Business
Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2023 and Declares Quarterly Common Stock Dividend
ATHENS, Greece, May 16, 2023 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels
About this update from Euroseas Ltd.
[{"type":"text","content":"ATHENS, Greece, May 16, 2023 (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, 2023 and declared a common stock dividend. First Quarter 2023 Financial Highlights: Total net revenues of $41.9 million.Net income of $28.8 million or $4.11 and $4.10 earnings per share basic and diluted, respectively.Adjusted net income1 for the period was $21.7 million or $3.10 and $3.09 per share basic and diluted, respectively.Adjusted EBITDA1 was $26.0 million.An average of 17.1 vessels were owned and operated during the first quarter of 2023 earning an average time charter equivalent rate of $29,231 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of time charter equivalent rate.Declared a quarterly dividend of $0.50 per share for the first quarter of 2023 payable on or about June 16, 2023 to shareholders of record on June 9, 2023, as part of the Company’s common stock dividend plan.As of May 16, 2023 we had repurchased 348,419 of our common stock in the open market for a total of about $7.0 million, since the initiation of our share repurchase plan of up to $20 million announced in May 2022.As previously announced, on April 6, 2023, the Company took delivery of its first newbuilding M/V “Gregos”, an eco 2,800 teu feeder containership from Hyundai Mipo Dockyard Co. in South Korea. The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by Eurobank S.A. Following its delivery, M/V “Gregos” commenced a thirty-six to forty month charter with Asyad Lines. __________________1 Adjusted 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 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...