ESEA - Euroseas Ltd. (ESEA) Q4 2023 Earnings Call Transcript

2024-02-21 15:02:03 ET

Euroseas Ltd. (ESEA)

Q4 2023 Earnings Conference Call

February 21, 2024 09:00 AM ET

Company Participants

Aristides Pittas - Chairman and Chief Executive Officer

Anastasios Aslidis - Chief Financial officer and Treasurer

Conference Call Participants

Tate Sullivan - Maxim Group

Kristoffer Barth Skeie - Arctic Securities AS

Clement Mullins - Value Investors Edge

Poe Fratt - Alliance Global Partners

Presentation

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Fourth Quarter 2023 Financial Results. We have with us, Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the company announced the results with a press release that has been publicly distributed.

Before passing the floor 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 of 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 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 is Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and 12 month period ended December 31, 2023.

Let us turn to Slide 3 of the presentation to go over our financial results. We have had another strong quarter having reported total net revenues of $49.1 million and a net income of $24.7 million or $3.56 per basic and diluted share for the fourth quarter of 2023. Adjusted net income for the quarter was $25 million or $3.61 per diluted share. Adjusted EBITDA for the period was $32.4 million. Please refer to the press release for a full reconciliation of adjusted net income and adjusted EBITDA to net income....

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