First Nine Months 2012 Results:
For the first nine months of 2012, the Company reported total net revenues of $40.1 million representing a 12.9% decrease over total net revenues of $46.0 million during the first nine months of 2011. The Company reported a net loss for the period of $11.2 million as compared to net income of $0.0 million for the first nine months of 2011. The results for the first nine months of 2012 include a $0.7 million unrealized gain on derivatives and realized gain on trading securities, a $1.3 million realized loss on derivatives and a $8.6 million loss on sale of vessel as compared to a $1.1 million unrealized loss on derivatives and trading securities, a $0.6 million net realized loss on derivatives and $1.3 million amortization of time charters acquired, for the same period of 2011.
Depreciation expenses for the first nine months of 2012 were $13.1 million compared to $13.8 million during the same period of 2011. On average, 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 compared to 16.00 vessels in the same period of 2011 earning on average $11,356 per day.
Adjusted EBITDA for the first nine months of 2012 was $12.3 million, a 20.0% decrease from $15.4 million achieved during the first nine months of 2011. Please see below for Adjusted EBITDA reconciliation to net income/(loss) and cash flow provided by operating activities.
Basic and diluted net loss per share for the first nine months of 2012 were $0.30, calculated on 36,806,388 weighted average number of shares outstanding basic and diluted, respectively, compared to basic and diluted earnings per share of $0.00 for the first nine months of 2011, calculated on 31,769,312 and 31,792,558 weighted average number of shares outstanding basic and diluted, respectively.
Excluding the effect on the loss for the first nine months of 2012 of the unrealized gain on derivatives, realized gain on trading securities and realized loss on derivatives and the loss on sale of vessel, the adjusted loss per share for the nine-month period ended September 30, 2012 would have been $0.05 per share basic and diluted compared to earnings of $0.01 per share basic and diluted for the same period in 2011. Usually, security analysts do not include the above items in their published estimates of earnings per share.
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
----------------------------------------------------------------------------Name Type Dwt TEU Year Employment TCE Rate Built (*) ($/day)----------------------------------------------------------------------------Dry Bulk Vessels---------------------------------------------------------------------------- TC 'til Feb-14 + $11,200PANTELIS Panamax 74,020 2000 1 Year in +50/50 Profit Charterers Share Option $14,200---------------------------------------------------------------------------- TC 'tilELENI P Panamax 72,119 1997 Jan-13 $16,500---------------------------------------------------------------------------- TC 'tilIRINI Panamax 69,734 1988 Apr-13 $14,000---------------------------------------------------------------------------- TC 'tilARISTIDES N.P. Panamax 69,268 1993 Feb-13 $10,300---------------------------------------------------------------------------- TC 'tilMONICA P Handymax 46,667 1998 Sep-13 $12,375----------------------------------------------------------------------------Total Dry Bulk Vessels 5 331,808----------------------------------------------------------------------------Multipurpose Dry Cargo Vessels---------------------------------------------------------------------------- TC 'tilANKING 1 22,568 950 1990 Mar-13 $8,600----------------------------------------------------------------------------Container Carriers---------------------------------------------------------------------------- TC 'tilMAERSK NOUMEA Intermediate 34,677 2,556 2001 Jun-13 $15,750---------------------------------------------------------------------------- TC tillTIGER BRIDGE Intermediate 31,627 2,228 1990 Dec-12 $5,500---------------------------------------------------------------------------- TC 'tilAGGELIKI P Intermediate 30,360 2,008 1998 Dec-12 $6,500---------------------------------------------------------------------------- TC 'tilDESPINA P Handy size 33,667 1,932 1990 Mar-13 $7,000---------------------------------------------------------------------------- TC 'til Mar-13CAPTAIN +12 months COSTAS(ex-OEL Handy size 30,007 1,742 1992 in $7,000 TRANSWORLD) Charterers Option $12,000----------------------------------------------------------------------------MARINOS (ex-YM PORT KELANG, ex-MASTRO Handy size 23,596 1,599 1993 TC 'till NICOS,) Dec -12 $6,000---------------------------------------------------------------------------- TC 'tilMANOLIS P Handy size 20,346 1,452 1995 Feb-13 $6,000----------------------------------------------------------------------------NINOS (ex-YM Feeder 18,253 1,169 1990 TC 'til QINGDAO I) Mar-13 $6,950---------------------------------------------------------------------------- TC till Apr-13 + 6 monthsKUO HSIUNG Feeder 18,154 1,169 1993 in $6,725 Charterers Option $13,500----------------------------------------------------------------------------Total Container Carriers 9 240,687 15,855----------------------------------------------------------------------------Fleet Grand Total 15 595,063 16,805----------------------------------------------------------------------------
