EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner
and operator of drybulk vessels and provider of seaborne
transportation for drybulk cargoes, announced today its results for
the three- and twelve-month periods ended December 31,
2020.
Full Year 2020 Highlights:
- Total net revenues of $22.3
million.
- Net loss of $5.9 million; net loss
attributable to common shareholders (after a $1.6 million dividend
on Series B Preferred Shares) of $7.5 million or $3.28 loss basic
and diluted. Adjusted net loss attributable to common shareholders1
for the period was $6.9 million or $3.04 adjusted loss per share
basic and diluted.
- Adjusted EBITDA was $3.7
million.
- An average of 7.0 vessels were
owned and operated during the twelve months of 2020 earning an
average time charter equivalent rate of $9,387 per day.
Fourth Quarter 2020
Highlights:
- Total net revenues of $6.4
million.
- Net loss of $0.3 million; net loss
attributable to common shareholders (after a $0.4 million dividend
on Series B Preferred Shares) of $0.7 million or $0.31 loss per
share basic and diluted. Adjusted net loss attributable to common
shareholders1 for the period was $0.8 million or $0.34 adjusted
loss per share basic and diluted.
- Adjusted EBITDA1 was $1.8
million.
- An average of 7.0 vessels were
owned and operated during the fourth quarter of 2020 earning an
average time charter equivalent rate of $10,761 per day.
- The Company declared a dividend of
$0.4 million on its Series B Preferred Shares. The dividend will be
paid in-kind by issuing additional Series B Preferred Shares.
________________1Adjusted EBITDA, Adjusted net
income/(loss) and Adjusted earnings/(loss) per share are not
recognized measurements under US GAAP (GAAP) and should not be used
in isolation or as a substitute for EuroDry’s financial results
presented in accordance with GAAP. Refer to a subsequent section of
the Press Release for the definitions and reconciliation of these
measurements to the most directly comparable financial measures
calculated and presented in accordance with GAAP.
Recent developments
- In January 2021, the Company
refinanced the outstanding loans of two of its vessels, M/V
Alexandros and M/V Xenia, with a new loan of $26.7 million which,
after repaying the outstanding loans of the vessels, resulted in
approximately $3.9 million of additional funds available to the
Company. The loan is to be repaid in 24 quarterly installments of
$0.5 million along with a balloon payment of $14.7 million to be
paid together with the last installment.
- In January and February 2021, the
Company redeemed a net amount of $3 million of its Series B
Preferred Shares (“Preferred Shares”) and, contemporaneously,
agreed with its preferred shareholders to reduce the dividend rate
of its Preferred Shares to 8% per annum for two years from the 14%
per annum level it was set to increase on January 29, 2021. Over
the next two years, the Company has also the option to pay the
preferred dividends in kind at a rate of 9%. The dividend will
reset to 14% per annum in January 2023. The partial redemption and
the reduction of the dividend rate for two years would result in
about $0.50 per share higher earnings per year over the next two
years and $0.18 higher earnings per share thereafter.
- The Company has agreed to refinance
the outstanding loan of M/V Eirini P with a loan of $5 million
which, after repaying the outstanding loan of the vessel, will
result in approximately $1.6 million of additional funds available
to the Company. The loan will be repaid in 20 quarterly instalments
of $0.21 million along with a balloon payment of $0.8 million to be
paid together with the last installment. The loan is subject to
customary documentation and is expected to be finalized in February
2021.
Aristides Pittas, Chairman and CEO of
EuroDry, commented:“During the fourth
quarter of 2020 and especially in the beginning of 2021, the
drybulk market improved gradually and reached levels last seen in
the fall of 2019 just before the COVID-19 pandemic took center
stage. Given the historically low orderbook, at only about 6% of
the existing fleet, and the expected rebound of drybulk seaborne
trade as vaccines help control COVID-19, we anticipate economic
fundamentals that would support a strong charter market throughout
2021. We believe, our fleet is well positioned to take advantage of
the higher market rates as the equivalent of 85% of our fleet is
exposed to market. Our fourth quarter results were influenced by
the scheduled drydocking of M/V Xenia the cost of which was a
contributing factor in the quarter’s loss; with no drydockings
scheduled within this year and assuming charter rates remain near
current levels, we would expect a meaningfully profitable year
during 2021.
