MARSHALL ISLANDS -- (Marketwire) -- 11/07/12 -- Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three and nine month periods ended September 30, 2012.
Third Quarter 2012 Highlights:
•Net loss of $0.8 million or $0.02 net loss per share basic and diluted on total net revenues of $13.4 million. Adjusted net loss(1) for the period was $0.6 million or $0.01 loss per share basic and diluted.
•Adjusted EBITDA(1) was $4.0 million.
•An average of 15.00 vessels were owned and operated during the third quarter of 2012 earning an average time charter equivalent rate of $10,246 per day.
•Declared a quarterly dividend of $0.015 per share for the third quarter of 2012 payable on or about December 11, 2012 to shareholders of record on December 4, 2012. This is the twenty-ninth consecutive quarterly dividend declared.
First Nine Months 2012 Highlights:
•Net loss of $11.2 million or $0.30 net loss per share basic and diluted on total net revenues of $40.1 million. Adjusted net loss(1) for the period was $2.0 million, or $0.05 net loss per share basic and diluted.
•Adjusted EBITDA(1) was $12.3 million.
•An average of 15.28 vessels were owned and operated during the first nine months of 2012 earning an average time charter equivalent rate of $10,373 per day.
•Declared three quarterly dividends for a total of $0.075 per share during the first nine months of 2012.
(1) Adjusted EBITDA, Adjusted net loss and Adjusted loss per share are not recognized measurements under GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
Aristides Pittas, Chairman and CEO of Euroseas commented: "During the third quarter of 2012, the containership market continued being depressed with no boost in charter rates during the usual holiday-targeted seasonal uptick during September and October. Drybulk rates continued their downward slide during the quarter as well. While most of our containerships are chartered at the presently low market levels, our drybulk vessels benefit from previously entered charter contracts with higher rates well in 2013.
"Looking forward, we expect to continue facing a challenging rate environment as weaker world economic growth is projected for 2013 alongside with significant fleet supply growth. This difficult operating environment comes along with opportunities to invest in vessels at very attractive valuations. We believe that our strong balance sheet and low leverage will allow us to not only manage the challenging year ahead but be in position to capitalize on investment opportunities as they appear to renew and expand our fleet. In this context, our Board decided to declare a quarterly dividend of $0.015 per share which represents an annual yield of about 5.4% on the basis of our stock price on November 6, 2012."
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