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 month period and full year ended December 31, 2015.
Fourth Quarter 2015 Highlights:
• Total net revenues of $8.8 million. Net loss of $3.6 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $4.0 million or $0.50 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $3.0 million or $0.36 loss per share basic and diluted.
• Adjusted EBITDA1 was 0.1 million.
• An average of 13.97 vessels were owned and operated during the fourth quarter of 2015 earning an average time charter equivalent rate of $6,374 per day.
• The Company declared its eighth dividend of $0.4 million on its Series B Preferred Shares; the dividend was paid in-kind by issuing additional Series B preferred shares.
Full year 2015 Highlights:
• Total net revenues of $37.7 million. Net loss of $13.7 million; net loss attributable to common shareholders (after a $1.6 million of dividend on Series B Preferred Shares) of $15.3 million or $2.39 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $13.9 million or $2.17 loss per share basic and diluted.
• Adjusted EBITDA1 was $0.2 million.
• An average of 14.74 vessels were owned and operated during the twelve months of 2015 earning an average time charter equivalent rate of $7,570 per day.
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.