“At the same time, our increased liquidity,
following our recent debt refinancings and preferred shares
dividend rate reduction, allows us to pursue some of our fleet
expansion plans. As always, we are looking at the capital markets,
private and public, to fund our broader growth strategy which
includes taking advantage of our public listing to provide a
consolidation platform for other owners and fleets.”
Tasos Aslidis, Chief Financial Officer
of EuroDry, commented: “Comparing our results for the
fourth quarter of 2020 with the same period of 2019, our net
revenues decreased by about $1.2 million, due to the lower time
charter equivalent rates our vessels earned as compared to the
fourth quarter of 2019.
“Total daily vessel operating expenses,
including management fees, general and administrative expenses, but
excluding drydocking costs, increased by approximately 5.1% during
the fourth quarter of 2020 compared to the same quarter of last
year, while for the full year 2020 we had an increase of
approximately 5.8%. This increase is mainly due to increased supply
of stores and spare parts for our vessels in 2020 compared to 2019
and increased crewing costs, the latter resulting from difficulties
in crew rotation due to COVID-19 related restrictions. As always,
we want to emphasize that cost control remains a key component of
our strategy.
“Adjusted EBITDA during the fourth quarter of
2020 was $1.8 million compared to $3.8 million achieved for the
fourth quarter of last year. As of December 31, 2020, our
outstanding debt (excluding the unamortized loan fees) was $51.4
million versus restricted and unrestricted cash of approximately
$4.6 million.”
Fourth Quarter 2020 Results:For
the fourth quarter of 2020, the Company reported total net revenues
of $6.4 million representing a 15.7% decrease over total net
revenues of $7.6 million during the fourth quarter of 2019 which
was the result of the decreased average time charter equivalent
rate our vessels earned in the fourth quarter of 2020 compared to
the same period of 2019. The Company reported a net loss for the
period of $0.3 million and a net loss attributable to common
shareholders of $0.7 million, as compared to net income of $1.4
million and net income attributable to common shareholders of $1.0
million for the same period of 2019. Gain on derivatives of $0.03
million and drydocking expenses of $0.5 million contributed to the
result for the quarter as compared to gain on derivatives of $0.2
million and drydocking expenses of $0.07 million during the fourth
quarter of 2019. Depreciation expenses for the fourth quarter of
2020 amounted to $1.65 million, remaining unchanged compared to the
same period of 2019.
Interest and other financing costs for the
fourth quarter of 2020 amounted to $0.5 million compared to $0.8
million for the same period of 2019. Interest during the fourth
quarter of 2020 was lower due to lower debt during the period and
the decreased Libor rates of our loans during the period as
compared to the same period of last year.
On average, 7.0 vessels were owned and operated
during the fourth quarter of 2020 earning an average time charter
equivalent rate of $10,761 per day compared to 7.0 vessels in the
same period of 2019 earning on average $12,439 per day.
Adjusted EBITDA for the fourth quarter of 2020
was $1.8 million compared to $3.8 million achieved during the
fourth quarter of 2019.
Basic and diluted loss per share attributable to
common shareholders for the fourth quarter of 2020 was $0.31
calculated on 2,285,601 basic and diluted weighted average number
of shares outstanding, compared to basic and diluted earnings per
share of $0.45 for the fourth quarter of 2019, calculated on
2,261,103 basic and diluted weighted average number of shares
outstanding.
Excluding the effect on the loss attributable to
common shareholders for the quarter of the unrealized (gain)/ loss
on derivatives, the adjusted loss attributable to common
shareholders for the quarter ended December 31, 2020 would have
been $0.34 per share basic and diluted compared to adjusted
earnings of $0.43 per share basic and diluted for the quarter ended
December 31, 2019. Usually, security analysts do not include the
above item in their published estimates of earnings per share.
Full Year 2020 Results: For the
full year of 2020, the Company reported total net revenues of $22.3
million representing a 18.2% decrease over total net revenues of
$27.2 million during the twelve months of 2019, as a result of the
decreased average time charter equivalent rate our vessels earned
in the twelve months of 2020 compared to the same period of 2019.
