ATHENS, Greece, Aug. 06, 2020 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Firm” or “EuroDry”), an proprietor and operator of drybulk vessels and supplier of seaborne transportation for drybulk cargoes, introduced in the present day its outcomes for the three and 6 month durations ended June 30, 2020.
Second Quarter 2020 Highlights:
- Whole internet revenues of $4.Zero million. Internet lack of $3.Eight million; internet loss attributable to widespread shareholders (after a $0.Four million dividend on Sequence B Most well-liked Shares) of $4.2 million or $1.86 loss per share fundamental and diluted. Adjusted internet loss attributable to widespread shareholders1 for the interval was $3.9 million or $1.73 loss per share fundamental and diluted.
- Adjusted EBITDA1 was $(1.3) million.
- A mean of seven.Zero vessels have been owned and operated throughout the second quarter of 2020 incomes a mean time constitution equal charge of $7,297 per day.
- The Firm declared a dividend of $0.Four million on its Sequence B Most well-liked Shares. The dividend shall be paid in-kind by issuing extra Sequence B Most well-liked Shares.
First Half 2020 Highlights:
- Whole internet revenues of $9.1 million. Internet lack of $6.1 million; internet loss attributable to widespread shareholders (after a $0.7 million dividend on Sequence B Most well-liked Shares) of $6.9 million or $3.03 loss per share fundamental and diluted. Adjusted internet loss attributable to widespread shareholders1 for the interval was $6.2 million or $2.76 loss per share fundamental and diluted.
- Adjusted EBITDA1 was $(1.0) million.
- A mean of seven.Zero vessels have been owned and operated throughout the first half of 2020 incomes a mean time constitution equal charge of $7,390 per day.
Aristides Pittas, Chairman and CEO of EuroDry commented: “In the course of the second quarter of 2020, the drybulk market skilled the consequences of the COVID-19 pandemic and lockdown of the primary economies leading to decreased cargo volumes transported and important declines in constitution charges. These developments put strain on our money circulation, which mixed with the offhire time of considered one of our vessels to bear its fourth particular survey led to us posting our worst quarterly outcomes for the reason that Firm’s spin-off. In the course of the second half of June, the market began recovering – according to the reopening of the key economies- with charges returning to the degrees seen in the beginning of the yr; due to this fact, we anticipate a reversal of fortunes within the third quarter if such developments proceed.
“We consider, nevertheless, that there's important uncertainty remaining about COVID-19 associated developments on the earth economies and the persevering with commerce tensions between U.S. and China which have an effect on the drybulk markets. As well as, port lockdowns have affected our means to vary crew on board our vessels. Now we have taken related measures to make sure our crew members’ and shore staff’ well being and security, regardless of the continued hurdles and journey restrictions imposed by lockdowns all over the world. Thus, our technique is to make sure that we mitigate and handle the dangers of COVID-19 and have enough liquidity to take care of the potential of renewed market weak spot. Within the midst of those unprecedented developments, we stay optimistic concerning the post-pandemic and medium time period prospects of drybulk delivery because the fleet orderbook is the bottom in additional than 20 years which ought to end in restricted fleet progress when the above-said pandemic-driven uncertainty recedes.
“As at all times, we proceed to hunt and consider alternatives and choices to resume or broaden our fleet exploring additionally merger prospects with different fleets in accretive transactions.”
Tasos Aslidis, Chief Monetary Officer of EuroDry commented: “The online revenues of the second quarter of 2020 decreased in comparison with the second quarter of 2019 on account of the time constitution equal charges our vessels earned throughout the quarter which have been decrease by 32.0% in comparison with the common time constitution equal charges our vessels earned within the second quarter of 2019. The considerably decrease charges in comparison with the identical interval of final yr are a results of the dramatic results on the worldwide financial system and seaborne commerce of the COVID-19 pandemic.
As a part of our efforts to make sure enough liquidity, we have now agreed or are within the technique of discussing with a few of our lenders to defer numerous mortgage repayments due in 2020 to later durations or to the tip of the respective amenities. On the identical time, we have now agreed with our most well-liked shareholders to introduce the choice from April 1, 2020 to January 29, 2021 for the Firm to pay the popular dividend in-kind by issuing new most well-liked shares. If paid in-kind, the popular dividend could be at an annual charge of 10.25%, 1% greater than whether it is paid in money.
