EuroDry Ltd. (NASDAQ:EDRY) Q3 2022 Earnings Conference Call November 11, 2022 9:00 AM ET

Company Participants

Aristides Pittas - Chairman & CEO

Tasos Aslidis - CFO

Conference Call Participants

Tate Sullivan - Maxim

Poe Fratt - Alliance Global Partners

Operator

Thank you for standing by, ladies and gentlemen. And welcome to the EuroDry Conference Call on the Third 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 note. [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with the press release that has been publicly distributed. Before passing the call 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 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 I would now like to pass the floor over to Mr. Pittas. Thank you, sir. Please go ahead.

Aristides Pittas

Hello, ladies and gentlemen, good morning, and thank you for joining us for the scheduled conference call. I have with me Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the third quarter and 9-month period ended September 30, 2022.

Please turn to Slide 3. Our income statement highlights are shown here. For the third quarter of 2022, we reported total net revenues of $15.8 million and a net income of $6.2 million or $2.10 per diluted share.

Adjusted net income attributable to common shareholders was $5.7 million or $1.93 per diluted share. Adjusted EBITDA for the period was $9.5 million. As of November 10, 2022, we had repurchased 108,963 of our common shares in the open market for about $1.5 million under our share repurchase plan of up to $10 million announced in August. Our CFO, Tasos Aslidis, will go over our financial highlights in more detail later on in the presentation.