NASSAU, Bahamas, May 12, 2008 (PRIME NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in four markets (River Business, Offshore Supply Business, Ocean Business and Passenger Business), today announced financial results for the first quarter ended March 31, 2008.
First Quarter and Year to Date 2008 Highlights:
* Recorded revenues of $67.4 million, 48% higher than first quarter
2007 revenues of $45.4 million.
* Recorded EBITDA of $34.3 million in first quarter 2008, as
compared with first quarter 2007 EBITDA of $16.5 million. (A
reconciliation of EBITDA to Net Income is included below).
* Recorded net income of $17.3 million, or earnings per share (
("EPS") of $0.52 for the first quarter of 2008, vs. net income of
$2.0 million, or EPS of $0.07, in the first quarter 2007.
* Adjusted EBITDA, Adjusted Net Income and corresponding EPS of
$22.5 million, $5.8 million and $0.18 per share, respectively, as
compared with $16.5 million, $2.8 million and $0.10 per share
for the equivalent period of 2007. (For a detailed
explanation of these adjustments, see "Overview of Financial
Results"). (A reconciliation of EBITDA to Net Income is included
below).
* The Company completed the $25.0 million financing for Princess
Marisol and signed a Mandate Letter to process a $50.0 million
Long Term Financing with International Finance Corporation ("IFC")
to cover part of the capital expenditure plan for our River
Business.
* The Company shipped from USA a total of 57 barges and 3 pushboats
that are expected to commence service in the Hidrovia in the
second quarter of 2008.
* Total cargo loaded in the River Business increased by 14% over
first quarter 2007.
* In its Ocean Business, the Company operated four Capesize vessels
for the entire quarter, generating record revenues and EBITDA, and
recently added a 2006-built, double hull chemical and product
carrier to its tanker fleet operating in South America.
* The Company has progressed according to plan, with the construction
of its seven state-of-the-art PSV newbuildings.
Felipe Menendez, Ultrapetrol's President and Chief Executive Officer, said, "During the first quarter of 2008, we experienced strong demand in all of our main lines of business. In our Ocean Business, we generated record revenue and EBITDA, driven by the operation of an additional Capesize vessel and the renewals of time charters covering two of our three Capesize OBO vessels. In our River Business, loaded volumes increased 14%, as compared to the first quarter of 2007, and in our Offshore Supply Business, we operated a total of five ships as opposed to four in the first quarter 2007. We believe the Company is well positioned to take advantage of the strong fundamentals in the offshore sector that are driving the market today. During the quarter, we also continued to implement our growth strategy in all three of our core businesses. We added one chemical and product carrier under a three-year bareboat charter to our South American product carrier fleet. We also advanced the construction of our new barge building yard, during a time in which we added barges and pushboats to our River fleet. The steel cutting for our new PSVs being built in India has begun, and we have made the initial payments for our new construction of PSVs in China. We are excited about these initiatives and believe that as they further develop, we will consolidate our growth on a diversified basis as we seek to take advantage of the positive long-term fundamentals in our core businesses."
Overview of Financial Results
First quarter 2008 revenues of $67.4 million were 48% higher than first quarter 2007 revenues of $45.4 million.
First quarter 2008 EBITDA was $34.3 million, as compared with $16.5 million for the first quarter 2007. (A reconciliation of EBITDA to Net Income is included below).
Net Income for the first quarter of 2008 was $17.3 million, or EPS of $0.52, as compared with net income of $2.0 million, or EPS of $0.07 in the first quarter of 2007.
First quarter 2008 EBITDA includes a non-cash net gain on mark-to-market FFAs hedges of $6.3 million and does not include a cash loss of $5.4 million arising from settlements of FFA hedges made during the quarter, which was already accounted for as of December 31, 2007. Taking into account both these items, the first quarter 2008 Adjusted EBITDA is $22.5 million, as compared with $16.5 million for the first quarter 2007. (A reconciliation of EBITDA to Net Income is included below).
The Company's first quarter 2008 net income includes a non-cash net gain on mark-to-market FFAs hedges of $6.3 million and does not include a cash loss of $5.4 million arising from settlements of FFAs hedges made during the quarter which was already accounted for as of December 31, 2007. First quarter 2008 results also include a deferred income tax charge of $0.2 million from unrealized foreign currency exchange rate gains on U.S. Dollar-denominated debt of one of our Brazilian subsidiaries in the Offshore Supply Business. The adjusted net income for the first quarter 2008, excluding the effect of both items mentioned here above is $5.8 million, or EPS $0.18, as compared with $2.8 million, or EPS $0.10 (after adjusting net income for a similar $0.8 million deferred income tax charge in Brazil) in the first quarter 2007.
