EuroDry Ltd. (NASDAQ: EDRY) rose in Friday trade after reporting Q3 earnings of $0.62 per share on $6.793 million in sales.
The Athens-based company, owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, also said Euroseas Ltd. contributed to the Company its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004.
Total net revenues of $6.8 million. Net income of $1.7 million; net earnings attributable to common shareholders (after a $0.2-million dividend on Series B Preferred Shares) were $1.4 million or $0.63 earnings per share basic and diluted. Adjusted net income attributable to common shareholders for the period was $1.4 million or $0.62 per share basic and diluted. Adjusted EBITDA was $3.8 million.
The Company recently announced that it signed a memorandum of agreement to acquire M/V Star of Nippon (to be renamed M/V Starlight), a panamax size drybulk carrier of 75,845 dwt built in 2004 in Japan. The vessel is expected to be delivered to the Company by the end of November 2018.
The Company expects to finance the acquisition with funds on hand and debt which it is in the process of arranging; additionally, as previously announced, the Company is in the customary documentation phase to complete the refinancing of certain of its Panamax vessels.
Shares acquired 68 cents, or 6.8%, to $11.91 Friday morning.
