Check out the Mad About Options clip on DRYS from yesterday on the options news network,
onn dot tv.

here's the direct link:

http://link.brightcove.com/services/link/bcpid1488654888/bctid1600125230

stock is downgraded 1/5 sell after confrence call today

thanks K, i took a look and it's too much of a risk for me, trades too little shares for
my blood, everything just seems too negative, but then again when things get too negative
they beat the street, i still have an hour and half to think about it but i think im going
to pass

everyone doesnt recognize the fact that they have many more dry bulk shippers now and that
revenue is important for guidance issues also..everyone just associates them with oil
tankers...whose rates have gone up substantially also

TOP Ships Inc Earnings Play

TOP Ships Inc NASDAQ:TOPS
Fundamentals:TOP SHIPS INC. is a provider of international seaborne transportation
services, carrying petroleum products, crude oil for the oil industry and drybulk
commodities for the steel, electric utility, construction and agri-food industries. As of
December 31, 2007, the Company's fleet consisted of 23 vessels (including 11 tankers sold
and leased-back), comprised of eight double-hull Handymax product tankers, 12 double-hull
Suezmax tankers and three drybulk vessels, with a total cargo carrying capacity of
approximately 2.4 million deadweight (dwt). The Company actively manages the deployment of
its fleet between spot market voyage charters, which generally last from several days to
several weeks, and time charters, which can last up to several years.

Website: http://www.topships.org

Market Capitalization: 20500000 x 8.15 = $167 075 000 (Small Cap)

Earnings History: Sparadoic has been at times large positive earnings and large negative
earnings

Earnings Reaction: after reporting last quarters earnings where the company met it moved
lower for the next 2 days.The quarter before that it reported a negative surprise in
earnings and the stock moved lower. And 3 quarters ago the company reported fantastically
and the stock ran up and quickly went down the next day.

Chart Analysis: Pull up on balance volume and a 3 year chart. The volume rises in the
latter half of the year and declines in the first half of the year. This correlates to the
stock moving up on greater volume. The most interesting part is that move up is explosive
it can cause massive gains in the options.

Earnings Are on June 12th,2008 in the morning

Notable News: Company is so small if you dont do great research no articles show up with
the company

1)5-5- TOP SHIPS ANNOUNCES DELIVERY OF THE LATEST DRYBULK VESSEL
a)TOP Ships Inc. (NasdaqGS:TOPS) announced that it has taken
delivery of the M/V ASTRALE, a 75,933 dwt Panamax drybulk vessel, built in 2000 in Japan.
The vessel has been financed with secured bank debt.

2)4-24- TOP SHIPS ISSUES 7.3 MILLION SHARES IN PRIVATE PLACEMENT
a)The 7.3 million shares were sold
for $7.00 per share, which represents a discount of 15.5 percent based on the closing
share price of $8.28 on April 23, 2008.

3)4-15- TOP SHIPS ANNOUNCES SALE OF THE M/V BERTRAM
a) TOP Ships Inc. (NasdaqGS: TOPS) announced
today the sale of Bertram, a 73,506 dwt Panamax drybulk vessel, built in 1995. The
vessel is expected to be delivered to its new owners by the end of April 2008.

4)3-26- TOP SHIPS ANNOUNCES TWO NEW TIME-CHARTER CONTRACTS FOR ITS
PANAMAX DRYBULK VESSELS
a)the Company announced today that it has entered into a time-charter
contract with a European charterer for the M/V Astrale, a 75,933 DWT Panamax drybulk
vessel, built in 2000 in Japan.
b)TOP Ships Inc. (NasdaqGS:TOPS) announced
today that it has entered into a time-charter contract with a Korean charterer for the
M/V
Cyclades, a 75,681 DWT Panamax drybulk vessel, built in 2000 in Japan.
c)Evangelos J. Pistiolis, President and CEO of TOP Ships Inc. commented: "Consistent
with our commitment to secure strong revenues from our new investment in the dry bulk
sector, we have entered into two period agreements for one and three years. We are also
pursuing opportunities to fix our sixth drybulk vessel on a period charter."

