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 ended December 31, 2017.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 97.2% in Q4 ‘17 (94.2% in Q4
‘16).
- Commercial off hire days reduced by about 58% on a year on year
basis.
- 65% of fleet days secured on period charters for the remainder
of 2018, with a total of approximately $196 million in contracted
revenues.
- Successful delivery of two more 22K semi ref newbuild vessels,
the Eco Ice and the Eco Arctic in January 2018 increasing our asset
base to around $ 1.1 billion.
- Reduction of fleet average age, following our new deliveries
and the sale of older vessels from 9.6 years at the beginning of
2017 to 9.2 years to date.
- Revenues of $38.4 million in Q4 ‘17, an increase of 2.4%
compared to Q4 ‘16
- Net income of approximately $750 thousand in Q4 ‘17 compared to
$4.4 million loss in Q4 ‘16.
- EBITDA of $14.9 million in Q4 ‘17 compared to $ 9.3 million in
Q4 ‘16.
- Low gearing as debt to assets stands at about 39%.
- Cash on hand of about $51.8 million, with operating cash flow
of $52.4 million.
Fourth Quarter 2017
Results:
- Revenues for the three months ended December 31, 2017 amounted
to $38.4 million, an increase of $0.9 million, or 2.4%, compared to
revenues of $37.5 million for the three months ended December 31,
2016, mainly due to increased fleet operational utilization and an
increase in market rates, which were partially offset by a reduced
number of vessels in the fleet and lower tanker rates.
- Voyage expenses and vessels’ operating expenses for the three
months ended December 31, 2017 were $3.9 million and $15.0 million
respectively, compared to $3.7 million and $14.5 million
respectively, for the three months ended December 31, 2016. The
$0.2 million increase in voyage expenses was mainly attributed to a
quarter on quarter increase of average bunker prices by 19%. The
3.4% increase in vessels’ operating expenses compared to the same
period of 2016 was mostly due to the operation of larger vessels in
the time charter and spot market (one product tanker and one 22,000
cbm LPG vessel), and increased maintenance costs for some vessels
of our fleet. Inversely these were partly offset by the lower
average number of vessels compared to the same quarter of
2016.
- Drydocking costs for the three months ended December 31, 2017
and 2016 were $1.0 million and $0.4 million, respectively. The
costs for the fourth quarter of 2017 corresponded to the drydocking
of two vessels, while in the same period of 2016 the Company
completed the drydocking of one vessel.
- Depreciation for the three months ended December 31, 2017 was
$9.7 million, a $0.2 million decrease from $9.9 million for the
same period of last year. This decrease was due to the net
reduction of three vessels from our fleet.
- Included in the fourth quarter 2017 results were net losses
from interest rate derivative instruments of $0.1 million compared
to net losses of $0.2 million in the same period of last year.
Interest paid on interest rate derivative instruments amounted to
$0.1 million compared to $0.2 million in the same period of last
year.
- As a result of the above, for the three months ended
December 31, 2017, the Company reported a net income of $0.7
million, compared to a net loss of $4.4 million for the three
months ended December 31, 2016. The weighted average number of
shares for the three months ended December 31, 2017 and 2016 was
39.8 million. Earnings per share, basic and diluted, for the three
months ended December 31, 2017 amounted to $0.02 compared to loss
per share of $0.11 for the same period of last year.
- Adjusted net income was $0.8 million or $0.02 per share for the
three months ended December 31, 2017 compared to adjusted net
income of $1.6 million or $0.04 per share for the same period of
last year.
- EBITDA for the three months ended December 31, 2017 amounted to
$14.9 million. Reconciliations of Adjusted Net Income, EBITDA and
Adjusted EBITDA to Net Income are set forth below.
- An average of 50.9 vessels were owned by the Company during the
three months ended December 31, 2017, compared to 53.7 vessels for
the same period of 2016.
