Financial Statements for Euroseas Ltd.

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Euroseas Ltd. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Revenue	13.38	26.71	13.93
Other Revenue, Total	-	-	-
Total Revenue	13.38	26.71	13.93
Cost of Revenue, Total	0.16	0.94	0.62
Gross Profit	13.22	25.77	13.31
Selling/General/Admin. Expenses, Total	2.43	4.84	2.34
Research & Development	-	-	-
Depreciation/Amortization	4.28	8.82	4.54
Interest Expense(Income) - Net Operating	-	-	-
Unusual Expense (Income)	0.00	8.57	8.42
Other Operating Expenses, Total	6.27	12.36	6.31
Total Operating Expense	13.15	35.53	22.23
Operating Income	0.23	-8.82	-8.30
Interest Income(Expense), Net Non-Operating	-	-	-
Gain (Loss) on Sale of Assets	0.00	0.02	0.04
Other, Net	-	-	-
Income Before Tax	-0.83	-10.35	-8.96
Income After Tax	-0.83	-10.35	-8.96
Minority Interest	-	-	-
Equity In Affiliates	-	-	-
Net Income Before Extra. Items	-0.83	-10.35	-8.96
Accounting Change	-	-	-
Discontinued Operations	-	-	-
Extraordinary Item	-	-	-
Net Income	-0.83	-10.35	-8.96
Preferred Dividends	-	-	-
Income Available to Common Excl. Extra Items	-0.83	-10.35	-8.96
Income Available to Common Incl. Extra Items	-0.83	-10.35	-8.96
Basic Weighted Average Shares	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-
Basic EPS Including Extraordinary Items	-	-	-
Dilution Adjustment	0.00	0.00	0.00
Diluted Weighted Average Shares	45.21	32.60	31.17
Diluted EPS Excluding Extraordinary Items	-0.02	-0.32	-0.29
Diluted EPS Including Extraordinary Items	-	-	-
Dividends per Share - Common Stock Primary Issue	0.01	0.06	0.04
Gross Dividends - Common Stock	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-
Depreciation, Supplemental	-	-	-
Total Special Items	-	-	-
Normalized Income Before Taxes	-	-	-
Effect of Special Items on Income Taxes	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-
Normalized Income After Taxes	-	-	-
Normalized Income Avail to Common	-	-	-
Basic Normalized EPS	-	-	-
Diluted Normalized EPS	-0.02	-0.05	-0.02

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	61.40	52.48	63.78	126.30
Other Revenue, Total	-	-	-	-
Total Revenue	61.40	52.48	63.78	126.30
Cost of Revenue, Total	0.78	1.60	1.51	3.09
Gross Profit	60.62	50.88	62.27	123.21
Selling/General/Admin. Expenses, Total	11.94	14.46	10.63	15.57
Research & Development	-	-	-	-
Depreciation/Amortization	18.35	17.98	19.09	28.28
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-0.74	-2.35	8.86	25.11
Other Operating Expenses, Total	26.25	21.51	23.67	27.52
Total Operating Expense	56.58	53.19	63.76	99.59
Operating Income	4.81	-0.71	0.02	26.72
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	-
Income Before Tax	1.12	-6.61	-15.63	21.49
Income After Tax	1.12	-6.61	-15.63	21.49
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	1.12	-6.61	-15.63	21.49
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	1.12	-6.61	-15.63	21.49
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	1.12	-6.61	-15.63	21.49
Income Available to Common Incl. Extra Items	1.12	-6.61	-15.63	21.49
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	0.00	0.00	-
Diluted Weighted Average Shares	31.10	30.90	30.65	30.51
Diluted EPS Excluding Extraordinary Items	0.04	-0.21	-0.51	0.70
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.27	0.22	0.35	1.13
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	0.01	-0.29	-0.22	1.53

In Millions of USD (except for per share items)	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31
Cash & Equivalents	35.86	39.37	29.79
Short Term Investments	0.00	0.00	0.07
Cash and Short Term Investments	35.86	39.37	29.86
Accounts Receivable - Trade, Net	6.12	2.96	2.80
Receivables - Other	-	-	-
Total Receivables, Net	8.52	5.82	5.92
Total Inventory	1.73	1.63	1.92
Prepaid Expenses	0.37	0.35	0.42
Other Current Assets, Total	1.59	0.93	1.43
Total Current Assets	48.07	48.10	39.54
Property/Plant/Equipment, Total - Gross	-	-	-
Accumulated Depreciation, Total	-	-	-
Goodwill, Net	-	-	-
Intangibles, Net	-	-	-
Long Term Investments	17.43	17.92	16.50
Other Long Term Assets, Total	8.25	8.29	5.19
Total Assets	284.98	289.82	281.01
Accounts Payable	2.29	2.28	2.30
Accrued Expenses	1.39	1.65	1.65
Notes Payable/Short Term Debt	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	15.99	13.01	10.91
Other Current liabilities, Total	3.01	3.67	3.83
Total Current Liabilities	22.68	20.60	18.69
Long Term Debt	49.03	54.12	59.46
Capital Lease Obligations	-	-	-
Total Long Term Debt	49.03	54.12	59.46
Total Debt	65.02	67.14	70.38
Deferred Income Tax	-	-	-
Minority Interest	-	-	-
Other Liabilities, Total	1.09	1.36	1.28
Total Liabilities	72.80	76.09	79.43
Redeemable Preferred Stock, Total	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	0.00
Common Stock, Total	1.36	1.35	0.94
Additional Paid-In Capital	251.61	251.42	237.04
Retained Earnings (Accumulated Deficit)	-40.79	-39.05	-36.39
Treasury Stock - Common	-	-	-
Other Equity, Total	-	-	-
Total Equity	212.18	213.73	201.58
Total Liabilities & Shareholders' Equity	284.98	289.82	281.01
Shares Outs - Common Stock Primary Issue	-	-	-
Total Common Shares Outstanding	45.21	45.02	31.17