Whole every day vessel working bills, together with administration charges, basic and administrative bills however excluding drydocking prices, averaged $6,131 per vessel per day throughout the second quarter of 2020 as in comparison with $5,948 per vessel per day for a similar quarter of final yr, and $6,093 per vessel per day for the primary half of 2020 as in comparison with $5,898 per vessel per day for a similar interval of 2019. This enhance is principally attributable to elevated provide of shops and spare elements for our vessels in 2020 in comparison with 2019.
Adjusted EBITDA throughout the second quarter of 2020 was $(1.3) million versus $1.Eight million within the second quarter of final yr. As of June 30, 2020, our excellent debt (excluding the unamortized mortgage charges) was $53.Four million, whereas unrestricted and restricted money was $4.Four million. As of the identical date, our scheduled debt repayments over the subsequent 12 months amounted to about $5.Four million (excluding the unamortized mortgage charges) and all our mortgage covenants are glad.”
_________________________
1Adjusted EBITDA, Adjusted internet earnings/(loss) and Adjusted earnings/(loss) per share aren't acknowledged measurements beneath US GAAP (GAAP) and shouldn't be utilized in isolation or as an alternative to EuroDry’s monetary outcomes offered in accordance with GAAP. Confer with a subsequent part of the Press Launch for the definitions and reconciliation of those measurements to essentially the most straight comparable monetary measures calculated and offered in accordance with GAAP.
Second Quarter 2020 Outcomes:
For the second quarter of 2020, the Firm reported complete internet revenues of $4.Zero million representing a 35.1% lower over complete internet revenues of $6.2 million throughout the second quarter of 2019 which was the results of the decrease time constitution charges our vessels earned throughout the second quarter of 2020 in comparison with the identical interval of 2019. The Firm reported internet loss for the interval of $3.Eight million and internet loss attributable to widespread shareholders of $4.2 million, as in comparison with internet loss and internet loss attributable to widespread shareholders of $1.Eight million and $2.6 million respectively, for a similar interval of 2019. The outcomes for the second quarter of 2020 embody an unrealized lack of $0.2 million on three rate of interest swap contracts and an unrealized lack of $0.1 million on ahead freight settlement (“FFA”) contracts as in comparison with an unrealized lack of $0.2 million on an rate of interest swap contract and an unrealized lack of $0.9 million on FFA contracts throughout the second quarter of 2019. Depreciation bills for the second quarter of 2020 amounted to $1.6 million remaining unchanged in comparison with the identical interval of 2019. Normal and administrative bills amounting to $0.6 million, remained on the identical degree in comparison with the second quarter of 2019. In the course of the second quarter of 2020, two of our vessels accomplished their particular survey for a complete price of $1.5 million, considered one of which had commenced throughout the first quarter of 2020.
Curiosity and different financing prices for the second quarter of 2020 amounted to $0.6 million in comparison with $0.9 million for a similar interval of 2019. Curiosity throughout the second quarter of 2020 was decrease because of the decrease common excellent debt and the decreased Libor charges of our loans throughout the interval as in comparison with the identical interval of final yr. For the three months ended June 30, 2020, the Firm acknowledged a $0.2 million loss on three rate of interest swaps and a $0.1 million unrealized loss on FFA contracts entered into throughout the second quarter of 2020 as in comparison with a loss on derivatives of $0.6 million for a similar interval of 2019, comprising of a $0.Four million loss on FFA contracts and a $0.2 million loss on one rate of interest swap.
On common, 7.Zero vessels have been owned and operated throughout the second quarter of 2020 incomes a mean time constitution equal charge of $7,297 per day in comparison with 7.Zero vessels in the identical interval of 2019 incomes on common $10,724 per day.
Adjusted EBITDA for the second quarter of 2020 was $(1.3) million in comparison with $1.Eight million achieved throughout the second quarter of 2019.
Primary and diluted loss per share attributable to widespread shareholders for the second quarter of 2020 was $1.86 calculated on 2,267,375 fundamental and diluted weighted common variety of shares excellent, in comparison with fundamental and diluted loss per share of $1.14 for the second quarter of 2019, calculated on 2,244,803 fundamental and diluted weighted common variety of shares excellent.
