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, 2024.
First Quarter 2024
Highlights:
- Total net revenues of $14.4
million.
- Net loss attributable to
controlling shareholders, of $1.8 million or $0.65 loss per share
basic and diluted, respectively.
- Adjusted net loss1 attributable to
controlling shareholders for the quarter of $3.2 million or $1.18
loss per share basic and diluted, respectively, before unrealized
gain on derivatives.
- Adjusted EBITDA1 was $2.1
million.
- An average of 13.0 vessels were
owned and operated during the first quarter of 2024 earning an
average time charter equivalent rate of $12,455 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 21, 2024, we had
repurchased 299,646 shares of our common stock in the open market
for $4.7 million, since the initiation of our repurchase plan of up
to $10 million, announced in August 2022.
Aristides Pittas, Chairman and CEO of
EuroDry commented: “During the second
half of first quarter of 2024 and through mid-May 2024, drybulk
earnings for Ultramax and Kamsarmax vessels have on average
maintained the levels of the previous three months with tripcharter
rates around $16,000/day and timecharter rates a couple of thousand
dollars per day higher. While these earnings levels would have been
profitable for our fleet, our results for the quarter were
influenced by a higher than average number of vessels undergoing
drydocking and realized losses on FFA contracts. Looking forward we
continue to be cautiously optimistic for the drybulk sector with
continuing low orderbook as percent of the fleet and effects from
carbon emissions regulation underpinning our optimism. On the
demand side, economic developments in China and worldwide economic
growth along with the objective to reduce the use of coal provide
the challenges the sector has to overcome. Of course, other
geopolitical factors, like the Houthi attacks on shipping, have a
positive near term effect forcing vessels to travel longer
distances.
“We are positioning our fleet to take advantage
of possible increases in rates and, thus, have all our vessels
being exposed to the market either pursuing short term tripcharters
or having their earnings linked to market indices. At the same
time, we continuously evaluate investment opportunities in modern
vessels and intend to continue our share repurchase program to
exploit the difference between our share price and the intrinsic
value of our shares.”
Tasos Aslidis, Chief Financial Officer
of EuroDry commented: “Our net revenues for the first
quarter of 2024 were higher by 27.2% as compared to the first
quarter of 2023. This is primarily driven by the increase of 16.7%
in average time charter equivalent rates our vessels earned during
the quarter as compared to the first quarter of 2023, as well as by
the increased number of vessels owned and operated in the first
quarter of 2024 as compared to the same period of 2023.
“Vessel operating expenses were $6.2 million for
the first quarter of 2024 as compared to $4.7 million for the same
period of 2023. The increase is mainly attributable to the
increased number of vessels operating in the first quarter of 2024
compared to the corresponding period in 2023.
“Adjusted EBITDA during the first quarter of
2024 was $2.1 million compared to $2.4 million achieved for the
first quarter of last year. As of March 31, 2024, our outstanding
debt (excluding the unamortized loan fees) was $101.5 million
versus restricted and unrestricted cash of approximately $12.7
million.”
First Quarter 2024 Results:For
the first quarter of 2024, the Company reported total net revenues
of $14.42 million representing a 27.2% increase over total net
revenues of $11.34 million during the first quarter of 2023, which
was the result of the increased time charter rates our vessels
earned during the first quarter of 2024 and the increased number of
vessels owned and operated in first quarter of 2024 compared to the
same period of last year. On average, 13.0 vessels were owned and
operated during the first quarter of 2024 earning an average time
charter equivalent rate of $12,455 per day compared to 10.0 vessels
in the same period of 2023 earning on average $10,674 per day.
The Company reported a net loss for the period
of $1.91 million and a net loss attributable to controlling
shareholders of $1.78 million, as compared to a net loss and a net
loss attributable to controlling shareholders of $1.54 million for
the same period of 2023. The net loss attributable to the
non-controlling interest of $0.13 million in the first quarter of
2024 represents the loss attributable to the 39% ownership of the
entities owning the M/V Christos K and M/V Maria represented by NRP
Project Finance AS (“NRP investors”) (the “Partnership”).
