Business
EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2021
ATHENS, Greece, Nov. 10, 2021 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and
About this update from Eurodry Ltd.
[{"type":"text","content":"ATHENS, Greece, Nov. 10, 2021 (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 periods ended September 30, 2021. Third Quarter 2021 Highlights: Total net revenues for the quarter of $19.5 million.Net income attributable to common shareholders of $11.8 million or $4.47 and $4.41 earnings per share basic and diluted, respectively, inclusive of unrealized gain on derivatives. Adjusted net income attributable to common shareholders1 for the quarter of $10.1 million, or, $3.84 and $3.79 per share basic and diluted, respectively.Adjusted EBITDA1 was $13.0 million.An average of 8.1 vessels were owned and operated during the third quarter of 2021 earning an average time charter equivalent rate of $28,103 per day.The Company declared a dividend of $0.3 million on its Series B Preferred Shares. The dividend will be paid in cash. ______________ 1Adjusted EBITDA, Adjusted net income/(loss) and Adjusted earnings/(loss) per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP. Nine Months 2021 Highlights: Total net revenues of $42.1 million.Net income attributable to common shareholders was $14.2 million, or$5.84 and $5.74 earnings per share basic and diluted, respectively, inclusive of unrealized loss on derivatives and a loss on debt extinguishment. Adjusted net income attributable to common shareholders1 for the period was $18.0 million or $7.42 and $7.29 adjusted earnings per share basic and diluted, respectively. Adjusted EBITDA1 was $26.3 million. An average of 7.5 vessels were owned and operated during the first nine months of 2021 earning an average time charter equivalent rate of $22,232 per day. Recent developments In October 2021, we drew a loan of $9 million with our vessels, M/V Pantelis and M/V Tasos, used as collateral, which will be repaid in eighteen monthly installments of $0.3 million each followed by anoth...