EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner
and operator of drybulk vessels and provider of seaborne
transportation for drybulk cargoes, announced today its results for
the three-month period ended March 31, 2023.
First Quarter 2023
Highlights:
- Total net revenues of $11.3
million.
- Net loss of $1.5 million or $0.55
loss per share basic and diluted, respectively.
- Adjusted net income1 for the
quarter of $0.4 million or $0.14 earnings per share basic and
diluted, respectively, before unrealized loss on derivatives.
- Adjusted EBITDA1 was $2.4
million.
- An average of 10.0 vessels were
owned and operated during the first quarter of 2023 earning an
average time charter equivalent rate of $10,674 per day. Refer to a
subsequent section of the Press Release for the definition and
method of calculation of time charter equivalent rate.
- As of May 15, 2023, we had
repurchased 198,731 shares of our common stock in the open market
for $3.0 million, since the initiation of our repurchase plan of up
to $10 million, announced in August 2022.
______________________________1Adjusted EBITDA,
Adjusted net income and Adjusted earnings per share are not
recognized measurements under US GAAP (GAAP) and should not be used
in isolation or as a substitute for EuroDry’s financial results
presented in accordance with 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 GAAP.
Aristides Pittas, Chairman and CEO of
EuroDry commented: “During the second
half of last quarter and through mid-May 2023, drybulk earnings for
Supramax and Panamax vessels have recovered from their mid-February
lows to levels that are currently profitable for our fleet.
However, the market has continued to be volatile as financial and
other developments influence economic trends and, thus, influence
demand for raw materials. In parallel, the drybulk orderbook as a
percentage of the fleet dropped below 7% after hovering for the
last three years around a low level of 8% by historical standards.
This persistent underbuilding of the fleet along with increased
environmentally-driven regulatory requirements that will likely
result in slow steaming and increased scrapping, are destined to
create in the following two to three years a “supply squeeze”. It
remains to be seen whether demand for raw materials will increase
over the same timeframe for rates to meaningfully react.
“Our strategy remains to position our fleet and
liquidity to deal with and take advantage of both the current
environment and the expected developments in the markets. Most of
our fleet is exposed to the market by being employed in short term
or market linked contracts. At the same time, we selectively use
the FFA markets to secure in the near-term rate levels for our
vessels which we consider as profitable. We also continuously
evaluate investment opportunities in modern vessels having built
sufficient liquidity to grow organically by 20-30% if we identify
accretive opportunities for our shareholders.”
Tasos Aslidis, Chief Financial Officer
of EuroDry commented: “Our net revenues for the first
quarter of 2023 were lower by 38.6% as compared to the first
quarter of 2022. As a result of the depressed market rates, our
vessels earned 56.7% lower average time charter equivalent rates
during the quarter as compared to the first quarter of 2022. This
effect was slightly offset by the increased number of vessels owned
and operated in the first quarter of 2023 as compared to the same
period of 2022.
“Vessel operating expenses were $4.7 million for
the first quarter of 2023 as compared to $4.2 million for the same
period of 2022. The increase is mainly attributable to the
increased number of vessels operating in the first quarter of 2023
compared to the corresponding period in 2022 as well as the higher
prices for all the categories of vessel supplies paid for our
vessels compared to the same period of 2022. The latter is a result
of the increased global inflation rates.
“Adjusted EBITDA during the first quarter of
2023 was $2.4 million compared to $12.7 million achieved for the
first quarter of last year. As of March 31, 2023, our outstanding
debt (excluding the unamortized loan fees) was $66.9 million versus
restricted and unrestricted cash of approximately $24.0
million.”
First Quarter 2023 Results:For
the first quarter of 2023, the Company reported total net revenues
of $11.34 million representing a 37.9% decrease over total net
revenues of $18.28 million during the first quarter of 2022, which
was the result of the lower time charter rates our vessels earned
during the first quarter of 2023 slightly offset by the increased
number of vessels owned and operated in first quarter of 2023
compared to the same period of last year and the voyage charter
revenue recognized in respect of one of our vessels while employed
under a voyage charter. The Company reported net loss for the
period of $1.54 million, as compared to a net income of $10.49
million for the same period of 2022.