Excluding the impact on the loss attributable to widespread shareholders for the quarter of the unrealized loss on derivatives, the adjusted loss attributable to widespread shareholders for the quarter ended June 30, 2020 would have been $1.73 per share fundamental and diluted in comparison with an adjusted lack of $0.65 per share fundamental and diluted for the quarter ended June 30, 2019. Often, safety analysts don't embody the above merchandise of their revealed estimates of earnings per share.
First Half 2020 Outcomes:
For the primary half of 2020, the Firm reported complete internet revenues of $9.1 million representing an 24.1% lower over complete internet revenues of $12.Zero million throughout the first half of 2019, which was the results of the decrease time constitution charges our vessels earned throughout the first half of 2020 in comparison with the identical interval of 2019. The Firm reported internet loss for the interval of $6.1 million and internet loss attributable to widespread shareholders of $6.9 million, as in comparison with internet lack of $0.9 million and internet loss attributable to widespread shareholders of $2.2 million, for the primary half of 2019. Vessel working bills have been $5.6 million for the primary half of 2020 as in comparison with $5.Three million for the primary half of 2019. The rise is principally attributable to sure repairs, upkeep bills and spare replacements carried out in 2020, concurrently with the drydocking of the 2 vessels that underwent particular survey. Depreciation bills for the primary half of 2020 have been $3.Three million in comparison with $3.2 million throughout the identical interval of 2019, primarily because of the enhance in the price base of sure of our vessels because of the current set up of ballast water administration programs. On common, 7.Zero vessels have been owned and operated throughout the first half of 2020 incomes a mean time constitution equal charge of $7,390 per day in comparison with 7.Zero vessels in the identical interval of 2019 incomes on common $10,078 per day. Normal and administrative bills remained unchanged at $1.2 million throughout the first half of 2020 as in comparison with the identical interval of final yr. Within the first half of 2020, two vessels underwent particular survey for a complete price of $1.7 million, as in comparison with one vessel that underwent particular survey within the first half of 2019 for a complete price of $0.9 million.
Curiosity and different financing prices for the primary half of 2020 amounted to $1.2 million in comparison with $1.9 million for a similar interval of 2019. This lower is because of the decrease common excellent debt and the decreased Libor charges of our loans within the present interval in comparison with the identical interval of 2019. For the six months ended June 30, 2020, the Firm acknowledged a $0.5 million loss on three rate of interest swaps and a $0.1 million unrealized loss on FFA contracts entered into throughout the second quarter of 2020 as in comparison with a acquire on derivatives of $0.9 million for a similar interval of 2019, comprising of a $1.2 million acquire on FFA contracts and a $0.Three million loss on one rate of interest swap.
Adjusted EBITDA for the primary half of 2020 was $(1.0) million in comparison with $4.Three million achieved throughout the first half of 2019.
Primary and diluted loss per share attributable to widespread shareholders for the primary half of 2020 was $3.03, calculated on 2,267,375 fundamental and diluted weighted common variety of shares excellent in comparison with fundamental and diluted loss per share of $0.96 for the primary half of 2019, calculated on 2,244,803 fundamental and diluted weighted common variety of shares excellent.
Excluding the impact on the loss attributable to widespread shareholders for the primary half of the yr of the unrealized loss on derivatives, the adjusted loss attributable to widespread shareholders for the six-month interval ended June 30, 2020 would have been $2.76 per share in comparison with a lack of $0.87 per share fundamental and diluted for a similar interval in 2019. As beforehand talked about, often, safety analysts don't embody the above merchandise of their revealed estimates of earnings per share.
