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 and six month period ended June 30, 2007.
Net income of $6.4 million or $0.35 per share calculated on 18,370,861 weighted average number of shares outstanding on total net revenues of $15.6 million. Earnings per share for the second quarter of 2007 do not include $0.03 per share of revenues attributable to amortization of the fair value of period charter contracts acquired that is usually included by security analysts in their published estimates of earnings per share. Adjusted EBITDA was $11.4 million. Please refer to a subsequent section of the Press Release for a reconciliation of adjusted EBITDA to net income. An average 10.08 vessels were operated during the second quarter 2007 earning an average time charter equivalent rate of $18,776 per day. Declared a quarterly dividend of $0.25 per share for the second quarter 2007 payable on August 24, 2007 to shareholders of record on August 15, 2007.