Euroseas Ltd. reports results for the nine-month period and Quarter ended September 30, 2013
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 three and nine month periods ended September 30, 2013, the company said in its press release.
Third Quarter 2013 Highlights:
•Net loss of $3.8 million or $0.08 loss per share basic and diluted on total net revenues of $9.0 million. Adjusted net loss1 for the period was $5.0 million or $0.11 loss per share basic and diluted.
•Adjusted EBITDA1 was $(0.5) million.
•An average of 14.28 vessels were owned and operated during the third quarter of 2013 earning an average time charter equivalent rate of $7,320 per day.
•Suspended the quarterly dividend to focus all its resources in exploiting investment opportunities in the markets.
First Nine Months 2013 Highlights:
•Net loss of $17.3 million or $0.38 net loss per share basic and diluted on total net revenues of $29.5 million. Adjusted net loss[1] for the period was $15.3 million, or $0.34 net loss per share basic and diluted.
•Adjusted EBITDA1 was $(1.6) million.
•An average of 14.75 vessels were owned and operated during the first nine months of 2013 earning an average time charter equivalent rate of $7,953 per day.
