Euroseas Ltd. (NASDAQ:ESEA) Q1 2024 Results Conference Call May 23, 2024 10:00 AM ET

Company Participants

Aristides Pittas - Chairman and Chief Executive Officer
Tasos Aslidis - Chief Financial Officer

Conference Call Participants

Tate Sullivan - Maxim Group
Kristoffer Skeie - Arctic Securities

Operator

Thank you for standing by, ladies and gentlemen, and welcome to Euroseas Conference Call on the First Quarter 2024 financial results.

We have with us 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 call is being recorded today. Please be reminded that the company announced their 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, Euroseas 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 on 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, and thank you all for joining us today for our scheduled conference call. Together with me, Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the 3-month period ended March 31, 2024.

Let's turn to Slide 3 of the presentation. to go over our income statement highlights. For the first quarter of 2024, we reported total net revenues of $46.7 million and the net income of $20 million or $2.87 per diluted share. Adjusted net income for the quarter was $18.5 million or $2.66 per diluted share. Adjusted EBITDA for the period was $24.6 million. A reconciliation of the adjusted net income and adjusted EBITDA to net income is shown in the press release. Our CFO, Tasos will go over our financial highlights in more detail later on in the presentation.

As part of the company's common stock dividend plan, our Board of Directors declared again a quarterly dividend of $0.60 per common share for the first quarter of 2024, which will be payable on or about June 21, 2024 to shareholders of record on June 14. The annualized dividend yield based on the current share price is again above 6%. This is the ninth consecutive quarter of paying meaningful dividends.