Euroseas Reports 2Q Results

Thursday, August 14, 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 second quarter of 2008 and six month period ended June 30, 2008.

Second Quarter 2008 Highlights:
-- Net income of $15.7 million or $0.52 per share basic and $0.51 per share diluted calculated on 30,428,810 basic and 30,554,537 diluted weighted number of shares outstanding, respectively, on total net revenues of $34.5 million. Excluding 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 June 30, 2008 would have been $0.44 per share basic and diluted.
-- Adjusted EBITDA was $21.7 million.     -- An average 15.44 vessels were operated during the second quarter 2008 earning an average time charter equivalent rate of $25,918 per day.
-- Declared a quarterly dividend of $0.32 per share for the second quarter 2008 payable on September 17, 2008 to shareholders of record on September 5, 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 second quarter of 2008 and six month period ended June 30, 2008.
Second Quarter 2008 Highlights:
-- Net income of $15.7 million or $0.52 per share basic and $0.51 per share diluted calculated on 30,428,810 basic and 30,554,537 diluted weighted number of shares outstanding, respectively, on total net revenues of $34.5 million. Excluding 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 June 30, 2008 would have been $0.44 per share basic and diluted.
-- Adjusted EBITDA was $21.7 million.     -- An average 15.44 vessels were operated during the second quarter 2008 earning an average time charter equivalent rate of $25,918 per day.
-- Declared a quarterly dividend of $0.32 per share for the second quarter 2008 payable on September 17, 2008 to shareholders of record on September 5, 2008.

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