EuroDry Ltd. (NASDAQ:EDRY) Q4 2022 Earnings Conference Call February 13, 2023 10:00 AM ET

Company Participants

Aristides Pittas - Chairman and Chief Executive Officer

Anastasios Aslidis - Chief Financial Officer and Treasurer

Conference Call Participants

Tate Sullivan - Maxim Group

Operator

Thank you for standing by, ladies and gentlemen, and welcome to EuroDry Conference Call on the Fourth 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 call to Mr. Pittas, I would like to remind everybody that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meanings 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 will 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 a moment to go through the whole statement and read it.

And now I would like to pass the floor over 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 fourth quarter and full year ended December 31, 2022. Tasos will go over our financial highlights in more detail later in the presentation.

Please turn to Slide 3. Our income statement highlights are shown here. For the third quarter of 2022, we reported total net revenues of $15.1 million and a net income of $6.3 million or $2.20 per diluted share.

Adjusted net income attributable to common shareholders was $3.3 million or $1.18 per diluted share. The difference spanning mostly from the one time profit we had selling our eldest vessel M/V Pantelis. Adjusted EBITDA for the period was $7.3 million. Please refer to the press release for the reconciliation of adjusted net income attributable to common shareholder and adjusted EBITDA.