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
| Identify | Sort | Dwt | 12 months Constructed | Employment | TCE Charge ($/day) | |
| Dry Bulk Vessels | ||||||
| Vessels within the water | ||||||
| EKATERINI | Kamsarmax | 82,000 | 2018 | TC till Apr-21 | Rent 106% of the Common Baltic Kamsarmax P5TC index | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC till Nov-2020 | Rent 101% of the with a ground at | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | Guardian Navigation GMax LLC Pool | Pool income from August 2018 | |
| EIRINI P | Panamax | 76,466 | 2004 | TC till Sep-20 | Rent 100% 4TC | |
| STARLIGHT | Panamax | 75,845 | 2004 | TC till Sep-20 | Rent 100% 4TC | |
| TASOS | Panamax | 75,100 | 2000 | TC till Oct-20 | $9,000 | |
| PANTELIS | Panamax | 74,020 | 2000 | TC till Sep-20 or TC till Oct-20 | $10,850 till Sep-20 or $11,500 till Oct-20 | |
| Whole Dry Bulk Vessels | 7 | 528,931 | ||||
| Notice: | |
| Represents the earliest redelivery date | |
| BPI stands for the Baltic Panamax Index; the common BPI 4TC is an index primarily based on 4 time constitution routes. | |
| The typical Baltic Kamsarmax P5TC Index is an index primarily based on 5 Panamax time constitution routes. |
| M/V Pantelis constitution consists of the choice for the charterer to decide on between two loading areas, a selection which might have an effect on the length of the constitution and the speed. | |
Abstract Fleet Information:
| Three months, ended June 30, 2019 | Three months, ended June 30, 2020 | 6 months, ended June 30, 2019 | 6 months, ended June 30, 2020 | |
| FLEET DATA | ||||
| Common variety of vessels (1) | 7.0 | 7.0 | 7.0 | 7.0 |
| Calendar days for fleet (2) | 637.0 | 637.0 | 1,267.0 | 1,274.0 |
| Scheduled off-hire days incl. laid-up (3) | 36.0 | 41.3 | 36.0 | 51.2 |
| Obtainable days for fleet (4) = (2) - (3) | 601.0 | 595.7 | 1,231.0 | 1,222.8 |
| Business off-hire days (5) | 0.7 | 0.0 | 0.7 | 0.0 |
| Operational off-hire days (6) | 10.5 | 0.6 | 12.5 | 0.6 |
| Voyage days for fleet (7) = (4) - (5) - (6) | 589.8 | 595.1 | 1,217.8 | 1,222.2 |
| Fleet utilization (8) = (7) / (4) | 98.1% | 99.9% | 98.9% | 100.0% |
| Fleet utilization, business (9) = ((4) - (5)) / (4) | 99.9% | 100.0% | 99.9% | 100.0% |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 98.3% | 99.9% | 99.0% | 100.0% |
| AVERAGE DAILY RESULTS | ||||
| Time constitution equal charge (11) | 10,724 | 7,297 | 10,078 | 7,390 |
| Vessel working bills excl. drydocking bills (12) | 5,034 | 5,204 | 4,981 | 5,167 |
| Normal and administrative bills (13) | 914 | 927 | 917 | 926 |
| Whole vessel working bills (14) | 5,948 | 6,131 | 5,898 | 6,093 |
| Drydocking bills (15) | 1,352 | 2,379 | 714 | 1,361 |
(1) Common variety of vessels is the variety of vessels that constituted the Firm’s fleet for the related interval, as measured by the sum of the variety of calendar days every vessel was part of the Firm’s fleet throughout the interval divided by the variety of calendar days in that interval.
(2) Calendar days. We outline calendar days as the whole variety of days in a interval throughout which every vessel in our fleet was owned by us together with off-hire days related to main repairs, drydockings or particular or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the scale of our fleet over a interval and have an effect on each the quantity of revenues and the quantity of bills that we document throughout that interval.
(3) The scheduled off-hire days together with vessels laid-up are days related to scheduled repairs, drydockings or particular or intermediate surveys or days of vessels in lay-up.
(4) Obtainable days. We outline out there days as the whole variety of Calendar days in a interval internet of scheduled off-hire days incl. laid up. We use out there days to measure the variety of days in a interval throughout which vessels have been out there to generate revenues.
(5) Business off-hire days. We outline business off-hire days as days a vessel is idle with out employment.
(6) Operational off-hire days. We outline operational off-hire days as days related to unscheduled repairs or different off-hire time associated to the operation of the vessels.
(7) Voyage days. We outline voyage days as the whole variety of days in a interval throughout which every vessel in our fleet was in our possession internet of economic and operational off-hire days. We use voyage days to measure the variety of days in a interval throughout which vessels truly generate revenues or are crusing for repositioning functions.
