Euroseas Ltd. (ESEA) reported that its first-quarter 2013 net loss narrowed to $4.6 million or $0.10 per share from last year's $8.96 million or $0.28 per share in the first quarter of 2012.
The results for the first quarter of 2013 include a $0.5 million unrealized gain on derivatives as compared to $0.2 million unrealized gain on derivatives and trading securities for the same period of 2012; and a $0.4 million realized loss on derivatives compared to a $0.4 million realized loss in the same period of 2012. Drydocking expenses of $1.8 million during the quarter were higher than the $0.03 million incurred in the first quarter of 2012 and refer to expenses for three of our vessels drydocked in the first quarter of 2013.
Excluding the effect on the loss for the quarter of the unrealized gain and realized losses on derivatives, the adjusted loss per share for the latest-quarter would have remained the same at $0.10 per share, compared to break even per share last year.
Total net revenues for the quarter were $10.9 million, a 21.7% decrease over total net revenues of $13.9 million in the year ago quarter.
The company said its board declared a dividend of $0.015 per share for the first quarter of 2013 payable on June 14, 2013 to shareholders of record on June 5, 2013.
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