Market Newsdesk

ATHENS, Greece, Nov. 11, 2020 (GLOBE NEWSWIRE) — 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 and nine-month periods ended September 30, 2020.

Third
Quarter
2020
Highlights:

• Total net revenues of $6.8 million. Net income of $0.5 million; net income attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $0.1 million or $0.06 earnings per share basic and diluted. Adjusted net income attributable to common shareholders¹ for the period was $0.1 million or $0.05 adjusted earnings per share basic and diluted.
• Adjusted EBITDA¹ was $2.8 million.
• An average of 7.0 vessels were owned and operated during the third quarter of 2020 earning an average time charter equivalent rate of $11,873 per day.
• The Company declared a dividend of $0.4 million on its Series B Preferred Shares. The dividend will be paid in-kind by issuing additional Series B Preferred Shares.

Nine
M
onths
2020
Highlights:

• Total net revenues of $15.9 million. Net loss of $5.6 million; net loss attributable to common shareholders (after a $1.2 million dividend on Series B Preferred Shares) of $6.7 million or $2.97 loss per share basic and diluted. Adjusted net loss attributable to common shareholders¹ for the period was $6.1 million or $2.70 adjusted loss per share basic and diluted.
• Adjusted EBITDA¹ was $1.8 million.
• An average of 7.0 vessels were owned and operated during the first half of 2020 earning an average time charter equivalent rate of $8,927 per day.

Aristides Pittas, Chairman and CEO of
EuroDry
commented
: “During the third quarter of 2020, EuroDry benefited from gradually improving charter markets as a result of the re-opening of most economies after the pandemic-related lockdowns. Since the beginning of October and during early November, the market rates have given up some of the gains, but they remain at satisfactory levels given the increased economic uncertainty due to the second wave of the pandemic and renewed economic lockdowns, especially, in Europe.

Thus, we expect that the drybulk markets will be affected in the near term by the state of the world economies as influenced by the COVID-19 pandemic, and, in the medium term, by the low fleet growth due to historically low orderbook. Consequently, we anticipate that trade developments will be the key factor influencing the rates our vessels will earn.

To better exploit the above market trends, we are focused on reducing our capital costs and creating additional liquidity via selected debt refinancings and repayment of more expensive funding instruments in our balance sheet, and using any excess funds to renew or expand our fleet. We also continue to evaluate opportunities of using our public platform to consolidate other fleets as we believe this can offer significant appreciation potential to our shareholders and flexibility to partners joining our public platform.”

Tasos Aslidis, Chief Financial Officer of
EuroDry
commented
: “Comparing our results for the third quarter of 2020 with the same period of 2019, our net revenues decreased by about $0.9 million, due to the lower time charter equivalent rates our vessels earned as compared to the third quarter of 2019. Operating expenses, including management fees and general and administrative expenses increased by approximately $0.4 million as compared to the third quarter of 2019. This increase is mainly due to increased supply of stores and spare parts for our vessels in 2020 compared to 2019 and increased crewing costs, the latter resulting from difficulties in crew rotation due to COVID-19 related restrictions. Still, we believe that we maintain one of the lowest operating cost structures amongst the public shipping companies which is one of our competitive advantages.

Adjusted EBITDA during the third quarter of 2020 was $2.8 million compared to $2.2 million achieved for the third quarter of last year. Finally, as of September 30, 2020, our outstanding debt (excluding the unamortized loan fees) is about $52.1 million versus restricted and unrestricted cash of about $3.7 million.”

_________________________
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.

Third
Quarter
2020
Results:
For the third quarter of 2020, the Company reported total net revenues of $6.8 million representing a 11.3% decrease over total net revenues of $7.7 million during the third quarter of 2019 which was the result of the lower time charter rates our vessels earned in the third quarter of 2020 compared to the corresponding period of 2019. The Company reported net income for the period of $0.5 million and net income attributable to common shareholders of $0.1 million, as compared to a net loss of $0.4 million and a net loss attributable to common shareholders of $0.8 million for the same period of 2019. For the third quarter of 2020, a gain on bunkers resulted in positive voyage expenses of $0.4 million for the period as compared to voyage expenses of $0.7 million in the same period of 2019. Losses on derivatives of $0.2 million and drydocking expenses of $0.1 million contributed to the result for the quarter as compared to losses on derivatives of $0.6 million and drydocking expenses of $0.7 million during the third quarter of 2019. Depreciation expenses for the third quarter of 2020 amounted to $1.7 million compared to $1.6 million for the same period of 2019.

Interest and other financing costs for the third quarter of 2020 amounted to $0.6 million, compared to $0.8 million for the same period of 2019. Interest during the second quarter of 2020 was lower due to the lower average outstanding debt and the decreased Libor rates of our loans during the period as compared to the same period of last year. For the three months ended September 30, 2020, the Company recognized a marginal loss on three interest rate swaps and a $0.2 million realized loss on FFA contracts as compared to a loss on derivatives of $0.6 million for the same period of 2019, comprising of a $0.5 million loss on FFA contracts and a $0.1 million loss on one interest rate swap.

