Business
Seanergy Maritime Reports Financial Results for the First Quarter Ended March 31, 2023 and Declares Quarterly Dividend of $0.025 Per Share
Highlights (in million USD, except EPS)Q1 2023Q1 2022Net Revenues$18.0$29.7Net (loss) / income($4.2)$3.7Adjusted net (loss) /
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":" Highlights (in million USD, except EPS)Q1 2023Q1 2022Net Revenues$18.0$29.7Net (loss) / income($4.2)$3.7Adjusted net (loss) / income1($0.3)$7.7EBITDA1$8.2$12.8Adjusted EBITDA1$3.9$16.8 (Loss) / earnings per Share Basic1,2($0.23)$0.21 (Loss) / earnings per Share Diluted1,2($0.23)$0.21Adjusted (loss) / earnings per share Basic1,2 ($0.02)$0.44Adjusted (loss) / earnings per share Diluted1,2($0.02)$0.43 Other Highlights and Developments: Quarterly cash dividend of $0.025 per share for Q1 2023 - resulting in total cash dividends of $1.30 per share or $23.4 million declared since March 2022, in addition to the spin-off and distribution of shares of United Maritime Corporation in July 2022New financing and refinancing transactions of $53.8 million on improved terms adding approx. $15.0 million of extra liquidity Elimination of 92% of the original $38.7 million convertible note, following the $8.0 million repayment in Q1 2023$0.85 million open market common shares purchases by Seanergy’s managementRepurchased 47% of the outstanding Class E Warrants through a tender offer ATHENS, Greece, May 25, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per share for the first quarter of 2023. For the quarter ended March 31, 2023, the Company generated Net Revenues of $18.0 million, compared to $29.7 million in the first quarter of 2022. EBITDA and Adjusted EBITDA for the quarter were $8.2 million and $3.9 million, respectively, compared to $12.8 million and $16.8 million, respectively, for the same period of 2022. Net Loss and Adjusted Net Loss for the quarter were $4.2 million and $0.3 million, respectively, compared to Net Income of $3.7 million and Adjusted Net Income of $7.7 million in the first quarter of 2022. The daily Time Charter Equivalent (“TCE”3) of the fleet for the first quarter of 2023 was $11,005, compared to $19,357 in the same period of 2022. Cash and cash-equivalents and restricted cash, as of March 31, 2023, stood at $20.5 million. Shareholders’ equity at the end of the first quarter was $219.9 million. Long-term debt (senior loans, convertible note and other financial liabilities) net of deferred charges stood at $225.8 million, while the book valu...