Business
Castor Maritime Inc. reports $20.0 Million Net income for the Three Months Ended March 31, 2022.
LIMASSOL, Cyprus, May 09, 2022 (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, May 09, 2022 (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, 2022. Highlights of the First Quarter Ended March 31, 2022: Revenues, net: $54.6 million for the three months ended March 31, 2022, as compared to $7.0 million for the three months ended March 31, 2021;Net income: $20.0 million for the three months ended March 31, 2022, as compared to $1.1 million for the three months ended March 31, 2021; Earnings per common share(1): $0.21 earnings per share for the three months ended March 31, 2022, as compared to earnings per share of $0.02 for the three months ended March 31, 2021; EBITDA(2): $27.9 million for the three months ended March 31, 2022, as compared to $2.6 million for the three months ended March 31, 2021; andCash and restricted cash of $84.0 million as of March 31, 2022, as compared to $43.4 million as of December 31, 2021. (1) All comparative share and per share amounts disclosed throughout this press release and in the financial information presented in Appendix B have been retroactively updated to reflect the one-for-ten (1-for-10) reverse stock split effected on May 28, 2021. (2) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary: Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented: “In the first quarter of 2022 we enjoyed for the first time the full contribution to quarterly earnings of all the vessels acquired during 2021. In addition, we benefited from a robust dry bulk market as well as from the recovery in the charter rates of our Aframax/LR2 vessels, resulting in our best quarter to date, with Net income of $20 million and strong operating cash flows. Our balance sheet is strong with a healthy liquidity position and low leverage. We did not sell any common shares under the ATM Program during the first quarter and up to the date of this release, at the same time, we resized our ATM Program from $300 million to $150 million on March 31, 2022. We will continue to seek attract...