Euroseas Q4 Net Revenues Down
For the fourth quarter of 2010, the company posted a net loss of $0.92m, or 0.03 per diluted share, compared to $16.3m, or 0.53 per diluted share, for the same period in 2009.
Operating loss for the fourth quarter of 2010 was $3.05m, compared to $6.13m for the same period in 2009. Total operating expenses were $15.84m, compared to $22.59m for the same period in 2009.
For the full-year ended December 31, 2010, the company posted a net loss of $6.6m, compared to $15.62m. Total operating expenses were $53.18m, compared to $63.75m for the same period in 2009.
Net revenues for the full-year of 2010 were $52.47m, compared to $63.78m for the same period in 2009. Operating loss was $0.7m, compared to an operating income of $0.02m in the same period of 2009.
Aristides Pittas, chairman and CEO of Euroseas, said: â€œLooking into
2011 and beyond, we expect significant contribution to our earnings from our containership fleet and investment in Euromar as our containership charters are being rolled over from the existing lower levels to rates reflecting the currently rising market rates.
â€œAt the same time, our drybulk fleet is fully covered for 2011 and a good part of 2012, insulating us from the widely anticipated weakness in that sector.â€
Tasos Aslidis, CFO of Euroseas, said: â€œThe results of the fourth quarter of 2010 reflect primarily the high number of our vessels that were drydocked during the quarter. In several cases, we chose to accelerate the drydocking, especially of containerships, in order to increase our flexibility of chartering our fleet in a market that it is anticipated to continue improving after the year-end seasonal slowdown.â€
Will the company further increase net revenues in Q1?
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