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O EURODRYLTD EuroDry Ltd. Reports Results for the Quarter Ended March 31 , 2021 and Announces Agreement to Acquire M / V Blessed Luck , a 2004 - Japanese Built Panamax Bulker Maroussi , Athens , Greece May 20 , 2021- EuroDry Ltd. ( NASDAQ : EDRY , the " Company " or " EuroDry " ) , an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes , announced today its results for the three - month period ended March 31 , 2021 and an agreement to acquire M / V Blessed Luck , a 76,704 dwt drybulk vessel built in Japan . First Quarter 2021 Highlights : Total net revenues of $ 8.6 million ; net income of $ 0.9 million ; net income attributable to common shareholders ( after a $ 0.3 million dividend on Series B Preferred Shares and a $ 0.1 million preferred deemed dividend arising out of the net redemption of approximately $ 3 million of Series B Preferred Shares in the first quarter of 2021 ) of $ 0.4 million or $ 0.19 earnings per share basic and diluted . Adjusted net income attributable to common shareholders¹ for the period was $ 1.3 million or $ 0.55 earnings per share basic and diluted . Adjusted EBITDA¹ was $ 4.0 million . An average of 7.0 vessels were owned and operated during the first quarter of 2021 earning an average time charter equivalent rate of $ 14,924 per day . The Company declared a dividend of $ 0.3 million on its Series B Preferred Shares . The dividend will be paid in cash . M / V Blessed Luck Acquisition The Company also announced that it has agreed to acquire M / V Blessed Luck , a 76,704 dwt drybulk vessel built in 2004 in Japan , for $ 12.12 million . The vessel is majority owned by a third party and has been managed by Eurobulk Ltd. , also the manager of three of the Company's vessels . The vessel is expected to be delivered to the Company within May 2021. The acquisition will be financed partly by a short term sellers ' credit of $ 5 million and an one year bridge loan of $ 6 million provided by an entity affiliated with the Company's Chief Executive Officer with the remaining funds coming from the Company ; both the sellers ' credit and short term loan carry an annual interest of 8 % . In parallel , the Company is in the process of arranging ¹Adjusted EBITDA , Adjusted net income / ( loss ) and Adjusted earnings / ( loss ) per share are not recognized measurements under US GAAP ( GAAP ) and should not be used in isolation or as a substitute for EuroDry's financial results presented in accordance with GAAP . Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP . 1