Voyage expenses, net for the first quarter of
2023 were $2.44 million and mainly relate to expenses incurred by
one of our vessels while employed under a voyage charter. For the
first quarter of 2022, a gain on bunkers resulted in positive
voyage expenses of $1.00 million. Depreciation expense for the
first quarter of 2023 was $2.53 million compared to $2.46 million
for the same period of 2022 as a result of the higher number of
vessels owned and operated in the first quarter of 2023.
Vessel operating expenses increased to $4.69
million for the first quarter of 2023 from $4.23 million in the
same period of 2022, mainly due to the higher number of vessels
owned and operated as well as due to inflationary increases.
Management fees for the period were $0.77
million compared to $0.70 million for the same period of 2022,
again due to the increased number of vessels owned and operated in
the first quarter of 2023, as well as due to the adjustment for
inflation in the daily vessel management fee, effective from
January 1, 2023, increasing it from 720 Euros to 775 Euros, partly
offset by the favorable movement of the euro/dollar exchange
rate.
Similarly, general and administrative expenses
were $0.80 million compared to $0.75 million, respectively, for the
first quarter of 2023 as compared to the same period of last year.
This increase in mainly due to the increased cost of our
share-based compensation in the first quarter of 2023 compared to
the same period of last year.
In the first quarter of 2023 one of our vessels
was drydocked in order to pass her intermediate survey, which was
completed in the second quarter of 2023. The above drydocking
expenses amounted to $0.51 million during the first quarter of
2023. In the corresponding period of 2022, one of our vessels was
drydocked in order to pass her special survey for a total cost of
$0.90 million.
Interest and other financing costs for the first
quarter of 2023 increased to $1.47 million as compared to $0.65
million for the same period of 2022. Interest expense during the
first quarter of 2023 was higher due to the increased benchmark
rates of our loans during the period as compared to the same period
of last year.
For the three months ended March 31, 2023, the
Company recognized a $1.99 million unrealized loss and a $1.81
million realized gain on four interest rate swaps, three of which
were terminated early in the first quarter of 2023, as well as a
$0.04 million unrealized gain and a $0.24 million realized gain on
forward freight agreement contracts, as compared to a $0.90 million
gain on derivatives for the same period of 2022, comprised of an
unrealized gain of $1.00 million and a realized loss of $0.10
million on four interest rate swaps.
On average, 10.00 vessels were owned and
operated during the first quarter of 2023 earning an average time
charter equivalent rate of $10,674 per day compared to 9.54 vessels
in the same period of 2022 earning on average $24,636 per day.
Adjusted EBITDA for the first quarter of 2023
was $2.36 million compared to $12.71 million achieved during the
first quarter of 2022.
Basic and diluted loss per share for the first
quarter of 2023 was $0.55, calculated on 2,803,049 basic and
diluted weighted average number of shares outstanding, compared to
basic and diluted earnings per share of $3.69 and $3.64 for the
first quarter of 2022, calculated on 2,847,091 basic and 2,879,436
diluted weighted average number of shares outstanding.
Excluding the effect on the earnings for the
quarter of the unrealized (gain) / loss on derivatives, the
adjusted earnings for the quarter ended March 31, 2023 would have
been $0.14 per share basic and diluted, compared to adjusted
earnings of $3.34 and $3.30 per share basic and diluted,
respectively for the quarter ended March 31, 2022. Usually,
security analysts do not include the above item in their published
estimates of earnings per share.
