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 ended September 30, 2019.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 98.0% in Q3 ’19 (96.1% in Q3 ’18)
due to more efficient presence in the spot market resulting in
reduced idle time.
- Fleet calendar days down 19% quarter on quarter to 4,045 days
attributed to our recent strategic fleet contraction.
- About 88% of fleet days secured on period charters for the
remainder of 2019, with total fleet employment days for all
subsequent periods generating approximately $138 million in
contracted revenues.
- Sale of our 5,000 cbm LPG vessel, the Gas Ethereal (2006 built)
on September 27, 2019, for further trading. With this sale the
average age of the StealthGas fleet has been reduced to 8.7
years.
- Voyage revenues of $36.6 million in Q3 ’19, a decrease of $6.1
million compared to Q3 ’18 following our strategic decision to
divest mostly older LPG units that led to the net reduction of our
average owned fleet by nine vessels.
- Daily Adjusted Average Charter Rate in Q3 19’ increased by
about 6.0% ($425) compared to the same period of last year, mostly
due to improved revenues stemming from our time charter contracts
as a result of higher market rates.
- About 21% quarter on quarter decrease in operating
expenses; a sharper percentage decline than voyage revenue
contraction for the same period, attributed to our fleet
contraction.
- Adjusted EBITDA of $14.7 million in Q3 ’19, compared to $16.4
million in Q3 ’18, a lower than expected figure, mostly due to
lower than anticipated revenue stemming from the Asian spot
market.
- Low gearing, as debt to assets stands at about 39% mostly due
to our intense repayment schedule while our net debt to assets
ratio is as low as 32%.
- Cash on hand of $66.1 million, an increase of about $1.6
million compared to year end 2018.
- Purchase of 0.4 million of GASS shares up to date, for an
aggregate consideration of $1.4 million, following the initiation
of a further stock repurchase program.
Third Quarter 2019 Results:
- Revenues for the three months ended September 30, 2019 amounted
to $36.6 million, a decrease of $6.1 million, or 14.3%, compared to
revenues of $42.7 million for the three months ended September 30,
2018, mainly as a result of the strategic reduction of our average
owned fleet by nine vessels, one less charter-in vessel and
relatively low revenue stemming from the Asian spot market.
- Voyage expenses and vessels’ operating expenses for the three
months ended September 30, 2019 were $4.9 million and $12.3 million
respectively, compared to $5.8 million and $15.6 million
respectively, for the three months ended September 30, 2018. The
$0.9 million decrease in voyage expenses was mainly attributed to a
21.3% quarter on quarter reduction of spot days. The 21.2% decrease
in vessels’ operating expenses compared to the same period of 2018,
is mainly attributed to the net reduction of our average owned
fleet by nine vessels. It is noted however that the reduction in
operating expenses was as a percentage far higher than the
reduction of our revenues attributed to our fleet decline.
- Drydocking costs for the three months ended September 30, 2019
and 2018 were $0.5 and $0.8 million, respectively. One drydocking
was completed during the third quarter of 2019, while in the same
period of 2018 the Company completed the drydocking of two LPG
vessels.
- General and Administrative expenses for the three months ended
September 30, 2019 amounted to $1.1 million compared to $0.6
million in the same period of last year. This increase is mostly
due to a $0.3 million one off charge pertaining to a legal
case.
- Depreciation for the three months ended September 30, 2019 was
$9.4 million, a $0.7 million decrease from $10.1 million for the
same period of last year due to the decrease of the average number
of our vessels.
- Impairment loss for the three months ended September 30, 2019
and 2018 were nil and $0.6 million, respectively.
- Interest and finance costs for the three months ended September
30, 2019 and 2018 were $5.1 million and $6.1 million respectively.
The $1.0 million decrease from the same period of last year is
mostly due to the decrease of our leverage and the decline of LIBOR
rates.
