Business
Euroseas Ltd. Reports Results for the Year and Quarter Ended December 31, 2022
ATHENS, Greece, Feb. 15, 2023 (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, Feb. 15, 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 and full year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights: Total net revenues of $42.9 million.Net income and net income attributable to common shareholders of $20.3 million or $2.87 and $2.86 earnings per share basic and diluted, respectively.Adjusted net income attributable to common shareholders1 for the period was $17.7 million or $2.50 per share basic and diluted. Adjusted EBITDA1 was $22.9 million. An average of 18.0 vessels were owned and operated during the fourth quarter of 2022 earning an average time charter equivalent rate of $29,399 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 fourth quarter of 2022 payable on or about March 16, 2023 to shareholders of record on March 9, 2023 as part of the Company’s common stock dividend plan.As of February 14, 2023 we had repurchased 251,685 of our common stock in the open market for a total of about $5.3 million, under our share repurchase plan of up to $20 million announced in May 2022.On December 29, 2022 we announced the sale of M/V Akinada Bridge, a 5,610 teu intermediate containership vessel built in 2001, at a gross price of $14.2 million. The vessel was delivered to its buyers on January 9, 2023. Full Year 2022 Highlights: Total net revenues of $182.7 million.Net income and net income attributable to common shareholders of $106.2 million or $14.79 and $14.78 earnings per share basic and diluted, respectively.Adjusted net income attributable to common shareholders1 for the period was $95.0 million or $13.23 and $13.21 per share basic and diluted, respectively.Adjusted EBITDA1 was $114.4 million.An average of 17.12 vessels were owned and operated during 2022, earning an average time charter equivalent rate of $31,964 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of time charter equivalent rate. Recent developments Continental Shipping Line, Singapore (CSL), the charterers ...