EuroDry Ltd. (NASDAQ:EDRY) Q4 2023 Earnings Conference Call February 16, 2024 10:00 AM ET

Company Participants

Aristides Pittas - Chairman and CEO

Tasos Aslidis - CFO

Conference Call Participants

Tate Sullivan - Maxim Group

Kristoffer Skeie - Arctic Securities

Poe Fratt - Alliance Global Partners

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Ltd. Conference Call on the Fourth Quarter of 2023 Financial Results.

We have with us today 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 call is being recorded today, and 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 also like to remind everybody 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 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, and thank you all for joining us today for our scheduled conference call.

Together with me, I have Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and 12 months period ended 31st December, 2023.

Please turn to Slide 3 of the presentation. Our financial results are shown here. For the fourth quarter of 2023, we reported total net revenues of $15.9 million, and net income attributable, to controlling shareholders of $0.3 million or $0.13 per basic and diluted share.

Adjusted net income for the quarter was $1.9 million, or $0.70 per diluted share, mainly reflecting the contribution of FFA. Adjusted EBITDA for the period was $6.6 million. Please turn to the press release, for a full reconciliation of adjusted net income and adjusted EBITDA. Our CFO, Tasos Aslidis, will go over our financial highlights in more detail, later on in the presentation.