For the first quarter of 2024, voyage expenses
amounted to $1.51 million and mainly relate to vessels
repositioning between charters and expenses during operational
off-hire time, as compared to $2.44 million in the same period of
2023.The amount for the first quarter of 2023 included expenses
incurred by one of our vessels while employed under a voyage
charter. Vessel operating expenses increased to $6.23 million for
the first quarter of 2024 from $4.69 million in the same period of
2023. The increase is mainly attributable to the increased number
of vessels operating in the first quarter of 2024 compared to the
corresponding period in 2023. Depreciation expense for the first
quarter of 2024 was $3.44 million compared to $2.53 million for the
same period of 2023 as a result of the higher number of vessels
owned and operated in the first quarter of 2024.
Related party management fees for the period
were $1.08 million compared to $0.77 million for the same period of
2023, again due to the increased number of vessels owned and
operated in the first quarter of 2024, as well as due to the
adjustment for inflation in the daily vessel management fee,
effective from January 1, 2024, increasing it from 775 Euros to 810
Euros and the unfavorable movement of the euro/dollar exchange
rate.
General and administrative expenses were $0.81
million for the first quarter of 2024 as compared to $0.80 million
for the same period of last year.
In the first quarter of 2024, two of our vessels
were drydocked in order to pass their special survey for a total
cost of $1.77 million. 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.
Interest and other financing costs for the first
quarter of 2024 increased to $2.07 million as compared to $1.47
million for the same period of 2023. Interest expense during the
first quarter of 2024 was higher mainly due to the increased amount
of debt and 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, 2024, the
Company recognized a $0.15 million unrealized gain and a $0.06
million realized gain on one interest rate swap, as well as a $1.29
million unrealized gain and a $0.95 million realized loss on
forward freight agreement contracts. 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.
Adjusted EBITDA for the first quarter of 2024
was $2.10 million compared to $2.36 million achieved during the
first quarter of 2023.
Basic and diluted loss per share attributable to
the Company for the first quarter of 2024 was $0.65, calculated on
2,733,491 basic and diluted weighted average number of shares
outstanding, compared to basic and diluted loss per share of $0.55
for the first quarter of 2023, calculated on 2,803,049 basic and
diluted weighted average number of shares outstanding.
Excluding the effect on the net loss
attributable to controlling shareholders for the quarter of the
unrealized loss / (gain) on derivatives, the adjusted loss for the
quarter ended March 31, 2024 would have been $1.18 per share basic
and diluted, compared to adjusted earnings of $0.14 per share basic
and diluted, respectively for the quarter ended March 31, 2023.
Usually, security analysts do not include the above item in their
published estimates of earnings per share.
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
Name |
Type |
Dwt |
Year Built |
Employment(*) |
TCE Rate ($/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 Jun-24 |
$15,000 |
ALEXANDROS P. |
Ultramax |
63,500 |
2017 |
TC until May-24Then until Jul-24 |
$16,500$11,000 - $17,750***** |
CHRISTOS K*** |
Ultramax |
63,197 |
2015 |
TC until May-24 |
$22,000 plus a GBB**** of $220,000 |
YANNIS PITTAS |
Ultramax |
63,177 |
2014 |
TC until Jun-24 |
$21,000 plus aGBB**** of $210,000 |
MARIA*** |
Ultramax |
63,153 |
2015 |
TC until Jun-24 |
$22,000 plus aGBB**** pf $220,000 |
GOOD HEART |
Ultramax |
62,996 |
2014 |
TC until May-24 |
$14,500 |
MOLYVOS LUCK |
Supramax |
57,924 |
2014 |
TC until Jun-24 |
$15,100 |
EIRINI P |
Panamax |
76,466 |
2004 |
TC until Jun-24 |
$13,250 |
SANTA CRUZ |
Panamax |
76,440 |
2005 |
TC until Jun-24 |
$17,750 plus aGBB*** of $775,000 |
STARLIGHT |
Panamax |
75,845 |
2004 |
TC until May-24 |
$12,250 |
TASOS |
Panamax |
75,100 |
2000 |
TC until Jul-24 |
$16,500 plus aGBB**** of $650,000 |