(8) Fleet utilization. We calculate fleet utilization by dividing the variety of our voyage days throughout a interval by the variety of our out there days throughout that interval. We use fleet utilization to measure an organization's effectivity to find appropriate employment for its vessels and minimizing the quantity of days that its vessels are off-hire for causes corresponding to unscheduled repairs or days ready to search out employment.
(9) Fleet utilization, business. We calculate business fleet utilization by dividing our out there days internet of economic off-hire days throughout a interval by our out there days throughout that interval.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our out there days internet of operational off-hire days throughout a interval by our out there days throughout that interval.
(11) Time constitution equal charge, or TCE, is a measure of the common every day internet income efficiency of our vessels. Our methodology of calculating TCE is set by dividing time constitution income and voyage constitution income internet of voyage bills by voyage days for the related time interval. Voyage bills primarily encompass port, canal and gas prices which might be distinctive to a specific voyage, which might in any other case be paid by the charterer beneath a time constitution contract, or are associated to repositioning the vessel for the subsequent constitution. TCE is a normal delivery trade efficiency measure used primarily to check period-to-period adjustments in a delivery firm's efficiency regardless of adjustments within the mixture of constitution sorts (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) beneath which the vessels could also be employed between the durations. Our definition of TCE is probably not similar to that utilized by different firms within the delivery trade.
(12) Every day vessel working bills, which incorporates crew prices, provisions, deck and engine shops, lubricating oil, insurance coverage, upkeep and repairs and administration charges are calculated by dividing vessel working bills by fleet calendar days for the related time interval. Drydocking bills are reported individually.
(13) Every day basic and administrative expense is calculated by dividing basic and administrative bills by fleet calendar days for the related time interval.
(14) Whole vessel working bills, or TVOE, is a measure of our complete bills related to working our vessels. TVOE is the sum of vessel working bills, administration charges and basic and administrative bills; drydocking bills aren't included. Every day TVOE is calculated by dividing TVOE by fleet calendar days for the related time interval.
(15) Drydocking bills embody bills throughout drydockings that will have been capitalized and amortized beneath the deferral methodology divided by the fleet calendar days for the related interval. Drydocking bills may range considerably from interval to interval relying on what number of vessels underwent drydocking throughout the interval. The Firm bills drydocking bills as incurred.
Convention Name and Webcast:
At present, August 6, 2020 at 10:00 a.m. Japanese Time, the Firm's administration will host a convention name and webcast to debate the outcomes.
Convention Name particulars:
Contributors ought to dial into the decision 10 minutes earlier than the scheduled time utilizing the next numbers: 1 (877) 553-9962 (from the US), 0(808) 2380-669 (from the UK) or (+44) (0) 2071 928 592 (from exterior the US). Please quote "EuroDry" to the operator.
A replay of the convention name shall be out there till August 13, 2020. The USA replay quantity is 1(866) 331-1332; from the UK 0(808) 238-0667; the usual worldwide replay quantity is (+44) (0) 3333 00 9785 and the entry code required for the replay is: 2489743#.
Audio webcast - Slides Presentation:
There shall be a stay after which archived audio webcast of the convention name, by way of the web by way of the EuroDry web site (www.eurodry.gr). Contributors to the stay webcast ought to register on the web site roughly 10 minutes previous to the beginning of the webcast. A slide presentation on the Second Quarter 2020 ends in PDF format can even be out there 10 minutes previous to the convention name and webcast accessible on the corporate's web site (www.eurodry.gr) on the webcast web page. Contributors to the webcast can obtain the PDF presentation.
EuroDry Ltd.
