United Maritime reports Q4 adjusted EPS $3.90

Reports Q4 revenue $14.9M. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: "We are pleased to report a very profitable first operating period. We generated a net income of $37.5 million in just six months since the Company’s commencement of operations, which represents an amount significantly higher than our current market cap. This was achieved mainly as a result of the optimally timed vessel acquisitions and sales. For the three vessels that we sold, our return on equity exceeded 350% in less than six months. Consistent with our commitment to reward our shareholders, we paid a special dividend of $1 per share and completed $6 million in buybacks of common shares, totaling an amount of approximately $13.4 million, or approximately 52% of our current market cap. In addition, we redeemed the $10.0 million convertible preferred shares issued to Seanergy Maritime Holdings Corp. as part of our initial spin-off transaction. All the above add up to approximately $23.4 million in shareholder reward initiatives, a figure which is not far from our current market cap. Finally, our board of directors has decided to initiate a regular quarterly dividend of $0.075 per share for the fourth quarter of 2022, that will be payable in April."