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 second quarter and six
months ended June 30, 2018.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 97.8% in Q2 ’18 (94.9% in Q2 ’17)
due to improved market conditions leading to increased time charter
and spot coverage.
- Approximately 57% reduction of commercial off hire days in Q2
’18 compared to Q2 ’17. Commercial off hire days in Q2 ’18 as low
as 2 days per vessel.
- Approximately 74% of fleet days secured on period charters for
the remainder of 2018, with approximately $170 million in
contracted revenues for all subsequent periods.
- Agreements entered into in July 2018 to sell the Gas Sincerity
(2000 built), the Gas Texiana (1995 built), the Gas Sikousis (2006
built) and the Gas Marathon (1995 built) for an aggregate price of
$22.15 million.
- Revenues of $43.4 million in Q2 ’18, an increase of $4.1
million, or 10.4% compared to Q2 ’17.
- Adjusted EBITDA of $20.0 million in Q2 ’18, compared to $15.5
million in Q2 ’17 reflecting improved market fundamentals.
- Low gearing, with debt to assets standing at approximately 44%
notwithstanding our recent fleet expansion.
- Cash on hand of $55.7 million, an increase of about $4.0
million compared to year end 2017.
Second Quarter 2018
Results:
- Revenues for the three months ended June 30, 2018 amounted to
$43.4 million, an increase of $4.1 million, or 10.4%, compared to
revenues of $39.3 million for the three months ended June 30, 2017,
mainly as a result of improved market rates that led to an increase
in both our time charter revenues and spot revenues compared to the
same period of last year.
- Voyage expenses and vessels’ operating expenses for the three
months ended June 30, 2018 were $4.3 million and $14.9 million
respectively, compared to $4.5 million and $14.4 million
respectively, for the three months ended June 30, 2017. The $0.2
million decrease in voyage expenses was mainly attributed to a
quarter on quarter reduction of spot days, partially offset by a
26.8% increase in our bunker costs compared to the same period of
last year. The 3.5% increase in vessels’ operating expenses
compared to the same period of 2017, in spite of the net reduction
in the average number of our owned vessels by one, was mostly due
to the operation of the new large LPG semi refrigerated vessels
that were not in our fleet in the same period of last year; in
addition one of our small LPG vessels currently operating under
time charter was on bareboat in the same period of last year.
- Drydocking costs for the three months ended June 30, 2018 and
2017 were $0.7 million and $1.2 million, respectively. The costs
for the second quarter of 2018 corresponded to the drydocking of
two LPG vessels, while in the same period of 2017 the Company
completed the drydocking of three LPG vessels.
- Depreciation for the three months ended June 30, 2018 was $10.5
million, a $0.8 million increase from $9.7 million for the same
period of last year due to the addition of the three new 22,000 cbm
semi-refrigerated LPG vessels.
- Included in the second quarter 2018 results were net gain from
interest rate derivative instruments of $0.01 million compared to a
net loss of $0.1 million incurred in the same period of last year.
Interest paid on interest rate derivative instruments amounted to
$0.02 million compared to interest of $0.1 million paid in the same
period of last year. The net gain from interest rate derivative
instruments and the reduction of interest paid on derivatives, are
an outcome of the increase in LIBOR rates.
- The Company realized a $0.2 million loss on sale of one vessel
in the three months ended June 30, 2018.
- The Company recorded an impairment loss of $3.8 million for the
three months ended June 30, 2018 for five of its vessels, one of
which has been classified as held for sale as of June 30, 2018,
while the Company entered into agreements to sell the remaining
four vessels subsequent to June 30, 2018. For the three months
ended June 30, 2017, the Company had recorded an impairment loss of
$3.2 million for three of its oldest vessels, two of which had been
classified as held for sale, as of June 30, 2017.
- Other operating income for the three months ended June 30, 2018
was $0.7 million and related to legal claim receipts, while other
operating costs for the three months ended June 30, 2017 was $0.4
million and mainly related to the delay of the delivery of our new
22,000 cbm semi-refrigerated vessels.