Twelve Months 2017 Results:
- Revenues for the twelve months ended December 31, 2017,
amounted to $154.3 million, an increase of $10.2 million, or 7.1%,
compared to revenues of $144.1 million for the twelve months ended
December 31, 2016, primarily due to improved market conditions and
improved operational utilization.
- Voyage expenses and vessels’ operating expenses for the twelve
months ended December 31, 2017 were $15.7 million and $59.4 million
respectively, compared to $15.4 million and $58.8 million for the
twelve months ended December 31, 2016. The $0.3 million increase in
voyage expenses was mainly due to the higher bunker prices
prevailing in 2017 compared to the same period of 2016. The $0.6
million increase in vessels’ operating expenses was mainly due to
increased maintenance costs for some vessels in the fleet.
- Drydocking Costs for the twelve months ended December 31, 2017
and 2016 were $3.5 million and $3.6 million, respectively,
representing the costs of 7 and 10 vessels drydocked in the
corresponding periods. In 2017 the Company faced increased
drydocking costs due to the trading areas of some of the vessels
due for drydock.
- Depreciation for the twelve months ended December 31, 2017, was
$38.9 million, a $0.2 million decrease from $39.1 million for the
same period of last year.
- Included in the 2017 results, were net losses from interest
rate derivative instruments of $0.4 million compared to net losses
of $0.8 million in the same period of last year. Interest paid on
interest rate swap arrangements amounted to $0.4 million compared
to $ 1.1 million in the same period of last year. In 2017, the
gains in change in fair value of the interest rate derivative
instruments was nil compared to gains of $0.3 million in the same
period of last year.
- The Company recorded an impairment loss of $6.5 million in 2017
for seven of its oldest vessels, four of which were sold in
2017.
- As a result of the above, the Company reported a net loss of
$1.2 million for the twelve months ended December 31, 2017,
compared to a net loss of $7.8 million for the twelve months ended
December 31, 2016. The weighted average number of shares
outstanding for the twelve months ended December 31, 2017 and 2016
was 39.8 million. Loss per share for the twelve months ended
December 31, 2017 amounted to $0.03, compared to loss per share of
$0.20 for the same period of last year.
- Adjusted net income was $5.4 million, or $0.14 per share, for
the twelve months ended December 31, 2017 compared to adjusted net
loss of $2.2 million, or $0.05 per share, for the same period of
last year.
- EBITDA for the twelve months ended December 31, 2017 amounted
to $54.5 million. Reconciliations of Adjusted Net (Loss)/Income,
EBITDA and Adjusted EBITDA to Net Loss are set forth below. An
average of 52.6 vessels were owned by the Company during the twelve
months ended December 31, 2017, compared to 53.4 vessels for the
same period of 2016.
- As of December 31, 2017, cash and cash equivalents amounted to
$51.8 million and total debt amounted to $384.9 million. During the
twelve months ended December 31, 2017 debt repayments amounted to
$56.3 million.
Fleet Update Since Previous
AnnouncementThe Company announced the following chartering
arrangements:
- A two year time charter for its
2018 built LPG carrier, the Eco Arctic, with a major trading house
until February 2020.
- A two year time charter for its
2018 built LPG carrier, the Eco Ice, with a major trading house
until February 2020.
- A three months’ time charter for
its 2017 built LPG carrier, the Eco Frost, to an oil major until
May 2018.
- A two months’ time charter for its
2008 built LPG carrier, the Gas Imperiale, to an international
trading house until April 2018.
- A three months’ consecutive voyage
charter for its 1995 built LPG carrier, the Gas Marathon, to an
international petrochemical company until June 2018.
- A six months’ consecutive voyage
charter extension for its 2001 built chartered-in LPG carrier, the
Gas Cathar, to an international petrochemical company until
December 2018.
- A three months’ consecutive voyage
charter extension for its 2001 built chartered-in LPG carrier, the
Gas Premiership, to an international petrochemical company until
October 2018.