On average, 7.0 vessels were owned and operated during the third quarter of 2020 earning an average time charter equivalent rate of $11,873 per day compared to 7.0 vessels in the same period of 2019 earning on average $12,088 per day.

Adjusted EBITDA for the third quarter of 2020 was $2.8 million compared to $2.2 million achieved during the third quarter of 2019.

Basic and diluted earnings per share attributable to common shareholders for the third quarter of 2020 was $0.06 calculated on 2,279,730 basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $0.35 for the third quarter of 2019, calculated on 2,254,830 basic and diluted weighted average number of shares outstanding.

Excluding the effect on the income attributable to common shareholders for the quarter of the unrealized loss / (gain) on derivatives, the adjusted earnings per share attributable to common shareholders for the quarter ended September 30, 2020 would have been $0.05 compared to adjusted loss of $0.26 per share basic and diluted for the quarter ended September 30, 2019. Usually, security analysts do not include the above item in their published estimates of earnings per share.

First
Nine Months
2020
Results:
For the first nine months of 2020, the Company reported total net revenues of $15.9 million representing a 19.1% decrease over total net revenues of $19.6 million during the first nine months of 2019, as a result of the lower time charter rates our vessels earned in the first nine months of 2020 compared to the same period of 2019. The Company reported net loss for the period of $5.6 million and net loss attributable to common shareholders of $6.7 million, as compared to a net loss of $1.4 million and a net loss attributable to common shareholders of $2.9 million, for the first nine months of 2019. Vessel operating expenses were $8.7 million for the first nine months of 2020 as compared to $8.0 million for the first nine months of 2019 due to increased supply of stores and spare parts for our vessels in 2020 compared to 2019 and increased crewing costs resulting from difficulties in crew rotation due to COVID-19 related restrictions. Depreciation expenses for the first nine months of 2020 were $4.9 million compared to $4.8 million during the same period of 2019.

Interest and other financing costs for the first nine months of 2020 amounted to $1.9 million compared to $2.7 million for the same period of 2019. This decrease is due to the lower average outstanding debt and the decreased Libor rates of our loans in the current period compared to the same period of 2019. For the nine months ended September 30, 2020, the Company recognized a $0.5 million loss on three interest rate swaps and a $0.3 million loss on FFA contracts as compared to a gain on derivatives of $0.3 million for the same period of 2019, comprising of a $0.6 million gain on FFA contracts and a $0.3 million loss on one interest rate swap.        

On average, 7.0 vessels were owned and operated during the first nine months of 2020 earning an average time charter equivalent rate of $8,927 per day compared to 7.0 vessels in the same period of 2019 earning on average $10,750 per day. In the first nine months of 2020, two vessels underwent special survey for a total cost of $1.8 million, as compared to two vessels that underwent special survey in the first nine months of 2019 for a total cost of $1.6 million.

Adjusted EBITDA for the first nine months of 2020 was $1.8 million compared to $6.5 million achieved during the first nine months of 2019.

Basic and diluted loss per share attributable to common shareholders for the first nine months of 2020 was $2.97, calculated on 2,271,542 basic and diluted weighted average number of shares outstanding compared to $1.31 basic and diluted loss per share for the first nine months of 2019, calculated on 2,248,182 basic and diluted weighted average number of shares outstanding.

Excluding the effect on the loss attributable to common shareholders for the first nine months of the year of the unrealized loss on derivatives, the adjusted loss per share attributable to common shareholders for the nine-month period ended September 30, 2020 would have been $2.70 compared to a loss of $1.13 per share basic and diluted for the same period in 2019. As previously mentioned, usually, security analysts do not include the above item in their published estimates of earnings per share.

Fleet Profile:

The EuroDry Ltd. fleet profile is as follows:

Name	Type	Dwt	Year Built	Employment(*)	TCE Rate ($/day)
Dry Bulk Vessels
EKATERINI	Kamsarmax	82,000	2018	TC until Apr-21	Hire 106% of the Average Baltic Kamsarmax P5TC index (***)
XENIA	Kamsarmax	82,000	2016	TC until Dec-2020	Hire 101% of the Average Baltic Kamsarmax P5TC index(***) with a floor at $11,000
ALEXANDROS P.	Ultramax	63,500	2017	Guardian Navigation GMax LLC Pool	Pool revenue from August 2018
EIRINI P	Panamax	76,466	2004	TC until Apr-21	Hire 99% of Average BPI** 4TC
STARLIGHT	Panamax	75,845	2004	TC until Aug-21	Hire 98.5% of Average BPI** 4TC
TASOS	Panamax	75,100	2000	TC until Nov-20	$9,000
PANTELIS	Panamax	74,020	2000	TC until Nov-20	$11,500
Total Dry Bulk Vessels	7	528 , 931

Note:
(*)	Represents the earliest redelivery date
(**)	BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four time charter routes.
(***)	The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.

