Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329 (from the UK) or +44 (0)1452 542 301 (from outside the U.S.). Please quote "Euroseas".
A replay of the conference call will be available until November 15, 2012. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 6973591#.
Audio webcast -- Slides Presentation:
There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website (www.euroseas.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. A slide presentation on the Third Quarter and First Nine months 2012 results in PDF format will also be available 30 minutes prior to the conference call and webcast accessible on the company's website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
Euroseas Ltd. Unaudited Condensed Statements of Operations (All amounts expressed in U.S. Dollars - except share amounts)---------------------------------------------------------------------------- Three Three Nine Months Months Months Nine Months Ended Ended Ended Ended September September September September 30, 30, 30, 30, 2011 2012 2011 2012----------------------------------------------------------------------------Revenues Voyage revenue 16,953,677 13,963,059 48,027,265 41,978,935 Related party revenue 60,493 60,000 179,507 180,000 Commissions (801,651) (641,529) (2,159,006) (2,065,710)Net revenues 16,212,519 13,381,530 46,047,766 40,093,225Operating expenses Voyage expenses 179,202 163,918 397,475 1,100,789 Vessel operating expenses 7,065,924 6,374,860 19,953,664 18,891,944 Drydocking expenses 554,355 328,032 2,831,309 770,648 Depreciation 4,587,139 4,283,094 13,761,417 13,102,514 Management fees 1,478,864 1,202,281 4,389,488 3,741,738 Other general and administrative expenses 630,904 901,233 2,215,435 2,759,194 Net loss on sale of vessel - - - 8,568,234 Other income (470,552) (101,500) (733,552) (254,604)Total operating expenses 14,025,836 13,151,918 42,815,236 48,680,457Operating income/(loss) 2,186,683 229,612 3,232,530 (8,587,232)Other income/(expenses) Interest and finance cost (521,043) (475,589) (1,649,736) (1,504,102) Loss on derivatives, net (1,061,739) (213,608) (1,496,829) (636,141) (Loss)/gain on trading securities (84,790) - (204,556) 20,373 Foreign exchange (loss)/gain (7,620) (5,906) (29,165) 10,379 Interest income 70,206 131,028 182,297 292,395 Other expenses, net (1,604,986) (564,075) (3,197,989) (1,817,096) Equity loss in joint venture (6,550) (491,960) (22,898) (776,411)----------------------------------------------------------------------------Net income / (loss) 575,147 (826,423) 11,643 (11,180,739)----------------------------------------------------------------------------Earnings (loss), per share(1), basic 0.02 (0.02) 0.00 (0.30)----------------------------------------------------------------------------Weighted average number of shares(1), basic 31,825,313 45,210,705 31,769,312 36,806,388----------------------------------------------------------------------------Earnings (loss), per share(1), diluted 0.02 (0.02) 0.00 (0.30)----------------------------------------------------------------------------Weighted average number of shares(1), diluted 31,880,335 45,210,705 31,792,558 36,806,388----------------------------------------------------------------------------
