d1344974_6-k.htm
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.
 

TOP SHIPS INC.
        
           
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  
                 

 
 
 


TOP SHIPS INC.
        
           
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