- Interest and finance costs for the three months ended June 30,
2018 were $6.0 million compared to $4.1 million in the same period
of 2017. This increase of $1.9 million is attributed both to the
increase in our bank debt and also to increased LIBOR rates.
- As a result of the above, for the three months ended June 30,
2018, the Company reported a net loss of $0.4 million, compared to
a net loss of $1.7 million for the three months ended June 30,
2017. The weighted average number of shares for the three months
ended June 30, 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 June 30, 2018 amounted to $0.01 compared to loss
per share of $0.04 for the same period of last year.
- Adjusted net income was $3.6 million or $0.09 earnings per
share for the three months ended June 30, 2018 compared to adjusted
net income of $1.5 million or $0.04 earnings per share for the same
period of last year.
- EBITDA for the three months ended June 30, 2018 amounted to
$16.0 million and Adjusted EBITDA was $ 20.0 million.
Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA
to Net Loss are set forth below.
- An average of 52.2 vessels were owned by the Company during the
three months ended June 30, 2018, compared to 53.4 vessels for the
same period of 2017.
Six Months 2018 Results:
- Revenues for the six months ended June 30, 2018, amounted to
$83.1 million, an increase of $5.8 million, or 7.5%, compared to
revenues of $77.3 million for the six months ended June 30, 2017,
primarily due to improved market conditions.
- Voyage expenses and vessels’ operating expenses for the six
months ended June 30, 2018 were $9.9 million and $30.3 million,
respectively, compared to $8.1 million and $29.3 million for the
six months ended June 30, 2017. The $1.8 million increase in voyage
expenses was mainly due to the higher bunker prices prevailing in
the first six 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 in the average number of our owned vessels by
one, was mainly driven by the operation of three 22,000 cbm
semi-refrigerated LPG vessels not yet delivered in the same period
of last year.
- Drydocking Costs for the six months ended June 30, 2018 and
2017 were $2.2 million and $1.9 million, respectively, representing
the costs of 5 vessels drydocked in each respective period. The
difference in costs is attributed to the drydockings of 4 small
LPGs and one product tanker in the six months ended June 30, 2018
compared to 5 small LPGs in the same period of last year.
- Depreciation for the six months ended June 30, 2018, was $21.0
million, a $1.6 million increase from $19.4 million for the same
period of last year, in spite of the net reduction of the average
number of our owned vessels by one, due to the addition of three
new 22,000 cbm semi-refrigerated vessels.
- Included in the first six months of 2018 results are net losses
from interest rate derivative instruments of $0.04 million compared
to a net loss of $0.23 million incurred in the same period of last
year. Interest paid on interest rate swap arrangements amounted to
$0.08 million compared to interest of $0.24 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 $7.6 million in the
first six months of 2018 for seven of its vessels, two of which
have been classified as held for sale as of June 30, 2018. With
regards to the additional five vessels for which we incurred
impairment charges, one of the vessels was delivered to its new
owners in the second quarter of 2018 and the Company entered into
agreements to sell the remaining four vessels subsequent to June
30, 2018.
- Interest and finance costs for the six months ended June 30,
2018 were $11.2 million compared to $ 7.8 million in the same
period of 2017. This increase of $3.4 million is attributed to the
increase in our bank debt and to an increase of LIBOR rates.
- As a result of the above, the Company reported a net loss for
the six months ended June 30, 2018 of $6.2 million, compared to net
income of $0.3 million for the six months ended June 30, 2017. The
average number of shares outstanding for the six months ended June
30, 2018 was 39.9 million compared to 39.8 million, for the same
period of last year. Loss per share for the six months ended June
30, 2018 amounted to $0.15 compared to earnings per share of $0.01
for the same period of last year.
- Adjusted net income was $1.6 million, or $0.04 per share, for
the six months ended June 30, 2018 compared to adjusted net income
of $3.6 million, or $0.09 per share, for the same period of last
year.
