SOURCE: Euroseas

November 14, 2006 11:18 ET

Euroseas Ltd. Declares Quarterly Dividend of $0.21 Per Common Share; Announces Third Quarter 2006 Results Release and Conference Call Date

Earnings Release: Monday, November 20, 2006, After the Market Close; Conference Call: Tuesday, November 21, 2006, at 11:00 A.M. EST

MAROUSSI, GREECE -- (MARKET WIRE) -- November 14, 2006 -- Euroseas Ltd. (OTCBB: EUSEF), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, declared a quarterly dividend of $0.21 per common share for the three-month period ended September 30, 2006 at its Board of Directors meeting on November 9, 2006. The dividend will be payable on or about December 15, 2006, to all shareholders of record as of December 8, 2006.

This distribution marks the Company's fifth consecutive quarterly dividend and represents a 16.7% increase from the $0.18 per common share quarterly dividend paid with respect to the second quarter of 2006. For the nine-month period ended September 30, 2006, Euroseas has declared quarterly dividends aggregating $ 0.57 per common share.

Euroseas also announced today that it will release its third quarter and nine-month results for the period ended September 30, 2006, after the close of the financial markets in New York on Monday, November 20, 2006. On Tuesday, November 21, 2006, at 11:00 a.m. EST, Euroseas' management will host a conference call to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329 (from the UK) or + 44(0) 1452 542 301 (international standard dial in). Please quote "Euroseas."

In case of any problem with the above numbers, please dial 1 866 869 2352 (from the US), 0800 694 1449 (from the UK) or + 44 (0) 1452 560 304 (international standard dial in). Quote "Euroseas."

A recording of the conference call will be available until November 28, 2006 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or + 44 1452 550 000 (international standard dial in). Access Code: 6973591 #

Audio and slides webcast:

There will be a live and then archived audio and slides webcast of the conference call available on the internet through the Euroseas website (www.euroseas.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the conference call, a recording of the webcast will be available on the Euroseas website.

A slide presentation of the Third Quarter 2006 Results in PDF format will also be available 30 minutes prior to the conference call and webcast accessible on the company's website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation.

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 135 years. As of October 6, 2006, Euroseas trades on the OTCBB under the new ticker (OTCBB: EUSEF) replacing the previous ticker symbol (OTCBB: ESEAF).

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Currently Euroseas has a fleet of 8 vessels, including 2 Panamax drybulk carriers, 2 Handysize drybulk carriers, 1 Intermediate container ship, 1 Handysize container ship, 1 Feeder container ship and 1 Handysize multipurpose dry cargo vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 207,464 dwt, its 3 container ships have a cargo capacity of 4,636 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu. Euroseas has also entered into an agreement to acquire one handysize containership.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk carriers, container ships and multipurpose vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information

  • Company Contact
    Tasos Aslidis
    Chief Financial Officer
    Euroseas Ltd.
    2693 Fair View Drive
    Mountainside, NJ 07092
    Tel. (908) 301-9091
    E-mail: aha@euroseas.gr

    Investor Relations / Financial Media
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue, Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566
    E-mail: nbornozis@capitallink.com