EuroDry Ltd. (NASDAQ:EDRY) Q1 2023 Earnings Conference Call May 15, 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

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Conference Call on the First 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]

I must surprise you that this conference is being recorded today. Please be reminded that the company announced its results for the 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 number 2 of the webcast presentation which has a 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 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 3-month period ended March 31, 2023.

Please turn to Slide 3 of the presentation. Our financial highlights are presented here.

For the first quarter of 2023, we reported total net revenues of $11.3 million and a net loss of $1.5 million or $0.55 loss per basic and diluted share. Adjusted net income, though attributable to common shareholders was $0.4 million or $0.14 earnings per basic and diluted share, respectively. The main difference to our net income was the unrealized portion of the change of value in our derivative contracts.

Adjusted EBITDA for the period was $2.4 million. A reconciliation of adjusted net income attributable to common shareholders and adjusted EBITDA is presented in the press release. As of May 15, 2023, we had repurchased 198,721 shares of our common stock in the open market, around 7% of our total stock for about $3 million under our share repurchase plan of up to $10 million announced in August 2022. We will continue to execute the share purchase program at management's discretion. Tasos will go on with our financial highlights in more detail later on in the presentation.