SOURCE: Euroseas

November 29, 2007 16:05 ET

Euroseas Ltd. Reports Results for the Third Quarter and Nine Month Period Ended September 30, 2007

MAROUSSI, GREECE and ATHENS, GREECE--(Marketwire - November 29, 2007) - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the third quarter and nine month period ended September 30, 2007.

Third quarter 2007 Highlights:

--  Net income of $9.5 million or $0.40 basic earnings per share
    calculated on 23,934,434 weighted average number of shares outstanding on
    total net revenues of $21.5 million. Diluted earnings per share were $0.39
    calculated on 24,061,880 weighted average number of shares.  Earnings per
    share for the third quarter of 2007 do not include $0.03 of cash flow
    attributable to amortization of the fair value of period charter contracts
    acquired that is usually included by security analysts in their published
    estimates of earnings per share.
    
--  Adjusted EBITDA was $15.2 million. Please refer to a subsequent
    section of the Press Release for a reconciliation of adjusted EBITDA to net
    income.
    
--  An average 12.13 vessels were operated during the third quarter 2007
    earning an average time charter equivalent rate of $20,024 per day.
    
--  Declared a quarterly dividend of $0.29 per share for the third quarter
    2007 payable on November 28, 2007 to shareholders of record as of November
    5, 2007
    

Nine months 2007 Highlights:

--  Net income of $25.3 million or $1.30 basic and diluted per share
    calculated on 19,508,531 basic weighted average number of shares
    outstanding and 19,557,805 diluted weighted average number of shares
    outstanding on total net revenues of $50.6 million. Earnings per share for
    the nine month period ended September 30, 2007 do not include $0.09 of cash
    flow attributable to amortization of the fair value of period charter
    contracts acquired that is usually included by security analysts in their
    published estimates of earnings per share.
    
--  Adjusted EBITDA was $40.2 million. Please refer to a subsequent
    section of the Press Release for a reconciliation of adjusted EBITDA to net
    income.
    
--  An average 10.42 vessels were operated during the first nine months of
    2007 earning an average time charter equivalent rate of $19,177 per day
    
--  Declared quarterly dividends for the first, second and third quarters
    of 2007, aggregating $0.78 per share.
    

Fleet Developments:

--  In October 2007, took delivery of the M/V Tiger Bridge, a handysize
    container ship the Company had previously agreed to acquire for $24
    million, in August 2007. The vessel has a capacity of 31,627 dwt and 2,228
    teu built in 1990 in South Korea. The vessels are employed on a time
    charters until July 2009, at a rate of about $16,500 per day.
    
--  In November 2007, took delivery of the M/V Ioanna P (ex M/V Trust
    Jakarta), a panamax size drybulk carrier the Company had previously agreed
    to acquire in October 2007, for $28.6 million. The vessel has a capacity of
    64,873 dwt, built in 1984 in Japan, The vessel is employed under a period
    charter contract at a rate of $35,500 per day till July 2008.
    
--  Following these charter agreements, approximately 46% of Euroseas
    total fleet days in 2008 are fixed under period charters, already concluded
    spot charters, or, otherwise protected from market fluctuations.
    

Company Development:

--  In November 2007, the Company announced the closing of its 5,825,000
    share follow-on public offering at a price of $17.00 per share. Net
    proceeds to Euroseas after underwriting discounts and estimated offering
    expenses were approximately $93.4 million.  The Company intends to use the
    net proceeds to acquire additional vessels in the drybulk and container
    sectors and for general corporate purposes.
    

Aristides Pittas, Chairman and CEO of Euroseas, commented: "The third quarter of 2007 has continued to be one of significant progress in the development of Euroseas as a public company. During the third quarter of 2007, we deployed the remaining of the proceeds of our July 2007 follow-on offering increasing our revenue base and market capitalization. Equally significantly, in November 2007, we completed our third follow-on common stock offering raising net proceeds of about $93 million, funds that will enable us to continue our growth. We have a fleet of 15 vessels and we intend to continue executing our plan to grow our fleet by focusing on age and size segments of the drybulk and containership sectors which we believe maximize our shareholder returns. The growth of our dividend from $0.57 per share for the first nine months of 2006 to $0.78 per share for the first nine months of 2007, a 37% increase, is the best evidence of the effectiveness of our investment and employment strategy, especially since it represents only a fraction of our net income even excluding any capital gains during those periods. We believe our strategy will enable us to continue providing consistent and significant dividends and overall returns to our shareholders."

