Business
Seanergy Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2022
Highlights Quarterly Full Year(in million USD except EPS) Q4 2022Q4 2021 FY 2022FY 2021Net Revenues $28.5$56.7 $125.0$153.1Net Income $0.5$20.6
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":" Highlights Quarterly Full Year(in million USD except EPS) Q4 2022Q4 2021 FY 2022FY 2021Net Revenues $28.5$56.7 $125.0$153.1Net Income $0.5$20.6 $17.2$41.3Adjusted Net Income1 $0.9$27.9 $23.3$53.3EBITDA1 $12.0$31.5 $59.5$78.9Adjusted EBITDA1 $12.5$38.8 $65.6$90.1 Earnings per Share (EPS) Basic1,2 $0.03$1.21 $0.97$2.70Earnings per Share (EPS) Diluted1,2 $0.03$1.01 $0.96$2.16 Adjusted EPS Basic1,2 $0.05$1.63 $1.33$3.48 Adjusted EPS Diluted1,2 $0.05$1.36 $1.32$2.78 Other Highlights and Developments: Quarterly cash dividend of $0.025 per share for Q4 2022 - resulting in total cash dividends of $1.275 per share or $22.9 million declared since April 2022.Spin-off of United Maritime Corporation (NASDAQ: USEA) to our shareholders in July 2022 with implied value of $0.343 per Seanergy share.Total buybacks of common shares and convertible securities of $35.5 million since December 2021.Acquired two modern Japanese Capesize bulkers and disposed of the three oldest Capesize vessels, reducing the average age of the fleet.Financing and refinancing transactions of $124.8 million with improved pricing and overall terms. Regained compliance with the Nasdaq minimum bid price requirement following a 10:1 reverse stock split. ATHENS, Greece, March 14, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), announced today its financial results for the fourth quarter and twelve months ended December 31, 2022. The Company also declared a quarterly dividend of $0.025 per share for the fourth quarter of 2022. For the quarter ended December 31, 2022, the Company generated Net Revenues of $28.5 million, compared to $56.7 million in the fourth quarter of 2021. Adjusted EBITDA for the quarter was $12.5 million, compared to $38.8 million in the same period of 2021. Net Income and Adjusted Net Income for the quarter were $0.5 million and $0.9 million, respectively, compared to Net Income of $20.6 million and Adjusted Net Income of $27.9 million in the fourth quarter of 2021. The daily Time Charter Equivalent (“TCE”4 ) of the fleet for the fourth quarter of 2022 was $17,294, compared to $36,642 in the same period of 2021. For the twelve-month period ended December 31, 2022, Net Revenues were $125.0 million, compared to $153.1 million in the same period of 2021. Adjusted EBITDA for the twelve months of 2022 was $...