Euroseas Ltd. (NASDAQ:ESEA) Q1 2023 Results Conference Call May 16, 2023 11:00 AM ET

Company Participants

Aristides Pittas - Chairman and CEO

Tasos Aslidis - CFO

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the First 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 is Tasos Aslidis, our Chief Financial Officer. The purpose of today’s call is to discuss our financial results for the three months period ended March 31, 2023. Let us turn to slide 3 of the presentation. Our first quarter financial highlights are shown here.

For the first quarter of 2023 we reported total net revenues of $41.9 million and net income attributable to common shareholders of $28.8 million, or $4.10 per diluted share.

Adjusted net income attributable to common shareholders was $21.7 million, or $3.09 per diluted share. Adjusted EBITDA for the period stood at $26 million. A reconciliation of adjusted net income attributable to common shareholders and adjusted EBITDA is presented in the press release.

As part of the Company’s common stock dividend plan, our Board of Directors declared a quarterly dividend of $0.50 per common share for the first quarter of 2023, which is payable on or about June 16th to the shareholders of record on June 9, 2023. This is the fifth consecutive $0.50 dividend that we are paying.