5)3-19- TOP SHIPS ANNOUNCES SALE OF THE M/T FAULTLESS
a)TOP Ships Inc. (NasdaqGS:TOPS) announced
today that it has entered into an agreement to terminate its bare-boat charter for the
Suezmax tanker Faultless (DWT 154,97owners to a third party.
b)The deferred gain from the original sale of approximately $4.2 million will be
recognized
upon delivery of the vessel to its new owners, which is expected to occur in late March
2008.
c)The
unwinding of an additional Suezmax leasing contract is another step towards reducing
our financial expenditure and disposing our older tonnage. We will continue to pursue
further such opportunities, which we believe will enhance shareholder value

6) 2-15- TOP SHIPS FAVORABLY RESOLVES CLASS ACTION LITIGATION
a)TOP Ships (NasdaqGS:TOPS) announced today that it
is filing for the Court's approval a settlement agreement with lead plaintiffs in the
securities class action lawsuit pending against the Company and certain of its directors
and officers in the United States District Court for the Southern District of New York.

7)2-5- TOP SHIPS ANNOUNCES DELIVERY OF THE FOURTH DRYBULK VESSEL
a)TOP Ships Inc (NasdaqGS:TOPS) announced that it has taken
delivery of the M/V VOC GALLANT, a 51,200 DWT super Handymax, or "Supramax" drybulk
vessel,
built in 2002 in China.

8)3-7- TOP SHIPS ANNOUNCES DELIVERY OF THE FIFTH DRYBULK VESSEL
a)TOP Ships Inc. (NasdaqGS:TOPS) announced that it has taken
delivery of the M/V PEPITO, a 75,928 dwt Panamax drybulk vessel, built in 2001 in Japan.
The vessel
has been financed with secured bank debt.


4th Quarter Financial Results Notes

a)For the three months ended December 31, 2007, the Company reported net loss of
$37,439,000, or $0.89
per share, compared with net loss of $348,000, or $0.01 per share, for the fourth quarter
of 2006.
b)The results for the fourth quarter of 2007 and 2006
include net charges of $15,742,000, or $0.38 per share and $3,841,000, or $0.12 per share,
respectively, of
special items1 that affected the Company's net loss for the fourth quarter of 2007 and
2006 that are
typically excluded by securities analysts in their published estimates of the Company's
financial results
c)Revenues for the fourth quarter of 2007 were $51,789,000, compared to $67,794,000
recorded in
the fourth quarter of 2006.
d)2007 was a challenging year for the industry, one where we witnessed Suezmax charter
rates plummet to
their lowest level in five years. The strong first quarter performance, together with the
significant increase
in the last part of the fourth quarter, were not enough to raise our annual suezmax spot
average to more
than $32,249 per vessel per day.
e) Going forward in 2008, we remain confident of a healthy crude tanker rate environment,
and a strong drybulk market performance, which if they do perform to our expectations,
will enable us to significantly improve our operating cash-flow and restore us to
profitability.
f) Today, our shareholders approved a 3:1 reverse stock split. We expect the effective
date of the reverse
split to be on March 20, 2008. We believe that the decrease in the number of our common
shares
outstanding as a consequence of the reverse split and the anticipated increase in the
price per share will
encourage greater interest in our shares by the financial community and the investor and
possibly promote
greater liquidity for our shareholders with respect of their holdings.
g)Operating expenses for vessels have increased dramatically year of year
h) They just started drybulk and wow check out these revenues for the company. They use
TCE as a measure of the average daily revenue performance of a vessel on a per voyage
basis.
So TCE values are very high
i)Average TCE has decreased over time which is net income per ship voyage for the Suezmax
vessels, Handymax Vessels, and Tanker fleet
j)Overall the company has had less total avaliable ship days, less total operating days,
les utilization of their ships, a drop in TCE, and a large increase of a 114% in expenses
k)
During 2007, the Company had approximately 67% of the fleet's operating days on long-term
employment contracts. As of December 31, 2007, fifteen of the Company's 23 vessels were on
time
charter contracts with an average term of over three years with all but six of the time
charters including
profit sharing agreements.