Summary Fleet Data:

	3 months,		3 months,		9 months,		9 months,
	ended		ended		ended		ended
	September		September		September		September
	30, 2019		30, 2020		30, 2019		30, 2020
FLEET DATA
Average number of vessels (1)	7.0		7.0		7.0		7.0
Calendar days for fleet (2)	644.0		644.0		1,911.0		1,918.0
Scheduled off-hire days incl. laid-up (3)	29.9		0.0		65.9		51.2
Available days for fleet (4) = (2) – (3)	614.1		644.0		1,845.1		1,866.8
Commercial off-hire days (5)	0.0		0.0		0.7		0.0
Operational off-hire days (6)	2.9		6.5		15.4		7.1
Voyage days for fleet (7) = (4) – (5) – (6)	611.2		637.5		1,829.0		1,859.7
Fleet utilization (8) = (7) / (4)	99.5%		98.9%		99.1%		99.6%
Fleet utilization, commercial (9) = ((4) – (5)) / (4)	100.0%		100.0%		100.0%		100.0%
Fleet utilization, operational (10) = ((4) – (6)) / (4)	99.5%		98.9%		99.2%		99.6%
AVERAGE DAILY RESULTS
Time charter equivalent rate (11)	12,088		11,873		10,750		8,927
Vessel operating expenses excl. drydocking expenses (12)	4,855		5,673		4,939		5,337
General and administrative expenses (13)	867		724		900		858
Total vessel operating expenses (14)	5,722		6,397		5,839		6,195
Drydocking expenses (15)	1,073		82		835		931

(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s 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 or days of vessels in lay-up. 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) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.

(4) 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 scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.

(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.

(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.

(7) 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 commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.

(8) 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. We use 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.

(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.

(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.

(11) Time charter equivalent, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue net of voyage expenses by voyage 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, or are related to repositioning the vessel for the next charter. 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, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.

(12) Daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and management fees are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.

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

(14) 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, management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.

(15) Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.

Conference Call and Webcast:

Tomorrow, November 12, 2020 at 10:30 a.m. Eastern Time, the Company’s management will host a conference call and webcast to discuss the results. 

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238- 0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote “EuroDry” to the operator. 

A replay of the conference call will be available until November 18, 2020. The United States replay number is 1(866) 331-1332; from the UK 0(808) 238-0667; the standard international replay number is (+44) (0) 3333 00 9785 and the access code required for the replay is: 2489743#.  

Audio webcast – Slides Presentation:

There will be a live and then archived audio webcast of the conference call, via the internet through the EuroDry website (www.eurodry.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. A slide presentation on the Third Quarter 2020 results in PDF format will also be available 10 minutes prior to the conference call and webcast accessible on the company’s website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.

EuroDry
Ltd.

Unaudited
Consolidated
Condensed Statements of Operations

(All amounts expressed in U.S. Dollars – except
number of
shares
)

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2020		2019		2020
	(unaudited)				(unaudited)
Revenues
Time charter revenue	8,085,650		7,193,251		20,729,160		16,795,245
Commissions	(425,449)		(399,715)		(1,095,101)		(917,915)
Net revenues	7 , 660 , 201		6 , 793 , 536		1 9,634,059		1 5,877,330
Operating expenses
Voyage expenses, net	697,518		(375,866)		1,067,717		194,137
Vessel operating expenses	2,634,821		3,135,569		7,961,650		8,744,999
Drydocking expenses	690,989		52,685		1,595,588		1,786,008
Vessel depreciation	1,615,947		1,651,870		4,813,165		4,904,386
Related party management fees	492,065		518,161		1,476,608		1,491,665
General and administrative expenses	558,033		466,381		1,720,091		1,646,536
Total Operating expenses	( 6,689,373)		( 5,448,800)		(1 8 , 634 , 819)		(1 8 , 767 , 731)
Operating income / (loss)	970 , 828		1,344 , 736		999 , 240		(2,890 , 401)
Other income / (expenses)
Interest and other financing costs	(848,473)		(616,219)		(2,729,021)		(1,864,040)
(Loss) / gain on derivatives, net	(568,340)		(178,760)		334,648		(821,906)
Foreign exchange gain/(loss)	3,886		(12,336)		3,325		(8,445)
Interest income	8,064		391		20,850		4,041
Other expenses, net	(1,404,863)		(806,924)		( 2,370,198)		( 2, 690 , 350)
Net (loss) / income	(434,035)		537,812		(1,370,958)		( 5 , 580 , 751)
Dividend Series B Preferred shares	(358,726)		(407,665)		(1,390,255)		(1,155,677)
Preferred deemed dividend	–		–		(185,665)		–
Net (loss) / income attributable to common shareholders	(792,761)		130,147		(2,946,878)		( 6 , 736 , 428)
(Loss) / earnings per share, basic and diluted	(0.35)		0.06		(1.31)		(2.97)
Weighted average number of shares, basic and diluted	2,254,830		2,279,730		2,248,182		2,271,542

EuroDry
Ltd.