Unaudited Consolidated Condensed Statements of Operations
(All quantities expressed in U.S. {Dollars} – besides variety of shares)
| Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |
| 2019 | 2020 | 2019 | 2020 | |
| Revenues | ||||
| Time constitution income | 6,541,659 | 4,256,440 | 12,643,510 | 9,601,994 |
| Commissions | (353,878) | (238,154) | (669,652) | (518,200) |
Internet revenues | 6,187,781 | 4,018,286 | 11,973,858 | 9,083,794 |
| Working bills | ||||
| Voyage bills, internet | 216,574 | (85,834) | 370,199 | 570,003 |
| Vessel working bills | 2,716,397 | 2,830,887 | 5,326,829 | 5,609,430 |
| Drydocking bills | 861,403 | 1,515,648 | 904,599 | 1,733,323 |
| Vessel depreciation | 1,589,940 | 1,626,258 | 3,197,218 | 3,252,516 |
| Associated social gathering administration charges | 490,539 | 483,938 | 984,543 | 973,504 |
| Normal and administrative bills | 581,917 | 590,621 | 1,162,058 | 1,180,155 |
| Whole Working bills | (6,456,770) | (6,961,518) | (11,945,446) | (13,318,931) |
| Working (loss) / earnings | (268,989) | (2,943,232) | 28,412 | (4,235,137) |
| Different earnings / (bills) | ||||
| Curiosity and different financing prices | (927,728) | (583,394) | (1,880,548) | (1,247,821) |
| (Loss) / acquire on derivatives, internet | (614,769) | (302,170) | 902,988 | (643,146) |
| Overseas trade acquire / (loss) | 1,023 | 3,222 | (561) | 3,891 |
| Curiosity earnings | 5,228 | 106 | 12,786 | 3,650 |
| Different bills, internet | (1,536,246) | (882,236) | (965,335) | (1,883,426) |
| Internet loss | (1,805,235) | (3,825,468) | (936,923) | (6,118,563) |
| Dividend Sequence B Most well-liked shares | (559,664) | (393,186) | (1,031,529) | (748,012) |
| Most well-liked deemed dividend | (185,665) | - | (185,665) | - |
| Internet loss attributable to widespread shareholders | (2,550,564) | (4,218,654) | (2,154,117) | (6,866,575) |
| Loss per share, fundamental and diluted | (1.14) | (1.86) | (0.96) | (3.03) |
| Weighted common variety of shares, fundamental and diluted | 2,244,803 | 2,267,375 | 2,244,803 | 2,267,375 |
EuroDry Ltd.
Unaudited Consolidated Condensed Stability Sheets
(All quantities expressed in U.S. {Dollars} – besides variety of shares)
| December 31, 2019 | June 30, 2020 | |
| ASSETS | ||
| Present Belongings: | ||
| Money and money equivalents | 5,396,406 | 901,608 |
| Commerce accounts receivable, internet | 1,843,008 | 1,171,767 |
| Different receivables | 459,785 | 592,542 |
| Inventories | 508,711 | 579,260 |
| Restricted money | 1,083,036 | 787,300 |
| Pay as you go bills | 286,711 | 181,787 |
| Whole present belongings | 9,577,657 | 4,214,264 |
| Mounted belongings: | ||
| Vessels, internet | 105,461,265 | 102,503,016 |
| Lengthy-term belongings: | ||
| Restricted money | 2,650,000 | 2,700,000 |
| Whole belongings | 117,688,922 | 109,417,280 |
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | ||
| Present liabilities: | ||
| Long run financial institution loans, present portion | 6,806,294 | 5,256,294 |
| Commerce accounts payable | 1,046,561 | 2,202,017 |
| Accrued bills | 964,423 | 868,745 |
| Accrued most well-liked dividends | 358,726 | - |
| Deferred income | 445,824 | 436,803 |
| Derivatives | - | 439,370 |
| On account of associated firms | 1,547,210 | 1,782,354 |
| Whole present liabilities | 11,169,038 | 10,985,583 |
| Lengthy-term liabilities: | ||
| Long run financial institution loans, internet of present portion | 49,688,840 | 47,772,192 |
| Derivatives | 304,174 | 481,812 |
| Whole long-term liabilities | 49,993,014 | 48,254,004 |
| Whole liabilities | 61,162,052 | 59,239,587 |
| Mezzanine fairness: Sequence B Most well-liked shares (par worth $0.01, 20,000,000 most well-liked shares licensed, 15,387 and 15,780 shares issued and excellent, respectively) | 14,721,665 | 15,114,851 |
| Shareholders' fairness: | ||
| Widespread inventory (par worth $0.01, 200,000,000 shares licensed, 2,304,630 issued and excellent) | 23,046 | 23,046 |
| Extra paid-in capital | 52,802,574 | 52,926,786 |
| Amassed deficit | (11,020,415) | (17,886,990) |
| Whole shareholders' fairness | 41,805,205 | 35,062,842 |
| Whole liabilities, mezzanine fairness and shareholders' fairness | 117,688,922 | 109,417,280 |
EuroDry Ltd.