- As a result of the above, for the three months ended September
30, 2019, the Company reported a net loss of $0.2 million, compared
to a net loss of $0.8 million for the three months ended September
30, 2018. The weighted average number of shares for the three
months ended September 30, 2019 and September 30, 2018 was 39.8
million and 39.9 million, respectively. Loss per share, basic and
diluted, for the three months ended September 30, 2019 amounted to
$0.01 compared to loss per share of $0.02 for the same period of
last year.
- Adjusted net income was $0.4 million or $0.01 earnings per
share for the three months ended September 30, 2019 compared to
adjusted net income of $0.3 million or $0.01 earnings per share for
the same period of last year.
- EBITDA for the three months ended September 30, 2019 amounted
to $14.1 million. Reconciliations of Adjusted Net Income, EBITDA
and Adjusted EBITDA to Net Loss are set forth below.
- An average of 42.0 vessels were owned by the Company
during the three months ended September 30, 2019, compared to 51.3
vessels for the same period of 2018.
Nine months 2019 Results:
- Revenues for the nine months ended September 30, 2019, amounted
to $109.1 million, a decrease of $16.7 million, or 13.3%, compared
to revenues of $125.8 million for the nine months ended September
30, 2018, primarily due to the strategic decision to sell mostly
older small LPG vessels for further trading.
- Voyage expenses and vessels’ operating expenses for the nine
months ended September 30, 2019 were $12.9 million and $37.0
million, respectively, compared to $15.7 million and $45.8 million
for the nine months ended September 30, 2018. The $2.8 million
decrease in voyage expenses was mainly due to the 25% (or 687 days)
reduction of spot days. The $8.8 million decrease in vessels’
operating expenses, is due to the net reduction of the average
number of our owned fleet by 8.7 vessels.
- Drydocking costs for the nine months ended September 30, 2019
and 2018 were $0.7 million and $3.0 million, respectively. The
costs for the nine months ended September 30, 2019 mainly related
to the docking survey of one small LPG vessel and one drydocking of
a second LPG vessel, while the costs for the same period of last
year related to the drydocking of 6 vessels.
- Depreciation for the nine months ended September 30, 2019, was
$28.4 million, a $2.7 million decrease from $31.1 million for the
same period of last year, due to the net reduction of the average
number of our owned fleet.
- Impairment loss for the nine months months ended September 30,
2019 and 2018 were nil and $8.2 million, respectively.
- Interest and finance costs for the nine months ended September
30, 2019 and 2018 were $16.5 million and $17.3 million
respectively. The $0.8 million decrease from the same period of
last year, is mostly attributed to the decrease of our
leverage.
- As a result of the above, the Company reported a net income for
the nine months ended September 30, 2019 of $1.6 million, compared
to a net loss of $7.0 million for the nine months ended September
30, 2018. The weighted average number of shares for the nine months
ended September 30, 2019 and September 30, 2018 was 39.8 million
and 39.9 million, respectively. Earnings per share for the nine
months ended September 30, 2019 amounted to $0.04 compared to loss
per share of $0.17 for the same period of last year.
- Adjusted net income was $2.8 million, or $0.07 per share, for
the nine months ended September 30, 2019 compared to adjusted net
income of $1.9 million, or $0.05 per share, for the same period of
last year.
- EBITDA for the nine months ended September 30, 2019 amounted to
$45.8 million. Reconciliations of Adjusted Net Income, EBITDA and
Adjusted EBITDA to Net Income are set forth below.
- An average of 43.1 vessels were owned by the Company during the
nine months ended September 30, 2019, compared to 51.8 vessels for
the same period of 2018.
- As of September 30, 2019, cash and cash equivalents amounted to
$66.1 million and total debt amounted to $375.9 million. During the
nine months ended September 30, 2019 debt repayments amounted to
$87.3 million.
Fleet Update Since Previous
AnnouncementThe Company announced the conclusion of the
following thirteen chartering arrangements:
- A two year time charter extension for its 2017 built LPG
carrier, the Eco Frost, to an International Trading House until
February 2022.
- A two year time charter extension for its 2018 built LPG
carrier, the Eco Ice, to an International Trading House until
February 2022.
