TOP Tankers Inc. (Nasdaq: TOPT) announced on Thursday a third quarter net loss of $11 million.
The Greek ship makerâ€™s revenues grew 41 percent from $50 million to $70.6 million in compared to the same period a year ago. While revenue increased, it failed to match the rise in charter hire expenses that jumped from around $2 million to $29 million in 2005 third quarter.
During the third quarter of 2006, we continued our extensive upgrading of our entire fleet,â€ said Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Tankers Inc. â€œThe total investment in our tankers will be in excess of $50 million and has been completed by more than 60% in 2006.â€
The company also restated its earnings for the first and second fiscal quarters in 2006 to remedy the accounting treatment for certain sale and leaseback transactions. The restatement would deduct $55 million from a gain on a seller's credit of $96 million.
This would reduce earnings per-share by 1 cent in the first quarter and 7 cents in the second quarter. Net income per share in all subsequent quarters until Dec. 31, 2010 would be reduced by about 7 cents, the company stated.
Top Tankersâ€™ share decreased 2 cents, or 0.36 percent to close at $5.50 in Thursday trading on the Nasdaq exchange.