Euroseas Ltd. (NASDAQ:ESEA) Q4 2022 Results Conference Call February 15, 2023 10:00 AM ET

Company Participants

Aristides Pittas - Chairman and Chief Executive Officer

Tasos Aslidis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Fourth Quarter 2022 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 over 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 quarter ended and full year December 31, 2022. Tasos will go over our financial highlights in more detail later on in the presentation. Let's turn to Slide 3. Our income statement highlights are shown here.

For the fourth quarter of 2022, we reported total net revenues of $42.9 million and net income attributable to common shareholders of $20.3 million or $2.86 per diluted share. Adjusted net income attributable to common shareholders was $17.7 million or $2.50 per diluted share. Adjusted EBITDA for the period stood at $22.9 million.

Please refer to the press release for the reconciliation of adjusted net income attributable to common shareholders and adjusted EBITDA. 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 fourth quarter of 2022, which will be payable on or about March 16 to the shareholders of record on March 9, 2023.