---------cont
1) heavy profit sharing in the handymax tankers they need to be ditched
2)In the second and fourth quarter of 2007, the Company issued 4.3 million shares of its
common stock. The
net proceeds to the Company totaled $29.4 million. These shares were sold by the Company's
sales agent,
Deutsche Bank Securities Inc., through a combination of at-the-market sales and negotiated
transactions.
3) Beginning with the fourth quarter of 2007
the Company changed its accounting policy for PMMA from the deferral method, under which
the
Company amortized drydocking costs over the estimated period of benefit between
dry-dockings, to the
direct expense method, under which the Company expenses all dry-docking costs as incurred.
The
Company believes that the direct expense method is preferable as it eliminates the
significant amount of
time and subjectivity involved in determining which costs and activities related to
dry-docking qualify as
PMMA under the deferral method. When the accounting principle was retrospectively applied,
net income
for the fourth quarter and the year ended December 31, 2006 decreased by $3.6 million and
$26.1 million,
or $0.11 and $0.86 per share, per share, respectively.
4)The balance sheet of the company is not changed due to this accounting practice
5)This new accounting method reduced net income in 2006 to a negative loss allowing for
prettier comparisons
6)The accounting method increases expenses per that period


*No insider activity or Institutional activity that i can find*

Brokerage Reports

1)Thestreet.com = sell
a)We rate TOP SHIPS INC (TOPS) a SELL. This is driven by several weaknesses, which we
believe should have
a greater impact than any strengths, and could make it more difficult for investors to
achieve positive results
compared to most of the stocks we cover. The company's weaknesses can be seen in multiple
areas, such
as its deteriorating net income, generally weak debt management, disappointing return on
equity, generally
disappointing historical performance in the stock itself and feeble growth in its earnings
per share.
b)The debt-to-equity ratio is very high at 2.08 and currently higher than the industry
average, implying that there
is very poor management of debt levels within the company.
c)However, the consensus estimate suggests that this
trend should reverse in the coming year. During the past fiscal year, TOP SHIPS INC swung
to a loss,
reporting -$3.54 versus $1.59 in the prior year. This year, the market expects an
improvement in earnings
($1.50 versus -$3.54).
d) Report was written ironically June 8th,2008
e)Other peers in the gas sector include: USS,GASS,CPLP,POCC,TLP,LNG,TOO
f) all peers almost had negative value
g)TOP SHIPS INC's gross profit margin for the fourth quarter of its fiscal year 2007 has
significantly decreased
when compared to the same period a year ago. Sales and net income have dropped,
underperforming the
average competitor within its industry. TOP SHIPS INC has very weak liquidity. Currently,
the Quick Ratio is
0.29 which clearly shows a lack of ability to cover short-term cash needs. The company's
liquidity has
decreased from the same period last year.

Jaywalk Consensus report as of 6/10/08
a)1 independent research provider has rated the stock a strong buy, one has rated it a
buy, four has rated it a hold, 2 have rated it a sell, 1 has rated it a strong sell
...average rating is a 3.12 which is more bullish than they were 10 days ago when it was a
3
b) the company has 96 employees
c) Enterprise value of the company is 400 million higher than its market cap reflected its
large debt

S&P report- April 8th,2008
a)TOPS acquires vessels for dry bulk and starts restructuring to increase revenues for
2009 but will cause a reduction in revenues for 2008
b)dry docking expense has increased
c)reduced spot rate exposure
d) good move to enter drybulk
e) but high debt levels
f) tanker rates have not been good
g)opinion of the report is to buy
h) 18 tankers, consisting of 10
Suezmax double hull tankers (for crude oil) and 8 Handymax double hull tankers (for
petroleum products or
crude oil), with a total cargo carrying capacity of over 1.9 million deadweight tons.M.
Mason (212-691-8087)
i)we believe that oil and industry will remain neutral with the amount of tankers rising
more than the amount needed for shipping
j) U.S conusmption of gas is expected to decrease 1% this year
k)11:56 am ET ... S&P MAINTAINS BUY RECOMMENDATION ON SHARES OF TOP
SHIPS (TOPSD 8.8****): TOPSD on 3/20 completed 1-for-3 reverse split and
announced the termination of its charter for a Suezmax tanker after its sale,
which will produce a gain of $4M upon delivery. The sale leaves TOPSD with a
fleet of 18 vessels, excluding 6 newbuilds to be delivered in '09. It has taken
delivery of 5 of 6 drybulk vessels acquired since 7/07. We are cutting our '08 EPS
estimate to $0.66 from $0.93 on our updated tanker rate forecast, higher interest
and drydocking expense, and we set '09 at $0.65.
l)wall street consensus behind the guy is a hold
----
1)there is one buy rating, one buy hold rating, one sell rating by analysts
2) JP Morgan Securities ,DNB NOR Markets ,Cantor Fitzgerald all are covering the stock

