Business
Euroseas Ltd. Reports Results for the Year and Quarter Ended December 31, 2019
MAROUSSI, ATHENS, Greece, Feb. 19, 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, Feb. 19, 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 and full year ended December 31, 2019.\n Fourth Quarter 2019 Highlights: Total net revenues of $13.3 million. Net loss of $0.8 million; net loss attributable to common shareholders (after a $0.2 million dividend on Series B Preferred Shares) of $0.9 million or $0.18 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $1.6 million or $0.321 per share basic and diluted. Adjusted EBITDA1 was $1.2 million. An average of 16.8 vessels were owned and operated during the fourth quarter of 2019 earning an average time charter equivalent rate of $9,086 per day.During the fourth quarter, the Company took delivery of four intermediate containerships, owned by Synergy Holdings Ltd. The consideration for the acquisition of approximately $40 million was financed by bank debt of $32 million, existing funds of the Company and $6 million raised in private placements, subscribed equally by an entity affiliated with the Company’s CEO and an entity controlled by the seller of the four vessels. The four vessels, each with a capacity of 4,250 teu, (three built in 2009 and one in 2008), represent a significant expansion of Euroseas’ fleet both in terms of units and value. Finally, the Company declared its fourth cash dividend of $0.16 million on its Series B Preferred Shares. Full Year 2019 Highlights: Total net revenues of $40.0 million. Net loss of $1.7 million; net loss attributable to common shareholders (after a $1.3 million dividend on Series B Preferred Shares and a $0.5 million preferred deemed dividend arising out of the redemption of approximately $11.7 million of Series B Preferred Shares in the second quarter of 2019) of $3.5 million or $1.21 loss per share basic and diluted. Adjusted net loss per share attributable to common shareholders1 for the year was $4.4 million or $1.521 per share basic and diluted.Adjusted EBITDA1 was $5.3 million.An average of 13.1 vessels were owned and operated during the twelve months of 2019 earning an average time charter equivalent rate of $8,782 per day. 1Adjusted E...