EuroDry Ltd. (NASDAQ:EDRY) Q2 2023 Results Conference Call August 8, 2023 10:00 AM ET

Corporate Participants

Aristides Pittas - Chairman and Chief Executive Officer

Tasos Aslidis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group

Kristoffer Skeie - Arctic Securities

Operator

Ladies and gentlemen, welcome to the EuroDry Conference Call on the Second Quarter 2023 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. [Operator Instructions] 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 over 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 number 2 of the webcast presentation, which has the full forward-looking statement and the statement was also included in the press release. Please take a moment to go through the whole statement and read it. And I now would 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 Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the 6-month period and quarter ended June 30, 2023. Please turn to Slide 3 of the presentation. Our financial highlights are shown here. For the second quarter of 2023, we reported total net revenues of $10.3 million and a net loss of $1.2 million or $0.43 loss per basic and diluted share. Adjusted net loss was $1.3 million or $0.48, adjusted loss per basic and diluted share. Adjusted EBITDA for the quarter was $2.5 million.

Please refer to the press release for the reconciliation between adjusted net loss and adjusted EBITDA. The Board of Directors approved the extension of its share repurchase program, which was originally established in August 2022 for another year. The program provided the company with authorization to purchase up to $10 million. Today, we have repurchased 216,000 of our common shares, i.e., about 8% of our total outstanding shares in the open market for about $3.25 million since the inception of the program. The extension of our share repurchase program was approved by the Board of Directors as our stock is trading at a very large discount to our net asset value. Thus, buying our own stock represents an attractive investment opportunity for us.