Business
Castor Maritime Inc. Reports Net Loss of $5.4 Million for the Three Months Ended September 30, 2023 and Net income of $13.6 Million for the Nine Months Ended September 30, 2023
LIMASSOL, Cyprus, Nov. 08, 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, Nov. 08, 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 and nine months ended September 30, 2023. Earnings Highlights of the Third Quarter Ended September 30, 2023: Total Vessel Revenues from continuing operations: $21.4 million for the three months ended September 30, 2023, as compared to $39.4 million for the three months ended September 30, 2022, or a 45.7% decrease;Net loss from continuing operations of $5.4 million for the three months ended September 30, 2023, as compared to net income of $18.3 million for the three months ended September 30, 2022, or a 129.5% decrease;Net loss of $5.4 million for the three months ended September 30, 2023, as compared to net income of $37.1 million for the three months ended September 30, 2022, or a 114.6% decrease;Earnings / (Loss) (basic and diluted) per common share from continuing operations: $(0.06) per share for the three months ended September 30, 2023, as compared to $0.19 per share for the three months ended September 30, 2022;EBITDA from continuing operations(1): $2.5 million for the three months ended September 30, 2023, as compared to $24.6 million for the three months ended September 30, 2022;Adjusted EBITDA from continuing operations(1): $10.9 million for the three months ended September 30, 2023, as compared to $24.6 million for the three months ended September 30, 2022;Cash and restricted cash of $95.0 million as of September 30, 2023, as compared to $109.9 million as of December 31, 2022. (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 income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Highlights of the Nine Months Ended September 30, 2023: Total Vessel Revenues from continuing operations: $71.2 million for the nine months ended September 30, 2023, as compared to $118.9 million for the nine months ended September 30, 2022, or a 40.1% decrease;Net loss from continuing operations of $3.7 million for the nine months ended September 30, 2023, as compared to net income $58.7 million for the ...