Unaudited Consolidated
Condensed Balance Sheets

(All amounts expressed in U.S. Dollars – except
number of
share
s
)

	December 31,		September 30,
	2019		2020
ASSETS	(unaudited)
Current Assets:
Cash and cash equivalents	5,396,406		249,742
Trade accounts receivable, net	1,843,008		1,846,273
Other receivables	459,785		535,452
Inventories	508,711		604,917
Restricted cash	1,083,036		744,363
Prepaid expenses	286,711		104,417
Total current assets	9 , 577 , 657		4 , 085,164
Fixed assets:
Vessels, net	105,461,265		100,957,860
Long-term assets:
Restricted cash	2,650,000		2,750,000
Total assets	117,688,922		10 7 , 793 , 024
LIABILITIES , MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Long term bank loans, current portion	6,806,294		5,956,294
Trade accounts payable	1,046,561		1,200,230
Accrued expenses	964,423		863,343
Accrued preferred dividends	358,726		–
Derivatives	–		514,044
Deferred revenue	445,824		342,839
Due to related companies	1,547,210		1,865,122
Total current liabilities	11,169,038		10 , 741,872
Long-term liabilities:
Long term bank loans, net of current portion	49,688,840		45,880,368
Derivatives	304,174		392,490
Total long-term liabilities	49,993,014		46 , 272,858
Total liabilities	61,162,052		57 , 0 14 , 730
Mezzanine equity:
Series B Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 15,387 and 16,187 shares issued and outstanding, respectively)	14,721,665		15 , 522 , 516
Shareholders’ equity:
Common stock (par value $0.01, 200,000,000 shares authorized, 2,304,630 issued and outstanding, respectively)	23,046		23,046
Additional paid-in capital	52,802,574		52,989,575
Accumulated deficit	(11,020,415)		(17,756,843)
Total shareholders’ equity	41,805,205		35 , 255 , 778
Total liabilities , mezzanine equity and shareholders’ equity	117,688,922		107 , 793 , 024

EuroDry
Ltd.

Unaudited
Consolidated
Condensed Statements of Cash Flows

(All amounts expressed in U.S. Dollars)

	Nine Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2019		2020
Cash flows from operating activities:
Net loss	(1,370,958)		(5,580,751)
Adjustments to reconcile net loss to net cash provided by operating activities:
Vessel depreciation	4,813,165		4,904,386
Amortization of deferred charges	117,703		105,528
Share-based compensation	133,632		187,001
Unrealized loss on derivatives	410,498		602,361
Changes in operating assets and liabilities	8,856,256		370,007
Net cash provided by operating activities	12,960,296		588,532
Cash flows from investing activities:
Cash paid for vessel under construction	(47,562)		–
Vessel improvements	(961,274)		(496,316)
Net cash used in investing activities	(1,008,836)		( 496,316)
Cash flows from financing activities:
Redemption of preferred shares	(4,300,000)		–
Preferred dividends paid	(952,886)		(713,553)
Loan arrangement fees paid	(22,500)		–
Proceeds from long term bank loans	4,500,000		–
Repayment of long term bank loans	(9,959,000)		(4,764,000)
Net cash used in financing activities	(10,734,386)		(5,477,553)
Net increase / (decrease) in cash, cash equivalents and restricted cash	1,217,074		(5,385,337)
Cash, cash equivalents and restricted cash at beginning of period	7,754,927		9,129,442
Cash, cash equivalents and restricted cash at end of period	8 , 972 , 001		3 , 744 , 105
Cash breakdown
Cash and cash equivalents	5,605,154		249,742
Restricted cash, current	716,847		744,363
Restricted cash, long term	2,650,000		2,750,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	8 , 972 , 001		3 , 744 , 105

EuroDry
Ltd.

Reconciliation of Net
income
/ (loss)
to Adjusted EBITDA

(All amounts expressed in U.S. Dollars)

	Three Months Ended September 30, 2019		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2020
Net (loss) / income	(434,035)		537,812		(1,370,958)		(5,580,751)
Interest and other financing costs, net (incl. interest income)	840,409		615,828		2,708,171		1,859,999
Vessel depreciation	1,615,947		1,651,870		4,813,165		4,904,386
Unrealized loss / (gain) on Forward Freight Agreement derivatives	147,750		(1,590)		49,350		130,380
Loss on interest rate swap derivatives	47,085		16,559		339,602		527,735
Adjusted EBITDA	2,217,156		2,820,479		6,539,330		1 , 841 , 749

Adjusted EBITDA Reconciliation:

EuroDry Ltd. considers Adjusted EBITDA to represent net income / (loss) before interest, income taxes, depreciation, unrealized (gain) / loss on Forward Freight Agreements (FFAs) and (gain) / loss on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income / (loss), as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized (gain) / loss on FFAs and (gain) / loss on interest rate swaps, and depreciation. The Company’s definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries. 