The Company reported a net loss for the period of $5.9 million and
a net loss attributable to common shareholders of $7.5 million, as
compared to net income for the period of $0.02 million and a net
loss attributable to common shareholders of $1.9 million, for the
twelve months of 2019. For the twelve months of 2020, a gain on
bunkers resulted in decreased voyage expenses of $0.3 million for
the period as compared to voyage expenses of $1.1 million in the
same period of 2019. Vessel operating expenses were $11.6 million
for the twelve months of 2020 as compared to $10.8 million for the
same period of 2019, mainly due to increased supply of stores and
spare parts for our vessels in 2020 compared to 2019 and increased
crewing costs resulting from difficulties in crew rotation due to
COVID-19 related restrictions. Depreciation expenses for the twelve
months of 2020 were $6.6 million compared to $6.5 million during
the same period of 2019. Interest and other financing costs for the
twelve months of 2020 amounted to $2.3 million compared to $3.5
million for the same period of 2019. This decrease is due to lower
average outstanding debt in the twelve months of 2020 compared to
2019 and the decreased Libor rates of our loans in 2020 compared to
the previous year.
On average, 7.0 vessels were owned and operated
during the twelve months of 2020 earning an average time charter
equivalent rate of $9,387 per day compared to 7.0 vessels in the
same period of 2019 earning on average $11,190 per day. In the
twelve months of 2020, three vessels underwent special survey for a
total cost of $2.3 million, as compared to two vessels that
underwent special survey and one vessel that underwent an
intermediate survey for a total cost of $1.7 million in the twelve
months of 2019. For the twelve months of 2020, the Company
recognized a $0.5 million loss on three interest rate swaps and a
$0.3 million loss on FFA contracts as compared to a gain on
derivatives of $0.5 million for the same period of 2019, comprising
of a $0.8 million gain on FFA contracts and a $0.3 million loss on
one interest rate swap.
Adjusted EBITDA for the twelve months of 2020
was $3.7 million compared to $10.3 million achieved during the
twelve months of 2019.
Basic and diluted loss per share attributable to
common shareholders for the twelve months of 2020 was $3.28,
calculated on 2,275,062 basic and diluted weighted average number
of shares outstanding compared to basic and diluted loss of $0.85
per share for the twelve months of 2019, calculated on 2,251,439
basic and diluted weighted average number of shares
outstanding.
Excluding the effect on the loss attributable to
common shareholders for the year of the unrealized (gain) / loss on
derivatives, the adjusted loss attributable to common shareholders
for the year ended December 31, 2020 would have been $3.04 per
share compared to a loss of $0.69 per share basic and diluted for
2019. As previously mentioned, usually, security analysts do not
include the above item in their published estimates of earnings per
share. Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
Name |
Type |
Dwt |
YearBuilt |
Employment(*) |
TCE Rate ($/day) |
Dry Bulk Vessels |
|
|
|
|
|
EKATERINI |
Kamsarmax |
82,000 |
2018 |
TC until Mar-22 |
Hire 106% of theAverage BalticKamsarmax P5TCindex*** |
XENIA |
Kamsarmax |
82,000 |
2016 |
TC until Aug-22 |
Hire 105% of theAverage BalticKamsarmax P5TCindex*** |
ALEXANDROS P. |
Ultramax |
63,500 |
2017 |
GuardianNavigation GMaxLLC Pool |
Pool revenue fromAugust 2018 |
EIRINI P |
Panamax |
76,466 |
2004 |
TC until Apr-21 |
Hire 99%of AverageBPI** 4TC |
STARLIGHT |
Panamax |
75,845 |
2004 |
TC until Aug-21 |
Hire 98.5%of AverageBPI** 4TC |
TASOS |
Panamax |
75,100 |
2000 |
TC until Mar-21 |
$8,750 |
PANTELIS |
Panamax |
74,020 |
2000 |
TC until Apr-21 |
$10,450 |
Total Dry Bulk Vessels |
7 |
528,931 |
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
(*) |
|
Represents the earliest redelivery date |
(**) |
|
BPI stands for the Baltic Panamax Index; the
average BPI 4TC is an index based on four time charter routes. |
(***) |
|
The average Baltic Kamsarmax P5TC Index is an index
