Business
Seanergy Maritime Reports Record Financial Results for the Second Quarter and Six Months Ended June 30, 2022 and Declares Dividend of $0.025 Per Share
Highlights of the Second Quarter of 2022: Net revenues: $32.8 million in Q2 2022, as compared to $27.8 million in Q2 2021, up 18%Net Income: $5.9 million in
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"Highlights of the Second Quarter of 2022: Net revenues: $32.8 million in Q2 2022, as compared to $27.8 million in Q2 2021, up 18%Net Income: $5.9 million in Q2 2022, as compared to $2.0 million in Q2 2021, up 203%Adjusted Net Income1: $7.1million in Q2 2022, as compared to $2.5 million in Q2 2021, up 187%EBITDA1: $16.1 million in Q2 2022, as compared to $10.8 million in Q2 2021, up 50%Adjusted EBITDA1: $17.3 million in Q2 2022, as compared to $11.3 million in Q2 2021, up 53%Earnings per share (“EPS”) (basic & diluted): $0.03Adjusted EPS1 (basic & diluted): $0.04 Highlights of First Six Months of 2022: Net revenues: $62.5 million in 6M 2022, as compared to $48.2 million in 6M 2021, up 30%Net Income: $9.6 million in 6M 2022, as compared to $0.6 million in 6M 2021, up 1,401%Adjusted Net Income1: $14.8 million in 6M 2022, as compared to $2.6 million in 6M 2021, up 476%EBITDA1: $28.9 million in 6M 2022, as compared to $17.3 million in 6M 2021, up 67%Adjusted EBITDA1: $34.1 million in 6M 2022, as compared to $19.2 million in 6M 2021, up 77%Earnings per share (“EPS”) (basic & diluted): $0.06 & $0.05, respectivelyAdjusted EPS1 (basic & diluted): $0.09 & $0.08, respectively First Half of 2022 and Other Developments: Spin-off of United Maritime Corporation (“United”) and distribution of United’s common shares to Seanergy’s shareholdersQuarterly dividend of $0.025 per share for Q2 2022, payable on or about October 11, 2022 to all common shareholders of record as of September 25, 2022Total cash dividends of $0.10 per common share to the Company’s shareholders in 2022 to date plus the distribution of United’s sharesAdditional repurchase plan of up to $5.0 million, on top of the $26.7 million buybacks completed in Q4 2021 / Q1 2022Delivery of the recently acquired Capesize vessel and commencement of period employmentNew financing and refinancing transactions totaling $80.3 million with improved pricing and overall loan terms$28.0 million commitment letter from a prominent European lender for the refinancing of the last balloon remaining for 2022No remaining loan maturities until Q4 2023 1 Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure. ATHENS, G...