STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily
serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited
financial and operating results for the fourth quarter and twelve
months results ended December 31, 2018.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 94.5% in Q4 18’ (97.2% in Q4 17’)
resulted in a lower than expected performance, due to the
deterioration of the Asian LPG spot market.
- Fleet calendar days down 4% quarter over quarter to 4,685 days
attributed to our recent fleet contraction.
- Voyage revenues increased by about 4% quarter over quarter per
vessel calendar day, in spite of fleet days reduction due to the
improved rates of our period charters.
- About 67% of fleet days secured on period charters for the
remainder of 2019 with approximately $124 million in contracted
revenues for all subsequent periods.
- Conclusion of our recent vessel sale arrangements with the
delivery of the Gas Sincerity and the Gas Texiana to their new
owners in January 2019 and in mid - February 2019,
respectively.
- Strategic decision to enter into a small scale Joint Venture as
a means for further fleet growth.
- Revenues of $38.5 million in Q4 18’, an increase of about 0.3%
compared to Q4 17’, while year over year revenues increased by
$10.0 million (6.5%).
- Net loss of $5.3 milion in Q4 18’ compared to a net income of
$0.7 million in the same period of last year.
- Adjusted EBITDA of $14.2 million in Q4 18’ a $0.7 million
decrease compared to Q4 17’ while year over year Adjusted EBITDA
increased by $3.0 million.
- Low gearing as debt to assets stood at 42.8%, while net debt
ratio decreased to 36.5%.
- Successful conclusion of refinancing of approximately $60
million of loan balloon obligations that had been due in 2020.
- Cash in hand of $64.5 million, an increase of $12.7 million
compared to year end 2017.
Fourth Quarter 2018
Results:
- Revenues for the three months ended December 31, 2018 amounted
to $38.5 million, an increase of $0.1 million, or 0.3%, compared to
revenues of $38.4 million for the three months ended December 31,
2017, in spite of decreased voyage days of 159 days and weaker than
anticipated spot rates, due to the rise in rates of the majority of
our period charters.
- Voyage expenses and vessels’ operating expenses for the three
months ended December 31, 2018 were $5.0 million and $14.6 million
respectively, compared to $3.9 million and $15.0 million
respectively, for the three months ended December 31, 2017. The
$1.1 million increase in voyage expenses was attributed to a
quarter on quarter increase of spot days of 52.5% and the increased
voyage costs related to the ballasting of three small LPG vessels
that took place in the fourth quarter of 2018. The 2.7% decrease in
vessels’ operating expenses compared to the same period of 2017, is
mainly due to the net reduction in the average number of our owned
vessels by 2.8 but also due to a decline in our maintenance costs
partially offset by the increased operational cost of our three new
22,000 cbm semi-refrigerated LPG vessels that had not yet been
delivered in the same period of last year.
- Charter hire expenses for the three months ended December 31,
2018 and 2017 were $1.7 million and $0.9 million, respectively. The
$0.8 million increase in charter hire expenses is due to the
addition of two chartered in vessels, the first delivered in March
2018 while the second delivered in December 2018. This cost
increase was partially offset by the redelivery of a chartered in
vessel which took place in November 2018.
- Drydocking costs for the three months ended December 31,
2018 and 2017 were $0.6 million and $1.0 million, respectively. The
costs for the fourth quarter of 2018 corresponded to the drydocking
of one LPG vessel, while in the same period of 2017 the Company
completed the drydocking of two LPG vessels.
- Depreciation for the three months ended December 31, 2018
was $10.1 million, a $0.4 million increase from $9.7 million for
the same period of last year mostly due to the addition of the
three new 22,000 cbm semi-refrigerated LPG vessels partially offset
by sale and delivery of five vessels, and the classification of two
additional vessels as held for sale in the third quarter of
2018.
- The Company recorded an impairment loss of $3.2 million for the
three months ended December 31, 2018 for four of its vessels which
have been classified as held for sale.
