Business
EuroDry Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2021
ATHENS, Greece, Aug. 04, 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, Aug. 04, 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 six month periods ended June 30, 2021. Second Quarter 2021 Highlights: Total net revenues for the quarter of $14.1 million.Net income attributable to common shareholders of $1.9 million, or, $0.83 and $0.81 per share basic and diluted, respectively, inclusive of unrealized losses on derivatives and a loss on debt extinguishment.Adjusted net income attributable to common shareholders1 for the quarter of $6.6 million, or, $2.81 and $2.76 per share basic and diluted, respectively.Adjusted EBITDA1 for the quarter was $9.2 millionAn average of 7.37 vessels were owned and operated during the second quarter of 2021 earning an average time charter equivalent rate of $22,614 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. First Half 2021 Highlights: Total net revenues of $22.7 million.Net income attributable to common shareholders was $2.4 million, or, $1.03 and $1.01 per share basic and diluted, respectively, inclusive unrealized FFA contract losses and a loss on debt extinguishment. Adjusted net income attributable to common shareholders1 for the period was $7.9 million, or, $3.40 and $3.33 per share basic and diluted, respectively, inclusive of unrealized losses on derivatives and a loss on debt extinguishmentAdjusted EBITDA1 of $13.2 millionAn average of 7.19 vessels were owned and operated during the first half of 2021 earning an average time charter equivalent rate of $18,879 per day. Recent developments As previously announced, in May 2021, the Company acquired M/V Blessed Luck, a 76,704 dwt drybulk vessel built in 2004 in Japa...