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
Name |
Type |
Dwt |
Year Built |
Employment(*) |
TCE Rate ($/day) |
Dry Bulk Vessels |
|
|
|
|
|
EKATERINI |
Kamsarmax |
82,000 |
2018 |
TC until Mar-25 |
Hire 105.5% of the Average Baltic Kamsarmax P5TC(**) index |
XENIA |
Kamsarmax |
82,000 |
2016 |
TC until Mar-24 |
Hire 105.5% of the Average Baltic Kamsarmax P5TC(**) index |
ALEXANDROS P. |
Ultramax |
63,500 |
2017 |
TC until Jul-23 |
$16,250 |
GOOD HEART |
Ultramax |
62,996 |
2014 |
TC until Jun-23(***) |
$29,000(***) |
MOLYVOS LUCK |
Supramax |
57,924 |
2014 |
TC until May-23 |
$12,000 |
EIRINI P |
Panamax |
76,466 |
2004 |
TC until Oct-23 |
$15,750 |
SANTA CRUZ |
Panamax |
76,440 |
2005 |
TC until Jun-23 |
$10,400 |
STARLIGHT |
Panamax |
75,845 |
2004 |
TC until May-23 |
$11,000 |
TASOS |
Panamax |
75,100 |
2000 |
TC until Jul-23 |
$12,700 |
BLESSED LUCK |
Panamax |
76,704 |
2004 |
TC until Jan-24 |
$15,800 |
Total Dry Bulk Vessels |
10 |
728,975 |
|
|
|
Note: (*) TC denotes time charter. Charter duration
indicates the earliest redelivery date.(**) The average
Baltic Kamsarmax P5TC Index is an index based on five Panamax time
charter routes.(***) Vessel has missed her lay/can
period due to US Coast Guard detention at Corpus Christi. Charterer
has not yet declared whether it will cancel the charter.
Summary Fleet Data:
|
Three months, endedMarch 31,
2022 |
|
Three months, endedMarch 31,
2023 |
|
FLEET DATA |
|
|
Average number of vessels (1) |
9.54 |
|
10.00 |
|
Calendar days for fleet (2) |
859.0 |
|
900.0 |
|
Scheduled off-hire days incl. laid-up (3) |
27.0 |
|
6.0 |
|
Available days for fleet (4) = (2) - (3) |
832.0 |
|
894.0 |
|
Commercial off-hire days (5) |
0.0 |
|
2.2 |
|
Operational off-hire days (6) |
3.0 |
|
2.5 |
|
Voyage days for fleet (7) = (4) - (5) - (6) |
829.0 |
|
889.3 |
|
Fleet utilization (8) = (7) / (4) |
99.6% |
|
99.5% |
|
Fleet utilization, commercial (9) = ((4) - (5)) / (4) |
100.0% |
|
99.8% |
|
Fleet utilization, operational (10) = ((4) - (6)) / (4) |
99.6% |
|
99.7% |
|
|
|
|
AVERAGE DAILY RESULTS |
|
|
Time charter equivalent rate (11) |
24,636 |
|
10,674 |
|
Vessel operating expenses excl. drydocking expenses (12) |
5,737 |
|
6,065 |
|
General and administrative expenses (13) |
873 |
|
888 |
|
Total vessel operating expenses (14) |
6,610 |
|
6,953 |
|
Drydocking expenses (15) |
1,050 |
|
564 |
|
(1) Average number of vessels is the number of
vessels that constituted the Company’s fleet for the relevant
period, as measured by the sum of the number of calendar days each
vessel was a part of the Company’s fleet during the period divided
by the number of calendar days in that period.
(2) Calendar days. We define calendar days as
the total number of days in a period during which each vessel in
our fleet was owned by us including off-hire days associated with
major repairs, drydockings or special or intermediate surveys or
days of vessels in lay-up. Calendar days are an indicator of the
size of our fleet over a period and affect both the amount of
revenues and the amount of expenses that we record during that
period.
(3) The scheduled off-hire days including
vessels laid-up are days associated with scheduled repairs,
drydockings or special or intermediate surveys or days of vessels
in lay-up.
(4) Available days. We define available days as
the total number of Calendar days in a period net of scheduled
off-hire days incl. laid up. We use available days to measure the
number of days in a period during which vessels were available to
generate revenues.
(5) Commercial off-hire days. We define
commercial off-hire days as days a vessel is idle without
employment.
