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 third quarter and nine
months results ended September 30, 2018.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 96.1% in
Q3 18’ (95.4% in Q3 17’) in spite of weak seasonal period combined
with an unexpected slowdown of the Asian LPG market.
- Almost 15% reduction of commercial
off hire days in Q3 18’ compared to Q3 17’.
- About 84% of fleet days secured on
period charters for the remainder of 2018 and 59% for 2019, with
approximately $151 million in contracted revenues for all
subsequent periods.
- Revenues of $42.7 million in Q3
18’, an increase of $4.2 million compared to Q3 17’.
- Adjusted EBITDA of $16.4 million in
Q3 18’, compared to $15.3 million in Q3 17’.
- Low gearing, as debt to assets
stands at 42.9% in spite of our capital expansion while net debt to
assets ratio is as low as 36.8%.
- Cash and cash equivalents of $64.8
million, an increase of $13.0 million compared to year end
2017.
Third Quarter 2018 Results:
- Revenues for the three months ended
September 30, 2018 amounted to $42.7 million, an increase of $4.2
million, or 10.9%, compared to revenues of $38.5 million for the
three months ended September 30, 2017, mainly as a result of
improved market rates that led to an increase of 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 September 30, 2018
were $5.8 million and $15.6 million respectively, compared to $3.7
million and $15.1 million respectively, for the three months ended
September 30, 2017.The $2.1 million increase in voyage expenses was
attributed to a quarter on quarter increase of spot days by 25.0%
and a 44.6% rise in oil prices which affected the levels of our
bunker costs. The 3.3% 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 two, was mostly due
to the operation of the three new large LPG semi refrigerated
vessels that were not in our fleet in the same period of last year
and increased maintenance and repairs costs faced this quarter for
three of our small LPG vessels.
- Charter hire expenses for the three
months ended September 30, 2018 and 2017 were $1.8 million and $0.9
million, respectively. The $0.9 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 three
months ended September 30, 2018 and 2017 were $0.8 million and $0.6
million, respectively. The costs for the third quarter of 2018
corresponded to the drydocking of two LPG vessels, while in the
same period of 2017 the Company completed the drydocking of one LPG
vessel.
- Depreciation for the three months
ended September 30, 2018 was $10.1 million, a $0.3 million increase
from $9.8 million for the same period of last year mostly due to
the addition of the three new 22,000 cbm semi-refrigerated LPG
vessels.
- Included in the third quarter 2018
results were net gain from interest rate derivative instruments of
$0.02 million compared to a net loss of $0.08 million incurred in
the same period of last year. Interest received from interest rate
derivative instruments amounted to $0.02 million compared to
interest of $0.08 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 $0.5 million
loss on sale of three vessels in the three months ended September
30, 2018.
- The Company recorded an impairment
loss of $0.6 million for the three months ended September 30, 2018
for three of its vessels which have been classified as held for
sale. For the three months ended September 30, 2017, the Company
had recorded an impairment loss of $3.2 million for four of its
oldest vessels, two of which have been classified as held for
sale.
- Interest and finance costs for the
three months ended September 30, 2018 were $6.1 million compared to
$4.4 million in the same period of 2017. This increase of $1.7
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 September 30, 2018, the Company reported a net
loss of $0.8 million, compared to a net loss of $2.3 million for
the three months ended September 30, 2017. The weighted average
number of shares for the three months ended September 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
September 30, 2018 amounted to $0.02 compared to loss per share of
$0.06 for the same period of last year.
- Adjusted net income was $0.3
million or $0.01 earnings per share for the three months ended
September 30, 2018 compared to adjusted net income of $1.1 million
or $0.03 earnings per share for the same period of last year.
- EBITDA for the three months ended
September 30, 2018 amounted to $15.3 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Loss are set
forth below.
- An average of 51.3 vessels were
owned by the Company during the three months ended September 30,
2018, compared to 52.9 vessels for the same period of 2017.