based on five Panamax time charter routes. |
|
|
|
Summary Fleet Data:
|
3 months,ended December
31,2019 |
|
3 months,ended December
31,2020 |
|
12 months,ended December
31,2019 |
|
12 months,ended December
31,2020 |
|
FLEET DATA |
|
|
|
|
|
|
Average number of vessels (1) |
7.0 |
|
7.0 |
|
7.0 |
|
7.0 |
|
Calendar days for fleet (2) |
644.0 |
|
644.0 |
|
2,555.0 |
|
2,562.0 |
|
Scheduled off-hire days incl. laid-up (3) |
0.0 |
|
19.9 |
|
65.9 |
|
71.1 |
|
Available days for fleet (4) = (2) - (3) |
644.0 |
|
624.1 |
|
2,489.1 |
|
2,490.9 |
|
Commercial off-hire days (5) |
0.0 |
|
0.0 |
|
0.7 |
|
0.0 |
|
Operational off-hire days (6) |
0.0 |
|
0.7 |
|
15.4 |
|
7.8 |
|
Voyage days for fleet (7) = (4) - (5) - (6) |
644.0 |
|
623.4 |
|
2,473.0 |
|
2,483.1 |
|
Fleet utilization (8) = (7) / (4) |
100.0% |
|
99.9% |
|
99.4% |
|
99.7% |
|
Fleet utilization, commercial (9) = ((4) - (5)) / (4) |
100.0% |
|
100.0% |
|
100.0% |
|
100.0% |
|
Fleet utilization, operational (10) = ((4) - (6)) / (4) |
100.0% |
|
99.9% |
|
99.4% |
|
99.7% |
|
|
|
|
|
|
|
|
AVERAGE DAILY RESULTS |
|
|
|
|
|
|
Time charter equivalent rate (11) |
12,439 |
|
10,761 |
|
11,190 |
|
9,387 |
|
Vessel operating expenses excl. drydocking expenses (12) |
5,128 |
|
5,257 |
|
4,987 |
|
5,317 |
|
General and administrative expenses (13) |
827 |
|
1,001 |
|
882 |
|
894 |
|
Total vessel operating expenses (14) |
5,955 |
|
6,258 |
|
5,869 |
|
6,211 |
|
Drydocking expenses (15) |
108 |
|
760 |
|
652 |
|
888 |
|
(1) Average number of vessels is the number of
vessels that constituted the Company’s fleet for the relevant
period, as measured by the sum of the number of calendar days each
vessel was a part of the Company’s fleet during the period divided
by the number of calendar days in that period.
(2) Calendar days. We define calendar days as
the total number of days in a period during which each vessel in
our fleet was in our possession including off-hire days associated
with major repairs, drydockings or special or intermediate surveys
or days of vessels in lay-up. Calendar days are an indicator of the
size of our fleet over a period and affect both the amount of
revenues and the amount of expenses that we record during that
period.
(3) The scheduled off-hire days including
vessels laid-up are days associated with scheduled repairs,
drydockings or special or intermediate surveys or days of vessels
in lay-up.
(4) Available days. We define available days as
the total number of days in a period during which each vessel in
our fleet was in our possession net of scheduled off-hire days
incl. laid up. We use available days to measure the number of days
in a period during which vessels were available to generate
revenues.
(5) Commercial off-hire days. We define
commercial off-hire days as days a vessel is idle without
employment.
(6) Operational off-hire days. We define
operational off-hire days as days associated with unscheduled
repairs or other off-hire time related to the operation of the
vessels.
(7) Voyage days. We define voyage days as the
total number of days in a period during which each vessel in our
fleet was in our possession net of commercial and operational
off-hire days. We use voyage days to measure the number of days in
a period during which vessels actually generate revenues or are
sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet
utilization by dividing the number of our voyage days during a
period by the number of our available days during that period. We
use fleet utilization to measure a company's efficiency in finding
suitable employment for its vessels and minimizing the amount of
days that its vessels are off-hire for reasons such as unscheduled
repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate
commercial fleet utilization by dividing our available days net of
commercial off-hire days during a period by our available days
during that period.
(10) Fleet utilization, operational. We
calculate operational fleet utilization by dividing our available
days net of operational off-hire days during a period by our
available days during that period.
(11) Time charter equivalent, or TCE, is a
measure of the average daily revenue performance of our vessels.
