MAROUSSI, ATHENS, GREECE -- (Marketwired) -- 08/12/13 -- 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 and six month periods ended June 30, 2013 as well as certain fleet updates.
Second Quarter 2013 Highlights:
•Net loss of $8.9 million or $0.20 loss per share basic and diluted on total net revenues of $9.6 million. Adjusted net loss(1) for the period would have been $5.7 million, or $0.12 loss per share, basic and diluted.
•Adjusted EBITDA(1) was $(1.0) million.
•An average of 14.96 vessels were owned and operated during the second quarter of 2013 earning an average time charter equivalent rate of $7,708 per day.
•Declared a quarterly dividend of $0.015 per share for the second quarter of 2013 payable on or about September 11, 2013 to shareholders of record on August 31, 2013. This is the thirty-second consecutive quarterly dividend declared.
First Half 2013 Highlights:
•Net loss of $13.5 million or $0.30 loss per share basic and diluted on total net revenues of $20.5 million. Adjusted net loss(1) for the period would have been $10.3 million, or $0.23 loss per share basic and diluted.
•Adjusted EBITDA(1) was $(1.1) million.
•An average of 14.98 vessels were owned and operated during the first half of 2013 earning an average time charter equivalent rate of $8,256 per day.
•Declared two quarterly dividends for a total of $0.03 per share during the first half of 2013.
(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.
Since the end of the second quarter 2013, the following developments took place:
•M/V Irini, a 69,734 dwt panamax size drybulk carrier built in 1988 was sold for scrap for approximately $3.9 million resulting in approximately $1.3 million gain on the sale. The vessel has been delivered to her new owners. •M/V Monica P, a 46,667 dwt 1998 built drybulk carrier entered into an approximately one-year charter contract at a gross daily rate of $7,500. The new charter will commence upon completion of its current charter on September 11, 2013.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "During the first half of 2013, the containership market was quite volatile with periods and areas of low fixing activity being followed by times of higher fixing activity. The overall result has been a marginally improving market. The drybulk charter markets also slightly recovered from their latest lows but not to levels that would enable us to re-charter our vessels with expiring charters near their previous rate levels and this development is reflected in our quarterly results.
Most Popular Stories
- Updates on Everglades' Stranded Pilot Whales
- NSA Tracks 5 Billion Cellphone Records a Day
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Stolen Cobalt-60 Recovered in Mexico
- Ford Mustang Still Packs Power
- Wind Power and Wildlife Can Coexist
- Allstate Seeks to Invest in Minority Firms
- Sarmiento to Handle Greeley Latin Ops
- First-time Jobless Claims Drop Below 300,000
- White House Pushes to Extend Unemployment Benefits