- Interest and finance costs for the three months ended December
31, 2018 were $6.0 million compared to $4.5 million in the same
period of 2017. This increase of $1.5 million is attributed both to
the increase in our bank debt, and also to an increase of LIBOR
rates.
- As a result of the above, for the three months ended
December 31, 2018, the Company reported a net loss of $5.3 million,
compared to a net income of $0.7 million for the three months ended
December 31, 2017. The weighted average number of shares for the
three months ended December 31, 2018 was 39.9 million compared to
39.8 million for the same period of 2017. Loss per share, basic and
diluted, for the three months ended December 31, 2018 amounted to
$0.13 compared to earnings per share of $0.02 for the same period
of last year.
- Adjusted net loss was $1.8 million or $0.04 loss per
share for the three months ended December 31, 2018 compared to
adjusted net income of $0.8 million or $0.02 earnings per share for
the same period of last year.
- EBITDA for the three months ended December 31, 2018
amounted to $10.6 million. Reconciliations of Adjusted Net Loss,
EBITDA and Adjusted EBITDA to Net Loss are set forth below.
- An average of 48.1 vessels were owned by the
Company during the three months ended December 31, 2018, compared
to 50.9 vessels for the same period of 2017.
Twelve Months 2018 Results:
- Revenues for the twelve months ended December 31, 2018,
amounted to $164.3 million, an increase of $10.0 million, or 6.5%,
compared to revenues of $154.3 million for the twelve months ended
December 31, 2017, primarily due to improved market
conditions.
- Voyage expenses and vessels’ operating expenses for the twelve
months ended December 31, 2018 were $20.7 million and $60.4
million, respectively, compared to $15.7 million and $59.4 million
for the twelve months ended December 31, 2017. The $5.0 million
increase in voyage expenses was mainly due to the increased number
of spot days and the higher bunker prices prevailing in the twelve
months of 2018 compared to the same period of 2017. The $1.0
million increase in vessels’ operating expenses, in spite of the
net reduction of the average number of our owned vessels by two,
was mainly driven by the operation of three additional new 22,000
cbm semi-refrigerated LPG vessels not yet delivered in the same
period of last year which are more expensive to operate compared to
smaller LPG vessels.
- Charter hire expenses for the twelve months ended December 31,
2018 and 2017 were $6.2 million and $3.5 million, respectively. The
$2.7 million increase in charter hire expenses was mainly due to
the addition of one chartered in vessel in the first quarter of
2018.
- Drydocking Costs for the twelve months ended December 31,
2018 and 2017 were $3.6 million and $3.5 million, respectively,
representing the costs of 7 vessels drydocked, in both
periods.
- Depreciation for the twelve months ended December 31, 2018, was
$41.3 million, a $2.4 million increase from $38.9 million for the
same period of last year, in spite of the net reduction of the
average number of our owned vessels by two, mainly due to the
addition of three 22,000 cbm semi-refrigerated vessels which have
significantly higher average cost compared to the cost of a smaller
LPG vessel.
- Included in the twelve months of 2018 results were net losses
from interest rate derivative instruments of $0.01 million compared
to net losses of $0.4 million incurred in the same period of last
year. Interest paid on interest rate swap arrangements amounted to
$0.04 million compared to interest of $0.4 million paid in the same
period of last year. The reduction of net losses from interest rate
derivative instruments, including the reduction of interest paid on
derivatives, are an outcome of the increase in LIBOR rates.
- The Company recorded an impairment loss of $11.4 million in the
twelve months of 2018 for eleven of its vessels, six of which have
been classified as held for sale as of December 31, 2018. With
regards to the remaining five vessels for which we incurred
impairment charges, one was delivered to her new owners in the
second quarter of 2018, three were delivered to their new owners in
the third quarter of 2018 while the remaining one was delivered to
their new owners in the fourth quarter of 2018.
- Interest and finance costs for the twelve months ended December
31, 2018 were $23.3 million compared to $16.7 million in the same
period of 2017. This increase of $6.6 million is attributed to the
increase in our bank debt and to an increase in LIBOR rates.
