EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2022
EuroDry Ltd. (NASDAQ: EDRY) reported its Q3 2022 results, showing a 18.7% revenue drop to $15.8 million and net income of $6.2 million, or $2.11 per share. Adjusted EBITDA was $9.5 million. The decrease in revenues was attributed to lower charter rates, which fell 35-50% compared to Q2 2022. Despite economic challenges from the Ukraine-Russia conflict, the firm remains optimistic due to historically low drybulk order volumes, potentially leading to tighter vessel supply and improved future charter rates. The company has a strong liquidity position and continues its $10 million share repurchase plan.
- Net income attributable to common shareholders increased to $6.2 million, or $2.11 per share.
- Adjusted EBITDA was $9.5 million, showcasing operational efficiency.
- Total net revenues for the first nine months rose 30.7% to $55.1 million compared to the same period in 2021.
- The company is positioned to take advantage of low drybulk order volumes, possibly leading to higher future charter rates.
- Total net revenues for Q3 2022 decreased by 18.7% compared to Q3 2021, primarily due to lower time charter rates.
- Average time charter equivalent rates dropped to $20,637 per day from $28,103 in Q3 2021.
- Operating expenses rose due to increased costs for lubricants and parts amid the Ukraine crisis.
ATHENS, Greece, Nov. 10, 2022 (GLOBE NEWSWIRE) -- 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 and nine-month periods ended September 30, 2022.
Third Quarter 2022 Highlights:
- Total net revenues for the quarter of
$15.8 million . - Net income attributable to common shareholders of
$6.2 million or$2.11 and$2.10 earnings per share basic and diluted, respectively. - Adjusted net income attributable to common shareholders1 for the quarter of
$5.7 million , or,$1.94 and$1.93 per share basic and diluted, respectively. - Adjusted EBITDA1 was
$9.5 million . - An average of 11.0 vessels were owned and operated during the third quarter of 2022 earning an average time charter equivalent rate of
$20,637 per day. - On September 19, 2022 we announced the sale of M/V Pantelis, a 74,020 dwt drybulk vessel, built in 2000, for approximately
$9.7 million . The vessel was delivered to her new owners, an unaffiliated party, on October 17, 2022. - As of November 9, 2022 we had repurchased 108,963 shares of our common stock in the open market for
$1.5 million , under our share repurchase plan of up to$10 million , announced in August 2022.
Nine Months 2022 Highlights:
- Total net revenues of
$55.1 million . - Net income attributable to common shareholders was
$27.3 million , or$9.43 and$9.34 earnings per share basic and diluted, respectively. - Adjusted net income attributable to common shareholders1 for the period was
$25.1 million or$8.69 and$8.60 adjusted earnings per share basic and diluted, respectively, before unrealized gain on derivatives. - Adjusted EBITDA1 was
$35.9 million . - An average of 10.5 vessels were owned and operated during the first nine months of 2022 earning an average time charter equivalent rate of
$22,876 per day.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the third quarter of 2022, average time charter rates for the sizes of vessels we own dropped on average by 35
“Despite the rate drop, rates remain at profitable levels and, certainly, above the average rate level observed during the decade before the COVID pandemic started. While the economic uncertainty might continue over the next six months or so, the underlying market fundamentals will be dominated by the historically low level of drybulk orderbook which should result in tight vessel supply conditions over the next two to three years providing support to the charter rates. Additionally, the implementation of the greenhouse gas emission regulations starting in 2023 is expected to further reduce the effective supply of vessels contributing to the tightness of the market.