Ultrapetrol's Chief Financial Officer Mr. Len Hoskinson said: "Our results this quarter reflect the strong performance of all our main business units and in particular our Ocean Business, which combines the strong time charter market rates for our expanded fleet with the long-term stability provided by our FFA positions. We expect these drivers in our Ocean Business to continue to serve the Company well for the remainder of 2008. Regarding the accounting for our FFAs, as of the second quarter of 2008 (provided our FFA future positions continue to qualify as cash flow hedges), we no longer expect to record in our income statement non-cash losses resulting from the mark-to-market of our FFA transactions."
Business Segment Highlights
River
The Company experienced a 14% increase in the volume of cargo loaded in the first quarter 2008 as compared with the same period of 2007. First quarter 2008 River segment EBITDA was $3.5 million versus $5.6 million in 2007. The River segment results of the first quarter of 2008 were impacted by a revenue recognition adjustment of ($3.1) million due to barge positioning, whereas the equivalent adjustment at the end of March 2007 was only ($0.5) million. Water levels have reverted to normal levels in January of 2008. The Company expects that this negative adjustment of revenues resulting from barge positioning through the year should revert and normalize by year end (at end 2007 it was positive). Costs have increased as a consequence of several factors, including crew costs but also as a function of the revaluation of the local currencies against the US Dollar (Almost all of the Company's River revenue is US Dollar-denominated, while a significant portion of the operating cost is denominated in local currencies).
Industry sources also expect the soybean crop in the Hidrovia region to grow robustly in 2008. The latest 2008 USDA estimate for the Paraguayan soy bean crop of 7.0 million tons suggests production growth of over 0.8 million tons, or 13%, as compared with 2007. Industry sources also expect iron ore production at the three mines serviced by this river system to grow substantially in 2008.
The Company is in the process of building its new barge building yard, and it has also continued its barge expansion program. The Company completed the positioning and shipment from the USA of 30 second hand barges and one second hand push boat and is in the process of positioning a second similar shipment during the second quarter of 2008 comprised of 27 barges and two pushboats. The Company's first heavy fuel engines have been delivered and will be installed in a new pushboat of 8,325 BHP being built in South America. The Company expects to have this pushboat in service in 2009.
Offshore Supply
The Offshore Supply segment EBITDA in the first quarter of 2008 was $4.9 million compared to $4.4 million in the same period of 2007. (A reconciliation of EBITDA to Net Income is included below). The Company operated a total of five vessels in the first quarter of 2008 as opposed to four ships in the same period of 2007. Our UP Topazio operated for a first full quarter in the spot market in the North Sea where comparatively lower rates prevailed in the months of January and part of February 2008 (with respect to same periods of 2007); however, spot rates have seasonally improved in March/April, reaching more attractive levels. Operational costs have increased, particularly in Brazil, where the revaluation of the local currency has had a negative effect.
Construction of the Company's sixth PSV in Brazil has progressed, and the Company expects delivery by the end of the year.
In the first quarter of 2008, we paid the initial 20% down payments on two PSV newbuildings, which we will receive from a shipyard in China commencing the fourth quarter of 2009. On April 30, 2008, we paid to the shipyard in India the second 20% installment due against start of steel cutting on the first two of the PSVs on order there and due for delivery in 2009.
The Company believes that the market in general continues to be strong and the new Brazilian oil field discoveries are encouraging as to future requirements of modern large vessels such as ours.
Ocean
The Company's Ocean segment generated a recorded EBITDA in the first quarter 2008 of $26.5 million, as compared with $7.2 million for the same period in 2007.
First quarter 2008 Ocean segment EBITDA includes a non-cash net gain on mark-to-market FFAs of $6.3 million and does not include a cash loss of $5.4 million arising from settlements of FFAs made during the quarter, which was already accounted for as of December 31, 2007. Taking into account both these items, the first quarter 2008 Adjusted Ocean segment EBITDA is $14.8 million, as compared with $7.2 million for the first quarter 2007. (A reconciliation of EBITDA to Net Income is included below).