Our method of calculating TCE is determined by dividing time
charter revenue and voyage charter revenue net of voyage expenses
by voyage days for the relevant time period. Voyage expenses
primarily consist of port, canal and fuel costs that are unique to
a particular voyage, which would otherwise be paid by the charterer
under a time charter contract, or are related to repositioning the
vessel for the next charter. TCE is a standard shipping industry
performance measure used primarily to compare period-to-period
changes in a shipping company's performance despite changes in the
mix of charter types (i.e., spot voyage charters, time charters,
pool agreements and bareboat charters) under which the vessels may
be employed between the periods. Our definition of TCE may not be
comparable to that used by other companies in the shipping
industry.
(12) Daily vessel operating expenses, which
include crew costs, provisions, deck and engine stores, lubricating
oil, insurance, maintenance and repairs and management fees are
calculated by dividing vessel operating expenses by fleet calendar
days for the relevant time period. Drydocking expenses are reported
separately.
(13) Daily general and administrative expense is
calculated by dividing general and administrative expenses by fleet
calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE,
is a measure of our total expenses associated with operating our
vessels. TVOE is the sum of vessel operating expenses, management
fees and general and administrative expenses; drydocking expenses
are not included. Daily TVOE is calculated by dividing TVOE by
fleet calendar days for the relevant time period.
(15) Drydocking expenses include expenses during
drydockings that would have been capitalized and amortized under
the deferral method divided by the fleet calendar days for the
relevant period. Drydocking expenses could vary substantially from
period to period depending on how many vessels underwent drydocking
during the period. The Company expenses drydocking expenses as
incurred.
Conference Call and
Webcast:Tomorrow, February 17, 2021 at 10:00 a.m. Eastern
Time, the Company's management will host a conference call and
webcast to discuss the results. Conference Call
details:Participants should dial into the call 10 minutes
before the scheduled time using the following numbers: 1 (877)
553-9962 (US Toll Free Dial In), 0(808) 238- 0669 (UK Toll Free
Dial In) or +44 (0) 2071 928592 (Standard International Dial In).
Please quote "EuroDry" to the operator. A telephonic replay of
the conference call will be available until February 23, 2021 by
dialing 1 (866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667
(UK Toll Free Dial In) or +44(0) 3333 009785 (Standard
International Dial In) and the access code required for the replay
is: 2489743#.Audio webcast - Slides
Presentation:There will be a live and then archived audio
webcast of the conference call, via the internet through the
EuroDry website (www.eurodry.gr). Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast. A slide presentation on the Fourth
Quarter 2020 results in PDF format will also be available 10
minutes prior to the conference call and webcast accessible on the
company's website (www.eurodry.gr) on the webcast page.
Participants to the webcast can download the PDF
presentation.
|
EuroDry Ltd. Unaudited Consolidated
Condensed Statements of Operations(All amounts
expressed in U.S. Dollars – except number of shares) |
|
|
Three MonthsEnded December
31, |
|
Three MonthsEnded December
31, |
|
Twelve MonthsEnded December
31, |
|
Twelve MonthsEnded December
31, |
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
|
(unaudited) |
|
(unaudited) |
|
Revenues |
|
|
|
|
|
|
|
|
Time charter revenue |
8,060,298 |
|
6,799,433 |
|
28,789,458 |
|
23,594,678 |
|
Commissions |
(452,895 |
) |
(387,802 |
) |
(1,547,996 |
) |
(1,305,717 |
) |
Net revenues |
7,607,403 |
|