- A six months’ consecutive voyage
charter extension for its 2015 built LPG carrier, the Eco Galaxy,
to an international petrochemical company until December 2018.
With these charters, the Company has contracted
revenues of approximately $196 million. Total anticipated voyage
days of our fleet are 65% covered for the remainder of
2018.
Board Chairman Michael Jolliffe
Commented
The fourth quarter of 2017 was mixed. On the one
hand we are pleased that our core market of small LPGs shows clear
signs of improvement, which should continue to leverage our
earnings. In this market we achieved an outstanding fleet
operational utilization of 97.2%. On the other hand the sale of
four of our older vessels and the weakening of the tanker market
affected our revenue growth, somewhat obscuring the improved
revenues for our core fleet. Nevertheless, excluding impairment
charges, our annual results demonstrated clear improvements both in
revenues and profitability. In addition with the delivery of our
two 22K semi ref newbuildings in January 2018, our asset base
increased to $ 1.1 billion.
We have numerous charters which commenced at the
beginning of 2018, and several vessels yet to fix, all of these in
a better market environment, reflecting the benefits of our
chartering policy.
In terms of strategy, we intend, in the upcoming
year, to take advantage of the positive market momentum of the
small LPG market. We will focus our efforts on capitalizing our
dynamic fleet of the past couple of years by placing strong
emphasis on taking advantage of the unique and improving supply and
demand fundamentals of our core segment. With assets currently
$1.1 billion, low gearing and capex of around $31.2
million of which equity is only $1 million – we are looking forward
to an exciting 2018.
Conference Call details:
On February 22, 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:
866-548-4713 (US Toll Free Dial In) or 0800 279 7204 (UK Toll Free
Dial In).Access Code:
5628899.
In case of any problems with the above numbers,
please dial+1 323-794-2093 (US Toll Dial In), +44 (0)330 336 9105
(Standard International Dial
In).
Access Code: 5628899 A telephonic replay of the conference
call will be available until March 1, 2018 by dialing +1
719-457-0820 (US Local Dial In), +44 (0) 207 660 0134 (UK
Local Dial In). Access Code: 5628899
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 54 vessels. The fleet comprises of 50 LPG
carriers, including two chartered in LPG vessels, with a total
capacity of 302,492 cubic meters (cbm) and three M.R. product
tankers and one Aframax oil tanker with a total capacity of 255,804
deadweight tons (dwt). The Company has agreed to acquire a further
1 LPG carrier with expected delivery in April 2018. Giving effect
to the delivery of these acquisitions, StealthGas Inc.’s fleet will
be composed of 51 operating LPG carriers with a total capacity of
324,492 cubic meters (cbm). 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 fourth quarters and twelve month periods
ended December 31, 2016 and December 31, 2017.
|
|
|
|
|
|
|
|
|
FLEET DATA |
Q4 2016 |
|
Q4 2017 |
|
12M 2016 |
|
12M 2017 |
|
Average number of
vessels (1) |
53.7 |
|
50.9 |
|
53.4 |
|
52.6 |
|
Period end number of
owned vessels in fleet |
53 |
|
50 |
|
53 |
|
50 |
|
Total calendar days for
fleet (2) |
5,123 |
|
4,870 |
|
20,275 |
|
19,917 |
|
Total voyage days for
fleet (3) |
5,078 |
|
4,822 |
|
19,999 |
|
19,717 |
|
Fleet utilization
(4) |
99.1 |
% |
99.0 |
% |
98.6 |
% |
99.0 |
% |
Total charter days for
fleet (5) |
4,307 |
|
4,231 |
|
15,831 |
|
16,772 |
|
Total spot market days
for fleet (6) |
771 |
|
591 |
|
4,168 |
|
2,945 |
|
Fleet operational
utilization (7) |
94.2 |
% |
97.2 |
% |
91.1 |
% |
96.2 |
% |
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
(loss)/income before loss on derivatives excluding net swap
interest paid, share based compensation, impairment loss and
(loss)/gain on sale of vessels. 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 on derivatives, excluding net swap interest paid, impairment
loss and (loss)/gain on sale of vessels. 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 and Adjusted
net income/(loss), 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. We also believe that EBITDA represents useful information
for investors regarding a company's ability to service and/or incur
indebtedness.