- As a result of the above, the Company reported a net loss for
the twelve months ended December 31, 2018 of $12.3 million,
compared to a net loss of $1.2 million for the twelve months ended
December 31, 2017. The average number of shares outstanding as of
December 31, 2018 was 39.9 million compared to 39.8 million, for
the same period of last year. Loss per share for the twelve months
ended December 31, 2018 amounted to $0.31 compared to loss per
share of $0.03 for the same period of last year.
- Adjusted net income was $0.1 million, or $0.00 per share, for
the twelve months ended December 31, 2018 compared to adjusted net
income of $5.4 million, or $0.14 per share, for the same period of
last year.
- EBITDA for the twelve months ended December 31, 2018 amounted
to $51.7 million. Reconciliations of Adjusted Net Income, EBITDA
and Adjusted EBITDA to Net Loss are set forth below.
- An average of 50.8 vessels were owned by the Company during the
twelve months ended December 31, 2018, compared to 52.6 vessels for
the same period of 2017.
- As of December 31, 2018, cash and cash equivalents amounted to
$64.5 million and total debt amounted to $443.3 million. During the
twelve months ended December 31, 2018 debt repayments amounted to
$56.7 million.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A one year time charter for its 2015 built LPG carrier, the Eco
Czar, to an oil major until January 2020.
- A one year time charter for its 2001 built LPG carrier, the Gas
Spirit, to an oil major until November 2019.
- A three months’ time charter for its 2016 built LPG carrier,
the Eco Dominator, to an oil major until May 2019.
- A three months’ time charter for its 2006 built LPG carrier,
the Gas Inspiration, to an international trading house until April
2019.
- A one month time charter for its 2015 built LPG carrier, the
Eco Enigma, to an international trading house until March
2019.
With these charters, the Company has currently total contracted
revenues of approximately $124 million. Total anticipated voyage
days of our fleet is 67% covered for the remainder of
2019.
As an opportunity to further expand our fleet
while at the same time sharing all related financial and
operational risks, StealthGas has entered into a joint venture
agreement with a third party investor that has longstanding
experience in shipping investments.
The first step of this new collaboration was the
third party investor acquiring a 49.9% interest in two of our
vessel owning companies and therefore gaining co-ownership and
joint control of the Gas Defiance and the Gas Shuriken. Pursuant to
the objectives for this arrangement, some additional co-investments
in acquisitions of small LPG vessels from the second-hand market or
our fleet may be expected.
These agreements will be accounted for in the
StealthGas financial statements as an equity investment since we
and the third party investor will have joint control over these
entities, with only the related profit share reflected.
Therefore, the entities owning the two identified vessels from our
fleet, including associated debt, will no longer be consolidated in
our financial results.
This agreement provides us with access to
liquidity and additional capital for growth at a time when capital
markets funding is not an attractive alternative, especially when
our shares trade at a significant discount to NAV.
Board Chairman Michael Jolliffe
Commented
Our performance in the fourth quarter of 2018
did not reflect the strength typically associated with the fourth
quarter of the year, which usually benefits from the seasonal
factor of winter in the Northern Hemisphere. This year,
unfortunately, although the European market was strong, the Asian
market followed the opposite course with low rates and subdued time
charter activity. These elements impacted our revenues and
prevented us from enjoying a profitable quarter. We anticipate,
however, that the market sentiment in Asia will gradually turn
favorably and our Company is well positioned to take advantage of
this opportunity. Demand for LPG is strong, the orderbook is very
low and time charter rates for those contracts being fixed have
remained at high levels notwithstanding the Asian market slow down.
This leads us to conclude that the solid market fundamentals will
eventually lead to a market correction.
As for our strategy and plans for this year, we
recently completed the seven vessel sales we had announced in 2018,
thus considerably strengthening our liquidity and lowering our
fleet’s average age. In addition, our recently agreed small scale
joint venture with a third party investor not only enhances our
liquidity further but most importantly provides an opportunity for
further Company growth at a time when our segment’s basic
fundamentals look promising.
