Business
EuroDry Ltd. Reports Results for the Year and Quarter Ended December 31, 2019
MAROUSSI, ATHENS, Greece, Feb. 12, 2020 (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, Feb. 12, 2020 (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 twelve-month periods ended December 31, 2019.\n Fourth Quarter 2019 Highlights: Total net revenues of $7.6 million. Net income of $1.4 million; net income attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $1.03 million or $0.45 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $0.98 million or $0.43 per share basic and diluted. Adjusted EBITDA1 was $3.8 million. An average of 7.0 vessels were owned and operated during the fourth quarter of 2019 earning an average time charter equivalent rate of $12,439 per day. The Company declared its fourth cash dividend of $0.4 million on its Series B Preferred Shares. Full Year 2019 Highlights: Total net revenues of $27.2 million. Net income of $0.02 million; net loss attributable to common shareholders (after a $1.7 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 $1.9 million or $0.85 loss basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $1.6 million or $0.69 adjusted loss per share basic and diluted.Adjusted EBITDA1 was $10.3 million.An average of 7.0 vessels were owned and operated during the twelve months of 2019 earning an average time charter equivalent rate of $11,190 per day. The Spin-offEuroseas Ltd. (“Euroseas”) 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 Company was spun-off from Euroseas Ltd. on May 30, 2018. Comparative period results for the full year 2018 reflect the results of the carve-out operations of the seven subsidiaries that were contributed to the Company from Euroseas. Aristides Pittas, Chairman and CEO of EuroDry commented: “During the fourth quarter of 2019, the drybulk market experienced a decline in...