Nine Months 2018 Results:
- Revenues for the nine months ended
September 30, 2018, amounted to $125.8 million, an increase of $9.9
million, or 8.5%, compared to revenues of $115.9 million for the
nine months ended September 30, 2017, primarily due to improved
market conditions.
- Voyage expenses and vessels’
operating expenses for the nine months ended September 30, 2018
were $15.7 million and $45.8 million, respectively, compared to
$11.8 million and $44.4 million for the nine months ended September
30, 2017. The $3.9 million increase in voyage expenses was mainly
due to the higher bunker prices prevailing in the nine months of
2018 compared to the same period of 2017. The $1.4 million increase
in vessels’ operating expenses, in spite of the net reduction of
the average number of our owned vessels by one , 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.
- Charter hire expenses for the nine
months ended September 30, 2018 and 2017 were $4.4 million and $2.6
million, respectively. The $1.8 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 nine
months ended September 30, 2018 and 2017 were $3.0 million and $2.5
million, respectively, representing the costs of 6 and 5 vessels
drydocked, in each respective period.
- Depreciation for the nine months
ended September 30, 2018, was $31.1 million, a $1.8 million
increase from $29.3 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 22,000 cbm
semi-refrigerated vessels.
- Included in the nine months of 2018
results were net loss from interest rate derivative instruments of
$0.02 million compared to a net loss of $0.3 million incurred in
the same period of last year. Interest paid on interest rate swap
arrangements amounted to $0.06 million compared to interest of $0.3
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 $8.2 million in the nine months of 2018 for seven of its
vessels, three of which have been classified as held for sale as of
September 30, 2018. With regards to the additional four vessels for
which we incurred impairment charges, one was delivered to her new
owners in the second quarter of 2018 while the remaining three were
delivered to their new owners in the third quarter of 2018.
- Interest and finance costs for the
nine months ended September 30, 2018 were $17.3 million compared to
$12.2 million in the same period of 2017. This increase of $5.1
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 nine months ended September 30,
2018 of $7.0 million, compared to a net loss of $2.0 million for
the nine months ended September 30, 2017. The average number of
shares outstanding as of September 30, 2018 was 39.9 million
compared to 39.8 million, for the same period of last year. Loss
per share for the nine months ended September 30, 2018 amounted to
$0.17 compared to loss per share of $0.05 for the same period of
last year.
- Adjusted net income was $1.9
million, or $0.05 per share, for the nine months ended September
30, 2018 compared to adjusted net income of $4.7 million, or $0.12
per share, for the same period of last year.
- EBITDA for the nine months ended
September 30, 2018 amounted to $41.0 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below. An average of 51.8 vessels were owned by the
Company during the nine months ended September 30, 2018, compared
to 53.1 vessels for the same period of 2017.
- As of September 30, 2018, cash and
cash equivalents amounted to $64.8 million and total debt amounted
to $454.7 million. During the nine months ended September 30, 2018
debt repayments amounted to $45.2 million.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A three month time charter for its
2015 built LPG carrier, the Eco Enigma, to an international trading
house until January 2019.
- A two month time charter for its
2011 built LPG carrier, the Gas Elixir, to an international trading
house until January 2019.
- A six month time charter for its
2001 built chartered in LPG carrier, the Gas Cathar, to an
international trading house until July 2019.
- A one year time charter for its
2017 built LPG carrier, the Eco Frost, to an international trading
house until October 2019.
- 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 one year time charter for its
2014 built LPG carrier, the Eco Invictus, to an Oil Major until
November 2019.
- A one year time charter for its
2015 built LPG carrier, the Eco Galaxy, to an international LPG
trader until December 2019.
- A one year time charter for its
2014 built LPG carrier, the Eco Corsair, to an international LPG
trader until December 2019.
- A one year time charter for its
2006 built LPG carrier, the Gas Ethereal to an international
trading house until December 2019.