Conference Call details:
On February 21, 2019 at 11:00 am ET, the
company’s management will host a conference call to discuss the
results and the company’s operations and outlook.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free
Dial In).Access Code:
9887988.
In case of any problems with the above numbers,
please dial +1 917 7200 178(US Toll Dial In), +44 (0) 8444933857
(Standard International Dial
In).
Access Code:
9887988.
A telephonic replay of the conference call will
be available until February 28, 2019 by +1 (866) 331-1332 (US Local
Dial In), +44 (0) 8445718951 (UK Local Dial In). Access Code:
9887988.
Slides and audio webcast:
There will also be a live and then archived
webcast of the conference call, through the STEALTHGAS INC. website
(www.stealthgas.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company
primarily serving the liquefied petroleum gas (LPG) sector of the
international shipping industry. StealthGas Inc. currently
has a fleet of 49 vessels. The fleet comprises of 45 LPG carriers,
including three chartered in LPG vessels, with a total capacity of
304,549 cubic meters (cbm),three M.R. product tankers and one
Aframax oil tanker with a total capacity of 255,804 deadweight tons
(dwt). StealthGas Inc.’s shares are listed on the NASDAQ Global
Select Market and trade under the symbol “GASS”.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although STEALTHGAS INC. believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, STEALTHGAS INC. cannot assure you that it will
achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled drydockings, shipyard performance, changes in
STEALTHGAS INC’s operating expenses, including bunker prices,
drydocking and insurance costs, ability to obtain financing and
comply with covenants in our financing arrangements, or actions
taken by regulatory authorities, potential liability from pending
or future litigation, domestic and international political
conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by STEALTHGAS INC. with the U.S. Securities and
Exchange Commission.
Fleet List and Fleet
Deployment
For information on our fleet and further information:Visit our
website at www.stealthgas.com
Company Contact:Fenia
Sakellaris STEALTHGAS INC.011-30-210-6250-001 E-mail:
info@stealthgas.com
Fleet
Data: The following key indicators
highlight the Company’s operating performance during the quarters
ended December 31, 2017 and December 31, 2018.
| FLEET
DATA |
Q4
2017 |
Q4
2018 |
12M
2017 |
12M
2018 |
| Average number of
vessels (1) |
50.9 |
48.1 |
52.6 |
50.8 |
| Period end number of
owned vessels in fleet |
50 |
48 |
50 |
48 |
| Total calendar days for
fleet (2) |
4,870 |
4,685 |
19,917 |
19,544 |
| Total voyage days for
fleet (3) |
4,822 |
4,663 |
19,717 |
19,363 |
| Fleet utilization
(4) |
99.0% |
99.5% |
99.0% |
99.1% |
| Total charter days for
fleet (5) |
4,231 |
3,762 |
16,772 |
15,696 |
| Total spot market days
for fleet (6) |
591 |
901 |
2,945 |
3,667 |
| Fleet operational
utilization (7) |
97.2% |
94.5% |
96.2% |
95.5% |
1) Average number of vessels is the number of
owned vessels that constituted our fleet for the relevant period,
as measured by the sum of the number of days each vessel was a part
of our fleet during the period divided by the number of calendar
days in that period.2) Total calendar days for fleet are the total
days the vessels we operated were in our possession for the
relevant period including off-hire days associated with major
repairs, drydockings or special or intermediate surveys.3) Total
voyage days for fleet reflect the total days the vessels we
operated were in our possession for the relevant period net of
off-hire days associated with major repairs, drydockings or special
or intermediate surveys.4) Fleet utilization is the percentage of
time that our vessels were available for revenue generating voyage
days, and is determined by dividing voyage days by fleet calendar
days for the relevant period.5) Total charter days for fleet are
the number of voyage days the vessels operated on time or bareboat
charters for the relevant period.6) Total spot market charter days
for fleet are the number of voyage days the vessels operated on
spot market charters for the relevant period.7) Fleet operational
utilization is the percentage of time that our vessels generated
revenue, and is determined by dividing voyage days excluding
commercially idle days, by fleet calendar days for the relevant
period.