Unaudited Consolidated Condensed Statements of Money Flows
(All quantities expressed in U.S. {Dollars})
| Six Months Ended June 30, | Six Months Ended June 30, | |
| 2019 | 2020 | |
| Money flows from working actions: | ||
| Internet loss | (936,923) | (6,118,563) |
| Changes to reconcile internet loss to internet money supplied by / (utilized in) working actions: | ||
| Vessel depreciation | 3,197,218 | 3,252,516 |
| Amortization of deferred costs | 82,527 | 70,352 |
| Share-based compensation | 90,809 | 124,212 |
| Unrealized loss on derivatives | 209,661 | 617,008 |
| Modifications in working belongings and liabilities | 6,428,063 | 1,795,756 |
| Internet money supplied by / (utilized in) working actions | 9,071,355 | (258,719) |
| Money flows from investing actions: | ||
| Money paid for vessel enhancements | (562,494) | (231,262) |
| Internet money utilized in investing actions | (562,494) | (231,262) |
| Money flows from financing actions: | ||
| Redemption of most well-liked shares | (4,300,000) | - |
| Most well-liked dividends paid | - | (713,553) |
| Mortgage association charges paid | (22,500) | - |
| Proceeds from long run debt | 4,500,000 | - |
| Reimbursement of long-term debt | (7,957,000) | (3,537,000) |
| Internet money utilized in financing actions | (7,779,500) | (4,250,553) |
| Internet enhance / (lower) in money, money equivalents and restricted money | 729,361 | (4,740,534) |
| Money, money equivalents and restricted money at starting of interval | 7,754,927 | 9,129,442 |
| Money, money equivalents and restricted money at finish of interval | 8,484,288 | 4,388,908 |
| Money breakdown | ||
| Money and money equivalents | 4,742,410 | 901,608 |
| Restricted money, present | 1,141,878 | 787,300 |
| Restricted money, long run | 2,600,000 | 2,700,000 |
| Whole money, money equivalents and restricted money proven within the assertion of money flows | 8,484,288 | 4,388,908 |
EuroDry Ltd.
Reconciliation of Adjusted EBITDA to
Internet loss
(All quantities expressed in U.S. {Dollars})
| Three Months Ended June 30, 2019 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | |
| Internet loss | (1,805,235) | (3,825,468) | (936,923) | (6,118,563) |
| Curiosity and different financing prices, internet (incl. curiosity earnings) | 922,500 | 583,288 | 1,867,762 | 1,244,171 |
| Vessel depreciation | 1,589,940 | 1,626,258 | 3,197,218 | 3,252,516 |
| Unrealized (acquire) / loss on Ahead Freight Settlement derivatives | 893,888 | 131,970 | (98,400) | 131,970 |
| Loss on rate of interest swap derivatives | 183,103 | 170,200 | 292,517 | 511,176 |
| Adjusted EBITDA | 1,784,196 | (1,313,752) | 4,322,174 | (978,730) |
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to characterize internet loss earlier than curiosity, earnings taxes, depreciation and unrealized (acquire) / loss on Ahead Freight Settlement derivatives (“FFAs”) and loss on rate of interest swap derivatives. Adjusted EBITDA doesn't characterize and shouldn't be thought of as a substitute for internet loss, as decided by United States typically accepted accounting ideas, or GAAP. Adjusted EBITDA is included herein as a result of it's a foundation upon which the Firm assesses its monetary efficiency as a result of the Firm believes that this non-GAAP monetary measure assists our administration and traders by rising the comparability of our efficiency from interval to interval by excluding the doubtless disparate results between durations of, monetary prices, unrealized (acquire)/loss on FFAs, loss on rate of interest swap derivatives, and depreciation. The Firm's definition of Adjusted EBITDA is probably not the identical as that utilized by different firms within the delivery or different industries.
EuroDry Ltd.