- A one year time charter extension
for its 2011 built LPG carrier, the Gas Myth to an Oil Major until
January 2020.
With these charters, the Company has currently total contracted
revenues of approximately $151 million. Total anticipated voyage
days of our fleet is 84% covered for the remainder of 2018 and
59% for 2019.
Board Chairman Michael Jolliffe
Commented
A temporary slowdown of the Asian LPG market was the main driver
of our third quarter’s performance. The third quarter of the year
usually has a soft element due to seasonal factors but in addition
this quarter market conditions in Asia were less favorable than
usual as we witnessed some charterers not renewing time charter
vessels in direct continuation thus leaving more than usual vessels
to operate in the spot market. This impacted our revenues. The
market in Asia has now corrected itself and time charter fixing has
picked up, as is evident from the eleven new time charters we have
concluded since our last earnings report.
The most important aspect of our segment, however, is that the
fundamentals, that is increasing LPG production and consumption, a
very low orderbook, and an ageing global fleet, continue to drive
our market. We feel optimistic for the couple of years ahead as
rates are in our opinion likely to increase even further.
StealthGas as the largest owner in the sector with a relatively
young fleet is well positioned to seize this opportunity. We have
concluded our fleet expansion program, enhanced our cash base, have
agreed to sell seven mostly older vessels since the beginning of
2018 and are therefore ready to create value from our market’s
significant potential upside.
Conference Call details:
On November 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:
800-289-0571 (US Toll Free Dial In) or 0800 279 7204 (UK Toll Free
Dial In).Access Code: 3666837.
In case of any problems with the above numbers, please dial +1
929-477-0324 (US Toll Dial In), +44 (0)330 336 9411 (Standard
International Dial In).Access Code: 3666837. A telephonic replay of
the conference call will be available until November 30, 2018 by
dialing +1 719-457-0820 (US Local Dial In), +44 (0) 207 660
0134 (UK Local Dial In).Access Code: 3666837.
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 50 vessels. The fleet comprises of 46 LPG carriers,
including two chartered in LPG vessels, with a total capacity of
302,662 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
DeploymentFor 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 September 30, 2017 and
September 30, 2018.
|
FLEET DATA |
Q3 2017 |
Q3 2018 |
9M 2017 |
9M 2018 |
| Average number of
vessels (1) |
52.9 |
|
51.3 |
|
53.1 |
|
51.8 |
|
| Period end number of
owned vessels in fleet |
52 |
|
49 |
|
52 |
|
49 |
|
| Total calendar days for
fleet (2) |
5,052 |
|
4,994 |
|
15,047 |
|
14,859 |
|
| Total voyage days for
fleet (3) |
4,984 |
|
4,944 |
|
14,895 |
|
14,700 |
|
| Fleet utilization
(4) |
98.7 |
% |
99.0 |
% |
99.0 |
% |
