Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q3 2006 Earnings Presentation
17 slides from Euroseas's earnings presentation, Nov 21, 2006
Slide 1: Third Quarter and Nine Months 2006 Earnings Presentation
Third Quarter and Nine Months 2006 Earnings Presentation November 21, 2006 1870 Today 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation may be "forward"forward--looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward- forward-looking statements are based on current management expectations that involve risks and uncertaintie
Slide 3: Euroseas Ltd – A year later..
Euroseas Ltd – A year later.. Strategic decision to use the public market to fund future growth growth Raised $ 21 million through a private placement in August 2005 ($9 ($9 / share) Became a public company by registering shares offered in private placement in Feb 2006; shares, currently, trade on O
Slide 4: Third Quarter & Nine Months 2006 Overview
Third Quarter & Nine Months 2006 Overview Financial Highlights Third Quarter 2006 First Nine Months 2006 Net Revenues: $ 9.3 million Net Revenues: Revenues: $ 29.7 million Net income: $ 5.4 million Net income: $ 15.3 million Adj. EBITDA: $ 7.5 million Adj. Adj. EBITDA: $ 21.5 million Declared quarte
Slide 5: Current Fleet – November 2006
Current Fleet – November 2006 Vessel List Type Size Units Year Built Aristides NP Drybulk 69,268 dwt 1993 Irini Drybulk 69,734 dwt 1988 Ariel Drybulk 33,712 dwt 1977 Nikolaos P Drybulk 34,750 dwt 1984 Artemis Container 2,098 teu 1987 YM Xingang I Container 1,599 teu 1993 QuingDao Container 1,269 teu
Slide 6: Charter Coverage
Charter Coverage 1000 100% Available Days Average % Days On Contract for Year 900 2007-56% 90% Fixed Days 800 % Days Fixed 80% 700 70% Available Days 600 2008-41.5% 60% 500 50% 400 40% 300 30% 200 20% 100 10% 0 0% 07.1 07.2 07.3 07.4 08.1 08.2 08.3 08.4 Secure base revenue in 2007 and 2008 for the e
Slide 7: Euroseas Fleet Employment
Euroseas Fleet Employment Our Containerships & Multipurpose vessel are employed under time charters with remaining terms from 10 months to more than 5 ½ years M/V YM Qingdao - ‘til Mar- Mar-2007 [ $11,900/day] M/V Kuo Hsiung - ‘til Nov- Nov-2007 [ $12,000/day] M/V Artemis - ‘til Dec- Dec-2008 [ $19,
Slide 8: Financial results and dividend history
Third Quarter & Nine Months 2006 Financial results and dividend history 8
Slide 9: Baltic Dry Index Development Update
Baltic Dry Index Development Update Baltic Dry Index 5,000 • Drybulk markets 4,500 have increased 2005 4,000 significantly since Q1 2006 3,500 summer Q4 3,000 • The early 2005 2006 peaks have not 2,500 Q3 2005 2005 been reached yet 2,000 Q2 Q4 2006 2006 2005 Q1 Q2 • Market levels in 1,500 Q3 Q3 and
Slide 10: Fleet Data for Third Quarter & Nine Months 2006
Fleet Data for Third Quarter & Nine Months 2006 Pe r Ve sse l S ta tistics in US D/da y/Ve sse l 3 Months E nde d S e pt. 3 0, 9 Months E nde d S e pt. 3 0, 2005 2006 2005 2006 (una udite d) (una udite d) (una udite d) (una udite d) Numbe r of ve sse ls 7. 00 7. 3 5 7. 00 7. 91 Pe riod Da ys (da ys)
Slide 11: Income Statement for Third Quarter and Nine Months 2006
Income Statement for Third Quarter and Nine Months 2006 INCOME S TATE ME NT 3 months e nde d S e pt. 3 0, 9 months e nde d S e pt. 30, in US D 2005 2006 2005 2006 Voya ge re ve nue 10, 257, 769 9, 280, 725 34, 091, 505 29,701, 945 Voyage expenses (4,321) (148,018) (136,224) (1,014,383) TC E quiva le
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights BALANCE SHEET Sept. 30, in USD 2006 Assets (unaudited) unaudited) Current assets Unrestricted cash: $14.1 million Cash and cash equivalents 14,057,280 Other current Assets 3,758,097 Total current assets 17,815,377 Long term debt: $ 58.9 million Vessels, net incl. vessel held
Slide 13: Conclusion
PB ons LTD Conclusion PB eens LTD 13
Slide 14: Next Steps
Next Steps Long- Long-standing & profitable track record of principals The Pittas family has 4 generations of involvement in shipping -owner of approximately 80% of Euroseas common stock Experience in managing vessels of any age -operating costs among the lowest of its peers Our focus always remains
Slide 15: Appendix
PB ons LTD Appendix PB eens LTD 15
Slide 16: EBITDA Reconciliation
EBITDA Reconciliation Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Sept. 30, 2005 Sept. 30, 2006 Sept. 30, 2005 Sept. 30, 2006 Net income 5,693,602 5,362,380 20,456,976 15,322,422 Interest and finance 404,541 616,794 860,562 1,538,399 costs, net (incl. Interest Income) D
Slide 17: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. Aethrion Center 40, Ag. Konstantinou Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30- +30-211- 211-1804005 Fax.+30- Fax.+30-211- 211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capita