The following release was published by Euroseas:
Second Quarter 2023 Financial Highlights:
• Total net revenues of $47.7 million. Net income of $28.9 million or $4.17 and $4.15 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $29.0 million or $4.19 and $4.17 per share basic and diluted. • Adjusted EBITDA1 was $30.6 million. • An average of 17.95 vessels were owned and operated during the second quarter of 2023 earning an average time charter equivalent rate of $30,151 per day. • Declared a quarterly dividend of $0.50 per share for the second quarter of 2023 payable on or about September 16, 2023, to shareholders of record on September 9, 2023, as part of the Company’s common stock dividend plan. • As previously announced, on July 6, 2023, the Company took delivery of its second newbuilding M/V “Terataki”, an eco 2,800 teu feeder containership from Hyundai Mipo Dockyard Co. in South Korea. The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by the National Bank of Greece S.A. Following its delivery, M/V “Terataki” commenced a thirty-six- to forty-month charter with Asyad Lines. • The original share repurchase program of $20 million approved by the Board during 2022 has been extended for another year. As of August 9, 2023, we have repurchased 396,615 shares of our common stock in open market transactions for $8.1 million
First Half 2023 Financial Highlights:
• Total net revenues of $89.6 million. Net income of $57.6 million or $8.28 and $8.25 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $50.7 million or $7.29 and $7.26 per share basic and diluted, respectively. • Adjusted EBITDA1 was $56.6 million.
Source: Euroseas