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	31.20	34.27	40.98	73.85
Short Term Investments	0.03	0.26	0.44	0.77
Cash and Short Term Investments	31.23	34.54	41.42	74.62
Accounts Receivable - Trade, Net	1.58	1.56	1.65	5.91
Receivables - Other	-	-	-	-
Total Receivables, Net	3.90	8.26	1.89	7.35
Total Inventory	2.61	1.79	1.87	2.01
Prepaid Expenses	0.26	0.27	0.19	0.24
Other Current Assets, Total	0.87	1.55	13.57	8.31
Total Current Assets	38.88	46.40	58.93	92.54
Property/Plant/Equipment, Total - Gross	326.45	326.45	310.33	280.27
Accumulated Depreciation, Total	-89.39	-71.04	-53.06	-48.30
Goodwill, Net	-	-	-	-
Intangibles, Net	-	-	-	-
Long Term Investments	14.46	14.46	0.00	1.82
Other Long Term Assets, Total	5.75	5.40	7.21	6.90
Total Assets	296.15	321.68	323.42	333.22
Accounts Payable	1.89	5.55	3.26	2.28
Accrued Expenses	1.66	2.21	1.06	1.21
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	13.33	13.47	14.03	12.45
Other Current liabilities, Total	4.22	3.98	12.09	5.48
Total Current Liabilities	21.10	25.21	30.44	21.42
Long Term Debt	61.58	74.91	57.48	43.56
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	61.58	74.91	57.48	43.56
Total Debt	74.91	88.39	71.52	56.02
Deferred Income Tax	-	-	-	-
Minority Interest	-	-	-	-
Other Liabilities, Total	1.54	2.86	4.04	11.40
Total Liabilities	84.23	102.98	91.97	76.39
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	0.00	0.00	0.00	0.00
Common Stock, Total	0.94	0.93	0.93	0.92
Additional Paid-In Capital	236.84	236.28	235.59	234.57
Retained Earnings (Accumulated Deficit)	-25.86	-18.52	-5.06	21.35
Treasury Stock - Common	-	-	-	-
Other Equity, Total	-	-	-	-
Total Equity	211.92	218.69	231.45	256.83
Total Liabilities & Shareholders' Equity	296.15	321.68	323.42	333.22
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	31.17	31.00	30.85	30.58

In Millions of USD (except for per share items)	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	-11.18	-10.35	-8.96
Depreciation/Depletion	13.10	8.82	4.54
Amortization	-	-	-
Deferred Taxes	-	-	-
Non-Cash Items	0.79	0.28	0.00
Changes in Working Capital	3.70	7.43	7.12
Cash from Operating Activities	6.42	6.17	2.69
Capital Expenditures	-	-	-
Other Investing Cash Flow Items, Total	-3.07	-2.66	1.99
Cash from Investing Activities	-3.07	-2.66	1.99
Financing Cash Flow Items	-0.30	0.00	0.00
Total Cash Dividends Paid	-3.73	-2.81	-1.56
Issuance (Retirement) of Stock, Net	15.24	15.24	-
Issuance (Retirement) of Debt, Net	-9.89	-7.78	-4.54
Cash from Financing Activities	1.32	4.66	-6.10
Foreign Exchange Effects	-	-	-
Net Change in Cash	4.66	8.17	-1.41
Cash Interest Paid, Supplemental	-	-	-
Cash Taxes Paid, Supplemental	-	-	-

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Net Income/Starting Line	1.12	-6.61	-15.63	21.49
Depreciation/Depletion	18.35	17.98	19.09	28.28
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	0.28	-8.81	4.52	26.38
Changes in Working Capital	-2.43	10.19	-0.15	-1.87
Cash from Operating Activities	17.32	12.75	7.84	74.28
Capital Expenditures	0.00	-16.12	-62.22	-45.40
Other Investing Cash Flow Items, Total	1.90	-13.09	16.63	-0.74
Cash from Investing Activities	1.90	-29.21	-45.60	-46.15
Financing Cash Flow Items	-0.37	-0.26	-0.41	-0.11
Total Cash Dividends Paid	-8.44	-6.86	-10.85	-34.55
Issuance (Retirement) of Stock, Net	0.00	0.00	0.65	1.81
Issuance (Retirement) of Debt, Net	-13.47	16.87	15.50	-25.57
Cash from Financing Activities	-22.28	9.75	4.89	-58.42
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	-3.07	-6.71	-32.87	-30.28
Cash Interest Paid, Supplemental	2.08	1.33	1.42	3.16
Cash Taxes Paid, Supplemental	-	-	-	-