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United Maritime Reports Financial Results for the Fourth Quarter ended December 31, 2022 and Period from Commencement of Operations (July 6, 2022) to December 31, 2022 & Initiates Quarterly Dividend of $0.075 Per Share
Financial Highlights of the Fourth Quarter of 2022: Net income: $36.5 millionAdjusted net income1: $39.8 millionEBITDA1: $38.9 million Earnings per share
About this update from United Maritime Corporation
[{"type":"text","content":"Financial Highlights of the Fourth Quarter of 2022: Net income: $36.5 millionAdjusted net income1: $39.8 millionEBITDA1: $38.9 million Earnings per share (“EPS”) (basic & diluted): $4.86 & $3.55Adjusted EPS1 (basic & diluted): $5.36 & $3.90 Financial Highlights of the period from commencement of operations: Net income: $37.5 millionAdjusted net income1: $40.9 millionEBITDA1: $41.8 million Earnings per share (“EPS”) (basic & diluted): $7.79 & $4.92 Adjusted EPS1 (basic & diluted): $8.54 & $5.39Completed shareholder rewards of $23.4 million $7.4 million in special dividend distribution $6.0 million in stock buybacks $10.0 million of convertible preferred shares redemption Other Highlights and Developments: Initiates a regular quarterly dividend of $0.075 per shareCommences second investment cycle of $98 million2 consisting of: Two Capesize vessels for a total purchase price of $36.25 millionTwo Kamsarmax vessels for a total purchase price of $39.2 millionOne Panamax vessel under a bareboat charter agreement with a purchase option GLYFADA, Greece, Feb. 22, 2023 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the fourth quarter ended December 31, 2022 and the period from commencement of its operation on July 6, 2022 to December 31, 2022. The Company also declared a quarterly dividend of $0.075 per share. For the quarter ended December 31, 2022, the Company generated net revenues of $14.9 million, while EBITDA for the quarter was $38.9 million. Net Income and Adjusted Net Income for the quarter were $36.5 million and $39.8 million respectively. The daily Time Charter Equivalent (“TCE”3) of the fleet for the fourth quarter of 2022 was $32,161. For the period from commencement of its operation to December 31, 2022, the Company generated net revenues of $22.8 million, while EBITDA for the period was $41.8 million. Net Income and Adjusted Net Income for the period were $37.5 million and $40.9 million respectively, and the daily TCE of the fleet for the period was $28,752, while the average daily OPEX was $7,265. Cash, cash-equivalents and restricted cash, as of December 31, 2022, stood at $69.9 million. Shareholders’ equity at the end of the fourth quarter was $64.6 million. Long-term debt net of deferred charges stood at $42.6 million, including a cash...