- EBITDA for the six months ended June 30, 2018 amounted to $25.8
million and Adjusted EBITDA of $33.6 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below. An average of 52.0 vessels were owned by the
Company during the six months ended June 30, 2018, compared to 53.2
vessels for the same period of 2017.
- As of June 30, 2018, cash and cash equivalents amounted to
$55.7 million and total debt amounted to $472.6 million. During the
six months ended June 30, 2018 debt repayments amounted to $27.1
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
Lucidity, to an international trading house until August 2019.
- A nine months’ time charter for its 1995 built LPG carrier, the
Gas Pasha, to an international trading house until April 2019.
- A six months’ time charter extension for its 2011 built LPG
carrier, the Gas Cerberus, to an international LPG trader until
January 2019.
With these charters, the Company has total contracted revenues
of approximately $170 million. Total anticipated voyage days of our
fleet is 74% covered for the remainder of 2018 and 38% for
2019.
Board Chairman Michael Jolliffe
Commented
In spite of the seasonally weak period for our
market, the second quarter of 2018, was a very solid quarter as we
managed to achieve an operational utilization of 97.8%, our best
performance since the first quarter of 2014. The combined effect of
the improving market and the Company’s sound management positively
impacted our results. Market rates for the small LPG carrier
segment continued to rise resulting in an increase in both our time
charter and spot revenues. We believe that market fundamentals in
terms of demand for LPG and a limited orderbook will improve the
day rates even further. Our Company is well positioned to take
advantage of these opportunities. We are focused on following a
chartering policy in line with what the market dictates and at the
same time seeking to contain costs. We have been very active lately
in terms of our sale and purchase activity, since the beginning of
the year having agreed to sell seven small LPG vessels, mostly
older ones that will enhance our cash position by approximately $30
million. With strong balance sheet in terms of liquidity and low
leverage, a top quality fleet and promising market fundamentals we
are optimistic about the future of StealthGas.
Conference Call details:
On August 23, 2018 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:
800-458-4148 (US Toll Free Dial In) or 0800 279 7204 (UK Toll Free
Dial In).Access Code: 2678857.
In case of any problems with the above numbers,
please dial +1 323-794-2598 (US Toll Dial In), +44 (0)330 336 9411
(Standard International Dial In). Access Code:
2678857.
A telephonic replay of the conference call will
be available until August 30, 2018 by dialing +1 719-457-0820
(US Local Dial In), +44 (0) 207 660 0134 (UK Local Dial In).
Access Code: 2678857.
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 55 vessels. The fleet comprises of 51 LPG
carriers, including three chartered in LPG vessels, with a total
capacity of 325,995 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 June 30, 2017 and June 30,
2018.
|
FLEET DATA |
Q2 2017 |
Q2 2018 |
6M 2017 |
6M 2018 |
| Average number of
vessels (1) |
53.4 |
52.2 |
53.2 |
52.0 |
| Period end number of
owned vessels in fleet |
54 |
52 |
54 |
52 |
| Total calendar days for
fleet (2) |
5,045 |
5,026 |
9,995 |
9,865 |
| Total voyage days for
fleet (3) |
5,018 |
4,969 |
9,911 |
9,756 |
| Fleet utilization
(4) |
99.5% |
98.9% |
99.2% |
98.9% |
| Total charter days for
fleet (5) |
4,080 |
4,160 |
8,318 |
7,941 |
| Total spot market days
for fleet (6) |
938 |
809 |
1,593 |
1,815 |
| Fleet operational
utilization (7) |
94.9% |
97.8% |
96.1% |
95.6% |
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
(Loss)/Income, EBITDA, adjusted EBITDA and adjusted
EPS:
Adjusted net income represents net
(loss)/income/(loss) before loss/(gain) on derivatives excluding
net swap interest paid, share based compensation, loss on sale of
vessel and impairment. EBITDA represents net (loss)/income before
interest and finance costs including net swap interest paid,
interest income and other income/(expenses) and depreciation.