Two of the Company's three Capesize OBO vessels completed their old charters in the course of the first quarter, and the third Capesize OBO completed its old charter in April 2008. All three of these vessels are currently employed for periods ending between June 2008 and March 2009 at daily charter rates linked to the average of the Baltic 4 Time Charter Capesize Routes Index ("BCI 4TC Routes Index").
As previously announced, all else being equal, these three Capesize OBO vessels are expected to produce for the full twelve months of 2008 approximately $25.0 million in excess of their gross profit contribution (Net revenues less voyage expenses and running costs) in 2007.
The latest addition to the Company's Capesize Ocean Fleet, the mv Princess Marisol, has been employed in the first quarter in the spot market and is currently committed on a time charter at a daily hire linked to the BCI 4TC Routes Index and is therefore earning market spot rates.
In March and April 2008, the Company entered into a series of FFAs to sell vessel days on BCI 4TC Routes Index for calendar 2009 for the equivalent of two of its Capesize OBO vessels. The additional 2009 positions have been sold at an average rate of $91,833 per day. For full details of these trades, please refer to the Company's 6-K Filing containing its first quarter 2008 results, which was filed with the U.S. Securities and Exchange Commission ("SEC") today. These trades have been conducted "over the counter" and consequently have no margin account requirements but do bear a higher counterparty risk than a cleared FFA. Our counterparties under these trades are subsidiaries of major international grain houses.
In April 2008, we took delivery under a three-year bareboat charter of an 11,299 dwt, 2006-built chemical and product tanker, which we intend to operate on the South American coastal trade.
We expect that our vessels Princess Marisol and Amadeo will each be out of service for approximately 15 days for scheduled repairs during the second quarter of 2008.
Passenger
The Company's remaining passenger ship, the Blue Monarch, remained in lay up as planned in the first quarter of 2008. As scheduled, the ship was dry docked and prepared for its European cruising season, which commenced on April 23, 2008. While the Company expects the overall performance of this ship in 2008 to improve on last year's, the second quarter is seasonally slow for this segment in the region, with bookings expected to increase in the European summer.
Share Repurchase Program
On March 17, 2008, the Company announced that its board had approved a share repurchase program that may cover purchases of up to $50.0 million of its common stock up to September 30, 2008. On March 19, the Company started repurchasing its shares under this program, and as of March 31, 2008 it had acquired 638,971 of its shares at an average cost of $9.60 per share for a total cost of $6.1 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 performance of the Company. These non-GAAP measures should not be considered a substitute for, or superior to, measures of financial performance 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 Tuesday, May 13, 2008, at 10:00 a.m. ET. Interested parties may participate in the live conference call by dialing 1-888-324-6856 (toll-free U.S.) or +1-210-234-0003 (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 7 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 1-888-568-0891 (toll-free U.S.) or +1-402-998-1567 (outside of the U.S.); passcode: ULTR.
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 and the leisure passenger cruise 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 and a passenger ship. 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.primenewswire.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.
ULTR-F
CONDENSED CONSOLIDATED BALANCE SHEETS
(Stated in thousands of U.S. dollars,
except par value and share amounts)
($000) At March 31, At December 31,
2008 2007
(Unaudited)
---------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $41,957 $64,262
Accounts receivable, net of allowance
for doubtful accounts of $250 and $248
in 2008 and 2007, respectively 17,983 15,680
Receivables from related parties 2,699 2,804
Operating supplies 4,405 4,961
Prepaid expenses 4,284 3,198
Other receivables 14,608 14,336
Total current assets 85,936 105,241
Noncurrent assets
Other receivables 8,701 7,793
Receivables from related parties 2,280 2,280
Restricted cash 19,986 20,168
Vessels and equipment, net 491,320 462,292
Dry dock 3,907 4,428
Investment in affiliates 2,083 2,257
Intangible assets 2,765 2,961
Goodwill 5,015 5,015
Other assets 6,775 6,877
Deferred income tax assets 2,778 2,848
Total noncurrent assets 545,610 516,919
---------------------------------------------------------------------
TOTAL ASSETS $631,546 $622,160
---------------------------------------------------------------------
LIABILITIES, MINORITY INTEREST AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 21,272 16,813
