Performance Shipping Inc. Reports Record Net Income of $15.7 Million, 1.5 Million Shares Repurchased and Financial Results for the First Quarter Ended March 31, 2023
ATHENS, GREECE, June 21, 2023 – Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $15.7 million and net income attributable to common stockholders of $4.6 million for the first quarter of 2023. Net income attributable to common stockholders for the three-month period ended March 31, 2023, has been adjusted by aggregate non-cash items of $10.6 million, as per US GAAP accounting standards, which do not affect the Company's operating cash flows, EBITDA or performance overall. The 2023 first quarter results compared to a net loss of $2.1 million and net loss attributable to common stockholders of $11.5 million for the same period in 2022. Earnings per share, basic and diluted, for the first quarter of 2023 were $0.68 and $0.55, respectively, while loss per share for the first quarter of 2022 was $51.46.
Revenue was $29.5 million ($28.0 million net of voyage expenses) for the first quarter of 2023, compared to $8.6 million ($5.2 million net of voyage expenses) for the same period in 2022. This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, the average time charter equivalent rate for the first quarter of 2023 was $41,157, compared with an average rate of $12,352 for the same period in 2022. During the first quarter of 2023, net cash provided by operating activities was $18.7 million, compared with net cash used in operating activities of $3.9 million for the first quarter of 2022.