EuroDry, Ltd. (NASDAQ:EDRY) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET

Company Participants

Aristides Pittas - Chairman & CEO

Tasos Aslidis - CFO

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 Second 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. [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’s expectation that involves risks and uncertainties that may result in such expectations not being realized.

I kindly draw your attention to Slide 02 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 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 six months period and quarter ended March 30, 2022.

Please turn to Slide 3. Our income statement highlights are shown here. For the second quarter of 2022, we reported total net revenues of $21 million and the net income of $10.6 million or $3.61 per diluted share. Adjusted net income attributable to the common shareholders was $9.9 million or $3.38 per diluted share. Adjusted net income attributable to common shareholders was $9.9 million, a $3.38 per diluted share. Adjusted EBITDA for the period was $13.7 million. With positive release in the drybulk market that is still anticipated to remain firm for the second half of the year. We believe our stocks will be trading at much higher levels given the net asset value of the company as well.