Euroseas Reports Results for the 1Q

Wednesday, May 30, 2007
Euroseas Ltd. , an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced its results for the First Quarter ended March 31, 2007. For the first quarter of 2007, the Company reported total net revenues of $13.5 million and net income of $9.5 million representing a 45% and 177% increase, respectively, over total net revenues of $9.3 million and net income of $3.4 million during the first quarter of 2006.

Adjusted EBITDA for the first quarter of 2007 was $13.6 million, a 150% increase over Adjusted EBITDA of $5.4 million during the first quarter of 2006. Please see below for Adjusted EBITDA reconciliation to net income and cash flow provided by operating activities. Also, please note that net income and Adjusted EBITDA during the first quarter of 2007 include a $3.4 million capital gain contribution from the sale of M/V “Ariel” in February 2007; there were no vessel sales during the same period of 2006. Earnings per share for the first quarter of 2007 were $0.58, calculated on 16,453,483 weighted average number of shares outstanding during this quarter, compared to earnings per share of $0.28 for the first quarter of 2006 calculated on 12,276,374 weighted average number of shares outstanding during that quarter. The Company has recently declared its seventh consecutive quarterly dividend of $0.24 per share, which represents a 33% increase over last year’s quarterly dividend.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Today in U.S. Naval History: July 25

Today in U.S. Naval History - July 25 1779 - Amphibious expedition against British in Penobscot Bay, Maine 1863 - U.S. Squadron bombards Fort Wagner, N.C.

Cause of S.Korea Ferry Businessman's Death Remains Unknown

Yoo's body too badly decomposed to determine cause of death; mystery surrounding final days of de-factor owner of doomed ferry deepens. Yoo's son arrested in latest capture of family members.

DoD Awards Ingalls 'USS Ronald Reagan' Contract Modification

U.S. Department of Defense (DoD) informs that Huntington Ingalls Inc., Newport News, Virginia, is being awarded a US$13,759,894 modification to previously awarded cost-plus-award-fee,

Finance

ST Engineering Divest 50% Stake In Beijing Zhonghuan

Singapore Technologies Engineering Ltd (ST Engineering) updated today that further to an earlier announcement made on 28 January 2014, Singapore Technologies

Statoil's 2Q 2014 Results

Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1169 sec (9 req/sec)