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 period ended June 30, 2017.
Second Quarter 2017 Highlights:
• Total net revenues of $10.0 million. Net loss of $1.0 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $1.5 million or $0.13 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 remained unchanged, compared to net loss attributable to common shareholders, at $0.13 per share.
• Adjusted EBITDA1 was $2.0 million.
• An average of 13.1 vessels were owned and operated during the second quarter of 2017 earning an average time charter equivalent rate of $8,191 per day.
• The Company declared its fourteenth dividend of $0.4 million on its Series B Preferred Shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.
First Quarter 2017 Highlights:
• Total net revenues of $18.3 million. Net loss of $3.2 million; net loss attributable to common shareholders (after a $0.9 million of dividend on Series B Preferred Shares) of $4.1 million or $0.37 loss per share basic and diluted. Adjusted net loss per share attributable to common shareholders1 for the period was $0.42.
• Adjusted EBITDA1 was $2.2 million
• An average of 13.3 vessels were owned and operated during the first half of 2017 earning an average time charter equivalent rate of $7,654 per day.