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Euroseas CEO Discusses Q2 2012 Results - Earnings Call Transcript

Adjusted EBITDA for the first half of 2012 was $8.3 million. We declared two quarterly dividends during the first half of 2012 for a total of $0.06 per share.

Please turn to slide four. For the last seven years we have been aiming to declare a dividend, which would present an yield of between 5% to 12%. In view of the challenging market conditions and their desire to preserve cash, to take advantage of new investment opportunities, our board decided to reduce our quarterly dividend to $0.02 per share, which however still represents a healthy annual view of about 6.8% from the basis of our stock price of $1.17 on August 8, 2012. Our intention moving forward remains continuing our policy of providing healthy dividends throughout market cycles, without compromising growth opportunities.

Please turn to slide five to review our company developments. In regards to recent feed developments we renewed the samples for three of our container vessels in the second quarter for short durations, one of which at a slightly lower rate. During the first half of 2012 the container ship market remained depressed for the size of vessels we operate and stayed very close to the low levels last seen in the beginning of 2010.

Our strategy of employing our vessels on a short period cycles during market downturns has generally worked well for us in the past. It puts us in a position to capture upside in the freight markets and thus positively impact our revenues once this occurs. On the other hand the dry bulk market, although also depressed, did not affect our revenues during the second quarter of 2012 as our vessels have sorted well into 2015.

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