OREANDA-NEWS. On March 22, 2007 Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in four core markets (River Business, Offshore Supply Business, Ocean Business and Passenger Business), announced financial results for the fourth quarter and full year ended December 31, 2006, reported the press-centre of  Ultrapetrol Limited. Total revenues for 2006 were $173,5 million, compared to $125,4 million in 2005. Full year 2006 net income was $10,5 million, compared to $14,6 million in 2005. The 2005 results included the net gain of $13,1 million on the sale of the "Cape Pampas". Diluted net income per share in 2006 was $0,58 compared to $0,94 in 2005. Ultrapetrol had a net loss of $2,8 million in the fourth quarter 2006, a significant improvement on the net loss of $7,8 million experienced in the equivalent period of 2005.

 
The net result for the fourth quarter 2006 was impacted by several events and general seasonal patterns of certain of the company's businesses. These included: (1) a one-time charge totaling $2,3 million resulting from the early cancellation of Ultrapetrol's variable interest rate debt and early redemption of preferred shares of UP Offshore owned by IFC as part of the use of proceeds of Ultrapetrol's October 2006 initial public offering ("IPO"); (2) the scheduled dry docks of the company's three largest OBO Suezmax/Capesize vessels, which lost 94 days during the fourth quarter of 2006; and (3) the general seasonality of Ultrapetrol's River and Passenger Businesses, which find their most active periods in the second and third quarters of the year.
Felipe Menendez, Ultrapetrol's President and Chief Executive Officer, said: "Last year was a milestone year for Ultrapetrol. After more than 14 years as a private company, we completed our IPO in October. We also made great strides in executing our growth strategy, as evidenced by the solid performance of each of our operating units. We are pleased with the financial results generated by our diversified business model and we will continue to invest in those areas that present attractive growth opportunities. These investments underscore our commitment to growth and to improving the overall efficiency of each of our four business lines".