Thoughts:
1) according to the presentation the company has increased holdings of handymax and
suexmax tankers substnatially
2) 2007 was a bad and good year for the ccompany net debt became 18 percent less but asset
value decreased due to depreciation of vessels
3)Handymax and Suezmaxes TCE rates are at historic lows compared to the average TCE rates
over the last 5 years
4) EPS wasnt sensitive to price changes in Handymax and Suezmaxes at low rates
5)there are 2 analysts covering the stock one has said buy one has said hold
6) liquidity was slightly increased by the reverse split
7)Earning estimates werent changed after the reverse split it looks like ..so to me those
look lower than they should be since the number of outstanding shares
decreased...generally though i dont like this practice it is fishy and a reverse split is
very unlikely
8)Frontline Ltd, the world's biggest VLCC operator, said on Thursday it needs $31,500 a
day to break even on each of its supertankers. Bookings for VLCCs sailing from the Middle
East to Asia account for 47% of global demand for the carriers, according to New
York-based McQuilling Brokerage Partners. – Bloomberg
9)Freight rates to carry oil are expected to further firm up due to rising crude oil
prices and a growing shortage of tankers. This, industry experts say, will help shipping
companies earn more
10)NAT and TNK is a good company to compare to
11)The rate for Suexmax vessels has surged by 53 per cent from $52,866 (Rs 21,14,640) to
$81,073 (Rs 32,42,920)
12)Industry experts say the demand for oil tankers will be high in the next two to three
years as availability is low due to shipping companies' failure to anticipate demand.
13)Frontline has widely outperformed peers because only 35%-40% of its revenues come from
time charters -- contracts that lock in tanker rates at a discount to the spot market but
for longer periods of three to seven years.
14)Suezmax rates have increased from 22,000 to 62000 making EPS ultra sensitive
15)notice that it diluted it shares after the split and i think it did this at a discount
to give liquidity to its shares
16) expansion into dry bulk has led to even higher TCE or revenues per shipping day
17)time -charted dry bulk is a good decision for the company because it will stop price
fluctuations and volatility
18) new accounting measures have led to more accurate comparisons but have increased
expenses since everything is now recorded as an expense rather than figuring out what can
be deferred as an expense to later quarters
19) if Suezmax spot rates increase EBITDA indicates 148 million for a suezmax rate of
50,000 which would be the average of this quarter...last quarter with the corresponding
rate the EBITDA was 95
20)The last time spot rates were this high the company came in with a record EPS of 1
dollar in 2005 but obviously expenses are more and dynamics have changed in sales...but
eps should be record
21) company is attempting to restructure overall for overhaul
22) total debt has increased in the long term
23)retained earnings are poor
24) fleet utilization rates must rise
25) normally demand during this time of the year is low which makes estimates too low

Final notes- i believe the company will beat earnings or have positive guidance pushing
the price upwards.. i feel the company has good long term vision: getting time chartered
contracts, fleet expansions, reducing price volatility, increase operating day,s entrance
into dry bulk, reduce part tanker holdings. sales of ships has allowed for a revenue
stream to reduce indebtedness. On the long side i would initiate a hold rating i want to
see more of a turn around in the debt though. I feel the company is actively trying in
the last 6 months to improve more than usual and is making a progress toward buy/hold
status

Kabir M Long Term Rating : 2.3/5 HOLD