Reconciliation of Adjusted Net
Income/(Loss), EBITDA, adjusted EBITDA and adjusted
EPS:
Adjusted net income/(loss) represents net
income/(loss) before loss/(gain) on derivatives excluding net swap
interest paid, share based compensation, loss on sale of vessels
and impairment. EBITDA represents net income/(loss) before interest
and finance costs, interest income and depreciation. Adjusted
EBITDA represents EBITDA before share based compensation,
loss/(gain) on derivatives, loss on sale of vessels and impairment
loss. EBITDA, adjusted EBITDA, adjusted net income/(loss) and
adjusted EPS are not recognized measurements under U.S. GAAP. Our
calculation of EBITDA, adjusted EBITDA, adjusted net income/(loss)
and adjusted EPS may not be comparable to that reported by other
companies in the shipping or other industries. In evaluating
Adjusted EBITDA, Adjusted net income/(loss) and Adjusted EPS, you
should be aware that in the future we may incur expenses that are
the same as or similar to some of the adjustments in this
presentation.
EBITDA, adjusted EBITDA, adjusted net
income/(loss) and adjusted EPS are included herein because they are
a basis, upon which we assess our financial performance. They allow
us to present our performance from period to period on a comparable
basis and provide additional information on fleet operational
results to investors.
|
|
|
|
|
(Expressed in United States Dollars, except number of
shares) |
Fourth Quarter Ended December
31st, |
Twelve Months Period Ended December
31st, |
|
|
2017 |
2018 |
2017 |
2018 |
| Net
income/(loss) - Adjusted Net income/(loss) |
|
|
|
|
| Net
income/(loss) |
748,305 |
(5,318,175) |
(1,218,237) |
(12,276,520) |
| Plus loss/(gain) on
derivatives |
98,332 |
(6,120) |
403,943 |
11,982 |
| Less swap interest
(paid)/received |
(101,922) |
21,194 |
(431,315) |
(40,234) |
| Plus loss on sale of
vessels, net |
4,521 |
-- |
77,314 |
763,925 |
| Plus impairment
loss |
-- |
3,189,857 |
6,461,273 |
11,351,821 |
| Plus share based
compensation |
20,344 |
338,356 |
129,245 |
338,356 |
| Adjusted Net
Income/(loss) |
769,580 |
(1,774,888) |
5,422,223 |
149,330 |
| |
|
|
|
|
| Net
income/(loss) – EBITDA |
|
|
|
|
| Net
income/(loss) |
748,305 |
(5,318,175) |
(1,218,237) |
(12,276,520) |
| Plus interest and
finance costs |
4,486,326 |
6,009,329 |
16,661,464 |
23,286,547 |
| Less interest income
and other income |
(88,189) |
(178,584) |
(322,868) |
(587,477) |
| Plus depreciation |
9,661,797 |
10,134,343 |
38,921,672 |
41,258,142 |
|
EBITDA |
14,808,239 |
10,646,913 |
54,042,031 |
51,680,692 |
| |
|
|
|
|
| Net
income/(loss) - Adjusted EBITDA |
|
|
|
|
| Net
income/(loss) |
748,305 |
(5,318,175) |
(1,218,237) |
(12,276,520) |
| Plus loss/(gain) on
derivatives |
98,332 |
(6,120) |
403,943 |
11,982 |
| Plus loss on sale of
vessels, net |
4,521 |
-- |
77,314 |
763,925 |
| Plus impairment
loss |
-- |
3,189,857 |
6,461,273 |
11,351,821 |
| Plus share based
compensation |
20,344 |
338,356 |
129,245 |
338,356 |
| Plus interest and
finance costs |
4,486,326 |
6,009,329 |
16,661,464 |
23,286,547 |
| Less interest income
and other income |
(88,189) |
(178,584) |
(322,868) |
(587,477) |
| Plus depreciation |
9,661,797 |
10,134,343 |
38,921,672 |
41,258,142 |
| Adjusted
EBITDA |
14,931,436 |
14,169,006 |
61,113,806 |
64,146,776 |
| |
|
|
|
|
| EPS - Adjusted
EPS |
|
|
|
|
| Net income/(loss) |
748,305 |
(5,318,175) |
(1,218,237) |
(12,276,520) |
| Adjusted net
income/(loss) |
769,580 |
(1,774,888) |
5,422,223 |
149,330 |
| Weighted average number
of shares |
39,828,589 |
39,860,563 |
39,809,364 |
39,860,563 |
| EPS - Basic and
Diluted |
0.02 |
(0.13) |
(0.03) |
(0.31) |
