Business
Castor Maritime Inc. Reports Net Income of $10.8 Million for the Three Months Ended March 31, 2023; Spin-Off of Tanker Business Completed on March 7, 2023
LIMASSOL, Cyprus, May 23, 2023 (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 23, 2023 (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, 2023. Highlights of the First Quarter Ended March 31, 2023: Total Vessel Revenues from continuing operations: $24.5 million for the three months ended March 31, 2023, as compared to $37.8 million for the three months ended March 31, 2022, or a 35.2% decrease;Net income of $10.8 million for the three months ended March 31, 2023, as compared to $20.0 million for the three months ended March 31, 2022, or a 46% decrease;Net (loss) / income from continuing operations: $(6.5) million for the three months ended March 31, 2023, as compared to $18.5 million for the three months ended March 31, 2022, or a 135% decrease;(Loss) / Earnings (basic and diluted) per common share from continuing operations: $(0.07) per share for the three months ended March 31, 2023, as compared to $0.20 per share for the three months ended March 31, 2022;EBITDA from continuing operations(1): $1.6 million for the three months ended March 31, 2023, as compared to $24.2 million for the three months ended March 31, 2022;Adjusted EBITDA from continuing operations(1): $9.3 million for the three months ended March 31, 2023, as compared to $24.2 million for the three months ended March 31, 2022;Cash and restricted cash of $72.5 million as of March 31, 2023, as compared to $109.9 million as of December 31, 2022; andThe spin-off (the “Spin-Off”) of our Aframax/LR2 and Handysize tanker segments to a new Nasdaq-listed company, Toro Corp. (“Toro”) was completed on March 7, 2023; Discontinued Operations: Following the Spin-Off, the results of the tanker business are reported as discontinued operations for all periods presented. (1) EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of these measures to Net (loss)/income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary First Quarter 2023: Mr. Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor commented: “In the first quarter of 2023 we completed the pr...