UPDATE: FreeSeas Posts Q1 Net Loss of $3.1M
FreeSeas Inc (NASDAQ: FREE) released its results for the first quarter on Tuesday.
FreeSeas reported a quarterly net loss at $3.1 million, or $0.49 loss per share, versus a net income of $2.7 million, or $0.43 per share, in the year-ago quarter. Its adjusted net loss came in at $2.3 million, or $0.36 per share, versus an adjusted net income of $2.9 million, or $0.46 per share, in the year-ago quarter. FreeSeas' adjusted EBITDA came in at $2.1 million, down from $8.2 million, in the year-ago quarter. FreeSeas' operating revenue dropped to $8.5 million, from $15.7 million, in the year-ago period. However, analysts were expecting a loss of $0.42 per share on revenue of $8.40 million.
FreeSeas shares closed at $2.20 yesterday.
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