“Thus, we remain optimistic about the prospects of the market. We believe we are well positioned to exploit opportunities to expand and renew our fleet utilizing the liquidity we have built over the last two years including proceeds from selected sales of vessels like the sale of our 22-year old vessel M/V Pantelis. At the same time we intend to continue our share repurchase program announced last August which not only represents an attractive investment opportunity but also enhances the value of our stock and benefits all our shareholders.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “Comparing our results for the third quarter of 2022 with the same period of 2021, our net revenues decreased by about
Adjusted EBITDA during the third quarter of 2022 was
Third Quarter 2022 Results:
For the third quarter of 2022, the Company reported total net revenues of
For the third quarter of 2022, a gain on bunkers resulted in positive voyage expenses, of
Interest and other financing costs for the third quarter of 2022 amounted to
On average, 11.0 vessels were owned and operated during the third quarter of 2022 earning an average time charter equivalent rate of
Adjusted EBITDA for the third quarter of 2022 was
Basic and diluted earnings per share attributable to common shareholders for the third quarter of 2022 were
Excluding the effect on the earnings attributable to common shareholders for the quarter of the unrealized gain derivatives, the adjusted earnings attributable to common shareholders for the quarter ended September 30, 2022 would have been
First Nine Months 2022 Results:
For the first nine months of 2022, the Company reported total net revenues of
For the nine months of 2022, a gain on bunkers resulted in positive voyage expenses of
Interest and other financing costs for the first nine months of 2022 amounted to
Adjusted EBITDA for the nine months of 2022 was
Basic and diluted earnings per share attributable to common shareholders for the first nine months of 2022 was
Excluding the effect of the change in the fair value of derivatives on the earnings attributable to common shareholders for the first nine months of the year, the adjusted earnings attributable to common shareholders for the nine-month period ended September 30, 2022 would have been
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 Feb-23 | Hire | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Mar-24 | Hire | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Jan-23 | ||
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Nov-22 | ||
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Mar-23 | ||
| EIRINI P | Panamax | 76,466 | 2004 | TC until Dec-22 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Nov-22 | ||
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Nov-22 | ||
| TASOS | Panamax | 75,100 | 2000 | TC until Dec-22 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Nov-22 | ||
| Total Dry Bulk Vessels | 10 | 728,975 | ||||
Note:
| (*) | Represents the earliest redelivery date |
| (**) | The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. |
| (***) | The time charter equivalent rate depends on the final duration of the charter period to which the initial ballast and waiting will be allocated. |
Summary Fleet Data:
| 3 months, ended September 30, 2021 | 3 months, ended September 30, 2022 | 9 months, ended September 30, 2021 | 9 months, ended September 30, 2022 | |||||
| FLEET DATA | ||||||||
| Average number of vessels (1) | 8.1 | 11.0 | 7.5 | 10.5 | ||||
| Calendar days for fleet (2) | 745.0 | 1,012.0 | 2,045.9 | 2,853.0 | ||||
| Scheduled off-hire days incl. laid-up (3) | 0.0 | 92.1 | 0.0 | 141.8 | ||||
| Available days for fleet (4) = (2) - (3) | 745.0 | 919.9 | 2,045.9 | 2,711.2 | ||||
| Commercial off-hire days (5) | 0.0 | 0.0 | 0.0 | 6.1 | ||||
| Operational off-hire days (6) | 4.3 | 10.3 | 8.1 | 23.0 | ||||
| Voyage days for fleet (7) = (4) - (5) - (6) | 740.7 | 909.6 | 2,037.8 | 2,682.1 | ||||
| Fleet utilization (8) = (7) / (4) | 99.4 | % | 98.9 | % | 99.6 | % | 98.9 | % |
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 100.0 | % | 100.0 | % | 100.0 | % | 99.8 | % |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 99.4 | % | 98.9 | % | 99.6 | % | 99.2 | % |
| AVERAGE DAILY RESULTS | ||||||||
| Time charter equivalent rate (11) | 28,103 | 20,637 | 22,232 | 22,876 | ||||
| Vessel operating expenses excl. drydocking expenses (12) | 5,718 | 5,893 | 5,664 | 5,837 | ||||
| General and administrative expenses (13) | 777 | 700 | 846 | 750 | ||||
| Total vessel operating expenses (14) | 6,495 | 6,593 | 6,510 | 6,587 | ||||
| Drydocking expenses (15) | 53 | 2,696 | 47 | 1,547 | ||||