BLESSED LUCK |
Panamax |
76,704 |
2004 |
TC until Jul-24 |
$15,400 |
Total Dry Bulk Vessels |
13 |
918,502 |
|
|
|
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. |
(***) |
The entity owning the vessel is
61% owned by EuroDry and 39% by NRP Investors. |
(****) |
Gross Ballast Bonus. |
(*****) |
Rate will depend on the
redelivery region. |
Summary Fleet Data:
|
Three months, ended March 31,
2023 |
|
Three months, ended March 31,
2024 |
|
FLEET DATA |
|
|
Average number of vessels (1) |
10.00 |
|
13.00 |
|
Calendar days for fleet (2) |
900.0 |
|
1,183.0 |
|
Scheduled off-hire days incl. laid-up (3) |
6.0 |
|
52.5 |
|
Available days for fleet (4) = (2) - (3) |
894.0 |
|
1,130.5 |
|
Commercial off-hire days (5) |
2.2 |
|
- |
|
Operational off-hire days (6) |
2.5 |
|
21.4 |
|
Voyage days for fleet (7) = (4) - (5) - (6) |
889.3 |
|
1,109.1 |
|
Fleet utilization (8) = (7) / (4) |
99.5% |
|
98.1% |
|
Fleet utilization, commercial (9) = ((4) - (5)) / (4) |
99.8% |
|
100.0% |
|
Fleet utilization, operational (10) = ((4) - (6)) / (4) |
99.7% |
|
98.1% |
|
|
|
|
AVERAGE DAILY RESULTS |
|
|
Time charter equivalent rate (11) |
10,674 |
|
12,455 |
|
Vessel operating expenses excl. drydocking expenses (12) |
6,065 |
|
6,183 |
|
General and administrative expenses (13) |
888 |
|
684 |
|
Total vessel operating expenses (14) |
6,953 |
|
6,867 |
|
Drydocking expenses (15) |
564 |
|
1,493 |
|
(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 provides
additional meaningful information in conjunction with voyage
revenues, the most directly comparable GAAP measure, because it
assists our management in making decisions regarding the deployment
and use of our vessels and because we believe that it provides
useful information to investors regarding our financial
performance. 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) We calculate daily vessel operating
expenses, which include crew costs, provisions, deck and engine
stores, lubricating oil, insurance, maintenance and repairs and
related party management fees 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 us 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. We compute TVOE as 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) Daily drydocking expenses is calculated by
us by dividing drydocking expenses by the fleet calendar days for
the relevant period. Drydocking expenses include expenses during
drydockings that would have been capitalized and amortized under
the deferral method. 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 21, 2024 at 10:30 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 13746785. 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. Audio webcast - Slides
Presentation:There will be a live and then archived audio
webcast of the conference call, via the internet on 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 First Quarter 2024
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 March 31, |
Three Months Ended March 31, |
|
2023 |
2024 |
|
|
Revenues |
|
|
Time charter revenue |
9,317,850 |
|
15,321,785 |
|
Voyage charter revenue |
2,609,775 |
|
- |
|
Commissions |
(585,657 |
) |
(897,140 |
) |
Net revenues |
11,341,968 |
|
14,424,645 |
|
|
|
|
Operating expenses / (income) |
|
|
Voyage expenses |
2,435,123 |
|
1,507,517 |
|
Vessel operating expenses |
4,690,685 |
|
6,233,359 |
|
Drydocking expenses |
507,827 |
|
1,765,630 |
|
Vessel depreciation |
2,534,469 |
|
3,442,068 |
|
Related party management fees |
767,455 |
|
1,080,994 |
|
General and administrative expenses |
799,549 |
|
808,948 |
|
Total operating expenses, net |
11,735,108 |
|
14,838,516 |
|
|
|
|
Operating loss |
(393,140 |
) |
(413,871 |
) |
|
|
|
Other income / (expenses) |
|
|
Interest and other financing costs |
(1,466,919 |
) |
(2,069,905 |
) |
Gain on derivatives, net |
100,974 |
|
543,543 |
|
Foreign exchange (loss) / gain |
(13,464 |
) |
1,566 |
|
Interest income |
232,209 |
|
29,228 |
|
Other expenses, net |
(1,147,200 |
) |
(1,495,568 |
) |
Net loss |
(1,540,340 |
) |
(1,909,439 |
) |
Net loss attributable to the non-controlling interest |
- |
|
127,937 |
|
Net loss attributable to controlling
shareholders |
(1,540,340 |
) |
(1,781,502 |
) |
Loss per share attributable to controlling shareholders, basic and
