Euroseas Ltd., 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, said in the company's press release.
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 loss1 for the period would have been $5.7 million, or $0.12 loss per share, basic and diluted.
•Adjusted EBITDA 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 loss1 for the period would have been $10.3 million, or $0.23 loss per share basic and diluted.
•Adjusted EBITDA1 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.
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