Reconciliation of Internet loss to Adjusted internet loss
(All quantities expressed in U.S. {Dollars} – besides share knowledge and variety of shares)
| Three Months Ended June 30, 2019 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | |
| Internet loss | (1,805,235) | (3,825,468) | (936,923) | (6,118,563) |
| Unrealized loss on derivatives | 1,087,377 | 287,961 | 209,661 | 617,008 |
| Adjusted internet loss | (717,858) | (3,537,507) | (727,262) | (5,501,555) |
| Most well-liked dividends | (559,664) | (393,186) | (1,031,529) | (748,012) |
| Most well-liked deemed dividend | (185,665) | - | (185,665) | - |
| Adjusted internet loss attributable to widespread shareholders | (1,463,187) | (3,930,693) | (1,944,456) | (6,249,567) |
| Adjusted loss per share, fundamental and diluted | (0.65) | (1.73) | (0.87) | (2.76) |
| Weighted common variety of shares, fundamental and diluted | 2,244,803 | 2,267,375 | 2,244,803 | 2,267,375 |
Adjusted internet loss and Adjusted loss per share Reconciliation:
EuroDry Ltd. considers Adjusted internet loss to characterize internet loss earlier than unrealized loss on derivatives, which incorporates FFAs and rate of interest swaps. Adjusted internet loss and Adjusted loss per share is included herein as a result of we consider it assists our administration and traders by rising the comparability of the Firm's basic efficiency from interval to interval by excluding the doubtless disparate results between durations of unrealized loss on derivatives, which can considerably have an effect on outcomes of operations between durations. Adjusted internet loss and Adjusted loss per share don't characterize and shouldn't be thought of as a substitute for internet loss or loss per share, as decided by GAAP. The Firm's definition of Adjusted internet loss and Adjusted loss per share is probably not the identical as that utilized by different firms within the delivery or different industries.
About EuroDry Ltd.
EuroDry Ltd. was shaped on January 8, 2018 beneath the legal guidelines of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. right into a separate listed public firm. EuroDry was spun-off from Euroseas Ltd on Might 30, 2018; it trades on the NASDAQ Capital Market beneath the ticker EDRY.
EuroDry operates within the dry cargo, drybulk delivery market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 licensed affiliated ship administration firm and Eurobulk (Far East) Ltd. Inc., that are accountable for the day-to-day business and technical administration and operations of the vessels. EuroDry employs its vessels on spot and interval charters and beneath pool agreements.
The Firm has a fleet of seven vessels, together with Four Panamax drybulk carriers, 1 Ultramax drybulk provider and a couple of Kamsarmax drybulk carriers. EuroDry’s 7 drybulk carriers have a complete cargo capability of 528,931 dwt.
Ahead Wanting Assertion
This press launch accommodates forward-looking statements (as outlined in Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended) regarding future occasions and the Firm's progress technique and measures to implement such technique; together with anticipated vessel acquisitions and coming into into additional time charters. Phrases corresponding to "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such phrases and comparable expressions are meant to determine forward-looking statements. Though the Firm believes that the expectations mirrored in such forward-looking statements are affordable, no assurance might be on condition that such expectations will show to have been appropriate. These statements contain recognized and unknown dangers and are primarily based upon numerous assumptions and estimates which might be inherently topic to important uncertainties and contingencies, lots of that are past the management of the Firm. Precise outcomes might differ materially from these expressed or implied by such forward-looking statements. Elements that might trigger precise outcomes to vary materially embody, however aren't restricted to adjustments within the demand for dry bulk vessels, aggressive elements out there by which the Firm operates; dangers related to operations exterior the US; and different elements listed sometimes within the Firm's filings with the Securities and Alternate Fee. The Firm expressly disclaims any obligations or endeavor to launch publicly any updates or revisions to any forward-looking statements contained herein to replicate any change within the Firm's expectations with respect thereto or any change in occasions, circumstances or circumstances on which any assertion relies.
Go to our web site www.eurodry.gr
| Firm Contact | Investor Relations / Monetary Media |
| Tasos Aslidis Chief Monetary Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis President Capital Hyperlink, Inc. 230 Park Avenue, Suite 1536 New York, NY10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com |