diluted |
(0.55 |
) |
(0.65 |
) |
Weighted average number of shares, basic and diluted |
2,803,049 |
|
2,733,491 |
|
|
EuroDry Ltd.Unaudited Consolidated
Condensed Balance Sheets(All amounts expressed in
U.S. Dollars – except number of shares) |
|
|
December 31, 2023 |
|
March 31, 2024 |
|
|
|
|
|
|
ASSETS |
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
8,002,024 |
|
7,370,422 |
|
Trade accounts receivable, net |
6,740,606 |
|
7,473,137 |
|
Other receivables |
2,127,266 |
|
2,417,546 |
|
Inventories |
4,117,663 |
|
3,450,150 |
|
Restricted cash |
2,797,569 |
|
2,042,696 |
|
Prepaid expenses |
243,380 |
|
321,532 |
|
Derivatives |
196,627 |
|
201,778 |
|
Total current
assets |
24,225,135 |
|
23,277,261 |
|
|
|
|
|
|
Fixed
assets: |
|
|
|
|
Vessels, net |
203,528,116 |
|
200,344,349 |
|
Long-term
assets: |
|
|
|
|
Derivatives |
- |
|
132,352 |
|
Restricted cash |
3,300,000 |
|
3,300,000 |
|
Total assets |
231,053,251 |
|
227,053,962 |
|
|
|
|
|
|
LIABILITIES, AND
SHAREHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Long term bank loans, current portion |
17,804,553 |
|
16,865,238 |
|
Trade accounts payable |
3,146,931 |
|
4,988,987 |
|
Accrued expenses |
2,320,606 |
|
1,973,172 |
|
Derivatives |
1,287,720 |
|
- |
|
Deferred revenue |
346,838 |
|
148,860 |
|
Due to related companies |
577,542 |
|
2,244,511 |
|
Total current
liabilities |
25,484,190 |
|
26,220,768 |
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
Long term bank loans, net of current portion |
86,123,063 |
|
83,752,534 |
|
Derivatives |
17,769 |
|
- |
|
Total long-term
liabilities |
86,140,832 |
|
83,752,534 |
|
Total
liabilities |
111,625,022 |
|
109,973,302 |
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
Common stock (par value $0.01, 200,000,000 shares authorized,
2,832,417 and 2,801,625 issued and outstanding, respectively) |
28,324 |
|
28,017 |
|
Additional paid-in capital |
68,069,724 |
|
67,631,901 |
|
Retained earnings |
41,564,249 |
|
39,782,747 |
|
Total EuroDry Ltd. common shareholders’
equity |
109,662,297 |
|
107,442,665 |
|
Non-controlling interest |
9,765,932 |
|
9,637,995 |
|
Total shareholders' equity |
119,428,229 |
|
117,080,660 |
|
Total liabilities and shareholders'
equity |
231,053,251 |
|
227,053,962 |
|
|
|
|
|
|
EuroDry Ltd.Unaudited Consolidated
Condensed Statements of Cash Flows (All amounts
expressed in U.S. Dollars) |
|
|
Three Months EndedMarch 31, |
|
Three Months EndedMarch 31, |
|
|
2023 |
|
2024 |
|
|
|
|
Cash flows from operating activities: |
|
Net
loss |
(1,540,340 |
) |
(1,909,439 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
Vessel
depreciation |
2,534,469 |
|
3,442,068 |
|
Amortization and write off of deferred charges |
52,838 |
|
65,157 |
|
Share-based compensation |
256,897 |
|
233,937 |
|
Unrealized loss / (gain) on derivatives |
1,945,304 |
|
(1,442,992 |
) |
Changes in operating assets and liabilities |
(398,374 |
) |
2,583,203 |
|
Net cash provided by operating activities |
2,850,794 |
|
2,971,934 |
|
|
|
|
Cash flows from investing activities: |
|
|
Cash
paid for vessel acquisition |
- |
|
(132,754 |
) |
Cash
paid for vessel sale expenses |
(15,274 |
) |
- |
|
Cash
paid for vessels capitalized expenses |
(44,309 |
) |
(178,587 |
) |
Net cash used in investing activities |
(59,583 |
) |
(311,341 |
) |
|
|
|
Cash flows from financing activities: |
|
|
Cash
paid for share repurchases |
(1,000,122 |
) |
(672,068 |
) |
Repayment of long-term debt |
(14,935,000 |
) |
(3,375,000 |
) |
Net cash used in financing activities |
(15,935,122 |
) |
(4,047,068 |
) |
|
|
|
Net
decrease in cash, cash equivalents and restricted cash |
(13,143,911 |
) |
(1,386,475 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
37,123,013 |
|
14,099,593 |
|
Cash, cash equivalents and restricted cash at end of
period |
23,979,102 |
|
12,713,118 |
|
|
|
|
Cash breakdown |
|
|
|
|
Cash and cash equivalents |
20,364,410 |
|
7,370,422 |
|
Restricted cash, current |
1,829,692 |
|
2,042,696 |
|
Restricted cash, long term |
1,785,000 |
|
3,300,000 |
|
Total cash, cash equivalents and restricted cash shown in
the statement of cash flows |
23,979,102 |
|
12,713,118 |
|
|
EuroDry Ltd.Reconciliation of Net loss to
Adjusted EBITDA(All amounts expressed in U.S.