(6) Operational off-hire days. We define
operational off-hire days as days associated with unscheduled
repairs or other off-hire time related to the operation of the
vessels.
(7) Voyage days. We define voyage days as the
total number of days in a period during which each vessel in our
fleet was in our possession net of commercial and operational
off-hire days. We use voyage days to measure the number of days in
a period during which vessels actually generate revenues or are
sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet
utilization by dividing the number of our voyage days during a
period by the number of our available days during that period. We
use fleet utilization to measure a company's efficiency in finding
suitable employment for its vessels and minimizing the amount of
days that its vessels are off-hire for reasons such as unscheduled
repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate
commercial fleet utilization by dividing our available days net of
commercial off-hire days during a period by our available days
during that period.
(10) Fleet utilization, operational. We
calculate operational fleet utilization by dividing our available
days net of operational off-hire days during a period by our
available days during that period.
(11) Time charter equivalent rate, or TCE, is a
measure of the average daily net revenue performance of our
vessels. Our method of calculating TCE is determined by dividing
time charter revenue and voyage charter revenue net of voyage
expenses by voyage days for the relevant time period. Voyage
expenses primarily consist of port, canal and fuel costs that are
unique to a particular voyage, which would otherwise be paid by the
charterer under a time charter contract or are related to
repositioning the vessel for the next charter. TCE is a standard
shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance
despite changes in the mix of charter types (i.e., spot voyage
charters, time charters, pool agreements and bareboat charters)
under which the vessels may be employed between the periods. Our
definition of TCE may not be comparable to that used by other
companies in the shipping industry.
(12) Daily vessel operating expenses, which
include crew costs, provisions, deck and engine stores, lubricating
oil, insurance, maintenance and repairs and related party
management fees are calculated by dividing vessel operating
expenses and related party management fees by fleet calendar days
for the relevant time period. Drydocking expenses are reported
separately.
(13) Daily general and administrative expense is
calculated by dividing general and administrative expenses by fleet
calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE,
is a measure of our total expenses associated with operating our
vessels. TVOE is the sum of vessel operating expenses, related
party management fees and general and administrative expenses;
drydocking expenses are not included. Daily TVOE is calculated by
dividing TVOE by fleet calendar days for the relevant time
period.
(15) Drydocking expenses include expenses during
drydockings that would have been capitalized and amortized under
the deferral method divided by the fleet calendar days for the
relevant period. Drydocking expenses could vary substantially from
period to period depending on how many vessels underwent drydocking
during the period. The Company expenses drydocking expenses as
incurred.
Conference Call and
Webcast:Today, May 15, 2023 at 10:00 a.m. Eastern Time,
the Company's management will host a conference call and webcast to
discuss the results.
Conference Call
details:Participants should dial into the call 10 minutes
before the scheduled time using the following numbers: 877 405 1226
(US Toll-Free Dial In) or +1 201 689 7823 (US and Standard
International Dial In). Please quote “EuroDry” to the operator
and/or conference ID 13738854. Click here for additional
participant Toll Free access numbers.
Alternatively, participants can register for the
call using the call me option for a faster connection to join the
conference call. You can enter your phone number and let the system
call you right away. Click here for the call me option.
Audio webcast - Slides
Presentation:There will be a live and then archived
webcast of the conference call and accompanying slides, available
through the Company’s website. To listen to the archived audio
file, visit our website http://www.eurodry.gr and click on Company
Presentations under our Investor Relations page. Participants to
the live webcast should register on the website approximately 10
minutes prior to the start of the webcast.
The slide presentation for the first quarter
ended March 31, 2023 will also be available in PDF format 10
minutes prior to the conference call and webcast, accessible on the
company's website (www.eurodry.gr) on the webcast page.
