FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December 2012
Commission File Number: 000-50859
TOP SHIPS INC.
(Translation of registrant's name into English)
1 VAS. SOFIAS & MEG.
ALEXANDROU STREET
151 24, MAROUSSI
ATHENS, GREECE
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________.
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________.
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth below are the unaudited income statement and balance sheet of Top Ships Inc. for the six-month period ending June 30, 2012.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||
FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2012 | |||||
(Expressed in thousands of U.S. Dollars - except share and per share data) |
Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2012 | |||||||
REVENUES: | ||||||||
Revenues | $ | 21,006 | $ | 14,744 | ||||
Other Income | 872 | - | ||||||
EXPENSES: | ||||||||
Voyage expenses | 3,818 | 467 | ||||||
Charter hire expense | 945 | - | ||||||
Other vessel operating expenses | 2,031 | - | ||||||
Dry-docking costs | 19 | - | ||||||
Vessel depreciation | 6,323 | 5,729 | ||||||
Management fees-third parties | 26 | - | ||||||
Management fees-related parties | 1,990 | 963 | ||||||
General and administrative expenses | 7,735 | 4,740 | ||||||
Operating income from continuing operations | (1,009 | ) | 2,845 | |||||
OTHER INCOME (EXPENSES): | ||||||||
Interest and finance costs | (6,408 | ) | (4,559 | ) | ||||
Gain / (Loss) on financial instruments | (222 | ) | 37 | |||||
Interest income | 20 | 29 | ||||||
Other, net | (36 | ) | (16 | ) | ||||
Total other expenses, net | (6,646 | ) | (4,509 | ) | ||||
Net income (loss) from continued operations | (7,655 | ) | (1,664 | ) | ||||
Net income (loss) from discontinued operations | (98,119 | ) | (459 | ) | ||||
Net income (loss) | $ | (105,774 | ) | $ | (2,123 | ) | ||
Earnings / (loss) per common share, basic and diluted | ||||||||
From continuing operations | (2.41 | ) | (0.10 | ) | ||||
From discontinuing operations | (30.94 | ) | (0.03 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 3,170,790 | 16,986,345 | ||||||
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS | |||||
(Expressed in thousands of U.S. Dollars) |
December 31, | June 30, | |||||||
2011 | 2012 | |||||||
ASSETS | ||||||||
CASH AND CASH EQUIVALENTS | $ | - | $ | - | ||||
VESSEL HELD FOR SALE | 10,414 | 10,414 | ||||||
VESSELS, NET | 265,019 | 259,290 | ||||||
RESTRICTED CASH | 11,486 | 10,874 | ||||||
OTHER ASSETS | 9,454 | 6,907 | ||||||
Total assets | $ | 296,373 | $ | 287,485 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
FINANCIAL INSTRUMENTS | 8,467 | 7,167 | ||||||
DEBT | 173,980 | 167,210 | ||||||
DEBT RELATED TO VESSEL HELD FOR SALE | 19,769 | 18,797 | ||||||
OTHER LIABILITIES | 17,473 | 19,409 | ||||||
Total liabilities | 219,689 | 212,583 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY | 76,684 | 74,902 | ||||||
Total liabilities and stockholders' equity | $ | 296,373 | $ | 287,485 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TOP SHIPS INC. | ||||
(registrant) | ||||
Dated: December 28, 2012 | By: | /s/ Evangelos J. Pistiolis | ||
Evangelos J. Pistiolis | ||||
Chief Executive Officer |