Business
Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2020
ATHENS, Greece, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier
About this update from Euroseas Ltd.
[{"type":"text","content":"ATHENS, Greece, Aug. 11, 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 and six month period ended June 30, 2020.\n Second Quarter 2020 Financial Highlights: Total net revenues of $13.5 million. Net income of $1.3 million and net income attributable to common shareholders (after a $0.2 million dividend on Series B Preferred Shares) of $1.1 million or $0.20 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $1.4 million or $0.25 per share basic and diluted. Adjusted EBITDA1 was $4.4 million. An average of 19.00 vessels were owned and operated during the second quarter of 2020 earning an average time charter equivalent rate of $9,458 per day. First Half 2020 Financial Highlights: Total net revenues of $28.9 million. Net income of $3.2 million; net income attributable to common shareholders (after a $0.3 million of dividend on Series B Preferred Shares) of $2.9 million or $0.52 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $2.3 million or $0.42 per share basic and diluted. Adjusted EBITDA1 was $8.4 million. An average of 19.00 vessels were owned and operated during the first half of 2020 earning an average time charter equivalent rate of $9,541 per day. 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. Other Developments During the second quarter of 2020, the Company agreed with certain of its lenders to defer a portion of its 2020 loan repayments to be repaid together with the respective balloon installments. A total of $4.7 million was rescheduled to December 2021 or within 2022. Furthermore, the Company agreed with the holders of its Series B Preferred Shares to have the option of paying the q...