Participants to the webcast can download the PDF presentation.
|
EuroDry
Ltd.Unaudited Consolidated Condensed Statements of
Operations(All amounts expressed in U.S. Dollars –
except number of shares) |
|
|
|
|
Three Months EndedMarch 31, |
Three Months EndedMarch 31, |
|
2022 |
2023 |
|
|
Revenues |
|
|
Time charter revenue |
19,421,722 |
|
9,317,850 |
|
Voyage charter revenue |
- |
|
2,609,775 |
|
Commissions |
(1,143,022 |
) |
(585,657 |
) |
|
|
|
|
|
Net revenues |
18,278,700 |
|
11,341,968 |
|
|
|
|
Operating expenses / (income) |
|
|
Voyage expenses, net |
(1,001,826 |
) |
2,435,123 |
|
Vessel operating expenses |
4,228,791 |
|
4,690,685 |
|
Drydocking expenses |
902,209 |
|
507,827 |
|
Vessel depreciation |
2,458,246 |
|
2,534,469 |
|
Related party management fees |
699,075 |
|
767,455 |
|
General and administrative expenses |
749,679 |
|
799,549 |
|
Total operating expenses, net |
8,036,174 |
|
11,735,108 |
|
|
|
|
Operating income / (loss) |
10,242,526 |
|
(393,140 |
) |
|
|
|
Other income / (expenses) |
|
|
Interest and other financing costs |
(648,318 |
) |
(1,466,919 |
) |
Gain on derivatives, net |
895,669 |
|
100,974 |
|
Foreign exchange gain / (loss) |
4,885 |
|
(13,464 |
) |
Interest income |
171 |
|
232,209 |
|
Other income / (expenses), net |
252,407 |
|
(1,147,200 |
) |
Net income / (loss) |
10,494,933 |
|
(1,540,340 |
) |
Earnings / (loss) per share, basic |
3.69 |
|
(0.55 |
) |
Weighted average number of shares, basic |
2,847,091 |
|
2,803,049 |
|
Earnings / (loss) per share, diluted |
3.64 |
|
(0.55 |
) |
Weighted average number of shares, diluted |
2,879,436 |
|
2,803,049 |
|
|
EuroDry Ltd.Unaudited Consolidated
Condensed Balance Sheets(All amounts expressed in
U.S. Dollars – except number of shares) |
|
|
|
|
|
|
December 31,2022 |
March 31,2023 |
|
|
|
|
|
ASSETS |
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
34,042,150 |
|
20,364,410 |
|
Trade accounts receivable, net |
7,147,833 |
|
6,130,132 |
|
Other receivables |
346,066 |
|
1,988,366 |
|
Inventories |
1,057,652 |
|
2,061,744 |
|
Restricted cash |
1,195,863 |
|
1,829,692 |
|
Due from related companies |
2,416,180 |
|
- |
|
Prepaid expenses |
249,024 |
|
305,175 |
|
Derivatives |
1,437,398 |
|
290,924 |
|
Total current
assets |
47,892,166 |
|
32,970,443 |
|
|
|
|
|
|
Fixed
assets: |
|
|
|
|
Vessels, net |
149,022,023 |
|
146,541,270 |
|
Long-term
assets: |
|
|
|
|
Derivatives |
705,970 |
|
- |
|
Restricted cash |
1,885,000 |
|
1,785,000 |
|
Total assets |
199,505,159 |
|
181,296,713 |
|
|
|
|
|
|
LIABILITIES, AND
SHAREHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Long term bank loans, current portion |
22,858,087 |
|
10,317,900 |
|
Trade accounts payable |
2,989,431 |
|
1,680,701 |
|
Accrued expenses |
1,004,719 |
|
982,661 |
|
Deferred revenue |
351,636 |
|
510,007 |
|
Due to related companies |
- |
|
36,839 |
|
Total current
liabilities |
27,203,873 |
|
13,528,108 |
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
Long term bank loans, net of current portion |
58,360,169 |
|
56,018,193 |
|
Derivatives |
- |
|
92,860 |
|
Total
liabilities |
85,564,042 |
|
69,639,161 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
Common stock (par value $0.01, 200,000,000 shares authorized,