(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 in our possession 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:
Tomorrow, November 11, 2022 at 9:00 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 13734389. Click here for additional participant International 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 audio webcast of the conference call, via the internet through the EuroDry website (www.eurodry.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 2022 results in PDF format will also be available 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 Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||
| 2021 | 2022 | 2021 | 2022 | |||||
| (unaudited) | (unaudited) | |||||||
| Revenues | ||||||||
| Time charter revenue | 20,718,567 | 16,799,698 | 44,764,161 | 58,488,275 | ||||
| Commissions | (1,262,785 | ) | (985,625 | ) | (2,642,473 | ) | (3,421,825 | ) |
Net revenues | 19,455,782 | 15,814,073 | 42,121,688 | 55,066,450 | ||||
| Operating expenses | ||||||||
| Voyage expenses, net | (97,247 | ) | (1,971,407 | ) | (540,322 | ) | (2,866,697 | ) |
| Vessel operating expenses | 3,651,301 | 5,209,256 | 9,893,244 | 14,434,414 | ||||
| Drydocking expenses | 39,771 | 2,728,266 | 96,945 | 4,414,251 | ||||
| Vessel depreciation | 1,983,108 | 2,857,258 | 5,395,583 | 8,182,892 | ||||
| Related party management fees | 608,948 | 754,117 | 1,694,773 | 2,218,181 | ||||
| General and administrative expenses | 578,784 | 707,993 | 1,729,935 | 2,140,229 | ||||
| Total Operating expenses | (6,764,665 | ) | (10,285,483 | ) | (18,270,158 | ) | (28,523,270 | ) |
| Operating income | 12,691,117 | 5,528,590 | 23,851,530 | 26,543,180 | ||||
| Other income / (expenses) | ||||||||
| Interest and other financing costs | (555,801 | ) | (965,917 | ) | (1,676,973 | ) | (2,371,540 | ) |
| Loss on debt extinguishment | - | - | (1,647,654 | ) | - | |||
| (Loss) / gain on derivatives, net | (75,585 | ) | 1,573,803 | (5,389,990 | ) | 3,049,602 | ||
| Foreign exchange gain / (loss) | 4,269 | 24,050 | (643 | ) | 51,427 | |||
| Interest income | 54 | 1,231 | 10,463 | 1,616 | ||||
| Other (expenses) / income, net | (627,063 | ) | 633,167 | (8,704,797 | ) | 731,105 | ||
| Net income | 12,064,054 | 6,161,757 | 15,146,733 | 27,274,285 | ||||
| Dividend Series B Preferred shares | (274,337 | ) | - | (845,262 | ) | - | ||
| Preferred deemed dividend | - | - | (120,000 | ) | - | |||
| Net income attributable to common shareholders | 11,789,717 | 6,161,757 | 14,181,471 | 27,274,285 | ||||
| Earnings per share, basic | 4.47 | 2.11 | 5.84 | 9.43 | ||||
| Weighted average number of shares, basic | 2,634,822 | 2,925,799 | 2,427,810 | 2,890,771 | ||||
| Earnings per share, diluted | 4.41 | 2.10 | 5.74 | 9.34 | ||||
| Weighted average number of shares, diluted | 2,675,224 | 2,930,909 | 2,470,726 | 2,918,800 | ||||
EuroDry Ltd.
Unaudited Consolidated Condensed Balance Sheets
(All amounts expressed in U.S. Dollars – except number of shares)
| December 31, 2021 | September 30, 2022 | ||
| ASSETS | |||
| Current Assets: | |||
| Cash and cash equivalents | 26,847,426 | 29,546,558 | |
| Trade accounts receivable, net | 775,035 | 5,587,183 | |
| Other receivables | 1,242,803 | 456,902 | |
| Inventories | 770,342 | 2,820,770 | |
| Restricted cash | 459,940 | 997,756 | |
| Asset held for sale | - | 6,617,715 | |
| Derivatives | - | 830,199 | |
| Prepaid expenses | 314,397 | 286,688 | |
| Total current assets | 30,409,943 | 47,143,771 | |
| Fixed assets: | |||
| Vessels, net | 128,492,819 | 151,562,305 | |
| Long-term assets: | |||
| Derivatives | 210,113 | 1,255,009 | |
| Restricted cash | 2,220,000 | 1,885,000 | |
| Total assets | 161,332,875 | 201,846,085 | |
| LIABILITIES, AND SHAREHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Long term bank loans, current portion | 13,949,720 | 26,588,217 | |
| Trade accounts payable | 855,825 | 2,013,026 | |
| Accrued expenses | 852,442 | 3,020,332 | |
| Derivatives | 289,430 | - | |
| Deferred revenue | 1,514,543 | 1,402,665 | |
| Due to related companies | 244,587 | 154,848 | |
| Total current liabilities | 17,706,547 | 33,179,088 | |
| Long-term liabilities: | |||
| Long term bank loans, net of current portion | 64,702,947 | 60,702,155 | |
| Total long-term liabilities | 64,702,947 | 60,702,155 | |
| Total liabilities | 82,409,494 | 93,881,243 | |
| Shareholders' equity: | |||
| Common stock (par value | 29,192 | 28,775 | |
| Additional paid-in capital | 67,963,707 | 69,731,300 | |
| Retained earnings | 10,930,482 | 38,204,767 | |
| Total shareholders' equity | 78,923,381 | 107,964,842 | |
| Total liabilities and shareholders' equity | 161,332,875 | 201,846,085 | |
EuroDry Ltd.