98.9 |
% |
| Total charter days for
fleet (5) |
4,223 |
|
3,993 |
|
12,541 |
|
11,934 |
|
| Total spot market days
for fleet (6) |
761 |
|
951 |
|
2,354 |
|
2,766 |
|
| Fleet operational
utilization (7) |
95.4 |
% |
96.1 |
% |
95.9 |
% |
95.8 |
% |
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) before
loss/(gain) on derivatives excluding net swap interest paid, share
based compensation, loss on sale of vessels and impairment. EBITDA
represents net (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 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) |
Third Quarter EndedSeptember
30th, |
Nine Months Period EndedSeptember
30th, |
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
| Net Loss -
Adjusted Net Income |
|
|
|
|
| Net
loss |
(2,261,375 |
) |
(787,292 |
) |
(1,966,542 |
) |
(6,958,345 |
) |
| Loss/(gain) on
derivatives |
77,231 |
|
(19,684 |
) |
305,611 |
|
18,102 |
|
| Less swap interest
(paid)/received |
(84,433 |
) |
20,311 |
|
(329,393 |
) |
(61,428 |
) |
| Loss on sale of
vessels, net |
72,793 |
|
544,446 |
|
72,793 |
|
763,925 |
|
| Impairment loss |
3,235,383 |
|
567,587 |
|
6,461,273 |
|
8,161,964 |
|
| Share based
compensation |
36,699 |
|
-- |
|
108,901 |
|
-- |
|
| Adjusted Net
Income |
1,076,298 |
|
325,368 |
|
4,652,643 |
|
1,924,218 |
|
| |
|
|
|
|
| Net
Loss - EBITDA |
|
|
|
|
| Net
loss |
(2,261,375 |
) |
(787,292 |
) |
(1,966,542 |
) |
(6,958,345 |
) |
| Plus interest and
finance costs |
4,419,964 |
|
6,099,122 |
|
12,175,138 |
|
17,277,218 |
|
| Less interest
income |
(84,654 |
) |
(180,270 |
) |
(234,679 |
) |
(408,893 |
) |
| Plus depreciation |
9,812,055 |
|
10,139,858 |
|
29,259,875 |
|
31,123,799 |
|
|
EBITDA |
11,885,990 |
|
15,271,418 |
|
39,233,792 |
|
41,033,779 |
|
| |
|
|
|
|
| Net
Loss - Adjusted EBITDA |
|
|
|
|
| Net loss |
(2,261,375 |
) |
(787,292 |
) |
(1,966,542 |
) |
(6,958,345 |
) |
| Loss/(gain) on
derivatives |
77,231 |
|
(19,684 |
) |
305,611 |
|
18,102 |
|
| Loss on sale of
vessels, net |
72,793 |
|
544,446 |
|
72,793 |
|
763,925 |
|
| Impairment loss |
3,235,383 |
|
567,587 |
|
6,461,273 |
|
8,161,964 |
|
| Share based
compensation |
36,699 |
|
-- |
|
108,901 |
|
-- |
|
| Plus interest and
finance costs |
4,419,964 |
|
6,099,122 |
|
12,175,138 |
|
17,277,218 |
|
| Less interest income
and other income |
(84,654 |
) |
(180,270 |
) |
(234,679 |
) |
(408,893 |
) |
| Plus depreciation |
9,812,055 |
|
10,139,858 |
|
29,259,875 |
|
31,123,799 |
|
| Adjusted
EBITDA |
15,308,096 |
|
16,363,767 |
|
46,182,370 |
|
49,977,770 |
|
| |
|
|
|
|
| EPS - Adjusted
EPS |
|
|
|
|
| Net loss |
(2,261,375 |
) |
(787,292 |
) |
(1,966,542 |
) |
(6,958,345 |
) |
| Adjusted net
income |
1,076,298 |
|
325,368 |
|
4,652,643 |
|
1,924,218 |
|
| Weighted average number
of shares |
39,802,885 |
|
39,860,563 |
|
39,802,885 |
|
39,860,563 |
|
| EPS - Basic and
Diluted |
(0.06 |
) |
(0.02 |
) |
(0.05 |
) |
(0.17 |
) |
| Adjusted
EPS-Basic and Diluted |
0.03 |
|
0.01 |
|
0.12 |
|
0.05 |
|