6,411,631 |
|
27,241,462 |
|
22,288,961 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Voyage expenses |
49,305 |
|
90,995 |
|
1,117,022 |
|
285,132 |
|
Vessel operating expenses |
2,814,688 |
|
2,858,415 |
|
10,776,338 |
|
11,603,414 |
|
Drydocking expenses |
69,327 |
|
489,250 |
|
1,664,915 |
|
2,275,258 |
|
Vessel depreciation |
1,645,086 |
|
1,651,870 |
|
6,458,251 |
|
6,556,256 |
|
Related party management fees |
487,928 |
|
527,135 |
|
1,964,536 |
|
2,018,800 |
|
General and administrative expenses |
532,575 |
|
644,708 |
|
2,252,666 |
|
2,291,244 |
|
Total Operating expenses |
(5,598,909 |
) |
(6,262,373 |
) |
(24,233,728 |
) |
(25,030,104 |
) |
|
|
|
|
|
|
|
|
|
Operating income / (loss) |
2,008,494 |
|
149,258 |
|
3,007,734 |
|
(2,741,143 |
) |
|
|
|
|
|
|
|
|
|
Other income / (expenses) |
|
|
|
|
|
|
|
|
Interest and other financing costs |
(784,084 |
) |
(467,958 |
) |
(3,513,105 |
) |
(2,331,998 |
) |
Gain / (loss) on derivatives, net |
162,172 |
|
31,547 |
|
496,820 |
|
(790,359 |
) |
Foreign exchange (loss) / gain |
(493 |
) |
(10,010 |
) |
2,832 |
|
(18,455 |
) |
Interest income |
1,366 |
|
53 |
|
22,216 |
|
4,094 |
|
Other expenses, net |
(621,039 |
) |
(446,368 |
) |
(2,991,237 |
) |
(3,136,718 |
) |
Net income / (loss) |
1,387,455 |
|
(297,110 |
) |
16,497 |
|
(5,877,861 |
) |
Dividend Series B Preferred shares |
(358,726 |
) |
(418,197 |
) |
(1,748,981 |
) |
(1,573,874 |
) |
Preferred deemed dividend |
- |
|
- |
|
(185,665 |
) |
- |
|
Net income / (loss) attributable to common
shareholders |
1,028,729 |
|
(715,307 |
) |
(1,918,149 |
) |
(7,451,735 |
) |
Earnings / (loss) per share, basic and diluted |
0.45 |
|
(0.31 |
) |
(0.85 |
) |
(3.28 |
) |
Weighted average number of shares, basic and diluted |
2,261,103 |
|
2,285,601 |
|
2,251,439 |
|
2,275,062 |
|
|
|
|
EuroDry Ltd.Unaudited Consolidated
Condensed Balance Sheets(All amounts expressed in
U.S. Dollars – except number of shares) |
|
|
|
|
December 31,2019 |
December 31, 2020 |
|
|
|
ASSETS |
(unaudited) |
Current
Assets: |
|
|
Cash and cash equivalents |
5,396,406 |
|
938,282 |
|
Trade accounts receivable, net |
1,843,008 |
|
1,528,055 |
|
Other receivables |
459,785 |
|
460,209 |
|
Inventories |
508,711 |
|
1,385,280 |
|
Restricted cash |
1,083,036 |
|
1,518,036 |
|
Prepaid expenses |
286,711 |
|
226,033 |
|
Total current
assets |
9,577,657 |
|
6,055,895 |
|
|
|
|
Fixed
assets: |
|
|
Vessels, net |
105,461,265 |
|
99,305,990 |
|
Long-term
assets: |
|
|
Restricted cash |
2,650,000 |
|
2,150,000 |
|
Total assets |
117,688,922 |
|
107,511,885 |
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS' EQUITY |
|
|
Current
liabilities: |
|
|
Long term bank loans, current portion |
6,806,294 |
|
13,793,754 |
|
Trade accounts payable |
1,046,561 |
|
1,074,518 |
|
Accrued expenses |
964,423 |
|
704,508 |
|
Accrued preferred dividends |
358,726 |
|
- |
|
Derivatives |
- |
|
456,133 |
|
Deferred revenue |
445,824 |
|
246,125 |
|
Due to related companies |
1,547,210 |
|
2,984,759 |
|
Total current
liabilities |
11,169,038 |
|
19,259,797 |
|
|
|
|
Long-term
liabilities: |
|
|
Long term bank loans, net of current portion |
49,688,840 |
|
37,318,084 |
|
Derivatives |
304,174 |
|
393,899 |
|
Total long-term
liabilities |
49,993,014 |
|
37,711,983 |
|
Total
liabilities |
61,162,052 |
|
56,971,780 |
|
|
|
|
Mezzanine equity:Series B Preferred shares (par
value $0.01, 20,000,000 preferred shares authorized, 15,387 and
16,606 shares issued and outstanding, respectively) |
14,721,665 |
|
15,940,713 |
|
|
|
|
Shareholders'
equity: |
|
|
Common stock (par value $0.01, 200,000,000 shares authorized,
2,304,630 and 2,348,216 issued and outstanding, respectively) |
23,046 |
|
23,482 |
|
Additional paid-in capital |
52,802,574 |
|
53,048,060 |
|
Accumulated deficit |
(11,020,415 |
) |
(18,472,150 |
) |
Total shareholders' equity |
41,805,205 |
|
34,599,392 |
|
Total liabilities, mezzanine equity and shareholders'