- A one year time charter extension for its 2014 built LPG
carrier, the Eco Invictus, to an Oil Major until November
2020.
- A one year time charter for its 2001 built LPG carrier, the Gas
Spirit, to an International LPG Trader until November 2020.
- A one year time charter extension for its 2015 built LPG
carrier, the Eco Galaxy, to an International LPG Trader until
December 2020.
- A nine months time charter extension for its 2015 built LPG
carrier, the Eco Enigma, to an International Trading House until
July 2020.
- A six months time charter for its 2015 built LPG carrier, the
Eco Nemesis, to an Oil Major until March 2020.
- A six months time charter extension for its 2016 built LPG
carrier, the Eco Dominator, to an International Trading House until
May 2020.
- A six months time charter extension for its 2016 built LPG
carrier, the Eco Nical, to an Oil Major until June 2020.
- A six months time charter for its 2011 built LPG carrier, the
Gas Cerberus, to an Oil Major until June 2020.
- A six months time charter for its 2011 built LPG carrier, the
Gas Elixir, to an International Trading House until June 2020.
- A four months time charter for its 2003 built LPG carrier, the
Gas Prodigy, to an International LPG Trader until December
2019.
- A three months bareboat charter extension for its 2012 built
LPG carrier, the Gas Esco, to a State Owned Shipping Company until
March 2020.
With these charters, the Company has total
contracted revenues of approximately $138 million. Total
anticipated voyage days of our fleet is 88% covered for the
remainder of 2019 and 53% for 2020.
Board Chairman Michael Jolliffe
Commented
Our performance in the third quarter of the year
improved to an optimal level in terms of fleet efficiency, as
reflected in our operational utilization of 98%. Although we
managed to contain our operating costs at moderate levels, the
persistently weak earnings stemming from the Asian spot market did
not allow us to enjoy a profitable quarter.
We feel, however, that should market conditions
improve as they seem to have based on the thirteen period charters
and charter extensions we managed to conclude during the past
couple of months, our profitability will be enhanced. Indeed, rates
for all of our newly concluded charters in each of our operating
segments are at higher levels. We have 53% of our fleet days
secured for 2020 with $138 million of secured revenues for all
subsequent periods; therefore, there is plenty of upside
potential.
The intensification of period charter activity
during the past couple of months may be a positive sign that the
market situation is in fact turning, including in Asia, and we are
eager and well positioned to take advantage of this
opportunity.
Conference Call details:
On November 21, 2019 at 11:00 am ET, the
company’s management will host a conference call to discuss the
results and the company’s operations and outlook.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free
Dial In).Access Code: 5268989
In case of any problems with the above numbers,
please dial +1 646 7871 022 (US Toll Dial In), +44
(0) 2038 214342 (Standard International Dial
In).
Access Code:
5268989
A telephonic replay of the conference call will
be available until November 28, 2019 by dialing +1 (866) 331-1332
(US Local Dial In), +44 (0) 8445718951 (UK Local Dial In). Access
Code: 5268989
Slides and audio webcast:
There will also be a live and then archived
webcast of the conference call, through the STEALTHGAS INC. website
(www.stealthgas.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company
primarily serving the liquefied petroleum gas (LPG) sector of the