Unaudited Consolidated Condensed Statements of Cash Flows
(All amounts expressed in U.S. Dollars)
| Nine Months Ended September 30, | Nine Months Ended September 30, | |||
| 2021 | 2022 | |||
| Cash flows from operating activities: | ||||
| Net income | 15,146,733 | 27,274,285 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Vessel depreciation | 5,395,583 | 8,182,892 | ||
| Amortization of deferred charges | 250,766 | 142,705 | ||
| Share-based compensation | 132,636 | 551,096 | ||
| Unrealized loss / (gain) on derivatives | 2,189,391 | (2,164,525 | ) | |
| Loss on debt extinguishment | 1,647,654 | - | ||
| Changes in operating assets and liabilities | (847,045 | ) | (3,022,066 | ) |
| Net cash provided by operating activities | 23,915,718 | 30,964,387 | ||
| Cash flows from investing activities: | ||||
| Cash paid for vessel acquisitions | (31,637,347 | ) | (36,968,389 | ) |
| Cash paid for vessels capitalized expenses | (37,891 | ) | (792,703 | ) |
| Net cash used in investing activities | (31,675,238 | ) | (37,761,092 | ) |
| Cash flows from financing activities: | ||||
| Redemption of Series B Preferred shares | (3,000,000 | ) | - | |
| Proceeds from issuance of common stock, net of commissions paid | 9,190,013 | 2,685,602 | ||
| Cash paid for share repurchase | - | (1,469,522 | ) | |
| Offering expenses paid | - | (12,427 | ) | |
| Preferred dividends paid | (570,925 | ) | - | |
| Loan arrangement fees paid | (648,000 | ) | (150,000 | ) |
| Proceeds from related party loan | 6,000,000 | - | ||
| Proceeds from long term bank loans | 61,700,000 | 20,000,000 | ||
| Repayment of related party loan | (2,700,000 | ) | - | |
| Repayment of long term bank loans | (44,212,000 | ) | (11,355,000 | ) |
| Net cash provided by financing activities | 25,759,088 | 9,698,653 | ||
| Net increase in cash, cash equivalents and restricted cash | 17,999,568 | 2,901,948 | ||
| Cash, cash equivalents and restricted cash at beginning of period | 4,606,318 | 29,527,366 | ||
| Cash, cash equivalents and restricted cash at end of period | 22,605,886 | 32,429,314 | ||
| Cash Breakdown | ||||
| Cash and cash equivalents | 17,015,316 | 29,546,558 | ||
| Restricted cash, current | 3,640,570 | 997,756 | ||
| Restricted cash, long term | 1,950,000 | 1,885,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 22,605,886 | 32,429,314 | ||
EuroDry Ltd.
Reconciliation of Net income to Adjusted EBITDA
(All amounts expressed in U.S. Dollars)
| Three Months Ended September 30, 2021 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2022 | |||||
| Net income | 12,064,054 | 6,161,757 | 15,146,733 | 27,274,285 | ||||
| Interest and other financing costs, net (incl. interest income and loss on debt extinguishment) | 555,747 | 964,686 | 3,314,164 | 2,369,924 | ||||
| Vessel depreciation | 1,983,108 | 2,857,258 | 5,395,583 | 8,182,892 | ||||
| Change in fair value of Forward Freight Agreement derivatives | (1,584,369 | ) | 482,670 | 2,546,292 | - | |||
| Loss / (gain) on interest rate swap derivatives | 1,115 | (951,633 | ) | (133,730 | ) | (1,944,762 | ) | |
| Adjusted EBITDA | 13,019,655 | 9,514,738 | 26,269,042 | 35,882,339 | ||||
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net income before interest and other financing costs, income taxes, depreciation, loss on debt extinguishment, change in fair value of Forward Freight Agreements (“FFAs”) and loss / (gain) on interest rate swap derivatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, 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, interest and other financing costs, loss on debt extinguishment, change in fair value of FFAs, loss / (gain) 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 to Adjusted net income
(All amounts expressed in U.S. Dollars – except share data and number of shares)
| Three Months Ended September 30, 2021 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2022 | |||||
| Net income | 12,064,054 | 6,161,757 | 15,146,733 | 27,274,285 | ||||
| Unrealized (gain) / loss on derivatives | (1,659,261 | ) | (495,377 | ) | 2,189,391 | (2,164,525 | ) | |
| Loss on debt extinguishment | - | - | 1,647,654 | - | ||||
| Adjusted net income | 10,404,793 | 5,666,380 | 18,983,778 | 25,109,760 | ||||
| Preferred dividends | (274,337 | ) | - | (845,262 | ) | |||
| Preferred deemed dividend | - | - | (120,000 | ) | ||||
| Adjusted net income attributable to common shareholders | 10,130,456 | 5,666,380 | 18,018,516 | 25,109,760 | ||||
| Adjusted earnings per share, basic | 3.84 | 1.94 | 7.42 | 8.69 | ||||
| Weighted average number of shares, basic | 2,634,822 | 2,925,799 | 2,427,810 | 2,890,771 | ||||
| Adjusted earnings per share, diluted | 3.79 | 1.93 | 7.29 | 8.60 | ||||
| Weighted average number of shares, diluted | 2,675,224 | 2,930,909 | 2,470,726 | 2,918,800 | ||||
Adjusted net income and Adjusted earnings per share Reconciliation:
EuroDry Ltd. considers Adjusted net income to represent net income before unrealized (gain)/loss on derivatives, which includes FFAs and interest rate swaps, and loss on debt extinguishment. Adjusted net income and Adjusted earnings per share are 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 and loss on debt extinguishment, 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 and under pool agreements.
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 Statement
This 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.
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| Company Contact | Investor Relations / Financial Media |
| Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
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.
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