equity |
117,688,922 |
|
107,511,885 |
|
|
|
|
|
EuroDry Ltd.Unaudited Consolidated
Condensed Statements of Cash Flows(All amounts
expressed in U.S. Dollars) |
|
|
Twelve MonthsEndedDecember 31,2019 |
|
Twelve MonthsEndedDecember 31,2020 |
|
|
|
|
Cash flows from
operating activities: |
|
Net income/(loss) |
16,497 |
|
(5,877,861 |
) |
Adjustments to reconcile net
income/(loss) to net cash provided by operating activities: |
|
|
Vessel depreciation |
6,458,251 |
|
6,556,256 |
|
Amortization and write off of
deferred charges |
152,879 |
|
140,704 |
|
Share-based compensation |
184,799 |
|
245,922 |
|
Unrealized loss on
derivatives |
359,204 |
|
545,859 |
|
Changes
in operating assets and liabilities |
7,942,294 |
|
714,654 |
|
Net cash provided by operating activities |
15,113,924 |
|
2,325,534 |
|
|
|
|
Cash flows from
investing activities: |
|
|
Cash paid for vessel under
construction |
(47,562 |
) |
- |
|
Vessel improvements |
(1,063,735 |
) |
(611,106 |
) |
Net cash used in investing activities |
(1,111,297 |
) |
(611,106 |
) |
|
|
|
Cash flows from
financing activities: |
|
|
Redemption of preferred
shares |
(4,300,000 |
) |
- |
|
Preferred dividends paid |
(1,311,612 |
) |
(713,552 |
) |
Loan arrangement fees
paid |
(22,500 |
) |
- |
|
Proceeds from long term bank
loans |
4,500,000 |
|
- |
|
Repayment of long term bank
loans |
(11,494,000 |
) |
(5,524,000 |
) |
Net cash used in financing activities |
(12,628,112 |
) |
(6,237,552 |
) |
|
|
|
Net increase / (decrease) in
cash, cash equivalents and restricted cash |
1,374,515 |
|
(4,523,124 |
) |
Cash,
cash equivalents and restricted cash at beginning of year |
7,754,927 |
|
9,129,442 |
|
Cash, cash equivalents and restricted cash at end of
year |
9,129,442 |
|
4,606,318 |
|
|
|
|
|
|
Cash
breakdown |
|
|
|
|
Cash and cash equivalents |
5,396,406 |
|
938,282 |
|
Restricted cash, current |
1,083,036 |
|
1,518,036 |
|
Restricted cash, long term |
2,650,000 |
|
2,150,000 |
|
Total cash, cash
equivalents and restricted cash shown in the statement of cash
flows |
9,129,442 |
|
4,606,318 |
|
|
EuroDry
Ltd.Reconciliation of Net income / (loss) to
Adjusted EBITDA(All amounts expressed in U.S.
Dollars) |
|
|
Three MonthsEndedDecember
31,2019 |
Three MonthsEndedDecember
31,2020 |
Twelve MonthsEndedDecember
31,2019 |
Twelve MonthsEndedDecember
31,2020 |
Net income / (loss) |
1,387,455 |
|
(297,110 |
) |
16,497 |
|
(5,877,861 |
) |
Interest and other financing costs, net (incl. interest
income) |
782,718 |
|
467,905 |
|
3,490,889 |
|
2,327,904 |
|
Vessel depreciation |
1,645,086 |
|
1,651,870 |
|
6,458,251 |
|
6,556,256 |
|
Unrealized loss on Forward Freight Agreement derivatives |
- |
|
3,630 |
|
49,350 |
|
134,010 |
|
(Gain) / Loss on interest rate swap derivatives |
(47,395 |
) |
12,670 |
|
292,207 |
|
540,405 |
|
Adjusted EBITDA |
3,767,864 |
|
1,838,965 |
|
10,307,194 |
|
3,680,714 |
|
Adjusted EBITDA
Reconciliation:EuroDry Ltd. considers Adjusted EBITDA to
represent net income / (loss) before interest, income taxes,
depreciation, unrealized loss on Forward Freight Agreements (FFAs)
and (gain) / loss on interest rate swaps. Adjusted EBITDA does not
represent and should not be considered as an alternative to net
income / (loss), as determined by United States generally accepted
accounting principles, or GAAP. Adjusted EBITDA is included herein
because it is a basis upon which the Company assesses its financial
performance because the Company believes that this non-GAAP
financial measure assists our management and investors by
increasing the comparability of our performance from period to
period by excluding the potentially disparate effects between
periods of, financial costs, unrealized (gain) / loss on FFAs and
(gain) / loss on interest rate swaps, and depreciation. The
Company's definition of Adjusted EBITDA may not be the same as that
used by other companies in the shipping or other
industries.
