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Euroseas CEO Discusses Q2 2012 Results - Earnings Call Transcript

I kindly turn your attention to slide number two of the webcast presentation, which has the forward-looking statements and the same statement was also included in the press release. I kindly suggest that you take a minute to go through the whole statement and read it.

Without taking any more of your time, I would now like to pass the floor to Mr. Aristides Pittas, Chairman and Chief Executive Officer of Euroseas. Please go ahead Mr. Pittas.

Aristides Pittas

Good morning and thank you for joining Euroseas for our conference call. Together with me today is Anastasios Aslidis our CFO.

The purpose of today’s call is to discuss the results for the three and six-month periods ended June 30, 2012. Let us turn to slide three for our 2012, second quarter and first half overview.

For the second quarter of 2012 we reported total net revenues of $12.8 million. Net loss for the period was $1.4 million or $0.04 per sale basic and diluted. The results for the second quarter of 2012 includes a $1.3 million net unrealized gain in derivatives and a $0.4 million net realized loss on derivatives.

Excluding the effect of the earnings for the quarter, the unrealized gains and derivatives and the realized loss on derivatives, the adjusted net loss for the period would have been $1.3 million or $0.04 per share loss, basic and diluted.

Adjusted EBITDA for the second quarter 2012 was $3.4 million. We declared a quarterly dividend of $0.02 per share for the second quarter of 2012, payable on about 7 September 2012; the shareholders of record on August 31, 2012. This is the 28th consecutive quarterly dividend declared.

Fro the first half of 2012 we reported total net revenues of $26.7 million. Net loss for the period was $10.4 million or $0.32 per share, basic and diluted. Excluding the effect of the losses for the first of 2012 of the realized loss on derivatives, realized gain on trading securities and loss on sale of a vessel, the adjusted net loss for the period would have been $1.4 million or $0.04 loss per share, basic and diluted.

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