Business
EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2023
ATHENS, Greece, Nov. 08, 2023 (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. 08, 2023 (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, 2023. Third Quarter 2023 Highlights: Total net revenues for the quarter of $10.0 million.Net loss of $0.5 million or $0.19 loss per share basic and diluted. Adjusted net loss1 for the quarter of $0.7 million, or, $0.24 per share basic and diluted.Adjusted EBITDA1 was $3.1 million.An average of 10.0 vessels were owned and operated during the third quarter of 2023 earning an average time charter equivalent rate of $12,126 per day.As of November 8, 2023 we had repurchased 268,490 shares of our common stock in the open market for about $4.0 million (approximately 9.7% of our currently outstanding shares), under our share repurchase plan initiated in August 2022.On September 12, 2023 we announced our agreement to acquire three Ultramax bulkers, M/V Christos K (ex-Giants Causeway), a 63,197dwt drybulk vessel built in 2015, M/V Maria (ex-Sadlers Wells), a 63,153 dwt drybulk vessel also built in 2015, and M/V Yannis Pittas (ex-Galileo), a 63,177 dwt dry bulk vessel built in 2014 for a total price of $65 million. _____________________________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 2023 Highlights: Total net revenues of $31.7 million.Net loss of $3.3 million, or $1.17 loss per share basic and diluted. Adjusted net loss1 for the period was $1.6 million or $0.57 loss per share basic and diluted, before unrealized loss on derivatives. Adjusted EBITDA1 was $8.0 million. An average of 10.0 vessels were owned and operated during the first nine months of 2023 earning an average time charter equivalent rate of $11,644 per day. Recent developments On October 10, 2023 we took delivery of M/V Yannis Pittas. The consideratio...