Business
Seanergy Maritime Holdings Corp. Reports First Quarter 2022 Financial Results and Declares Dividend of $0.025 Per Share
Highlights of the First Quarter of 2022: Earnings per share (“EPS”) (basic & diluted): $0.02 and Adjusted EPS1 (basic & diluted): $0.04 Net revenues: $29.7
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"Highlights of the First Quarter of 2022: Earnings per share (“EPS”) (basic & diluted): $0.02 and Adjusted EPS1 (basic & diluted): $0.04 Net revenues: $29.7 million in Q1 2022, as compared to $20.4 million in Q1 2021, up 46% Net Income: $3.7 million in Q1 2022, as compared to Net Loss of $1.3 million in Q1 2021 Adjusted Net Income1: $7.7 million in Q1 2022, as compared to Adjusted Net Income of $0.1 million in Q1 2021EBITDA1: $12.8 million in Q1 2022, as compared to $6.5 million in Q1 2021, up 97%Adjusted EBITDA1: $16.8 million in Q1 2022, as compared to $7.9 million in Q1 2021, up 113% First Quarter & Recent Developments: Declares a quarterly dividend of $0.025 per share for Q1 2022 Dividend payable on or about July 14, 2022 to all shareholders of record as of June 28, 2022Buyback of $10.0 million of the outstanding convertible note within Q1 2022; total buybacks of convertible notes, common shares and warrants of $26.7 million in Q4 2021-Q1 2022New refinancing facility of $21.3 million with a prominent Japanese lender with improved pricing and overall loan termsContinuous investment to upgrade the energy efficiency and environmental footprint of our fleet GLYFADA, Greece, May 31, 2022 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the first quarter ended March 31, 2022 and declared a quarterly dividend of $0.025 per share. For the quarter ended March 31, 2022, the Company generated net revenues of $29.7 million, a 46% increase compared to the first quarter of 2021. Adjusted EBITDA for the quarter was $16.8 million, compared to $7.9 million in the same period of 2021. Net Income and Adjusted Net Income for the quarter were $3.7 million and $7.7 million respectively, compared to a Net Loss of $1.3 million and Adjusted Net Income of $0.1 million in the first quarter of 2021. The daily Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the first quarter of 2022 was $19,357, marking a 19% increase compared to $16,219 for the same period of 2021. Cash and cash-equivalents, restricted cash, term deposits, as of March 31, 2022, stood at $38.9 million, compared to $47.1 million as of December 31, 2021. Shareholders’ equity at the end of the first quarter was $231.0 million, compared to $244.5 million on December 31, 2021, with the decr...