Euroseas Reports 4Q Results

Friday, February 29, 2008
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the fourth quarter and year ended December 31, 2007.

Fourth quarter 2007 Highlights: * Net income of $15.3 million or $0.55 basic and diluted earnings per share calculated on 27,610,993 basic weighted average number of shares outstanding and 27,748,850 diluted weighted average number of shares outstanding on total net revenues of $31.5 million. Ignoring the effect on the earnings for the quarter from the amortization of the fair value of time charter contracts acquired the earnings per share for the quarter ended December 31, 2007 would have been be $0.51 per share basic and diluted. * Adjusted EBITDA was $21.5 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net income and cash flows provided by operating activities. * An average 14.63 vessels were operated during the fourth quarter 2007 earning an average time charter equivalent rate of $26,479 per day. * Declared a quarterly dividend of $0.30 per share for the fourth quarter 2007 payable on March 14, 2008 to shareholders of record as of March 5, 2008

2007 Highlights: * Net income of $40.7 million or $1.89 basic and $1.88 diluted earnings per share calculated on 21,566,619 basic weighted average number of shares outstanding and 21,644,920 diluted weighted average number of shares outstanding on total net revenues of $82.1 million. Ignoring the effect on the earnings for the year from the amortization of the fair value of time charter contracts acquired the earnings per share for the year ended December 31, 2007 would have been $1.91 per share basic and $1.90 per share diluted. * Adjusted EBITDA was $61.7 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net income and cash flows provided by operating activities. * An average 11.48 vessels were operated during 2007 earning an average time charter equivalent rate of $21,468 per day * Declared quarterly dividends for the results of 2007, aggregating $1.08 per share.

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