|
|
|
(Expressed in United States Dollars, except number of
shares) |
Fourth Quarter Ended December
31st, |
Twelve Months Period Ended December
31st, |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
Net
(Loss)/Income - Adjusted Net Income/(Loss) |
|
|
|
|
Net
(loss)/income |
(4,382,706 |
) |
748,305 |
|
(7,798,300 |
) |
(1,218,237 |
) |
Loss on
derivatives |
156,149 |
|
98,332 |
|
767,196 |
|
403,943 |
|
Less swap interest
paid |
(164,042 |
) |
(101,922 |
) |
(1,098,585 |
) |
(431,315 |
) |
Loss/(gain) on sale of
vessels, net |
175,364 |
|
4,521 |
|
(118,427 |
) |
77,314 |
|
Impairment loss |
5,735,086 |
|
-- |
|
5,735,086 |
|
6,461,273 |
|
Share based
compensation |
67,202 |
|
20,344 |
|
340,377 |
|
129,245 |
|
Adjusted Net
income/(loss) |
1,587,053 |
|
769,580 |
|
(2,172,653 |
) |
5,422,223 |
|
|
|
|
|
|
Net
(Loss)/Income – EBITDA |
|
|
|
|
Net
(loss)/income |
(4,382,706 |
) |
748,305 |
|
(7,798,300 |
) |
(1,218,237 |
) |
Plus interest and
finance costs incl. swap interest paid |
3,895,049 |
|
4,588,248 |
|
15,366,733 |
|
17,092,779 |
|
Less interest income
and other expenses |
(76,770 |
) |
(88,189 |
) |
(454,472 |
) |
(322,868 |
) |
Plus depreciation |
9,881,333 |
|
9,661,797 |
|
39,096,589 |
|
38,921,672 |
|
EBITDA |
9,316,906 |
|
14,910,161 |
|
46,210,550 |
|
54,473,346 |
|
|
|
|
|
|
Net
(Loss)/Income - Adjusted EBITDA |
|
|
|
|
Net (loss)/income |
(4,382,706 |
) |
748,305 |
|
(7,798,300 |
) |
(1,218,237 |
) |
Loss on
derivatives |
156,149 |
|
98,332 |
|
767,196 |
|
403,943 |
|
Loss/(gain) on sale of
vessels, net |
175,364 |
|
4,521 |
|
(118,427 |
) |
77,314 |
|
Impairment loss |
5,735,086 |
|
-- |
|
5,735,086 |
|
6,461,273 |
|
Share based
compensation |
67,202 |
|
20,344 |
|
340,377 |
|
129,245 |
|
Plus interest and
finance costs |
3,731,007 |
|
4,486,326 |
|
14,268,148 |
|
16,661,464 |
|
Less interest income
and other expenses |
(76,770 |
) |
(88,189 |
) |
(454,472 |
) |
(322,868 |
) |
Plus depreciation |
9,881,333 |
|
9,661,797 |
|
39,096,589 |
|
38,921,672 |
|
Adjusted
EBITDA |
15,286,665 |
|
14,931,436 |
|
51,836,197 |
|
61,113,806 |
|
|
|
|
|
|
EPS - Adjusted
EPS |
|
|
|
|
Net (loss)/income |
(4,382,706 |
) |
748,305 |
|
(7,798,300 |
) |
(1,218,237 |
) |
Adjusted net
income/(loss) |
1,587,053 |
|
769,580 |
|
(2,172,653 |
) |
5,422,223 |
|
Weighted average number
of shares |
39,770,911 |
|
39,828,589 |
|
39,824,038 |
|
39,809,364 |
|
EPS - Basic and
Diluted |
(0.11 |
) |
0.02 |
|
(0.20 |
) |
(0.03 |
) |
Adjusted
EPS |
0.04 |
|
0.02 |
|
(0.05 |
) |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc |
Unaudited Consolidated Statements of
Operations |
(Expressed in United States Dollars, except number of
shares) |
|
Fourth Quarter Ended December
31st, |
