Euroseas Ltd. (NASDAQ:ESEA) Q2 2023 Earnings Conference Call August 9, 2023 10:00 AM ET

Company Participants

Aristides Pittas - Chairman and CEO

Tasos Aslidis - CFO

Conference Call Participants

Tate Sullivan - Maxim Group

Kristoffer Skeie - Arctic Securities

Climent Molins - Value Investor's Edge

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Second Quarter 2023 Financial Results.

We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the Company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the Company announced their results with a press release that has been publicly distributed.

Before passing the floor with Mr. Pittas, I would like to remind everyone that in today’s presentation and conference call, Euroseas will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

I kindly draw your attention to Slide number 2 of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it.

And now, I’d like to pass the floor to Mr. Pittas. Please go ahead, sir.

Aristides Pittas

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the six-month period and quarter ended June 30 2023.

Let’s turn to Slide 3 of the presentation to go over our income statement highlights. We are very pleased with our results for the second quarter of 2023, which is one of the best results we have ever had since Euroseas became a containership focused public company in 2018.

For the second quarter of 2023, we reported total net revenues of $47.7 million and the net income was $28.9 million, or $4.15 per diluted share. Adjusted net income was $29 million, or $4.17 per diluted share. Adjusted EBITDA for the cost was $30.6 million. Please refer to the press release for the reconciliation between adjusted net loss and adjusted EBITDA.