Dollars) |
|
|
Three Months EndedMarch 31,
2023 |
Three Months EndedMarch 31,
2024 |
Net loss |
(1,540,340 |
) |
(1,909,439 |
) |
Interest and other financing costs, net (incl. interest
income) |
1,234,710 |
|
2,040,677 |
|
Vessel depreciation |
2,534,469 |
|
3,442,068 |
|
Unrealized gain on Forward Freight Agreement derivatives |
(42,195 |
) |
(1,287,720 |
) |
Loss / (gain) on interest rate swap derivatives |
177,598 |
|
(210,640 |
) |
Adjusted EBITDA |
2,364,242 |
|
2,074,946 |
|
Adjusted EBITDA
Reconciliation:EuroDry Ltd. considers Adjusted EBITDA to
represent net loss before interest, income taxes, depreciation,
unrealized gain on 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
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, 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 loss
attributable to controlling shareholders to Adjusted net income /
(loss) attributable to controlling
shareholders(All amounts expressed in U.S. Dollars
– except share data and number of shares) |
|
|
Three Months EndedMarch 31,
2023 |
Three Months EndedMarch 31,
2024 |
Net loss attributable to controlling
shareholders |
(1,540,340 |
) |
(1,781,502 |
) |
Unrealized loss / (gain) on derivatives |
1,945,305 |
|
(1,442,992 |
) |
Adjusted net income / (loss) attributable to controlling
shareholders |
404,965 |
|
(3,224,494 |
) |
Adjusted earnings / (loss) per share, basic and diluted |
0.14 |
|
(1.18 |
) |
Weighted average number of shares, basic and diluted |
2,803,049 |
|
2,733,491 |
|
Adjusted net income / (loss) and
Adjusted earnings / (loss) per share
Reconciliation:EuroDry Ltd. considers Adjusted net income
/ (loss) attributable to controlling shareholders, to represent net
loss before unrealized loss / (gain) on derivatives, which includes
FFAs and interest rate swaps. Adjusted net income / (loss)
attributable to controlling shareholders and Adjusted earnings /
(loss) 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 loss / (gain) on derivatives, which may significantly
affect results of operations between periods. Adjusted net income /
(loss) attributable to controlling shareholders and Adjusted
earnings / (loss) per share do not represent and should not be
considered as an alternative to net loss or loss per share, as
determined by GAAP. The Company's definition of Adjusted net income
/ (loss) attributable to controlling shareholders and Adjusted
earnings / (loss) per share may not be the same as that used by
other companies in the shipping or other industries. Adjusted net
income / (loss) attributable to controlling shareholders and
Adjusted earnings / (loss) per share are not adjusted for all
non-cash income and expense items that are reflected in our
statement of cash flows.
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
13 vessels, including 5 Panamax drybulk carriers, 5 Ultramax
drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax
drybulk carrier. EuroDry’s 13 drybulk carriers have a total cargo
capacity of 918,502 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 |
_________________________1Adjusted EBITDA,
Adjusted net income / (loss) attributable to controlling
shareholders and Adjusted earnings / (loss) 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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