EuroDry
Ltd.

Reconciliation of
Net
income
/ (loss)
to Adjusted net
income
/ (loss)

(All amounts expressed in U.S. Dollars – except share data and
number of
share
s
)

	Three Months Ended September 30, 2019		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2020
Net (loss) / income	(434,035)		537,812		(1,370,958)		(5,580,751)
Unrealized loss / (gain) on derivatives	200,837		(14,648)		410,498		602,361
Adjusted net (loss) / income	(233,198)		52 3, 164		(960,460)		( 4,978 , 390)
Preferred dividends	(358,726)		(407,665)		(1,390,255)		(1,155,677)
Preferred deemed dividend	–		–		(185,665)		–
Adjusted net (loss) / income attributable to common shareholders	(591,924)		115 , 499		(2,536,380)		( 6 , 134 , 067)
Adjusted (loss) / earnings per share, basic and diluted	(0.26)		0.05		(1.13)		(2.70)
Weighted average number of shares, basic and diluted	2,254,830		2,279,730		2,248,182		2,271,542

Adjusted net
(loss) /
income and Adjusted
(loss) /
earnings per share Reconciliation:

EuroDry Ltd. considers Adjusted net (loss) / income to represent net (loss) / income before unrealized loss/ (gain) on derivatives which includes FFAs and interest rate swaps. Adjusted net (loss) / income and Adjusted (loss) / earnings per share is included herein because we believe it assists our management and investors by increasing the comparability of the Company’s fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized loss/ (gain) on derivatives, which may significantly affect results of operations between periods. Adjusted net (loss) / income and Adjusted (loss) / earnings per share do not represent and should not be considered as an alternative to net (loss) / income or (loss) / earnings per share, as determined by GAAP. The Company’s definition of Adjusted net (loss) / income and Adjusted (loss) / earnings per share may not be the same as that used by other companies in the shipping or other industries.

About
EuroDry
Ltd.

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. 

EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

The Company has a fleet of 7 vessels, including 4 Panamax drybulk carriers, 1 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 7 drybulk carriers have a total cargo capacity of 528,931 dwt.

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, 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. 

Visit our website www.eurodry.gr

Company Contact Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr

Investor Relations / Financial Media Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY10169 Tel. (212) 661-7566 E-mail: [email protected]

• Adjusted
  Operating
  EBITDA increased 50
  .2
  % to $53
  .2
  million
  ,
  or 3
  3.9
  % of revenue
  ,
  quarter-over-quarter driven by continued operational scale and increased operating leverage
  
• R
  evenue
  increased
  31
  .3
  % quarter-over-quarter and 1
  31
  .1
  % year-over-year
  to $157
  .1
  million
• N
  ew milestone of positive net income of $
  9.6
  million or $0.0
  4
  per basic and diluted share
• P
  ositive cash flow from operations
  for the
  third consecutive
  quarter
• Strong balance sheet and financial flexibility
  will
  support
  continued growth
  in 2021
  

CHICAGO and VANCOUVER, British Columbia, Nov. 11, 2020 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“Green Thumb,” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ retail stores, today reported its financial results for the third quarter ended September 30, 2020. Financial results are reported in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and all currency is in U.S. dollars.

“This was an excellent quarter for Green Thumb as we delivered substantial revenue growth and our ‘Enter, Open, Scale’ strategy is generating meaningful operating leverage across our business. We expanded gross margins and EBITDA margins quarter-over-quarter while delivering positive net income for the first time. This was driven by the execution of our capital projects in Illinois, New Jersey, Pennsylvania and Ohio, and the rebound in our Nevada and Massachusetts markets following the initial impact of COVID-19. We are poised to further benefit from the strong tailwinds driving a robust, multi-billion-dollar marketplace^*,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.

Kovler continued, “Momentum remains strong across the country and in our business. The national election saw a green wave sweep across the country with five states – New Jersey, Montana, South Dakota, Arizona and Mississippi – all legalizing their respective cannabis programs. New Jersey is great news for us as we think that legal market has the potential to mirror Illinois – a single state, multi-billion dollar legal cannabis market about to be born. There was resounding support for our mission to promote well-being through cannabis and we remain bullish on our strategic position and the long-term prospects of our business.”

Financial Highlights

• Revenue: Revenue for the third quarter 2020 increased 31.3% quarter-over-quarter and 131.1% year-over-year to $157.1 million. Revenue growth was driven primarily by the increased scale in the Company’s Consumer Packaged Goods and Retail businesses.
• Gross Margin: Gross margin for the third quarter 2020 was 55.4% compared to 53.2% for the prior quarter.
• Net Income
  Attributable to G
  reen Thumb
  : Net income attributable to the Company for the third quarter 2020 was $9.6 million or $0.04 per basic and diluted share.
• Adjusted Operating
  EBITDA: Adjusted Operating EBITDA⁽¹⁾, which is a non-GAAP financial measure as described below and in an accompanying financial table in this release, increased 50.2% to $53.2 million or 33.9% of revenue for the third quarter 2020 compared to $35.4 million or 29.6% of revenue for the prior quarter.
• Balance Sheet: As of September 30, 2020, current assets totaled $159.1 million and included cash and cash equivalents of $78.1 million. Total debt outstanding was $97.1 million, $0.3 million of which is due within 12 months. 

