses 6,064 6,461
Gains on derivatives, net 75 6,311
(Gain) on disposal of assets -- --
Premium paid on redemption of
preferred shares -- --
Other adjustments (905) (1,424)
Adjustments from discontinued operations -- --
Increase / Decrease in operating assets
and liabilities (636) 72
Expenditure for dry docking -- --
Income Taxes -- --
Financial Expenses 1 (14)
(Gain) on disposal of assets -- --
Other adjustments (304) --
EBITDA FROM CONTINUING OPERATIONS 17,623 35,386
EBITDA FROM DISCONTINUED OPERATIONS (549) (1,129)
----------- -----------
CONSOLIDATED EBITDA 17,074 34,257
=========== ===========
(1) EBITDA consists of net income (loss) prior to deductions for
interest expense and other financial gains and losses related to
the financing of the Company, income taxes, depreciation of
vessels and equipment and amortization of drydock expense,
intangible assets, financial gain (loss) on extinguishment of
debt and a premium paid for redemption of preferred shares. We
have provided EBITDA in this report because we use it to, and
believe it provides useful information to investors to evaluate
our ability to incur and service indebtedness and it is a
required disclosure to comply with a covenant contained in the
Indenture governing the Company's 9% First Preferred Ship
Mortgage Notes due 2014. We do not intend for EBITDA to represent
cash flows from operations, as defined by GAAP (on the date of
calculation) and it should not be considered as an alternative to
measure our liquidity. This definition of EBITDA may not be
comparable to similarly titled measures disclosed by other
companies. Generally, funds represented by EBITDA are available
for management's discretionary use. EBITDA has limitations as an
analytical tool, and should not be considered in isolation, or as
a substitute for analysis of our results as reported.
The following tables reconcile the Company's EBITBA to its Operating profit for the three months ended March 31, 2009 and 2008, on a consolidated and a per segment basis:
Period Ended March 31, 2009
---------------------------------------
Offshore
River Supply Ocean TOTAL
--------- --------- --------- ---------
($000)
Segment operating
profit (loss) ($ 402) $ 2,062 $ 7,796 $ 9,456
Depreciation and
amortization 3,241 1,328 5,416 9,985
Investment in
affiliates / Minority
interest (85) (130) (5) (220)
Gains on derivatives, net 0 75 0 75
Other Net (179) 0 20 (159)
--------- --------- --------- ---------
Segment EBITDA $ 2,575 $ 3,335 $ 13,227 $ 19,137
--------- --------- --------- ---------
Items not included in
segment EBITDA
Financial income 95
Other financial expenses (1,609)
From discontinued
operations (549)
=========
Consolidated EBITDA $ 17,074
=========
Period Ended March 31, 2008
---------------------------------------
Offshore
River Supply Ocean TOTAL
--------- --------- --------- ---------
($000)
Segment operating
profit (loss) $ 772 $ 3,950 $ 15,429 $ 20,151
Depreciation and
amortization 3,055 1,166 4,854 9,075
Investment in
affiliates / Minority
interest (124) (240) (50) (414)
Gains on derivatives, net 0 0 6,311 6,311
Other Net (180) 0 5 -175
--------- --------- --------- ---------
Segment EBITDA $ 3,523 $ 4,876 $ 26,549 $ 34,948
--------- --------- --------- ---------
Items not included in
segment EBITDA
Financial income 438
From discontinued
operations (1,129)
=========
Consolidated EBITDA $ 34,257
=========
Adjustments:
Gains on derivatives, net (11,719) (11,719)
=========
Adjusted Consolidated
EBITDA $ 22,538
=========
ULTR-G