Tasos Aslidis, Chief Financial Officer of Euroseas, commented: "The results of the first nine months of 2007 reflect significantly higher revenues compared to the first nine months 2006 due to the higher average time charter equivalent rate our vessels have achieved and the higher number of vessels in our fleet. Specifically during the first nine months of 2007, our fleet earned on average $19,177 per vessel per day compared to $13,766 per vessel per day during the same period in 2006. Daily vessel operating expenses including management fees during the first nine months of 2007 reflect an increase of about 12% on a per vessel per day basis compared to the same period in 2006. This is increase is mainly due to the increase in euro/dollar exchange rate, higher cost of lubricants due to higher oil prices and higher crew costs because of the increased competition in securing quality personnel.

As of today, including the vessels we recently took delivery of, 46% of our ship capacity days in 2008 have been fixed under time charter contracts or protected from market fluctuations. We believe that our contract coverage gives us a solid revenue base for 2008 and beyond, more predictable cash flows and sufficient downside protection, while still allowing us to participate in the potential upside of the spot market during periods of rising market rates."

Third quarter 2007 Results:

For the third quarter of 2007, the Company reported total net revenues of $21.5 million and net income of $9.5 million representing a 141.1% and 76.6% increase, respectively, over total net revenues of $8.9 million and net income of $5.4 million during the third quarter of 2006. On average, 12.13 vessels were operated during the third quarter 2007 earning an average time charter equivalent rate of $20,024 per day compared to 7.35 vessels in the same period 2006 earning on average $14,536 per day. Net income for the third quarter of 2006 includes a $2.3 million capital gain from the sale of M/V "John P" in July 2006. Excluding this capital gain, net income in the third quarter of 2007 represents an increase of 207% over the third quarter of 2006.

Adjusted EBITDA for the third quarter of 2007 was $15.2 million, a 104% increase of $7.5 million during the third quarter of 2006; exclusive of the capital gain in the third quarter of 2006, Adjusted EBITDA would have been $5.2 million resulting in an increase of 193%. Please see below for Adjusted EBITDA reconciliation to net income and cash flow provided by operating activities.

Basic earnings per share for the third quarter of 2007 were $0.40, calculated on 23,934,434 weighted average number of shares outstanding, compared to earnings per share of $0.43, inclusive of a $0.18 capital gain per share on the sale of M/V "John P," for the third quarter of 2006, calculated on 12,620,114 weighted average number of shares outstanding. Diluted earnings per share were $0.39 and $0.43, the latter inclusive of capital gains of $0.18, for the third quarter of 2007 and 2006, respectively. The Company has recently declared a quarterly dividend of $0.29 per share, which represents its ninth consecutive quarterly dividend and a 38% increase over last year's third quarter dividend.

Earnings per share for the third quarter of 2007 and 2006 do not include $0.03 and ($0.02) respectively of cash flow attributable to amortization of the fair value of period charter contracts acquired that is usually included by security analysts in their published estimates of earnings per share.

Nine months Ended September 30, 2007 Results:

For the nine months ended September 30, 2007, the company reported total net revenues of $50.6 million and net income of $25.3 million, representing a 77.9% and 65.4% increase, respectively over the same period of 2006. Adjusted EBITDA for the period was $40.2 million, a 87.0% increase over 2006 (please see below for Adjusted EBITDA reconciliation to net income and cash flow from operating activities). In the first nine months ended September 30, 2006, net revenues were $28.4 million, net income was $15.3 million and EBITDA was $21.5 million. On average, 10.42 vessels were operated during the period in 2007 earning an average time charter equivalent rate of $19,177 per day compared to 7.91 vessels in the same period 2006 earning a time charter equivalent rate of $13,766. Results for the nine month period ended September 30, 2007 included a capital gain of $3.4 million from the sale of M/V "Ariel," while results for the nine month period ended September 30, 2006 included a capital gain of $4.4 million from the sale of M/V "Pantelis P" and M/V "John P," three of the Company's handysize vessels. Excluding the capital gains, net income and Adjusted EBITDA for the nine month period ended September 30, 2007 increased 102% and 116%, respectively, over the same period of 2006

Basic earnings per share for the nine months ended September 30, 2007, were $1.30, calculated on 19,508,531 weighted average number of shares outstanding, compared to earnings per share of $1.23 for the same period of 2006 calculated on 12,506,793 weighted average number of shares outstanding. Diluted earnings per share were $1.30 and $1.23 for the first nine months of 2007 and 2006, respectively.

