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
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
| Source: Euroseas
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
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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.