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.