StealthGas Inc.Unaudited Consolidated
Statements of Operations(Expressed in United
States Dollars, except for number of shares)
|
|
|
|
|
|
Three Month PeriodsEnded September
30, |
|
Nine Month Periods EndedSeptember
30, |
|
|
|
|
|
|
2017* |
|
2018 |
|
|
2017* |
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
|
|
38,546,367 |
|
|
42,724,098 |
|
|
113,910,188 |
|
|
125,800,443 |
|
|
|
Revenues - related party |
|
-- |
|
|
-- |
|
|
1,973,643 |
|
|
-- |
|
| Total revenues |
|
|
38,546,367 |
|
|
42,724,098 |
|
|
115,883,831 |
|
|
125,800,443 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
| |
Voyage
expenses |
|
|
3,217,318 |
|
|
5,263,514 |
|
|
10,359,281 |
|
|
14,141,821 |
|
| |
Voyage
expenses - related party |
|
476,045 |
|
|
530,458 |
|
|
1,437,700 |
|
|
1,550,958 |
|
| |
Charter
hire expenses |
|
880,840 |
|
|
1,765,756 |
|
|
2,637,782 |
|
|
4,411,162 |
|
| |
Vessels'
operating expenses |
|
15,077,768 |
|
|
15,419,010 |
|
|
43,615,062 |
|
|
45,564,128 |
|
| |
Vessels'
operating expenses - related party |
31,288 |
|
|
143,500 |
|
|
783,692 |
|
|
265,500 |
|
| |
Drydocking
costs |
|
|
614,676 |
|
|
818,634 |
|
|
2,539,789 |
|
|
2,975,682 |
|
| |
Management
fees - related party |
|
1,814,325 |
|
|
1,796,365 |
|
|
5,468,410 |
|
|
5,349,465 |
|
| |
General and
administrative expenses |
|
870,807 |
|
|
587,513 |
|
|
2,232,610 |
|
|
2,005,353 |
|
| |
Depreciation |
|
|
9,812,055 |
|
|
10,139,858 |
|
|
29,259,875 |
|
|
31,123,799 |
|
| |
Impairment
loss |
|
|
3,235,383 |
|
|
567,587 |
|
|
6,461,273 |
|
|
8,161,964 |
|
| |
Loss on
sale of vessels, net |
|
72,793 |
|
|
544,446 |
|
|
72,793 |
|
|
763,925 |
|
|
|
Other operating costs/(income) |
|
237,873 |
|
|
-- |
|
|
783,863 |
|
|
(549,804 |
) |
| Total expenses |
|
|
36,341,171 |
|
|
37,576,641 |
|
|
105,652,130 |
|
|
115,763,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income from operations |
|
2,205,196 |
|
|
5,147,457 |
|
|
10,231,701 |
|
|
10,036,490 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
| |
Interest
and finance costs |
|
(4,419,964 |
) |
|
(6,099,122 |
) |
|
(12,175,138 |
) |
|
(17,277,218 |
) |
| |
(Loss)/gain
on derivatives |
|
|
(77,231 |
) |
|
19,684 |
|
|
(305,611 |
) |
|
(18,102 |
) |
| |
Interest
income and other income |
84,654 |
|
|
180,270 |
|
|
234,679 |
|
|
408,893 |
|
|
|
Foreign exchange (loss)/gain |
|
(54,030 |
) |
|
(35,581 |
) |
|
47,827 |
|
|
(108,408 |
) |
| Other expenses, net |
|
|
(4,466,571 |
) |
|
(5,934,749 |
) |
|
(12,198,243 |
) |
|
(16,994,835 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
Loss |
|
|
|
(2,261,375 |
) |
|
(787,292 |
) |
|
(1,966,542 |
) |
|
(6,958,345 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
|
|
|
| - Basic
& Diluted |
|
|
(0.06 |
) |
|
(0.02 |
) |
|
(0.05 |
) |
|
(0.17 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
September 30, |
|
|
|
|
|
|
|
|
2017 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
| |
Cash and
cash equivalents |
|
|
|
51,754,131 |
|
|
64,792,513 |
|
| |
Trade and
