EuroDry Ltd. (NASDAQ:EDRY) Q1 2022 Earnings Conference Call May 18, 2022 10:30 AM ET

Company Participants

Aristides Pittas - Chairman and 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 First 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 the current management's expectation that involves risks and uncertainties that may result in such expectations not being realized.

I can redraw your attention to Slide 2 of the webcast presentation, which has the full forward-looking statements 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. 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, Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three month period ended March 31, 2022.

Please turn to Slide 3. Our income statement highlights are shown here. For the first quarter of 2022, we reported total net revenues of $18.3 million and the net income of $10.5 million. Adjusted net income attributable to the common shareholders was $9.5 million or $3.3 per share. Adjusted EBITDA for the period stood at $12.7 million. Our CFO, Tasos Aslidis, will go over the financial highlights in more detail later on in the presentation.

Please turn to Slide 4 for our operational highlights. Motor vessel Ekaterini charter has been extended until February 2023 at 105% of the average bulk comes from Baltic Kamsarmax Index. While motor vessel Xenia charter has also been extended until March '24 at again 105% of the average Baltic Kamsarmax Index.