  (1) EBITDA refers to earnings before income, taxes, depreciation and amortization. EBITDA and Adjusted Operating EBITDA are non-GAAP financial measures. Please see the “Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures” at the end of this press release for a reconciliation of non-GAAP to GAAP measures.

Additional Management Commentary

Kovler added, “As we near the close of 2020, Green Thumb is positioned to win. We remain focused on distributing our consumer brands at scale and delivering superior consumer experiences while giving back to our communities. Our focus, along with our strong balance sheet, underlying fundamentals and prudent capital allocation, will continue to provide the flexibility to capitalize on the growth opportunities ahead. We remain laser focused on delivering shareholder value in everything we do.”

Consumer Packaged Goods Business Develo
pment

• As of September 30, 2020, Green Thumb’s family of consumer brands are produced, distributed, and available in retail locations in eleven states: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, Ohio and Pennsylvania.
• Gross branded product sales grew sequentially by approximately 32.6% quarter-over-quarter, driven primarily by expanded product distribution.
• Green Thumb completed the initial phase of construction of its manufacturing facility in Oglesby, Illinois and began producing and distributing its brand portfolio from that facility during the third quarter. The Company also added branded-product production and distribution capabilities to two new markets, New Jersey and Ohio.
• Green Thumb continued to develop its brand portfolio with the launch of Snoozzzeberry gummies under the incredibles brand in Illinois and Nevada.

Retail Business Development

• Green Thumb’s third quarter revenue included sales from 48 retail stores across ten states: Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania.
• Comparable sales growth (stores opened at least 12 months) exceeded 65.0% on a base of 25 stores, driven primarily by increased transactions. Sequential quarter-over-quarter comparable sales were up 17.9% on a base of 42 stores.
• Retail revenue increased sequentially by 27.9% quarter-over-quarter, primarily driven by increased foot traffic in established stores.
• Subsequent to the quarter end, in October, Green Thumb expanded retail service in Pennsylvania and Illinois:
  • Pennsylvania: Opened Rise™ Monroeville, bringing total open stores in the state to 13.
  • Illinois: Began adult-use sales in Naperville with the opening of Rise™ Naperville (a rebrand of 3C Compassionate Care Center which previously only serviced registered medical cardholders), the city’s first adult-use cannabis store. The Company has a total of eight open stores in the state with the ability to open two additional stores for a total of ten stores.

Corporate Development

• Green Thumb announced the launch of the License Education Assistance Program (LEAP) New Business Accelerator, a cannabis business incubator intended to help promote opportunity and success for new social equity entrepreneurs in Illinois.
• Green Thumb partnered with Last Prisoner Project (“LPP”), a coalition of cannabis industry leaders, executives and artists dedicated to bringing restorative justice to the cannabis industry, on an integrated marketing campaign, including a short documentary (“Waiting to Breathe”) to raise awareness and funds for LPP.

Third
Q
uarter
2020
Financial Overview

Total revenue for the third quarter 2020 was $157.1 million, up 131.1% from $68.0 million for the third quarter 2019, driven by growth from both the Consumer Packaged Goods and Retail businesses, particularly in Illinois and Pennsylvania. Key year-over-year performance drivers were the expanded distribution of Green Thumb’s branded products, 15 new store openings and increased traffic to the Company’s 48 open and operating retail stores.

Gross profit for the third quarter 2020 was $87.0 million or 55.4% of revenue as compared to $32.1 million or 47.3% of revenue for the third quarter 2019.

Total selling, general and administrative expenses for the third quarter were $49.7 million or 31.7% of revenue, as compared to $30.8 million or 45.2% of revenue for the third quarter 2019. Improved operating costs as a percentage of revenue was driven primarily by cost controls and increased operating leverage in the Company’s Consumer Packaged Goods and Retail businesses.

Total other income was $2.0 million for the third quarter 2020 and primarily reflected favorable fair value adjustments on the Company’s equity investments net of interest and warrant expense associated with the Company’s senior secured notes.

EBITDA for the third quarter 2020 was $48.7 million or 31.0% of revenue as compared to $9.1 million or 13.3% of revenue for the third quarter 2019. Adjusted Operating EBITDA for the third quarter 2020, which excluded only non-cash stock-based compensation of $4.4 million, was $53.2 million or 33.9% of revenue as compared to $13.8 million or 20.3% of revenue for the third quarter 2019. The significant improvement in EBITDA and Adjusted Operating EBITDA was driven primarily by revenue growth from both the Consumer Packaged Goods and Retail businesses. For additional information on these non-GAAP financial measures, see below under “Non-GAAP Financial Information.”

