Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q1 2007 Earnings Presentation
19 slides from Euroseas's earnings presentation, May 30, 2007
Slide 1: First Quarter 2007 Earnings Presentation
First Quarter 2007 Earnings Presentation May 30, 2007
Slide 2: Forward-Looking Statements
Forward- Forward-Looking Statements "forward--looking statements" within the meaning of federal securities laws. Statements in this presentation may be "forward laws. forward--looking statements are based on current management expectations The matters discussed herein that are forward that involve r
Slide 3: First Quarter 2007 Overview & Comparison to First Quarter 2006
First Quarter 2007 Overview & Comparison to First Quarter 2006 Financial Highlights First Quarter 2007 First Quarter 2006 Net Revenues: $ 13.5 million $ 9.5 million Net income: $ 9.5 million $ 3.4 million Adj. EBITDA: $13.6 million $ 5.4 million • First Quarter 2007 results include $3.4 million of c
Slide 4: Developments Since Follow-on Offering
Developments Since Follow- Follow-on Offering » Raised $47.4 million in January 2007 to expand fleet / repay debt debt • $43.4 million net » Move to NASDAQ increased stock visibility • Average trading volume 75,000 shares • Market capitalization $200+ million • Research coverage by 5 analysts » Exec
Slide 5: Period Charter Rate Development
Period Charter Rate Development 11--year year Time Time Charter Charter Rates Rates (Gross $/Day)(1) (Gross $/Day) (1) $50,000 $45,000 • Drybulk markets $40,000 have increased $35,000 significantly over the $30,000 last 12 months $25,000 • Containership rates $20,000 have dropped by $15,000 more tha
Slide 6: Vessel Sale & Purchase Activity
Vessel Sale & Purchase Activity • In February 2007, we concluded and reported – The purchase of M/V Gregos (ex M/V Triada), a 1984 built 38,691 dwt dry bulk carrier vessel, and, – The sale of M/V Ariel, a 1977 built 33,712 dwt dry bulk carrier vessel • Since then, we have purchased – M/V Manolis P,
Slide 7: Our Fleet – Vessels
Our Fleet – 11 Vessels Size Year Employment/ Gross Name Type DWT TEU Built Expiration Date Charter Rate ARISTIDES N.P. Panamax 69,268 - 1993 Period/January ’08 $29,000 IRINI Panamax 69,734 - 1988 Pool/December ’08 $17,000 - $20,000(1) Carriers Drybulk NIKOLAOS P. Handysize 34,750 - 1984 Period/Augus
Slide 8: Charter Coverage
Charter Coverage Available Days 1200 Fixed Days 120% Average % Days On Contract for Year 2007- 90% % Days Fixed 1000 100% 800 80% Available Days 2008-39% 600 60% 400 40% 200 20% 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 existing fleet » 90% of our 2007
Slide 9: Financial Overview
Financial Overview
Slide 10: Financial Highlights – First Quarter 2007
Financial Highlights – First Quarter 2007 Three Three Months Months Ended Ended March March 31, 31, 2007 2007 Three Three Months Months Ended Ended March March 31, 31, 2006 2006 » Fleet utilization: 99.8% » Fleet utilization: 100.0% » Voyage revenue: $14.2 m » Voyage revenue: $ 9.8 m » Adjusted EBIT
Slide 11: Fleet Data for 2006 and Q1 2007
Fleet Data for 2006 2006 and Q1 2007 Three months ended Fleet Statistics March 31, June 30, Sept. 30, Dec. 31, March 31, 2006 2006 2006 2006 2007 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 8.00 8.38 7.35 8.51 9.01 Utilization Rate % 100.0% 99.4% 96.4% 99.6% 99.8% A
Slide 12: Balance Sheet & Other Data
Balance Sheet & Other Data » Cash @ March 31, 2007: $37.8 m • Also restricted cash of $2.7 m » $10- $10-12 m available for vessel acquisitions after adjusting for: • Purchase of M/V Manolis P • New Loan to partly finance acquisition of Manolis P • Completion of purchase of M/V Clan Gladiator (assume
Slide 13: Rapid Debt Repayment
Rapid Debt Repayment Debt Debt Repayment Repayment Schedule Schedule –– As As of of 5/30/2007 5/30/2007 $20 $18.4 $18.2 $15 $11.3 $9.5 $9.9 $10 $6.3 $5.7 $5.2 $5 $0.6 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 % of Total Debt: 22% 21% 11% 12% 7% 7% 13% 1% 6% Average Average Debt Debt Life Life
Slide 14: Dividend History & Policy
Dividend History & Policy Dividend Dividend History History Dividend Dividend Policy Policy » Objective to provide consistent dividends 0.26 0.24 • Minimum target quarterly 0.22 dividend of $0.22 / share 0.20 • Dividend for 07 Q1: $0.24/share 0.18 0.16 • Next dividend in Aug- Aug-2007 $ / share 0.14
Slide 15: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. Aethrion Center 40, Ag. Konstantinou Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 2692 Far Vi
Slide 16: Appendix
| Appendix
Slide 17: Income Statement, First Quarter 2006 and 2007
Income Statement, First Quarter 2006 and 2007 Three months ended at INCOME STATEMENT March 31, in '000 US D e xce pt pe r sha re 2006 2007 amounts and numbe r of ve sse ls (unaudited) (unaudited) Voyage revenue 9,809 14,183 Voyage expenses -480 -637 TC Equivalent revenue 9,329 13,547 Commissions -54
Slide 18: Adjusted EBITDA: Reconciliation of Net Income
Adjusted EBITDA Reconciliation Reconciliation of of Net Net Income Income to to Adjusted Adjusted EBITDA EBITDA (Unaudited – in U.S. Dollars) Three Months Three Months Ended Ended March 31, 2006 March 31, 2007 Net income 3,418,882 9,475,307 Interest and finance costs, net (includes interest income)
Slide 19: Adjusted EBITDA: Reconciliation of Operating Cash Flow
Adjusted EBITDA Reconciliation Reconciliation of of Cash Cash Provided Provided by by Operating Operating Activities Activities to to Adjusted Adjusted EBITDA EBITDA (Unaudited – in U.S. Dollars) Three Months Three Months Ended Ended March 31, 2006 March 31, 2007 Net cash flow provided by 7,305,894