Adjusted EBITDA represents EBITDA before share based compensation,
loss/(gain) on derivatives, excluding net swap interest paid, loss
on sale of vessel and impairment loss. EBITDA, adjusted EBITDA,
adjusted net income and adjusted EPS are not recognized
measurements under U.S. GAAP. Our calculation of EBITDA, adjusted
EBITDA, adjusted net income 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 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 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) |
Second Quarter EndedJune 30th, |
Six Months Period EndedJune 30th, |
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
| Net Income -
Adjusted Net Income |
|
|
|
|
| Net
(loss)/income |
(1,708,871) |
|
(397,816) |
|
294,833 |
|
(6,171,053) |
|
| Loss/(gain) on
derivatives |
101,249 |
|
(8,969) |
|
228,380 |
|
37,786 |
|
| Less swap interest
paid |
(108,585) |
|
(16,470) |
|
(244,960) |
|
(81,738) |
|
| Loss on sale of vessel,
net |
-- |
|
219,479 |
|
-- |
|
219,479 |
|
| Impairment loss |
3,225,890 |
|
3,776,109 |
|
3,225,890 |
|
7,594,377 |
|
| Share based
compensation |
36,300 |
|
-- |
|
72,202 |
|
-- |
|
| Adjusted Net
Income |
1,545,983 |
|
3,572,333 |
|
3,576,345 |
|
1,598,851 |
|
| |
|
|
|
|
| Net income –
EBITDA |
|
|
|
|
| Net
(loss)/income |
(1,708,871) |
|
(397,816) |
|
294,833 |
|
(6,171,053) |
|
| Plus interest and
finance costs and swap interest paid |
4,252,266 |
|
6,054,999 |
|
8,000,134 |
|
11,259,834 |
|
| Less interest income
and other income |
(72,446) |
|
(129,227) |
|
(150,025) |
|
(228,623) |
|
| Plus depreciation |
9,743,366 |
|
10,453,582 |
|
19,447,820 |
|
20,983,941 |
|
|
EBITDA |
12,214,315 |
|
15,981,538 |
|
27,592,762 |
|
25,844,099 |
|
| |
|
|
|
|
| Net income -
Adjusted EBITDA |
|
|
|
|
| Net (loss)/income |
(1,708,871) |
|
(397,816) |
|
294,833 |
|
(6,171,053) |
|
| Loss/(gain) on
derivatives |
101,249 |
|
(8,969) |
|
228,380 |
|
37,786 |
|
| Loss on sale of vessel,
net |
-- |
|
219,479 |
|
-- |
|
219,479 |
|
| Impairment loss |
3,225,890 |
|
3,776,109 |
|
3,225,890 |
|
7,594,377 |
|
| Share based
compensation |
36,300 |
|
-- |
|
72,202 |
|
-- |
|
| Plus interest and
finance costs |
4,143,681 |
|
6,038,529 |
|
7,755,174 |
|
11,178,096 |
|
| Less interest income
and other income |
(72,446) |
|
(129,227) |
|
(150,025) |
|
(228,623) |
|
| Plus depreciation |
9,743,366 |
|
10,453,582 |
|
19,447,820 |
|
20,983,941 |
|
| Adjusted
EBITDA |
15,469,169 |
|
19,951,687 |
|
30,874,274 |
|
33,614,003 |
|
| |
|
|
|
|
| EPS - Adjusted
EPS |
|
|
|
|
| Net (loss)/income |
(1,708,871) |
|
(397,816) |
|
294,833 |
|
(6,171,053) |
|
| Adjusted net
income |
1,545,983 |
|
3,572,333 |
|
3,576,345 |
|
1,598,851 |
|
| Weighted average number
of shares |
39,802,885 |
|
39,860,563 |
|
39,802,885 |
|
39,860,563 |
|
| EPS - Basic and
Diluted |
(0.04) |
|
(0.01) |
|
0.01 |
|
(0.15) |
|
| Adjusted
EPS |
0.04 |
|
0.09 |
|
0.09 |
|
