MAROUSSI, ATHENS, GREECE -- (Marketwire) -- 02/14/13 -- 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 month period and full year ended December 31, 2012.
Fourth Quarter 2012 Highlights:
•Net loss of $2.0 million or $0.04 loss per share basic and diluted on total net revenues of $12.4 million. Adjusted net loss(1) for the period would have remained unchanged at $2.0 million or $0.04 loss per share basic and diluted.
•Adjusted EBITDA(1) was $2.5 million.
•An average of 15.00 vessels were owned and operated during the fourth quarter of 2012 earning an average time charter equivalent rate of $9,510 per day.
•Declared a quarterly dividend of $0.015 per share for the fourth quarter of 2012 payable on or about March 9, 2013 to shareholders of record on March 2, 2013. This is the 30th consecutive quarterly dividend declared.
Full year 2012 Highlights:
•Net loss of $13.2 million or $0.34 net loss per share basic and diluted on total net revenues of $52.5 million. Adjusted net loss(1) for the period would have been $4.0 million or $0.10 net loss per share basic and diluted.
•Adjusted EBITDA(1) was $14.9 million.
•An average of 15.21 vessels were owned and operated during the twelve months of 2012 earning an average time charter equivalent rate of $10,155 per day.
•Declared four quarterly dividends for a total of $0.09 per share during full year 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: "Containership and drybulk markets remained depressed during the fourth quarter of 2012 and year-to-date 2013 due to slow demand growth and abundant vessel supply. More vessel deliveries scheduled during 2013, mirroring orders placed up to mid-2011, are expected to make this year a challenging one as well as only modest world economic growth, and thus seaborne trade growth, is expected.
"Our drybulk fleet charters which provided us with significant cash flow contributions during 2012 are gradually due for renewal in 2013. We decided to put the first drybulk vessel that concluded its charter, Eleni P, into the Baumarine panamax bulker pool where we expect her to be earning spot market rates. We believe that the drybulk charter market will remain depressed in 2013 and would expect to see a modest recovery in 2014, therefore we do not intend to be chartering any of our drybulk vessels for a period more than a year. All but one of our containerships are employed at low market rates and ships coming up for renewals will probably be chartered for periods up to a year too. We remain optimistic that this market will also bottom out by the second half of 2013.
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