Net income attributable to Green Thumb for the third quarter 2020 was $9.6 million or $0.04 per basic and diluted share as compared to a net loss of $14.6 million or ($0.07) per basic and diluted share for the third quarter 2019.

Balance Sheet and Liquidit
y

As of September 30, 2020, current assets were $159.1 million, including cash and cash equivalents of $78.1 million. The Company had $97.1 million of total debt.

Total basic and diluted weighted average shares outstanding for the three months ended September 30, 2020 were 211,990,405 and 214,212,292, respectively.

Capital Markets & Financing

Subsequent to the quarter end, in October Green Thumb amended its previously announced sale and leaseback transaction with Innovative Industrial Properties for its Toledo, Ohio manufacturing facility, securing an additional $25.0 million in funding for the construction of a cultivation facility at the property for total investment value of $32.2 million.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.  

*Source: Cowen research report “Cowen’s Cannabis Catalyst Series Part 7 – Alcohol Implications” dated October 22, 2020 estimates the U.S. cannabis total addressable market to reach $100 billion by 2030.

Definition
s

EBITDA
: Earnings before interest, taxes, other income or expense and depreciation and amortization.

Adjusted Operating EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs.

Conference Call and Webcast

Green Thumb will host a conference call on Wednesday, November 11, 2020 at 5:00 pm ET to discuss its financial results for the third quarter ended September 30, 2020. The conference call may be accessed by dialing 833-502-0470 (Toll-Free) or 236-714-2182 (International) with conference ID: 5079863. A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at https://investors.gtigrows.com and will be archived for replay.

About Green Thumb Industries
:

Green Thumb Industries Inc., a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Dr. Solomon’s, incredibles, Rythm and The Feel Collection. The Company also owns and operates rapidly growing national retail cannabis stores called Rise™ and Essence. Headquartered in Chicago, Illinois, Green Thumb has 13 manufacturing facilities, licenses for 96 retail locations and operations across 12 U.S. markets. Established in 2014, Green Thumb employs over 2,000 people and serves hundreds of thousands of patients and customers each year. The company was named a Best Workplace 2018 by Crain’s Chicago Business and MG Retailer magazine in 2018 and 2019. More information is available at GTIgrows.com.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “project,” “anticipate,” “believe,” “plan,” “forecast,” “continue” or “could” or the negative of these terms or variations of them or similar terms. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: marijuana remains illegal under federal law, and enforcement of cannabis laws could change; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco and Firearms; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where we carry on business; the Company is subject to general economic risks; the Company may be negatively impacted by challenging global economic condition
s
; the Company is subject to risks arising from epidemic diseases, such as the recent outbreak of the COVID-19 illness; the Company may face difficulties in enforcing its contracts; the Company is subject to taxation in Canada and the United States; cannabis businesses are subject to unfavorable tax treatment; cannabis businesses may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces security risks; our use of joint ventures may expose us to risks associated with jointly owned investments; competition for the acquisition and leasing of properties suitable for the cultivation, production and sale of medical and adult use cannabis may impede our ability to make acquisitions or increase the cost of these acquisitions, which could adversely affect our operating results and financial condition; the Company faces risks related to its products; the Company is dependent on the popularity of consumer acceptance of the Company’s brand portfolio; the Company faces risks related to its insurance coverage and uninsurable risks; the Company is dependent on key inputs, suppliers and skilled labor; the Company must attract and maintain key personnel or our business will fail; the Company’s business is subject to the risks inherent in agricultural operations; the Company’s sales are difficult to forecast; the Company’s products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception;
the Company faces intense competition; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; and additional issuances of Super Voting Shares, Multiple Voting Shares or Subordinate Voting Shares may result in dilution. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and elsewhere in the Company’s filings with the SEC, which are available on the SEC’s website or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.

Coronavirus Pandemic

In March 2020, the World Health Organization categorized coronavirus disease 2019 (“COVID-19”) as a pandemic. COVID-19 continues to spread throughout the U.S. and other countries across the world, and the duration and severity of its effects are currently unknown. The Company continues to implement and evaluate actions to strengthen its financial position and support the continuity of its business and operations in the face of this pandemic and other events.
The Company’s unaudited interim condensed consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived asset and intangible assets; operating lease right of use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes; the allowance for doubtful accounts; assessment of our lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. While
the Company’s
revenue, gross profit and operating income were not impacted during the first
nine
months of 2020, the uncertain nature of the spread of COVID-19 may impact
the Company’s
business operations for reasons including the potential quarantine of
the Company’s
employees or those of
the Company’s
supply chain partners. The estimates and assumptions used in the unaudited interim condensed consolidated financial statements, which include but are not limited to certain judgmental reserves requiring management to makes estimates based on current information, the carrying value of the Company’s goodwill and other long-lived assets, for the three and
nine
months ended
September
30, 2020 may change in future periods as the expected impacts from COVID-19 are revised, resulting in further potential impacts to the Company’s financial statements.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Investor Contact:	Media Contact:
Jennifer Dooley Chief Strategy Officer [email protected]   310-622-8257	Linda Marsicano VP, Corporate Communications [email protected]  773-354-2004