Earnings per share for the nine month period ended September 30, 2007 and 2006 do not include $0.09 and ($0.03) respectively of cash flow attributable to amortization of the fair value of period charter contracts acquired that is usually included by security analysts in their published estimates of earnings per share.

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:

                                        Year                    TCERate
Name            Type       Dwt    TEU   Built   Employment      ($/day)
            ------------ ------- ------ ----- -------------- --------------
Dry Bulk Vessels

                                              Baumarine Pool-     $  17,000
IRINI (*)        Panamax  69,734         1988  'til end 2008   to $  20,000
ARISTIDES
 N.P.            Panamax  69,268         1993 TC 'til Jan-08 $       29,000
IOANNA P.        Panamax  64,873         1984 TC 'til Jul-08 $       35,500
NIKOLAOS P.    Handysize  34,750         1984           Spot $       47,000
GREGOS         Handysize  38,691         1984           Spot $       57,000
Total Dry
 Bulk Vessels          5 277,316

Multipurpose Dry
 Cargo Vessels

                                                             $   8,850 'til
                                                                    Dec-08,
                                                             $   9,500 'til
                                                                    Dec-10,
                                                             $   9,000 'til
TASMAN TRADER           1  22,568    950  1990 TC 'til Mar-12        Mar-12

Container Carriers

TIGER
 BRIDGE     Intermediate  31,627  2,228  1990 TC 'til Jul-09 $       16,500
ARTEMIS     Intermediate  29,693  2,098  1987 TC 'til Dec-08 $       19,000
                                                  Scheduled
DESPINA P      Handysize  33,667  1,932  1990     drydocking              -
                                                  Scheduled
JONATHAN P     Handysize  33,667  1,932  1990     drydocking              -
CLAN
 GLADIATOR     Handysize  30,007  1,742  1992 TC 'til Apr-08 $       19,000
YM XINGANG I   Handysize  23,596  1,599  1993 TC 'til Jul-09 $       26,650
MANOLIS P      Handysize  20,346  1,452  1995 TC 'til Mar-08 $       13,450
NINOS (ex-YM
 QINGDAO I)       Feeder  18,253  1,169  1990 TC 'til Apr-08 $       12,800
KUO HSIUNG        Feeder  18,154  1,169  1993 TC 'til Feb-09 $       15,800

Total Container
 Carriers              9 239,010 15,321
Fleet Grand
 Total                15 538,894 16,271

(*) "IRINI," is employed in the Baumarine pool that is managed by
    Klaveness, a major global charterer in the dry bulk area, and also
    participates in two "short" funds (contracts to carry cargo at agreed
    rates), minimizing its exposure to the spot market (covered at 77% for
    2007 and 42% for 2008, approximately).

Summary Fleet Data:

                                3 months,  3 months,  9 months,  9 months,
                                  ended      ended      ended      ended
                                September  September  September  September
                                30, 2006   30, 2007   30, 2006   30, 2007
                                ---------  ---------  ---------  ---------
FLEET DATA
Average number of vessels (1)        7.35      12.13       7.91      10.42
Calendar days for fleet (2)        676.00   1,116.00    2,159.0    2,844.0
Available days for fleet (3)       652.00   1,100.41    2,111.9    2,727.0
Voyage days for fleet (4)          628.27   1,100.28    2,083.9    2,723.4
Fleet utilization (5)               96.36%     99.99%     98.68%     99.87%

AVERAGE DAILY RESULTS
Time charter equivalent rate
 (6)                               14,536     20,024     13,766     19,177
Vessel operating expenses (7)       4,466      5,233      4,281      4,797
General and administrative
 expenses (8)                         350        434        351        411
Total vessel operating expenses
 (9)                                4,816      5,667      4,632      5,208
                                ---------  ---------  ---------  ---------

(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.

