Business
EuroDry Ltd. Reports Results for the Year and Quarter Ended December 31, 2022
ATHENS, Greece, Feb. 13, 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, Feb. 13, 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 twelve-month periods ended December 31, 2022. Fourth Quarter 2022 Highlights: Total net revenues of $15.1 million.Net income attributable to common shareholders of $6.3 million or $2.21 and $2.20 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the quarter of $3.3 million, or, $1.18 per share basic and diluted, respectively.Adjusted EBITDA1 was $7.3 million.An average of 10.1 vessels were owned and operated during the fourth quarter of 2022 earning an average time charter equivalent rate of $16,689 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of time charter equivalent rate.As of February 10, 2023, we had repurchased 147,362 shares of our common stock in the open market for $2.1 million, under our repurchase plan of up to $10 million, announced in August 2022. ____________________________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. Full Year 2022 Highlights: Total net revenues of $70.2 million.Net income attributable to common shareholders of $33.5 million, or $11.66 and $11.61 earnings per share basic and diluted, respectively.Adjusted net income attributable to common shareholders1 for the period was $28.4 million or $9.90 and $9.85 adjusted earnings per share basic and diluted, respectively. Adjusted EBITDA1 was $43.2 million. An average of 10.4 vessels were owned and operated during the twelve months of 2022 earning an average time charter equivalent rate of $21,304 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of time charter equivalent rate. Aristides Pittas, Chairman and CEO of EuroDry c...