Twelve Months Period
Ended December 31st, |
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Revenues |
36,453,737 |
|
|
38,428,090 |
|
|
136,539,399 |
|
|
152,338,278 |
|
Revenues
- related party |
1,019,509 |
|
|
-- |
|
|
7,592,784 |
|
|
1,973,643 |
|
Total revenues |
37,473,246 |
|
|
38,428,090 |
|
|
144,132,183 |
|
|
154,311,921 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Voyage expenses |
3,249,859 |
|
|
3,444,751 |
|
|
13,618,025 |
|
|
13,804,032 |
|
Voyage expenses -
related party |
457,125 |
|
|
474,805 |
|
|
1,772,240 |
|
|
1,912,505 |
|
Charter hire
expenses |
967,942 |
|
|
886,988 |
|
|
4,054,387 |
|
|
3,524,770 |
|
Vessels' operating
expenses |
14,115,701 |
|
|
15,003,464 |
|
|
55,680,993 |
|
|
58,618,526 |
|
Vessels' operating
expenses - related party |
387,924 |
|
|
17,216 |
|
|
3,141,843 |
|
|
800,908 |
|
Drydocking costs |
445,001 |
|
|
989,258 |
|
|
3,613,230 |
|
|
3,529,047 |
|
Management fees -
related party |
1,851,150 |
|
|
1,737,080 |
|
|
7,346,180 |
|
|
7,205,490 |
|
General and
administrative expenses |
814,793 |
|
|
666,348 |
|
|
3,110,409 |
|
|
2,898,958 |
|
Depreciation |
9,881,333 |
|
|
9,661,797 |
|
|
39,096,589 |
|
|
38,921,672 |
|
Impairment loss |
5,735,086 |
|
|
-- |
|
|
5,735,086 |
|
|
6,461,273 |
|
Net loss/(gain) on sale
of vessels |
175,364 |
|
|
4,521 |
|
|
(118,427 |
) |
|
77,314 |
|
Other
operating costs |
-- |
|
|
275,000 |
|
|
-- |
|
|
1,058,863 |
|
Total expenses |
38,081,278 |
|
|
33,161,228 |
|
|
137,050,555 |
|
|
138,813,358 |
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations |
(608,032 |
) |
|
5,266,862 |
|
|
7,081,628 |
|
|
15,498,563 |
|
|
|
|
|
|
|
|
|
Other
(expenses)/income |
|
|
|
|
|
|
|
Interest and finance
costs |
(3,731,007 |
) |
|
(4,486,326 |
) |
|
(14,268,148 |
) |
|
(16,661,464 |
) |
Loss on
derivatives |
(156,149 |
) |
|
(98,332 |
) |
|
(767,196 |
) |
|
(403,943 |
) |
Interest income |
76,770 |
|
|
88,189 |
|
|
454,472 |
|
|
322,868 |
|
Foreign
exchange gain/(loss) |
35,712 |
|
|
(22,088 |
) |
|
(299,056 |
) |
|
25,739 |
|
Other expenses, net |
(3,774,674 |
) |
|
(4,518,557 |
) |
|
(14,879,928 |
) |
|
(16,716,800 |
) |
|
|
|
|
|
|
|
|
Net (loss)/income |
(4,382,706 |
) |
|
748,305 |
|
|
(7,798,300 |
) |
|
(1,218,237 |
) |
|
|
|
|
|
|
|
|
(Loss) /
Earnings per share |
|
|
|
|
|
|
|
- Basic and
diluted |
(0.11 |
) |
|
0.02 |
|
|
(0.20 |
) |
|
(0.03 |
) |
Weighted
average number of shares |
|
|
|
|
|
|
|
-Basic and diluted |
39,770,911 |
|
|
39,828,589 |
|
|
39,824,038 |
|
|
39,809,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc. |
Unaudited Consolidated Balance Sheets |
(Expressed in United States Dollars) |
|
|
|
|
|
December 31, |
|
|
|
|
|
2016 |
|
|
2017 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and