0.04 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
StealthGas Inc.Unaudited Consolidated
Statements of Operations(Expressed in United
States Dollars, except for number of shares)
|
|
|
|
|
|
Quarters Ended June 30, |
|
Six Month Periods EndedJune 30, |
|
|
|
|
|
|
2017* |
|
2018 |
|
|
2017* |
|
2018 |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
|
|
38,311,480 |
|
|
43,380,863 |
|
|
75,363,821 |
|
|
83,076,345 |
|
|
|
Revenues - related party |
|
961,893 |
|
|
-- |
|
|
1,973,643 |
|
|
|
| Total revenues |
|
|
39,273,373 |
|
|
43,380,863 |
|
|
77,337,464 |
|
|
83,076,345 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
| |
Voyage
expenses |
|
|
4,054,249 |
|
|
3,727,056 |
|
|
7,141,963 |
|
|
8,878,307 |
|
| |
Voyage
expenses - related party |
|
486,522 |
|
|
536,601 |
|
|
961,655 |
|
|
1,020,500 |
|
| |
Charter
hire expenses |
|
875,005 |
|
|
1,676,259 |
|
|
1,756,942 |
|
|
2,645,406 |
|
| |
Vessels'
operating expenses |
|
14,017,188 |
|
|
14,786,705 |
|
|
28,537,294 |
|
|
30,145,118 |
|
| |
Vessels'
operating expenses - related party |
350,973 |
|
|
95,000 |
|
|
752,404 |
|
|
122,000 |
|
| |
Drydocking
costs |
|
|
1,233,368 |
|
|
653,968 |
|
|
1,925,113 |
|
|
2,157,048 |
|
| |
Management
fees - related party |
|
1,844,635 |
|
|
1,809,500 |
|
|
3,654,085 |
|
|
3,553,100 |
|
| |
General and
administrative expenses |
|
645,844 |
|
|
845,313 |
|
|
1,361,803 |
|
|
1,417,840 |
|
| |
Depreciation |
|
|
9,743,366 |
|
|
10,453,582 |
|
|
19,447,820 |
|
|
20,983,941 |
|
| |
Impairment
loss |
|
|
3,225,890 |
|
|
3,776,109 |
|
|
3,225,890 |
|
|
7,594,377 |
|
| |
Loss on
sale of vessel, net |
|
-- |
|
|
219,479 |
|
|
-- |
|
|
219,479 |
|
|
|
Other operating costs/(income) |
|
|
395,990 |
|
|
(696,471) |
|
|
545,990 |
|
|
(549,804) |
|
| Total expenses |
|
|
36,873,030 |
|
|
37,883,101 |
|
|
69,310,959 |
|
|
78,187,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income from operations |
|
2,400,343 |
|
|
5,497,762 |
|
|
8,026,505 |
|
|
4,889,033 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
| |
Interest
and finance costs |
|
(4,143,681) |
|
|
(6,038,529) |
|
|
(7,755,174) |
|
|
(11,178,096) |
|
| |
(Loss)/gain
on derivatives |
|
|
(101,249) |
|
|
8,969 |
|
|
(228,380) |
|
|
(37,786) |
|
| |
Interest
income and other income/(expenses) |
72,446 |
|
|
129,227 |
|
|
150,025 |
|
|
228,623 |
|
|
|
Foreign exchange gain/(loss) |
|
63,270 |
|
|
4,755 |
|
|
101,857 |
|
|
(72,827) |
|
| Other expenses, net |
|
|
(4,109,214) |
|
|
(5,895,578) |
|
|
(7,731,672) |
|
|
(11,060,086) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss)/income |
|
|
|
(1,708,871) |
|
|
(397,816) |
|
|
294,833 |
|
|
(6,171,053) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share |
|
|
|
|
|
|
|
|
|
| - Basic
& Diluted |
|
|
(0.04) |
|
|
(0.01) |
|
|
0.01 |
|
|
(0.15) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
| - Basic
& Diluted |
|
|
|
39,802,885 |
|
|
39,860,563 |
|
|
