Business
Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2022
ATHENS, Greece, Aug. 10, 2022 (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. 10, 2022 (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 periods ended June 30, 2022. Second Quarter 2022 Financial Highlights: Total net revenues of $48.5 million. Net income and net income attributable to common shareholders of $30.7 million or $4.26 and $4.24 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the period was $29.6 million or $4.10 and $4.08 per share basic and diluted. Adjusted EBITDA1 was $34.2 million.An average of 16.46 vessels were owned and operated during the second quarter of 2022 earning an average time charter equivalent rate of $33,714 per day.Declared a quarterly dividend of $0.50 per share for the second quarter of 2022 payable on or about September 16, 2022 to shareholders of record on September 9, 2022 as part of the Company’s common stock dividend plan. As of August 10, 2022 we had repurchased 40,196 of our common stock in the open market for $0.9 million, under our share repurchase plan of up to $20 million announced in May 2022. First Half 2022 Financial Highlights: Total net revenues of $93.9 million. Net income and net income attributable to common shareholders of $60.7 million or $8.40 and $8.36 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the period was $56.4 million or $7.81 and $7.77 per share basic and diluted, respectively. Adjusted EBITDA1 was $65.3 million.An average of 16.23 vessels were owned and operated during the first half of 2022 earning an average time charter equivalent rate of $33,843 per day. ________________________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 measures calculated and presented in accordance with GAAP. Aristides Pittas, Chairman and CEO of Euroseas commented: “...