Business
EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2019
MAROUSSI, ATHENS, Greece, Nov. 14, 2019 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels
About this update from Eurodry Ltd.
[{"type":"text","content":"MAROUSSI, ATHENS, Greece, Nov. 14, 2019 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three- and nine-month period ended September 30, 2019. Euroseas Ltd. (“Euroseas” or “Former Parent Company”) contributed to the Company seven subsidiaries comprising its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004 (the “Spin-off”). The Company was spun-off from Euroseas Ltd. on May 30, 2018. Historical comparative period reflects the results of the carve-out operations of the seven subsidiaries that were contributed to the Company.\n Third Quarter 2019 Highlights: Total net revenues of $7.7 million. Net loss of $0.4 million; net loss attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $0.8 million or $0.35 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $0.6 million or $0.26 adjusted loss per share basic and diluted. Adjusted EBITDA1 was $2.2 million. An average of 7.0 vessels were owned and operated during the third quarter of 2019 earning an average time charter equivalent rate of $12,088 per day. The Company declared its third cash dividend of $0.4 million on its Series B Preferred Shares. Nine Months 2019 Highlights: Total net revenues of $19.6 million. Net loss of $1.4 million; net loss attributable to common shareholders (after a $1.4 million dividend on Series B Preferred Shares and a $0.2 million preferred deemed dividend arising out of the redemption of approximately $4.3 million of Series B Preferred Shares in the second quarter of 2019) of $2.9 million or $1.31 loss basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $2.5 million or $1.13 adjusted loss per share basic and diluted.Adjusted EBITDA1 was $6.5 million.An average of 7.0 vessels were owned and operated during the first half of 2019 earning an average time charter equivalent rate of $10,750 per day. Aristides Pittas, Chairman and CEO of EuroDry commented: “During the third quarter of 2019, EuroDry benefited from the stronger drybulk market as...