Payable to related parties 398 718
Accrued interest 6,440 2,579
Current portion of long-term
financial debt 20,804 17,795
Other payables 3,369 2,568
Total current liabilities 52,283 40,473
Noncurrent liabilities
Long-term financial debt 309,300 314,140
Deferred income tax liability 11,038 10,663
Total noncurrent liabilities 320,338 324,803
TOTAL LIABILITIES $372,621 $365,276
Minority interest 3,982 3,742
Shareholder's equity
Common stock, $0.01 par value:
100,000,000 authorized shares;
32,804,059 shares issued and outstanding 328 334
Additional paid-in capital 267,091 266,647
Treasury stock 638,971 shares (6,127) --
Accumulated earnings 27,011 9,672
Accumulated other comprehensive
income (loss) (33,360) (23,511)
Total shareholders' equity 254,943 253,142
---------------------------------------------------------------------
TOTAL LIABILITIES, MINORITY INTEREST
AND SHAREHOLDERS' EQUITY $631,546 $622,160
---------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Stated in thousands of U.S. dollars except share and per share data)
First Quarter Ended
March 31,
2008 2007 Percent Change
---------------------------------------------------------------------
Revenues
Attributable to
River Business $27,156 $21,528 26%
Attributable to Offshore
Supply Business 9,187 8,395 9%
Attributable to
Ocean Business 31,058 12,753 144%
Attributable to
Passenger Business -- 2,750 -100%
---------------------------------------------------------------------
Total revenues 67,401 45,426 48%
---------------------------------------------------------------------
Voyage expenses
Attributable to
River Business (13,555) (8,642) 57%
Attributable to
Offshore Supply Business (422) (198) 113%
Attributable to
Ocean Business (982) (329) 198%
Attributable to
Passenger Business (273) (759) -64%
---------------------------------------------------------------------
Total voyage expenses (15,232) (9,928) 53%
---------------------------------------------------------------------
Running costs
Attributable to
River Business (7,954) (5,539) 44%
Attributable to
Offshore Supply Business (3,937) (2,623) 50%
Attributable to
Ocean Business (8,142) (3,855) 111%
Attributable to
Passenger Business (763) (2,629) -71%
---------------------------------------------------------------------
Total running costs (20,796) (14,646) 42%
---------------------------------------------------------------------
Amortization of dry dock
& intangible assets (1,412) (2,108) -33%
Depreciation of vessels
and equipment (8,432) (5,946) 42%
Administrative and
commercial expenses (5,331) (4,493) 19%
Other operating income 2,051 63 --
---------------------------------------------------------------------
Operating profit 18,249 8,368 118%
---------------------------------------------------------------------
Financial expense (6,447) (5,097) 26%
Financial income 442 190 133%
Net income on FFAs 6,311 -- --
Investment in affiliates (174) 169 --
Other, net (175) (129) 36%
---------------------------------------------------------------------
Total other income (43) (4,867) -99%
---------------------------------------------------------------------
---------------------------------------------------------------------
Income before income taxes
and minority interest 18,206 3,501 420%
---------------------------------------------------------------------
Income taxes (627) (1,398) -55%
Minority interest (240) (139) 73%
=====================================================================
Net income $17,339 $1,964 783%
=====================================================================
Basic net income per share $0.52 $0.07 643%
Diluted net income per share $0.52 $0.07 643%
Basic weighted average
number of shares 33,170,208 28,000,000 --
Diluted weighted average
number of shares 33,299,557 28,251,523 --
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
(Stated in thousand of U.S. dollars)
First Quarter Ended
March 31,
---------------------------------------------------------------------
($000) 2008 2007
---------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $17,339 $1,964
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation of vessels and equipment 8,432 5,946
Amortization of dry docking 1,216 1,912
Expenditure for dry docking (695) (3,207)
Net (income) on FFAs (6,311) --
Amortization of intangible assets 196 196
Share-based compensation 444 458
Note issuance expenses amortization 563 409
Minority interest in equity of subsidiaries 240 139
Net loss (gain) from investment in affiliates 174 (169)
Allowance for doubtful accounts 3 (19)
Changes in assets and liabilities net of effects
from purchase of Otto Candies in 2007:
Decrease (increase) in assets:
Accounts receivable (2,306) 5,710
Receivable from related parties 105 (562)
Marine and river operating supplies 556 107
Prepaid expenses (1,086) (3,228)
Other receivables (1,190) 60
Other 96 40
Increase (decrease) in liabilities:
Accounts payable 2,906 1,660
Payable to related parties (320) (420)
Other 4,559 4,808
---------------------------------------------------------------------