39,802,885 |
|
|
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, |
|
|
June 30, |
|
|
|
|
|
|
|
2017 |
|
|
2018 |
|
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
| |
Cash and
cash equivalents |
|
51,754,131 |
|
|
55,669,369 |
|
| |
Trade and
other receivables |
|
3,853,992 |
|
|
5,152,585 |
|
| |
Other
current assets |
|
|
-- |
|
|
270,407 |
|
| |
Claims
receivable |
|
|
15,951 |
|
|
-- |
|
| |
Inventories |
|
|
2,762,299 |
|
|
3,334,542 |
|
| |
Advances
and prepayments |
|
1,221,029 |
|
|
1,578,754 |
|
| |
Restricted
cash |
|
|
3,231,323 |
|
|
2,888,222 |
|
|
|
Vessel held for sale |
|
|
-- |
|
|
8,315,938 |
|
| Total current assets |
|
|
62,838,725 |
|
|
77,209,817 |
|
|
Non-current assets |
|
|
|
|
|
| |
Advances
for vessels under construction |
|
|
|
61,577,818 |
|
|
-- |
|
| |
Vessels,
net |
|
|
862,061,906 |
|
|
985,483,404 |
|
| |
Other
receivables |
|
|
243,075 |
|
|
138,859 |
|
| |
Restricted
cash |
|
|
7,917,738 |
|
|
12,411,505 |
|
| |
Deferred
finance charges |
|
|
|
941,760 |
|
|
-- |
|
|
|
Fair
value of derivatives |
|
|
|
645,169 |
|
|
1,859,940 |
|
| Total non-current assets |
|
933,387,466 |
|
|
999,893,708 |
|
| Total assets |
|
|
996,226,191 |
|
|
1,077,103,525 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
| |
Payable to
related parties |
|
14,209,624 |
|
|
11,451,255 |
|
| |
Trade
accounts payable |
|
10,509,465 |
|
|
11,020,866 |
|
| |
Accrued and
other liabilities |
|
5,880,479 |
|
|
6,198,767 |
|
| |
Customer
deposits |
|
|
1,820,700 |
|
|
1,336,000 |
|
| |
Deferred
income |
|
|
4,362,056 |
|
|
6,171,917 |
|
| |
Current
portion of long-term debt |
|
41,966,607 |
|
|
49,368,920 |
|
| Total current liabilities |
|
|
78,748,931 |
|
|
85,547,725 |
|
|
Non-current liabilities |
|
|
|
|
|
| |
Fair value
of derivatives |
|
126,525 |
|
|
-- |
|
| |
Customer
deposits |
|
|
736,000 |
|
|
-- |
|
| |
Deferred gain on sale
and leaseback of vessels |
|
|
|
190,087 |
|
|
93,368 |
|
| |
Deferred income |
|
|
|
4,035 |
|
|
-- |
|
| |
Long-term
debt |
|
|
342,941,841 |
|
|
423,201,550 |
|
| Total non-current liabilities |
|
343,998,488 |
|
|
423,294,918 |
|
| Total liabilities |
|
|
422,747,419 |
|
|
508,842,643 |
|
| Commitments and contingencies |
|
-- |
|
|
-- |
|
|
Stockholders' equity |
|
|
|
|
|
| |
Capital
stock |
|
|
442,850 |
|
|
442,850 |
|
| |
Treasury
stock |
|
|
(22,523,528) |
|
|
(22,523,528) |
|
| |
Additional
paid-in capital |
|
501,471,768 |
|
|
501,471,768 |
|
| |
Retained
earnings |
|
|
93,469,787 |
|
|
86,954,553 |
|
| |
Accumulated
other comprehensive loss |
617,895 |
|
|
1,915,239 |
|
| Total stockholders' equity |
|
573,478,772 |
|
|
568,260,882 |
|
| Total liabilities and stockholders'
equity |
996,226,191 |
|
|
1,077,103,525 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
StealthGas Inc.Unaudited Consolidated
Statements of Cash Flows(Expressed in United
States Dollars)
| |
|
|
|
|
Six Month Periods Ended June 30, |