|
EuroDry
Ltd.Reconciliation of Net income / (loss) to
Adjusted net income / (loss)(All amounts expressed
in U.S. Dollars – except share data and number of
shares) |
|
|
Three MonthsEndedDecember
31,2019 |
Three MonthsEndedDecember
31,2020 |
Twelve MonthsEndedDecember
31,2019 |
Twelve MonthsEndedDecember
31,2020 |
Net income / (loss) |
1,387,455 |
|
(297,110 |
) |
16,497 |
|
(5,877,861 |
) |
Unrealized (gain) / loss on derivatives |
(51,294 |
) |
(56,502 |
) |
359,204 |
|
545,859 |
|
Adjusted net income / (loss) |
1,336,161 |
|
(353,612 |
) |
375,701 |
|
(5,332,002 |
) |
Preferred dividends |
(358,726 |
) |
(418,197 |
) |
(1,748,981 |
) |
(1,573,874 |
) |
Preferred deemed dividend |
- |
|
- |
|
(185,665 |
) |
- |
|
Adjusted net income / (loss) attributable to common
shareholders |
977,435 |
|
(771,809 |
) |
(1,558,945 |
) |
(6,905,876 |
) |
Adjusted earnings / (loss) per share, basic and diluted |
0.43 |
|
(0.34 |
) |
(0.69 |
) |
(3.04 |
) |
Weighted average number of shares, basic and diluted |
2,261,103 |
|
2,285,601 |
|
2,251,439 |
|
2,275,062 |
|
Adjusted net income / (loss) and
Adjusted earnings / (loss) per share
Reconciliation:EuroDry Ltd. considers Adjusted net income
/ (loss) to represent net income / (loss) before unrealized (gain)
/ loss on derivatives which include FFAs and interest rate swaps.
Adjusted net income / (loss) and Adjusted earnings / (loss) per
share is included herein because we believe it assists our
management and investors by increasing the comparability of the
Company's fundamental performance from period to period by
excluding the potentially disparate effects between periods of
unrealized (gain) / loss on derivatives, which may significantly
affect results of operations between periods. Adjusted net income /
(loss) and Adjusted earnings / (loss) per share do not represent
and should not be considered as an alternative to net income /
(loss) or earnings / (loss) per share, as determined by GAAP. The
Company's definition of Adjusted net income / (loss) and Adjusted
earnings / (loss) per share may not be the same as that used by
other companies in the shipping or other industries.
About EuroDry Ltd.EuroDry Ltd.
was formed on January 8, 2018 under the laws of the Republic of the
Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd
into a separate listed public company. EuroDry was spun-off from
Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital
Market under the ticker EDRY. EuroDry operates in the dry
cargo, drybulk shipping market. EuroDry's operations are managed by
Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified
affiliated ship management company and Eurobulk (Far East) Ltd.
Inc., which are responsible for the day-to-day commercial and
technical management and operations of the vessels. EuroDry employs
its vessels on spot and period charters.The Company has a fleet of
7 vessels, including 4 Panamax drybulk carriers, 1 Ultramax drybulk
carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 7 drybulk
carriers have a total cargo capacity of 528,931 dwt.
Forward Looking StatementThis
press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and the Company's growth strategy and measures to
implement such strategy; including expected vessel acquisitions and
entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to changes in the demand
for dry bulk vessels, competitive factors in the market in which
the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is
based.
Visit our website www.eurodry.gr
Company Contact |
Investor Relations / Financial Media |
Tasos AslidisChief Financial OfficerEuroDry Ltd.11 Canterbury
Lane,Watchung, NJ07069Tel. (908) 301-9091E-mail:
aha@eurodry.gr |
Nicolas BornozisPresidentCapital Link, Inc.230 Park Avenue, Suite
1536New York, NY10169Tel. (212) 661-7566E-mail:
nbornozis@capitallink.com |
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