| Adjusted
EPS-Basic and Diluted |
0.02 |
(0.04) |
0.14 |
0.00 |
| |
|
|
|
|
| |
|
|
|
|
StealthGas Inc.Unaudited Consolidated
Statements of Operations(Expressed in United
States Dollars, except for number of shares)
|
|
|
Fourth Quarter Ended December
31, |
|
Twelve Month Periods Ended December
31, |
| |
|
2017* |
|
2018 |
|
2017* |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
| |
Revenues |
38,428,090 |
|
38,529,759 |
|
152,338,278 |
|
164,330,202 |
|
|
Revenues
- related party |
-- |
|
-- |
|
1,973,643 |
|
-- |
| Total revenues |
38,428,090 |
|
38,529,759 |
|
154,311,921 |
|
164,330,202 |
| |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
| |
Voyage expenses |
3,444,751 |
|
4,507,437 |
|
13,804,032 |
|
18,649,258 |
| |
Voyage expenses -
related party |
474,805 |
|
486,959 |
|
1,912,505 |
|
2,037,917 |
| |
Charter hire
expenses |
886,988 |
|
1,739,618 |
|
3,524,770 |
|
6,150,780 |
| |
Vessels' operating
expenses |
15,003,464 |
|
14,356,150 |
|
58,618,526 |
|
59,920,278 |
| |
Vessels' operating
expenses - related party |
17,216 |
|
249,000 |
|
800,908 |
|
514,500 |
| |
Drydocking costs |
989,258 |
|
641,895 |
|
3,529,047 |
|
3,617,577 |
| |
Management fees -
related party |
1,737,080 |
|
1,677,730 |
|
7,205,490 |
|
7,027,195 |
| |
General and
administrative expenses |
666,348 |
|
1,041,609 |
|
2,898,958 |
|
3,046,962 |
| |
Depreciation |
9,661,797 |
|
10,134,343 |
|
38,921,672 |
|
41,258,142 |
| |
Impairment loss |
-- |
|
3,189,857 |
|
6,461,273 |
|
11,351,821 |
| |
Loss on sale of
vessels, net |
4,521 |
|
-- |
|
77,314 |
|
763,925 |
|
|
Other
operating costs/(income) |
275,000 |
|
-- |
|
1,058,863 |
|
(549,804) |
| Total expenses |
33,161,228 |
|
38,024,598 |
|
138,813,358 |
|
153,788,551 |
|
|
|
|
|
|
|
|
|
|
| Income from operations |
5,266,862 |
|
505,161 |
|
15,498,563 |
|
10,541,651 |
| |
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
| |
Interest and finance
costs |
(4,486,326) |
|
(6,009,329) |
|
(16,661,464) |
|
(23,286,547) |
| |
(Loss)/gain on
derivatives, net |
(98,332) |
|
6,120 |
|
(403,943) |
|
(11,982) |
| |
Interest income and
other income/(expenses) |
88,189 |
|
178,584 |
|
322,868 |
|
587,477 |
| |
Foreign exchange
(loss)/gain |
(22,088) |
|
1,289 |
|
25,739 |
|
(107,119) |
| Other expenses, net |
(4,518,557) |
|
(5,823,336) |
|
(16,716,800) |
|
(22,818,171) |
| |
|
|
|
|
|
|
|
|
| Net income/(loss) |
748,305 |
|
(5,318,175) |
|
(1,218,237) |
|
(12,276,520) |
| |
|
|
|
|
|
|
|
|
|
Earnings/(Loss) per share |
|
|
|
|
|
|
|
| - Basic
& Diluted |
0.02 |
|
(0.13) |
|
(0.03) |
|
(0.31) |
| |
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
| -Basic
& Diluted |
39,828,589 |
|
39,860,563 |
|
39,809,364 |
|
39,860,563 |
*We adopted the Financial Accounting Standards Board's ("FASB")
Accounting Standards Update ("ASU") 2014-09, "Revenue from
Contracts with Customers" ("ASU 2014-09" or "ASC 606") as of
January 1, 2018 utilizing the modified retrospective method of
transition. As such, the comparative information has not been
restated and continues to be reported under the accounting
standards in effect for periods prior to January 1, 2018. Under the
modified retrospective approach, the Company recognized the
cumulative effect of adopting this standard as an adjustment
amounting to $0.3 million to decrease the opening balance
of Retained Earnings as of January 1, 2018 which consists
of $0.6 million of voyage revenue representing performance
obligations satisfied in 2018 partly offset by $0.3 million of
deferred costs representing costs such as bunker expenses and
port expenses, incurred prior to commencement of loading that were
recognized in 2018.
