Euroseas Ltd (NASDAQ:ESEA) Q1 2022 Earnings Conference Call May 24, 2022 9:30 AM ET

Company Participants

Aristides Pittas - Chairman & Chief Executive Officer

Tasos Aslidis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group

Poe Fratt - Alliance Global Partners

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the First Quarter 2022 Financial Results. We have with us today 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 its 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, EuroDry 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 two 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.

I'd now like to pass the floor over to Mr. Pittas. Thank you, sir, and please go ahead.

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-month period ended March 31st, 2022.

Let's turn to slide three, our income statement highlights are shown here. For the first quarter of 2022, reported total net revenues of $45.4 million and a net income of $29.9 million.

Adjusted net income attributable to common shareholders was $26.8 million, or $3.70 per share diluted. Adjusted EBITDA for the period stood at $31.1 million. Our CFO, Tasos Aslidis will go over the financial highlights in more detail later in the presentation.

We are indeed very pleased with the company's increased profitability, which is, of course, the result of the extremely strong charter rates of vessels recorded during the first quarter of 2022.