Top Ships reported a small profit for fiscal 2016 as the company increased its medium-range (MR) tanker fleet. But debt costs and a special dividend also ate into results.
The Nasdaq Capital Market-listed company reported net income of $1.1m for 2016, before a "deemed dividend" to holders of convertible preferred shares. Last year, Top Ships sold some $3m in Series B convertible preferred shares in a private placement.
Including the deemed dividend, the Evangelos Pistolis-led shipowner would have reported a net loss of $351,000 or $0.09 per share.
Revenue for 2016 more than doubled to $28.4m for last year as the company took delivery of the last of its six newbuildings. That helped raise operating profit from a $7.4m loss in 2015 to a $4.8m gain in 2016.
But with debt now sitting at $84m, Top Ships also saw its interest expense rise to $3m for the year.