2,902,620 and 2,844,190 issued and outstanding, respectively) |
29,026 |
|
28,442 |
|
Additional paid-in capital |
69,438,938 |
|
68,696,297 |
|
Retained earnings |
44,473,153 |
|
42,932,813 |
|
Total shareholders' equity |
113,941,117 |
|
111,657,552 |
|
Total liabilities and shareholders' equity |
199,505,159 |
|
181,296,713 |
|
|
|
|
|
|
|
EuroDry Ltd.Unaudited Consolidated
Condensed Statements of Cash Flows(All amounts
expressed in U.S. Dollars) |
|
|
|
|
Three Months Ended March 31, |
|
Three Months Ended March 31, |
|
|
2022 |
|
2023 |
|
|
|
|
Cash flows from operating
activities: |
|
Net income / (loss) |
10,494,933 |
|
(1,540,340 |
) |
Adjustments to reconcile net
income / (loss) to net cash provided by operating activities: |
|
|
Vessel depreciation |
2,458,246 |
|
2,534,469 |
|
Amortization and write off of
deferred charges |
47,568 |
|
52,838 |
|
Share-based compensation |
181,680 |
|
256,897 |
|
Unrealized (gain) / loss on
derivatives |
(998,189 |
) |
1,945,304 |
|
Changes in operating assets and liabilities |
(2,091,080 |
) |
(398,374 |
) |
Net cash provided by operating activities |
10,093,158 |
|
2,850,794 |
|
|
|
|
Cash flows from investing
activities: |
|
|
Cash paid for vessel
acquisition |
(21,214,125 |
) |
- |
|
Cash paid for vessel sale
expenses |
- |
|
(15,274 |
) |
Cash paid for vessels capitalized
expenses |
(446,701 |
) |
(44,309 |
) |
Net cash used in investing activities |
(21,660,826 |
) |
(59,583 |
) |
|
|
|
Cash flows from financing
activities: |
|
|
Offering expenses paid |
(12,427 |
) |
- |
|
Cash paid for share
repurchases |
- |
|
(1,000,122 |
) |
Repayment of long-term debt |
(3,785,000 |
) |
(14,935,000 |
) |
Net cash used in financing activities |
(3,797,427 |
) |
(15,935,122 |
) |
|
|
|
Net decrease in cash, cash
equivalents and restricted cash |
(15,365,095 |
) |
(13,143,911 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
29,527,366 |
|
37,123,013 |
|
Cash, cash equivalents and restricted cash at end of
period |
14,162,271 |
|
23,979,102 |
|
Cash breakdown |
|
|
|
|
Cash and cash equivalents |
11,386,197 |
|
20,364,410 |
|
Restricted cash, current |
456,074 |
|
1,829,692 |
|
Restricted cash, long term |
2,320,000 |
|
1,785,000 |
|
Total cash, cash equivalents and restricted cash shown in
the statement of cash flows |
14,162,271 |
|
23,979,102 |
|
|
|
|
|
|
|
EuroDry
Ltd.Reconciliation of Net income / (loss) to
Adjusted EBITDA(All amounts expressed in U.S.
Dollars) |
|
|
|
|
Three Months EndedMarch 31,
2022 |
Three Months EndedMarch 31,
2023 |
Net income / (loss) |
10,494,933 |
|
(1,540,340 |
) |
Interest and other financing costs, net (incl. interest
income) |
648,147 |
|
1,234,710 |
|
Vessel depreciation |
2,458,246 |
|
2,534,469 |
|
Unrealized gain on Forward Freight Agreement derivatives |
- |
|
(42,195 |
) |
(Gain) / loss on interest rate swap derivatives |
(895,669 |
) |
177,598 |
|
Adjusted EBITDA |
12,705,657 |
|
2,364,242 |
|
|
|
|
|
|
Adjusted EBITDA
Reconciliation:EuroDry Ltd. considers Adjusted EBITDA to
represent net income / (loss) before interest, income taxes,
depreciation, unrealized gain on Forward Freight Agreements
(“FFAs”) and (gain) / loss on interest rate swap derivatives.
