Business
United Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023 and Declares Cash Dividend of $0.075 Per Share
Highlights Quarterly Full Year(in million USD except EPS) Q4 2023Q4 2022 FY 2023FY 20221Net Revenues $11.6 $14.9 $36.1$22.8Net (Loss) / Income ($0.7)$36.5
About this update from United Maritime Corporation
[{"type":"text","content":" Highlights Quarterly Full Year(in million USD except EPS) Q4 2023Q4 2022 FY 2023FY 20221Net Revenues $11.6 $14.9 $36.1$22.8Net (Loss) / Income ($0.7)$36.5 $0.2$37.5Adjusted Net (Loss) / Income2 ($0.6)$39.8 $2.8$40.9EBITDA2 $4.4 $38.9 $16.3$41.8Adjusted EBITDA2 $4.6 $42.3 $18.9$45.2 (Loss) / Earnings per Share (EPS) Basic ($0.08)$4.86 $0.02$7.79(Loss) / Earnings per Share (EPS) Diluted ($0.08)$3.55 $0.02$4.92 Adjusted (Loss) / Earnings per share Basic2 ($0.07)$5.36 $0.33$8.54 Adjusted (Loss) / Earnings per share Diluted2 ($0.07)$3.90 $0.33$5.39 Other Highlights and Developments: Quarterly cash dividend of $0.075 per share declared for Q4 2023, an 11% annualized dividend yield3Total cash dividends of $10.7 million, or $1.375 per share, declared since November 2022 representing approximately 45% of United’s market capitalization3Total buybacks of approximately $6.7 million in common shares at an average price of $1.87 per share since Q3 2022 Total investments of $144 million4 in 2023 for the acquisition of seven dry bulk vessels and $37.5 million proceeds from the sale of our last tanker vessel$30.0 million in refinancings completed in Q4 2023 adding $6.8 million in extra liquidity, with another $13.8 million sale and leaseback agreed in Q1 2024Agreement to acquire a modern Japanese Kamsarmax, through an 18-month bareboat charter with purchase option GLYFADA, Greece, Feb. 20, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the fourth quarter and twelve months ended December 31, 2023. The Company also declared a quarterly cash dividend of $0.075 per common share for the fourth quarter of 2023. For the quarter ended December 31, 2023, the Company generated Net Revenues of $11.6 million compared to $14.9 million in the fourth quarter of 2022. Adjusted EBITDA2 for the quarter was $4.6 million, compared to $42.3 million for the same period of 2022. Net Loss and Adjusted Net Loss for the quarter were $0.7 million and $0.6 million, respectively, compared to Net Income and Adjusted Net Income of $36.5 million and $39.8 million in the fourth quarter of 2022. The Time Charter Equivalent (“TCE”) rate5 of the fleet for the fourth quarter of 2023 was $15,874 per day, compared to $32,161 in the same period of 2022. For the twelve-month period ended Decemb...