other receivables |
|
|
|
3,853,992 |
|
|
4,464,190 |
|
| |
Other
current assets |
|
|
|
|
-- |
|
|
134,301 |
|
| |
Claims
receivable |
|
|
|
|
15,951 |
|
|
-- |
|
| |
Inventories |
|
|
|
|
2,762,299 |
|
|
4,241,562 |
|
| |
Advances
and prepayments |
|
|
|
1,221,029 |
|
|
1,484,528 |
|
| |
Restricted
cash |
|
|
|
|
3,231,323 |
|
|
2,901,924 |
|
| |
Vessels
held for sale |
|
|
|
|
-- |
|
|
12,559,120 |
|
| Total current assets |
|
|
|
|
62,838,725 |
|
|
90,578,138 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
| |
Advances
for vessels under construction |
|
|
61,577,818 |
|
|
-- |
|
| |
Vessels,
net |
|
|
|
|
862,061,906 |
|
|
953,302,887 |
|
| |
Other
receivables |
|
|
|
|
243,075 |
|
|
102,585 |
|
| |
Restricted
cash |
|
|
|
|
7,917,738 |
|
|
12,419,731 |
|
| |
Deferred
finance charges |
|
|
941,760 |
|
|
-- |
|
|
|
Fair
value of derivatives |
|
|
|
|
|
645,169 |
|
|
2,355,156 |
|
| Total non-current assets |
|
|
|
933,387,466 |
|
|
968,180,359 |
|
| Total assets |
|
|
|
|
996,226,191 |
|
|
1,058,758,497 |
|
| |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
| |
Payable to
related party |
|
|
|
14,209,624 |
|
|
8,875,631 |
|
| |
Trade
accounts payable |
|
|
|
10,509,465 |
|
|
13,736,877 |
|
| |
Accrued and
other liabilities |
|
|
|
5,880,479 |
|
|
7,082,207 |
|
| |
Customer
deposits |
|
|
|
|
1,820,700 |
|
|
1,336,000 |
|
| |
Deferred
income |
|
|
|
|
4,362,056 |
|
|
4,979,758 |
|
| |
Current
portion of long-term debt |
|
|
|
41,966,607 |
|
|
48,615,702 |
|
| Total current liabilities |
|
|
|
|
78,748,931 |
|
|
84,626,175 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
| |
Fair value
of derivatives |
|
|
|
126,525 |
|
|
-- |
|
| |
Customer
deposits |
|
|
|
|
736,000 |
|
|
-- |
|
| |
Deferred
gain on sale and leaseback of vessels |
|
|
190,087 |
|
|
44,207 |
|
| |
Deferred
income |
|
|
4,035 |
|
|
-- |
|
| |
Long-term
debt |
|
|
|
|
342,941,841 |
|
|
406,118,683 |
|
| Total non-current liabilities |
|
|
|
343,998,488 |
|
|
406,162,890 |
|
| Total liabilities |
|
|
|
|
422,747,419 |
|
|
490,789,065 |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
|
86,167,261 |
|
| |
Accumulated
other comprehensive loss |
|
|
617,895 |
|
|
2,411,081 |
|
| Total stockholders' equity |
|
|
|
573,478,772 |
|
|
567,969,432 |
|
| Total liabilities and stockholders'
equity |
|
|
996,226,191 |
|
|
1,058,758,497 |
|
StealthGas Inc.Unaudited Consolidated
Statements of Cash Flows(Expressed in United
States Dollars)
|
|
|
|
|
|
|
|
|
|
|
Nine Month Periods Ended September
30, |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2018 |
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
| |
Net loss
for the period |
|
|
|
|
|
|
(1,966,542 |
) |
|
(6,958,345 |
) |
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
|
|
|
|
|
|
provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
| |
Depreciation |
|
|
|
|
|
|
|
29,259,875 |
|
|
31,123,799 |
|
|
| |
Amortization of deferred finance charges |
|
|
|
|
|
510,071 |
|
|
659,472 |
|
|
| |