Source: Green Thumb Industries

Green Thumb Industries Inc.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations
Three Months Ended September 30, 2020, June 30, 2020 and September 30, 2019
(Amounts Expressed in United States Dollars, Except for Share Amounts)
		Three Months Ended
		September 30, 2020				June 30, 2020				September 30, 2019
		(Unaudited)				(Unaudited)				(Unaudited)
Revenues, net of discounts		$	157,103,841			$	119,639,924			$	67,990,907
Cost of Goods Sold, net			(70,146,676	)			(55,946,010	)			(35,849,783	)
Gross Profit			86,957,165				63,693,914				32,141,124
Expenses:
Selling, General, and Administrative			49,745,979				49,643,211				30,764,406
Total Expenses			49,745,979				49,643,211				30,764,406
Income (Loss) From Operations			37,211,186				14,050,703				1,376,718
Other Income (Expense):
Other Income (Expense), net			6,432,883				(5,717,427	)			(6,585,540	)
Interest Income, net			5,397				16,410				407,509
Interest Expense, net			(4,460,125	)			(4,734,908	)			(5,912,290	)
Total Other Income (Expense)			1,978,155				(10,435,925	)			(12,090,321	)
Income (Loss) Before Provision for Income Taxes And Non-Controlling Interest			39,189,341				3,614,778				(10,713,603	)
Provision For Income Taxes			28,436,332				15,378,715				3,624,333
Net Income (Loss) Before Non-Controlling Interest			10,753,009				(11,763,937	)			(14,337,936	)
Net Income Attributable To Non-Controlling Interest			1,109,080				1,145,568				252,857
Net Income (Loss) Attributable To Green Thumb Industries Inc.		$	9,643,929			$	(12,909,505	)		$	(14,590,793	)
Net Income (Loss) per share – basic		$	0.04			$	(0.06	)		$	(0.07	)
Net Income (Loss) per share – diluted		$	0.04			$	(0.06	)		$	(0.07	)
Weighted average number of shares outstanding – basic			211,990,405				209,902,732				204,709,085
Weighted average number of shares outstanding – diluted			214,212,292				209,902,732				204,709,085

Green Thumb Industries Inc.
Highlights from Unaudited Interim Condensed Consolidated Balance Sheets
(Amounts Expressed in United States Dollars)
		September 30,			December 31,
		2020			2019
		(Unaudited)			(Unaudited)
Cash and Cash Equivalents		$	78,091,073		$	46,667,334
Other Current Assets			80,968,164			62,395,277
Property and Equipment, Net			177,725,092			155,596,675
Right of Use Assets, Net			99,447,497			63,647,812
Intangible Assets, Net			409,655,517			435,246,898
Goodwill			373,081,716			375,084,991
Other Long-term Assets			35,645,388			28,897,637
Total Assets		$	1,254,614,447		$	1,167,536,624
Total Current Liabilities		$	105,898,809		$	111,367,255
Notes Payable, Net of Current Portion and Debt Discount			96,758,233			91,140,194
Lease Liability, Net of Current Portion			102,408,462			61,115,737
Other long-Term Liabilities			69,472,643			60,704,762
Total Equity			880,076,300			843,208,676
Total Liabilities and Equity		$	1,254,614,447		$	1,167,536,624

Green Thumb Industries Inc.
Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures
EBITDA, and Adjusted Operating EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows:
(1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization. (2) Adjusted Operating EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs.
The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.
Adjusted Operating EBITDA
(Amounts Expressed in United States Dollars)
		Three Months Ended
		September 30, 2020				June 30, 2020				September 30, 2019
		(Unaudited)				(Unaudited)				(Unaudited)
Net Income (Loss) Before Noncontrolling Interest (GAAP)		$	10,753,009			$	(11,763,937	)		$	(14,337,936	)
Interest Income, net			(5,397	)			(16,410	)			(407,509	)
Interest Expense, net			4,460,125				4,734,908				5,912,290
Income Taxes			28,436,332				15,378,715				3,624,333
Other (Income) Expense, net			(6,432,883	)			5,717,427				6,585,540
Depreciation and Amortization			11,534,876				14,239,915				7,685,428
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) (non-GAAP measure)		$	48,746,062			$	28,290,618			$	9,062,146
Share-based Compensation, Non-Cash			4,435,634				5,700,144				3,564,095
Acquisition, Transaction, and Other Non-Operating Costs			–				1,421,949				1,160,150
Adjusted Operating EBITDA (non-GAAP measure)		$	53,181,696			$	35,412,711			$	13,786,391