Net cash provided by operating activities $24,921 $15,804
---------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of vessels and equipment ($11,148 and
$13,021 in 2008 and 2007 for vessels
in construction) (36,669) (36,179)
Purchase of Otto Candies, net of cash acquired -- (13,772)
Net decrease in funding cash collateral of FFAs 1,723 --
Cash settlements of FFAs (5,408) --
Other -- (18)
---------------------------------------------------------------------
Net cash (used in) investing activities ($40,354) ($49,969)
---------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Scheduled repayments of long-term financial debt (3,277) (1,550)
Early repayments of long-term financial debt -- (25,300)
Proceeds from long-term financial debt 25,000 74,922
Decrease in short-term financial debt (25,000) --
Funds used in repurchase of treasury shares (4,580) --
Other 985 (432)
Net cash (used in) provided by
financing activities ($6,872) $47,640
Net (decrease) increase in cash and
cash equivalents ($22,305) $13,475
---------------------------------------------------------------------
---------------------------------------------------------------------
Cash and cash equivalents at the
beginning of year $64,262 $20,648
Cash and cash equivalents at the end of period $41,957 $34,123
---------------------------------------------------------------------
SUPPLEMENTAL INFORMATION
The Following table reconciles the Company's EBITDA to its
Net Income:
($000) Three Months Ended
March 31,
2008 2007
---------------------------------------------------------------------
Net Income $17,339 $1,964
Plus
Financial expense 6,447 5,097
Income taxes 627 1,398
Depreciation and amortization 9,844 8,054
====================================================================
EBITDA (1) $34,257 $16,513
====================================================================
(1) EBITDA consists of net income (loss) prior to deductions for interest expense and other financial gains and losses, income taxes, depreciation and amortization of dry dock expense and financial gain (loss) on extinguishment of debt. We believe that EBITDA is intended to exclude all items that affect results relating to financing activities. The gains and losses associated with extinguishment of debt are a direct financing item that affects our results, and therefore should not be included in EBITDA. We do not intend for EBITDA to represent cash flows from operations, as defined by GAAP (on the date of calculation), and should not be considered as an alternative to net income (loss) as an indicator of our operating performance or to cash flows from operations as a measure of liquidity. This definition of EBITDA may not be comparable to similarly titled measures disclosed by other companies. We have provided EBITDA in this filing because we believe it provides useful information to investors to measure our performance and evaluate our ability to incur and service indebtedness.
The following tables reconcile the Company's EBITDA to its Operating
profit for the three months ended March 31, 2008 and 2007, on a
consolidated and a per segment basis:
($000) Three Months Ended March 31, 2008
Offshore
River Supply Ocean Passenger TOTAL
---------------------------------------------------------------------
Segment operating
profit $772 $3,950 $15,429 ($1,902) $18,249
Depreciation and
amortization 3,055 1,166 4,854 769 9,844
Investment in
affiliates /
Minority interest (124) (240) (50) 0 (414)
Other, net (180) -- 5 -- (175)
Net income on FFAs -- -- 6,311 -- 6,311
---------------------------------------------------------------------
Segment EBITDA $3,523 $4,876 $26,549 ($1,133) $33,815
---------------------------------------------------------------------
Items not included
in segment EBITDA
Financial income 442
=====================================================================
Consolidated EBITDA $34,257
=====================================================================
Adjustments:
Non-cash net gains
on FFAs (6,311) (6,311)
Cash settlements
on FFAs (5,408) (5,408)
=====================================================================
Adjusted
Consolidated EBITDA $22,538
=====================================================================
($000) Three Months Ended March 31, 2007
Offshore
River Supply Ocean Passenger TOTAL
---------------------------------------------------------------------
Segment operating
profit $3,480 $3,609 $3,258 ($1,979) $8,368
Depreciation and
amortization 2,285 904 3,738 1,127 8,054
Investment in
affiliates /
Minority interest 4 (139) 165 -- 30
Other, net (151) -- 22 -- (129)
Net income on FFAs -- -- -- -- --
---------------------------------------------------------------------
Segment EBITDA $5,618 $4,374 $7,183 ($852) $16,323
---------------------------------------------------------------------
Items not included
in segment EBITDA
Financial income 190
=====================================================================
Consolidated EBITDA $16,513
=====================================================================