Business
Castor Maritime Inc. Reports $1.1 Million net profit for the Three Months Ended March 31, 2021
LIMASSOL, Cyprus, June 03, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company,
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, June 03, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months ended March 31, 2021. Highlights of the First Quarter Ended March 31, 2021: Revenues, net: $7.0 million for the three months ended March 31, 2021, as compared to $2.7 million for the three months ended March 31, 2020, or a 159% period to period increase;Net income/loss: Net income of $1.1 million for the three months ended March 31, 2021, as compared to net loss of $0.3 million for the three months ended March 31, 2020, or a 467% period to period increase; Earnings/Loss per common share(1): $0.02 earnings per share for the three months ended March 31, 2021, as compared to loss per share of $0.68 for the three months ended March 31, 2020, or a 103% period to period increase; EBITDA(2): $2.6 million for the three months ended March 31, 2021, as compared to $0.9 million for the three months ended March 31, 2020, or a 189% period to period increase; Cash and restricted cash of $64.2 million as of March 31, 2021, as compared to $9.4 million as of December 31, 2020, or a 583% period to period increase; Since the beginning of this year, Castor announced the acquisition of 20 vessels across the dry bulk and tanker segments, consisting of 1 Capesize, 7 Kamsarmax and 4 Panamax dry bulk carriers as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers. As of June 2, 2021, we have taken successful delivery of 14 vessels and expect 6 remaining acquisitions to conclude by the fourth quarter of this year, subject to customary closing conditions. On a fully delivered basis, Castor will own a diversified fleet of 26 vessels with an aggregate capacity of 2.2 million dwt, having more than quadrupled its fleet size since December 31, 2020; andEffected a one-for-ten (1-for-10) reverse stock split of the Company's common shares on May 28, 2021(1). (1) All share and per share amounts disclosed throughout this press release and in the financial information presented in Appendix B of this press release have been retroactively updated to reflect the reverse stock split effected on May 28, 2021, unless otherwise indicated. (2) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appe...