Euroseas Ltd (NASDAQ:ESEA) Q3 2022 Earnings Conference Call November 14, 2022 9:30 AM ET

Company Participants

Aristides Pittas - Chairman, CEO & President

Anastasios Aslidis - CFO, Treasurer & Director

Conference Call Participants

Tate Sullivan - Maxim Group

James Jang - Univest Securities

Charles Fratt - Alliance Global Partners

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Third 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. [Operator Instructions]. I must advise you that this conference is being recorded today. And please be reminded that the company announced their results with a press release that has been publicly distributed.

Before passing the floor to 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 #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 them over to go through the whole statement and read it.

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

Aristides Pittas

Good morning, ladies and gentlemen. 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 third quarter and 9 months period ended September 30, 2022.

Let's turn to Slide 3. For the first quarter of 2022, we reported total net revenues of $46 million and net income attributable to common shareholders of $25.2 million, or $3.50 per share basic and diluted. Adjusted net income attributable to common shareholders was $20.9 million of $2.90 per share basic and diluted. Adjusted EBITDA for the period stood at $26.2 million.

As part of the company's common stock dividend plan, our Board of Directors declared a quarterly dividend of $0.50 per share for the first quarter of 2022 which will be payable on or about December 16 to shareholders of record on December 9, 2022. This represents a 9.4% annualized yield on our stock price of last Friday. As of November 14, 2022, we have also repurchased 139,000 of our common stock in the open market for about $3 million, under our share repurchase plan of up to $20 million announced in May 2022.