cash equivalents |
|
64,993,923 |
|
|
51,754,131 |
|
|
Receivables
from related party |
|
115,599 |
|
|
-- |
|
|
Trade and
other receivables |
|
3,918,031 |
|
|
3,853,992 |
|
|
Claims
receivable |
|
|
-- |
|
|
15,951 |
|
|
Inventories |
|
|
2,809,123 |
|
|
2,762,299 |
|
|
Advances
and prepayments |
|
1,278,357 |
|
|
1,221,029 |
|
|
Restricted cash |
|
|
3,363,012 |
|
|
3,231,323 |
|
Total current assets |
|
|
76,478,045 |
|
|
62,838,725 |
|
Non-current assets |
|
|
|
|
|
|
Advances
for vessels under construction and acquisitions |
55,785,801 |
|
|
61,577,818 |
|
|
Vessels,
net |
|
|
863,699,739 |
|
|
862,061,906 |
|
|
Other
receivables |
|
|
-- |
|
|
243,075 |
|
|
Restricted
cash |
|
|
5,174,710 |
|
|
7,917,738 |
|
|
Deferred
finance charges |
540,414 |
|
|
941,760 |
|
|
Fair
value of derivatives |
|
|
|
263,635 |
|
|
645,169 |
|
Total non-current assets |
|
925,464,299 |
|
|
933,387,466 |
|
Total assets |
|
|
1,001,942,344 |
|
|
996,226,191 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Payable to
related party |
|
7,890,933 |
|
|
14,209,624 |
|
|
Trade
accounts payable |
|
8,728,267 |
|
|
10,509,465 |
|
|
Accrued and
other liabilities |
|
5,299,479 |
|
|
5,880,479 |
|
|
Customer
deposits |
|
|
-- |
|
|
1,820,700 |
|
|
Deferred
income |
|
|
4,621,438 |
|
|
4,362,056 |
|
|
Deferred
income - related party |
|
232,774 |
|
|
-- |
|
|
Current portion of long-term debt |
|
54,593,715 |
|
|
41,966,607 |
|
Total current liabilities |
|
|
81,366,606 |
|
|
78,748,931 |
|
Non-current liabilities |
|
|
|
|
|
|
Fair value
of derivatives |
|
364,823 |
|
|
126,525 |
|
|
Customer
deposits |
|
|
2,556,700 |
|
|
736,000 |
|
|
Deferred
gain on sale and leaseback of vessels |
385,127 |
|
|
190,087 |
|
|
Deferred
income |
1,910 |
|
|
4,035 |
|
|
Long-term
debt |
|
|
343,291,874 |
|
|
342,941,841 |
|
Total non-current liabilities |
|
346,600,434 |
|
|
343,998,488 |
|
Total liabilities |
|
|
427,967,040 |
|
|
422,747,419 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Capital
stock |
442,850 |
|
|
442,850 |
|
|
Treasury
stock |
|
|
(22,523,528 |
) |
|
(22,523,528 |
) |
|
Additional
paid-in capital |
|
501,342,523 |
|
|
501,471,768 |
|
|
Retained
earnings |
|
|
94,688,024 |
|
|
93,469,787 |
|
|
Accumulated
other comprehensive income |
25,435 |
|
|
617,895 |
|
Total stockholders' equity |
|
573,975,304 |
|
|
573,478,772 |
|
Total liabilities and stockholders'
equity |
1,001,942,344 |
|
|
996,226,191 |
|
|
|
|
|
|
|
|
StealthGas Inc. |
Unaudited Consolidated Statements of Cash
Flows |
(Expressed in United States Dollars) |
|
|
|
|
|
December 31st, |
|
|
|
|
|
2016 |
|
|
2017 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
Net loss
for the year |
|
|
|