StealthGas Inc.Unaudited Consolidated
Balance Sheets(Expressed in United States
Dollars)
| |
|
December
31, |
|
December
31, |
|
|
|
2017 |
|
2018 |
| |
|
|
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
| |
Cash and cash
equivalents |
51,754,131 |
|
64,498,442 |
| |
Trade and other
receivables |
3,853,992 |
|
2,888,496 |
| |
Other current
assets |
-- |
|
134,301 |
| |
Claims receivable |
15,951 |
|
-- |
| |
Inventories |
2,762,299 |
|
2,346,723 |
| |
Advances and
prepayments |
1,221,029 |
|
1,089,539 |
| |
Restricted cash |
3,231,323 |
|
3,002,490 |
| |
Vessels held for
sale |
-- |
|
64,906,448 |
| Total current assets |
62,838,725 |
|
138,866,439 |
| |
|
|
|
|
|
Non-current assets |
|
|
|
| |
Advances for vessels
under construction |
61,577,818 |
|
-- |
| |
Vessels, net |
862,061,906 |
|
884,748,691 |
| |
Other receivables |
243,075 |
|
108,930 |
| |
Restricted cash |
7,917,738 |
|
11,930,059 |
| |
Deferred finance
charges |
941,760 |
|
-- |
|
|
Fair
value of derivatives |
645,169 |
|
1,068,369 |
| Total non-current assets |
933,387,466 |
|
897,856,049 |
| Total assets |
996,226,191 |
|
1,036,722,488 |
| |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
| |
Payable to related
parties |
14,209,624 |
|
7,930,642 |
| |
Trade accounts
payable |
10,509,465 |
|
10,349,358 |
| |
Accrued and other
liabilities |
5,880,479 |
|
6,879,488 |
| |
Customer deposits |
1,820,700 |
|
1,336,000 |
| |
Deferred income |
4,362,056 |
|
5,191,654 |
| |
Current portion of
long-term debt |
41,966,607 |
|
42,768,733 |
|
|
Current
portion of long-term debt associated with vessels held for
sale |
-- |
|
30,076,356 |
| Total current liabilities |
78,748,931 |
|
104,532,231 |
| |
|
|
|
|
|
Non-current liabilities |
|
|
|
| |
Fair value of
derivatives |
126,525 |
|
465,389 |
| |
Customer deposits |
736,000 |
|
-- |
| |
Deferred gain on sale
and leaseback of vessels |
190,087 |
|
-- |
| |
Deferred income |
4,035 |
|
-- |
|
|
Long-term
debt |
342,941,841 |
|
370,472,357 |
| Total non-current liabilities |
343,998,488 |
|
370,937,746 |
| Total liabilities |
422,747,419 |
|
475,469,977 |
| |
|
|
|
|
| Commitments and contingencies |
|
|
|
| |
|
|
|
|
|
Stockholders' equity |
|
|
|
| |
Capital stock |
442,850 |
|
445,496 |
| |
Treasury stock |
(22,523,528) |
|
(22,523,528) |
| |
Additional paid-in
capital |
501,471,768 |
|
501,807,478 |
| |
Retained earnings |
93,469,787 |
|
80,849,086 |
|
|
Accumulated other comprehensive income |
617,895 |
|
673,979 |
| Total stockholders' equity |
573,478,772 |
|
561,252,511 |
| Total liabilities and stockholders'
equity |
996,226,191 |
|
1,036,722,488 |
| |
|
|
|
| |
|
|
|
StealthGas Inc.Unaudited Consolidated
Statements of Cash Flows(Expressed in United