Adjusted EBITDA does not represent and should not be considered as
an alternative to net income / (loss), as determined by United
States generally accepted accounting principles, or GAAP. Adjusted
EBITDA is included herein because it is a basis upon which the
Company assesses its financial performance because the Company
believes that this non-GAAP financial measure assists our
management and investors by increasing the comparability of our
performance from period to period by excluding the potentially
disparate effects between periods of, financial costs, unrealized
gain on FFAs, (gain) / loss on interest rate swap derivatives and
depreciation. The Company's definition of Adjusted EBITDA may not
be the same as that used by other companies in the shipping or
other industries.
|
EuroDry
Ltd.Reconciliation of Net income / (loss) to
Adjusted net income(All amounts expressed in U.S.
Dollars – except share data and number of shares) |
|
|
|
|
Three Months EndedMarch 31,
2022 |
Three Months EndedMarch 31,
2023 |
Net income / (loss) |
10,494,933 |
|
(1,540,340 |
) |
Unrealized (gain) / loss on derivatives |
(998,189 |
) |
1,945,305 |
|
Adjusted net income |
9,496,744 |
|
404,965 |
|
Adjusted earnings per share, basic |
3.34 |
|
0.14 |
|
Weighted average number of shares, basic |
2,847,091 |
|
2,803,049 |
|
Adjusted earnings per share, diluted |
3.30 |
|
0.14 |
|
Weighted average number of shares, diluted |
2,879,436 |
|
2,803,049 |
|
|
|
|
|
|
Adjusted net income and Adjusted earnings per share
Reconciliation:
EuroDry Ltd. considers Adjusted net income to
represent net income / (loss) before unrealized (gain) / loss on
derivatives, which includes FFAs and interest rate swaps. Adjusted
net income and Adjusted earnings per share is included herein
because we believe they assist our management and investors by
increasing the comparability of the Company's fundamental
performance from period to period by excluding the potentially
disparate effects between periods of unrealized (gain) / loss on
derivatives, which may significantly affect results of operations
between periods. Adjusted net income and Adjusted earnings per
share do not represent and should not be considered as an
alternative to net income or earnings per share, as determined by
GAAP. The Company's definition of Adjusted net income and Adjusted
earnings per share may not be the same as that used by other
companies in the shipping or other industries.
About EuroDry Ltd.EuroDry Ltd.
was formed on January 8, 2018 under the laws of the Republic of the
Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd
into a separate listed public company. EuroDry was spun-off from
Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital
Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk
shipping market. EuroDry's operations are managed by Eurobulk Ltd.,
an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship
management company and Eurobulk (Far East) Ltd. Inc., which are
responsible for the day-to-day commercial and technical management
and operations of the vessels. EuroDry employs its vessels on spot
and period charters.
The Company has a fleet of 10 vessels, including
5 Panamax drybulk carriers, 2 Ultramax drybulk carriers, 2
Kamsarmax drybulk carriers and 1 Supramax drybulk carrier.
EuroDry’s 10 drybulk carriers have a total cargo capacity of
728,975 dwt.
Forward Looking StatementThis
press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and the Company's growth strategy and measures to
implement such strategy; including expected vessel acquisitions and
entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to changes in the demand
for dry bulk vessels, competitive factors in the market in which
the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Visit our website www.eurodry.gr
Company Contact |
Investor Relations / Financial Media |
Tasos AslidisChief Financial OfficerEuroDry Ltd.11 Canterbury
Lane,Watchung, NJ07069Tel. (908)
301-9091E-mail: aha@eurodry.gr |
Nicolas BornozisMarkella KaraCapital Link, Inc.230 Park Avenue,
Suite 1540New York, NY10169Tel. (212)
661-7566E-mail: eurodry@capitallink.com |
|
|
EuroDry (NASDAQ:EDRY)
Historical Stock Chart
From Jun 2024 to Jul 2024
EuroDry (NASDAQ:EDRY)
Historical Stock Chart
From Jul 2023 to Jul 2024