(7,798,300 |
) |
|
(1,218,237 |
) |
Adjustments to
reconcile net loss to net cash |
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
|
39,096,589 |
|
|
38,921,672 |
|
Amortization of deferred finance charges |
|
|
|
715,587 |
|
|
690,842 |
|
Amortization of deferred gain on sale and leaseback of vessels |
|
|
|
(195,574 |
) |
|
(195,040 |
) |
Share
based compensation |
|
|
|
340,377 |
|
|
129,245 |
|
Change in
fair value of derivatives |
|
|
|
(331,387 |
) |
|
(27,372 |
) |
Impairment loss |
|
|
|
5,735,086 |
|
|
6,461,273 |
|
(Gain)/loss on sale of vessels |
|
|
|
(118,427 |
) |
|
77,314 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
Trade and
other receivables |
|
|
|
825,838 |
|
|
(179,036 |
) |
Claims
receivable |
|
|
|
(610,810 |
) |
|
(235,705 |
) |
Inventories |
|
|
|
117,744 |
|
|
46,824 |
|
Advances
and prepayments |
|
|
|
(28,955 |
) |
|
57,328 |
|
Increase/(decrease) in |
|
|
|
|
|
|
Balances
with related parties |
|
|
|
(1,185,024 |
) |
|
6,434,290 |
|
Trade
accounts payable |
|
|
|
462,215 |
|
|
1,299,686 |
|
Accrued
liabilities |
|
|
|
(303,460 |
) |
|
581,000 |
|
Deferred
income |
|
|
|
(567,411 |
) |
|
(490,031 |
) |
Net cash
provided by operating activities |
|
|
|
36,154,088 |
|
|
52,354,053 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
Insurance
proceeds |
|
|
|
610,810 |
|
|
219,754 |
|
Vessels’
acquisitions and advances for vessels under construction |
|
|
|
(56,215,758 |
) |
|
(60,612,867 |
) |
Proceeds from sale of vessels, net |
|
|
|
1,530,177 |
|
|
11,479,936 |
|
Net cash used in investing activities |
|
|
|
(54,074,771 |
) |
|
(48,913,177 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
Stock
repurchase |
|
|
|
(2,070,306 |
) |
|
-- |
|
Deferred
finance charges paid |
|
|
|
(712,614 |
) |
|
(815,256 |
) |
Loan
repayments |
|
|
|
(55,630,352 |
) |
|
(56,254,073 |
) |
Proceeds from long-term debt |
|
|
|
31,200,000 |
|
|
43,000,000 |
|
Net cash used in financing activities |
|
|
|
(27,213,272 |
) |
|
(14,069,329 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash,
cash equivalents and restricted cash |
|
|
|
(45,133,955 |
) |
|
(10,628,453 |
) |
Cash,
cash equivalents and restricted cash at beginning of year |
|
|
|
118,665,600 |
|
|
73,531,645 |
|
Cash, cash equivalents and restricted cash at end of
year |
|
|
|
73,531,645 |
|
|
62,903,192 |
|
Cash
breakdown |
|
|
|
|
|
|
|
Cash and
cash equivalents |
64,993,923 |
|
51,754,131 |
|
Restricted cash, current |
3,363,012 |
|
3,231,323 |
|
Restricted cash, non-current |
5,174,710 |
|
7,917,738 |
|
Total cash, cash equivalents and restricted
cash shown in the statements of cash
flows |
73,531,645 |
|
62,903,192 |
|
|
|
|
|
|
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