|
|
| |
|
|
|
|
2017 |
|
|
2018 |
|
|
|
Cash flows from operating activities |
|
|
|
|
|
| |
Net
income/(loss) for the period |
|
294,833 |
|
|
(6,171,053) |
|
|
| |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
|
provided by operating
activities: |
|
|
|
|
|
| |
Depreciation |
|
|
19,447,820 |
|
|
20,983,941 |
|
|
| |
Amortization of deferred finance charges |
346,663 |
|
|
438,716 |
|
|
| |
Amortization of deferred gain on sale and leaseback of vessels |
(96,719) |
|
|
(96,719) |
|
|
| |
Share based
compensation |
|
72,202 |
|
|
-- |
|
|
| |
Change in
fair value of derivatives |
|
(16,580) |
|
|
(43,952) |
|
|
| |
Impairment
loss |
|
|
3,225,890 |
|
|
7,594,377 |
|
|
| |
Loss on
sale of vessel |
|
-- |
|
|
219,479 |
|
|
| |
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
| |
(Increase)/decrease in |
|
|
|
|
|
| |
Trade and
other receivables |
|
(2,678,967) |
|
|
(1,762,222) |
|
|
| |
Other
current assets |
|
|
-- |
|
|
23,257 |
|
|
| |
Claims
receivable |
|
|
(220,084) |
|
|
15,951 |
|
|
| |
Inventories |
|
|
(953,919) |
|
|
(615,881) |
|
|
| |
Advances
and prepayments |
|
(169,645) |
|
|
(357,725) |
|
|
| |
Increase/(decrease) in |
|
|
|
|
|
| |
Balances
with related parties |
|
4,866,169 |
|
|
(2,758,369) |
|
|
| |
Trade
accounts payable |
|
810,510 |
|
|
880,010 |
|
|
| |
Accrued
liabilities |
|
|
(122,587) |
|
|
318,288 |
|
|
| |
Deferred income |
|
|
(321,426) |
|
|
1,735,826 |
|
|
| Net cash provided by operating
activities |
24,484,160 |
|
|
20,403,924 |
|
|
| |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
| |
Insurance
proceeds |
|
|
165,618 |
|
|
-- |
|
|
| |
Proceeds
from sale of vessel, net |
|
-- |
|
|
8,730,520 |
|
|
| |
Vessels’ acquisitions and advances for vessels under
construction |
(54,536,234) |
|
|
(108,012,906) |
|
|
| Net cash used in investing
activities |
(54,370,616) |
|
|
(99,282,386) |
|
|
| |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
| |
Deferred
finance charges |
|
(646,506) |
|
|
(444,330) |
|
|
| |
Customer
deposits paid |
|
-- |
|
|
(1,220,700) |
|
|
| |
Loan
repayments |
|
|
(22,153,411) |
|
|
(27,103,104) |
|
|
| |
Proceeds
from long-term debt |
|
32,500,000 |
|
|
115,712,500 |
|
|
| Net cash provided by financing
activities |
9,700,083 |
|
|
86,944,366 |
|
|
| |
|
|
|
|
|
|
|
|
| Net
increase in cash, cash equivalents and restricted cash |
(20,186,373) |
|
|
8,065,904 |
|
|
| 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 |
53,345,272 |
|
|
70,969,096 |
|
|
|
Cash breakdown |
|
|
|
|
|
|
| |
Cash and
cash equivalents |
|
43,349,049 |
|
|
55,669,369 |
|
|
| |
Restricted
cash, current |
|
3,236,011 |
|
|
2,888,222 |
|
|
|
|
|
Restricted cash, non-current |
|
|
|
|
|
6,760,212 |
|
|
|
12,411,505 |
|
|
| Total cash, cash equivalents and restricted
cash shown in the statements of cash
flows |
53,345,272 |
|
|
70,969,096 |
|
|
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