Ultrapetrol (Bahamas) Limited (NASDAQ:ULTR) is an industrial transportation company. ULTR serves the shipping markets for a variety of products.
The company’s stock hasn’t been doing well lately. Yesterday, ULTR closed up 6.41% at $2.49. A little over three months ago, the price was double.[BANNER]
The positive outcome of yesterday’s session was probably due to the announcement made by ULTR. A press release issued by the company said the Board of Directors had approved a share repurchase program for up to $20 million through April 30, 2012.
The announcement could have received a much more significant market response, were it not for the financial situation of ULTR.
The company recorded a 57% drop in the available cash and equivalents, a $12.5 million adjusted net loss, and negative $5.5 total cash flows from operating activities at June 30, 2011.
The company’s situation is far from tragic, but as the chart shows, it has definitely raised some questions about ULTR’s future.
