Business
Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2020
MAROUSSI, ATHENS, Greece, May 27, 2020 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container
About this update from Euroseas Ltd.
[{"type":"text","content":"MAROUSSI, ATHENS, Greece, May 27, 2020 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2020.\n First Quarter 2020 Financial Highlights: Total net revenues of $15.4 million. Net income of $2.0 million; net income attributable to common shareholders (after a $0.2 million of dividend on Series B Preferred Shares) of $1.8 million or $0.32 per share basic and diluted. Adjusted net income attributable to common shareholders¹ for the period was $1.0 million or $0.17 per share basic and diluted. Adjusted EBITDA¹ was $4.1 million. An average of 19.0 vessels were owned and operated during the first quarter of 2020 earning an average time charter equivalent rate of $9,615 per day. Finally, the Company declared its fifth cash dividend of $0.2 million on its Series B Preferred Shares. ____________________________________________ ¹ Adjusted 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 Euroseas 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. Aristides Pittas, Chairman and CEO of Euroseas commented: “During the first quarter of 2020, containership markets were affected by the COVID-19 pandemic and declined throughout the quarter. The decline continued during April and May 2020 as regions which typically drive containerized trade, like Europe and North America, locked down their economies to control the spread of the pandemic, negatively affecting trade growth. Indeed, it is expected that 2020 will register a significant shrinkage of containerized trade although some recovery should start taking place by the fourth quarter as the world economy is gradually exiting from the lock down.” “Within this very challenging environment, almost all of our vessels have remained employed at profitable rates during the first quarter except for Manolis P and EM Oinousses which are in the proc...