(3) Available days. We define available days as the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with scheduled repairs, drydockings or special or intermediate surveys. The shipping industry uses available days to measure the number of days in a period during which vessels were available to generate revenues.

(4) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with scheduled and unscheduled repairs, drydockings or special or intermediate surveys or days waiting to find employment or other offhire. The shipping industry uses voyage days to measure the number of days in a period during which vessels actually generate revenues.

(5) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.

(6) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters net of voyage expenses by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

(7) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

(8) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period.

(9) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.

Conference Call and Webcast:

Tomorrow, Friday, November 30, 2007 at 10:00 a.m. EST, the company's 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 problems with the above numbers, please dial 1 866 223 0615 (from the US), 0800 694 1503 (from the UK) or +44 (0)1452 586 513 (international standard dial in). Quote "Euroseas."

A recording of the conference call will be available until December 7, 2007 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44 (0)1452 550 000 (international standard dial in). Access Code: 6973591#

Audio webcast - Slides Presentation:

There will be a live and then archived audio webcast of the conference call, via 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.

A slides presentation on the third quarter and nine month period ended September 30, 2007 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.

                              Euroseas Ltd.
                Consolidated Condensed Statement of Income
      (All amounts expressed in U.S. Dollars - except share amounts)



                    Three Months  Three Months  Nine months   Nine months
                        Ended        Ended,        Ended,         Ended
                      September     September     September     September
                      30, 2006      30, 2007      30, 2006      30, 2007
                    ------------  ------------  ------------  ------------
                     (unaudited)   (unaudited)   (unaudited)   (unaudited)
Revenues
  Voyage revenue       9,280,725    22,538,504    29,701,945    53,062,852
  Commissions           (384,437)   (1,086,167)   (1,280,405)   (2,507,268)
Net revenues           8,896,288    21,452,337    28,421,540    50,555,584

Operating expenses
  Voyage expenses        148,018       506,663     1,014,383       835,286
  Vessel operating
   expenses            2,488,781     4,867,262     7,599,948    11,217,421
  Amortization and
   depreciation        1,794,682     4,667,638     4,989,757    10,830,769
  Management fees        530,292       973,416     1,643,142     2,424,794
  Other general and
   administrative
   expenses              236,341       484,302       758,281     1,168,218
Total operating
 expenses              5,198,114    11,499,281    16,005,511    26,476,488

Net gain from sale
 of vessel             2,280,057             -     4,445,856     3,411,397
Operating income       5,978,231     9,953,056    16,861,885    27,490,493
Other
 income/(expenses)
  Interest and
   finance cost         (867,004)   (1,233,086)   (2,258,950)   (3,591,190)
  Interest income        250,210       751,966       720,551     1,447,947
  Foreign exchange
   (loss)/gain               943        (1,824)       (1,064)       (1,764)
     Other expenses,
      net               (615,851)     (482,944)   (1,539,463)   (2,145,007)

                    ------------  ------------  ------------  ------------

Net income             5,362,380     9,470,112    15,322,422    25,345,486
                    ------------  ------------  ------------  ------------
Earnings, per
 share, basic               0.43          0.40          1.23          1.30
Weighted average
 number of shares,
 basic                12,620,114    23,934,434    12,506,793    19,508,531
                    ------------  ------------  ------------  ------------
Earnings, per
 share, diluted             0.43          0.39          1.23           1.3
                    ------------  ------------  ------------  ------------
Weighted average
 number of shares,
 diluted              12,620,114    24,061,880    12,506,793    19,557,805
                    ------------  ------------  ------------  ------------




                              Euroseas Ltd.
                   Consolidated Condensed Balance Sheet
                  (All amounts expressed in U.S. Dollars)



                                                December 31,  September 30,
                                                    2006          2007
                                                ------------- -------------
ASSETS                                           (unaudited)   (unaudited)
Current Assets:
   Cash and cash equivalents                        2,791,107    43,159,409
   Trade accounts receivables                         378,216       274,476
   Other receivables                                  268,864       306,313
   Due from related company                         2,649,259     4,067,773
   Inventories                                        716,131     1,100,932
   Restricted cash                                  1,146,621       951,997
   Vessel held for sale, net                        1,782,840             -
   Prepaid expenses                                   242,558       549,432
Total current assets                                9,975,596    50,410,332