Amortization of deferred gain on sale and leaseback of vessels |
|
|
|
(145,879 |
) |
|
(145,880 |
) |
|
| |
Share based
compensation |
|
|
|
|
|
|
108,901 |
|
|
-- |
|
|
| |
Change in
fair value of derivatives |
|
|
|
|
|
|
(23,782 |
) |
|
(43,326 |
) |
|
| |
Impairment
loss |
|
|
|
|
|
|
|
6,461,273 |
|
|
8,161,964 |
|
|
| |
Loss on
sale of vessels, net |
|
|
|
|
|
|
72,793 |
|
|
763,925 |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| |
(Increase)/decrease in |
|
|
|
|
|
|
|
|
|
|
| |
Trade and
other receivables |
|
|
|
|
|
|
(446,179 |
) |
|
(1,037,553 |
) |
|
| |
Other
current assets |
|
|
|
|
|
|
|
-- |
|
|
159,363 |
|
|
| |
Claims
receivable |
|
|
|
|
|
|
|
(235,706 |
) |
|
15,951 |
|
|
| |
Inventories |
|
|
|
|
|
|
|
(293,407 |
) |
|
(1,905,970 |
) |
|
| |
Advances
and prepayments |
|
|
|
|
|
|
18,110 |
|
|
(263,499 |
) |
|
| |
Increase/(decrease) in |
|
|
|
|
|
|
|
|
|
|
| |
Balances
with related parties |
|
|
|
|
|
|
636,680 |
|
|
(5,333,993 |
) |
|
| |
Trade
accounts payable |
|
|
|
|
|
|
1,107,032 |
|
|
3,659,191 |
|
|
| |
Accrued
liabilities |
|
|
|
|
|
|
|
224,177 |
|
|
541,728 |
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
(601,488 |
) |
|
543,667 |
|
|
| Net cash provided by operating
activities |
|
|
|
|
|
34,685,929 |
|
|
29,940,494 |
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
| |
Insurance
proceeds |
|
|
|
|
|
|
|
181,240 |
|
|
-- |
|
|
| |
Proceeds
from sale of vessels, net |
|
|
|
|
|
|
5,635,957 |
|
|
26,568,375 |
|
|
|
|
Vessels’ acquisitions and advances for vessels under
construction |
|
(55,386,807 |
) |
|
(108,185,418 |
) |
|
| Net cash used in investing
activities |
|
|
|
|
|
(49,569,610 |
) |
|
(81,617,043 |
) |
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
| |
Deferred
finance charges |
|
|
|
|
|
|
(646,506 |
) |
|
(444,330 |
) |
|
| |
Customer
deposits paid |
|
|
|
|
|
|
-- |
|
|
(1,220,700 |
) |
|
| |
Loan
repayments |
|
|
|
|
|
|
|
(32,358,742 |
) |
|
(45,159,945 |
) |
|
|
|
Proceeds from long-term debt |
|
|
|
|
|
|
32,500,000 |
|
|
115,712,500 |
|
|
| Net cash (used in)/provided by financing
activities |
|
|
|
|
|
(505,248 |
) |
|
68,887,525 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(decrease)/increase in cash, cash equivalents and restricted
cash |
|
|
|
|
|
(15,388,929 |
) |
|
17,210,976 |
|
|
| 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
period |
|
|
|
|
|
58,142,716 |
|
|
80,114,168 |
|
|
|
Cash breakdown |
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and
cash equivalents |
|
|
|
|
|
|
41,297,542 |
|
|
64,792,513 |
|
|
| |
Restricted
cash, current |
|
|
|
|
|
|
10,074,983 |
|
|
2,901,924 |
|
|
|
|
Restricted cash, non-current |
|
|
|
|
|
|
6,770,191 |
|
|
12,419,731 |
|
|
| Total cash, cash equivalents and restricted
cash shown in the statements of cash flows |
|
|
|
58,142,716 |
|
|
80,114,168 |
|
|
StealthGas (NASDAQ:GASS)
Historical Stock Chart
From Mar 2024 to Apr 2024
StealthGas (NASDAQ:GASS)
Historical Stock Chart
From Apr 2023 to Apr 2024
