Business
EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2022
ATHENS, Greece, May 18, 2022 (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, May 18, 2022 (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-month period ended March 31, 2022. First Quarter 2022 Highlights: Total net revenues of $18.3 million.Net income attributable to common shareholders of $10.5 million or $3.69 and $3.64 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the quarter of $9.5 million or $3.34 and $3.30 earnings per share basic and diluted, respectively, before unrealized gain on derivatives. Adjusted EBITDA1 was $12.7 million.An average of 9.54 vessels were owned and operated during the first quarter of 2022 earning an average time charter equivalent rate of $24,636 per day. _______________1Adjusted EBITDA, Adjusted net income and Adjusted earnings 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. Recent developments In April 2022, the Company acquired M/V Santa Cruz, a 76,440 dwt drybulk vessel built in 2005, for $15.75 million. The vessel was majority owned by a third party with a minority interest held by the Pittas family and has been managed by Eurobulk Ltd., also the manager of the majority of the Company’s vessels. The Company also assumed the existing charter of the vessel at $14,800 per day until July 2022. The acquisition was financed with own funds. Aristides Pittas, Chairman and CEO of EuroDry commented: “Despite the challenging global economic and geopolitical environment, during the first quarter of 2022, our vessels were employed at very profitable rates, the highest compared to any period of the last 12 years except the second half of 2021. The significant earnings generated by our vessels have allowed us to exploit investment opportunities and to expand our fleet by 2 units in 2022, building on our two-prong growth strategy that combines modern eco vessels built during the last 8-10 ye...