Fixed assets:
   Vessels, net                                    95,494,342   181,375,853
   Cash advances for vessel acquisitions                    -     2,408,154
Long-term assets:
   Restricted cash                                  2,700,000     3,900,000
   Deferred charges, net                            1,291,844     3,617,066
   Deferred offering expenses                         500,000             -
   Fair value of above market time charter
    acquired                                        7,543,477     5,342,287
Total long-term assets                            107,529,663   196,643,360
Total assets                                      117,505,259   247,053,692

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Long term debt, current portion                 18,040,000    18,480,000
   Trade accounts payable                           1,034,713     1,865,545
   Accrued expenses                                 1,233,185     1,396,125
   Deferred revenue                                 1,357,501     4,085,797
Total current liabilities                          21,665,399    25,827,467

Long-term liabilities:
   Long term debt, net of current portion          56,910,000    52,880,000
   Fair value of below market time charter
    acquired                                          918,200       569,553
Total long-term liabilities                        57,828,200    53,449,553
Total liabilities                                  79,493,599    79,277,020

Shareholders' equity:
   Common stock (par value $0.03, 100,000,000
    shares authorized, 12,620,150 and
    24,242,979 issued and outstanding)
    Preferred shares (par value $0.01,
    20,000,000 shares authorized, no shares
    issued and outstanding)                           378,605       727,290
   Additional paid-in capital                      18,283,767   135,592,427
   Retained earnings                               19,349,288    31,456,955
   Total shareholders' equity                      38,011,660   167,776,672
   Total liabilities and shareholders' equity     117,505,259   247,053,692
                                                ------------- -------------




                              Euroseas Ltd.
                   Reconciliation of Adjusted EBITDA to
        Net Income and Cash Flow Provided By Operating Activities
                  (All amounts expressed in U.S. Dollars)



                              Three       Three        Nine        Nine
                              Months      Months      months      months
                              Ended       Ended       Ended       Ended
                             September   September   September   September
                             30, 2006    30, 2007    30, 2006    30, 2007
                            ----------  ----------  ----------  ----------
Net income                   5,362,380   9,470,112  15,322,422  25,345,486
Interest and finance costs,
 net (includes interest
 income)                       616,794     481,120   1,538,399   2,143,243
Depreciation and
 amortization                1,794,682   4,667,638   4,989,757  10,830,769
Amortization of deferred
 revenue of below market
 time charter acquired        (286,566)   (116,856)   (369,806)   (348,647)
Amortization of deferred
 revenue of above market
 time charter acquired               -     737,773           -   2,201,190
Adjusted EBITDA              7,487,290  15,239,787  21,480,772  40,172,041
                            ==========  ==========  ==========  ==========



                              Three       Three        Nine        Nine
                              Months      Months      months      months
                              Ended       Ended       Ended       Ended
                             September   September   September   September
                             30, 2006    30, 2007    30, 2006    30, 2007
                            ----------- ----------- ----------  -----------
Net cash flow provided by
 operating activities         4,262,431  11,989,767 15,715,298   33,312,855
Changes in operating assets
 / liabilities                  350,664   2,785,603   (159,999)   1,359,099
Gain from vessel sale         2,280,057           -  4,445,856    3,411,397
Interest, net                   594,138     464,417  1,479,617    2,088,690
Adjusted EBITDA               7,487,290  15,239,787 21,480,772   40,172,041
                            ===========  ========== ==========  ===========

EBITDA Reconciliation:

Euroseas Ltd. considers Adjusted EBITDA to represent net earnings before interest, taxes, depreciation, amortization and amortization of deferred revenues from above or below market time charters acquired. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which we assess our liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.

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 136 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA since January 31, 2007.

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.

The Company has a fleet of 15 vessels, including 3 Panamax drybulk carriers, 2 Handysize drybulk carriers, 2 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of 277,316 dwt, its 9 container ships will have a cargo capacity of 15,321 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

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 vessels and container ships, 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

  • Contact:
    Visit our website www.euroseas.gr

    Company Contact
    Tasos Aslidis
    Chief Financial Officer
    Euroseas Ltd.
    11 Canterbury Lane
    Watchung, NJ 07069
    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