States Dollars)
|
|
|
December 31, |
| |
|
2017 |
|
2018 |
|
Cash flows from operating activities |
|
|
|
| |
Net loss
for the year |
(1,218,237) |
|
(12,276,520) |
|
Adjustments to reconcile net loss to net cash |
|
|
|
|
provided by operating activities: |
|
|
|
| |
Depreciation |
38,921,672 |
|
41,258,142 |
| |
Amortization of deferred finance charges |
690,842 |
|
858,582 |
| |
Amortization of deferred gain on sale and leaseback of vessels |
(195,040) |
|
(190,087) |
| |
Share based
compensation |
129,245 |
|
338,356 |
| |
Change in
fair value of derivatives |
(27,372) |
|
(28,252) |
| |
Impairment
loss |
6,461,273 |
|
11,351,821 |
| |
Loss on
sale of vessels, net |
77,314 |
|
763,925 |
|
Changes in operating assets and liabilities: |
|
|
|
| |
(Increase)/decrease in |
|
|
|
| |
Trade and
other receivables |
(179,036) |
|
531,796 |
| |
Other
current assets |
-- |
|
159,363 |
| |
Claims
receivable |
(235,705) |
|
15,951 |
| |
Inventories |
46,824 |
|
(302,873) |
| |
Advances
and prepayments |
57,328 |
|
131,490 |
| |
Increase/(decrease) in |
|
|
|
| |
Balances
with related parties |
6,434,290 |
|
(6,278,982) |
| |
Trade
accounts payable |
1,299,686 |
|
381,941 |
| |
Accrued
liabilities |
581,000 |
|
339,009 |
|
|
Deferred income |
(490,031) |
|
755,563 |
| Net cash provided by operating
activities |
52,354,053 |
|
37,809,225 |
|
Cash flows from investing activities |
|
|
|
| |
Insurance
proceeds |
219,754 |
|
-- |
| |
Vessels’
acquisitions and advances for vessels under construction |
(60,612,867) |
|
(108,295,690) |
|
|
Proceeds from sale of vessels, net |
11,479,936 |
|
29,742,788 |
| Net cash used in investing
activities |
(48,913,177) |
|
(78,552,902) |
|
Cash flows from financing activities |
|
|
|
| |
Deferred
finance charges |
(815,256) |
|
(503,265) |
| |
Customer
deposits paid |
-- |
|
(1,220,700) |
| |
Loan
repayments |
(56,254,073) |
|
(56,717,059) |
|
|
Proceeds from long-term debt |
43,000,000 |
|
115,712,500 |
| Net cash (used in)/provided by financing
activities |
(14,069,329) |
|
57,271,476 |
| Net
(decrease) increase in cash, cash equivalents and restricted
cash |
(10,628,453) |
|
16,527,799 |
| Cash, cash equivalents and restricted cash at beginning
of year |
73,531,645 |
|
62,903,192 |
|
Cash, cash equivalents and restricted cash at end of
year |
62,903,192 |
|
79,430,991 |
|
Cash breakdown |
|
|
|
| |
Cash and
cash equivalents |
51,754,131 |
|
64,498,442 |
| |
Restricted
cash, current |
3,231,323 |
|
3,002,490 |
|
|
Restricted cash, non-current |
7,917,738 |
|
11,930,059 |
| Total cash, cash equivalents and restricted
cash shown in the statements of cash flows |
62,903,192 |
|
79,430,991 |
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