international shipping industry. StealthGas Inc. currently
has a fleet of 49 vessels. The fleet comprises of 45 LPG carriers,
including two chartered in LPG vessels, five Joint Venture vessels
and an 11,000 cbm newbuilding pressurized LPG carrier with expected
delivery in 2021. These LPG vessels have a total capacity of
342,099 cubic meters (cbm).The Company also owns 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 periods ended September 30, 2018 and
September 30, 2019. |
|
|
|
FLEET DATA |
Q3 2018 |
|
Q3 2019 |
|
9M 2018 |
|
9M 2019 |
|
| Average number of vessels
(1) |
51.3 |
|
42.0 |
|
51.8 |
|
43.1 |
|
| Period end number of owned
vessels in fleet |
49 |
|
41 |
|
49 |
|
41 |
|
| Total calendar days for fleet
(2) |
4,994 |
|
4,045 |
|
14,859 |
|
12,376 |
|
| Total voyage days for fleet
(3) |
4,944 |
|
4,005 |
|
14,700 |
|
12,321 |
|
| Fleet utilization (4) |
99.0 |
% |
99.0 |
% |
98.9 |
% |
99.6 |
% |
| Total charter days for fleet
(5) |
3,993 |
|
3,257 |
|
11,934 |
|
10,242 |
|
| Total spot market days for
fleet (6) |
951 |
|
748 |
|
2,766 |
|
2,079 |
|
| Fleet operational utilization
(7) |
96.1 |
% |
98.0 |
% |
95.8 |
% |
97.4 |
% |
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,
EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net (loss)/income before
(gain)/loss on derivatives excluding swap interest received/(paid),
share based compensation, net loss on sale of vessels, gain on
deconsolidation of subsidiaries and impairment loss. EBITDA
represents net (loss)/income before interest and finance costs,
interest income and depreciation. Adjusted EBITDA represents EBITDA
before share based compensation, (gain)/loss on derivatives, net
loss on sale of vessels, gain on deconsolidation of subsidiaries
and impairment loss. Adjusted EPS represents Adjusted net income
divided by the weighted average number of shares. 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 Ended September 30th, |
Nine Months Period Ended September 30th, |
|
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
| Net (Loss)/Income -
Adjusted Net Income |
|
|
|
|
|
|
|
|
| Net
(loss)/income |
(787,292 |
) |
(227,767 |
) |
(6,958,345 |
) |
1,561,843 |
|
| Plus (gain)/loss on
derivatives |
(19,684 |
) |
(14,389 |
) |
18,102 |
|
126,402 |
|
| Less swap interest
received/(paid) |
20,311 |
|
52,100 |
|
(61,428 |
) |
132,052 |
|
| Less net loss on sale of
vessels |
544,446 |
|
492,989 |
|
763,925 |
|
485,516 |
|
| Less gain on deconsolidation
of subsidiaries |
-- |
|
-- |
|
-- |
|
(145,000 |
) |
| Plus impairment loss |
567,587 |
|
-- |
|
8,161,964 |
|
-- |
|
| Plus share based
compensation |
-- |
|
140,548 |
|
-- |
|
611,644 |
|
| Adjusted Net
Income |
325,368 |
|
443,481 |
|
1,924,218 |
|
2,772,457 |
|
| |
|
|
|
|
|
|
|
|
| Net (loss)/income -
EBITDA |
|
|
|
|
|
|
|
|
| Net
(loss)/income |
(787,292 |
) |
(227,767 |
) |
(6,958,345 |
) |
1,561,843 |
|
| Plus interest and finance
costs |
6,099,122 |
|
5,123,454 |
|
17,277,218 |
|
16,506,372 |
|
| Less interest income |
(180,270 |
) |
(226,577 |
) |
(408,893 |
) |
(675,156 |
) |
| Plus depreciation |
10,139,858 |
|
9,423,444 |
|
31,123,799 |
|
28,371,811 |
|
| EBITDA |
15,271,418 |
|
14,092,554 |
|
41,033,779 |
|
45,764,870 |
|
| |
|
|
|
|
|
|
|
|
| Net (loss)/income -
Adjusted EBITDA |
|
|
|
|
|
|
|
|
| Net (loss)/income |
(787,292 |
) |
(227,767 |
) |
(6,958,345 |
) |
1,561,843 |
|
| Plus (gain)/loss on
derivatives |
(19,684 |
) |
(14,389 |
) |
18,102 |
|
126,402 |
|
| Plus net loss on sale of
vessels |
544,446 |
|
492,989 |
|
763,925 |
|
485,516 |
|
| Less gain on deconsolidation
of subsidiaries |
-- |
|
-- |
|
-- |
|
(145,000 |
) |
| Plus impairment loss |
567,587 |
|
-- |
|
8,161,964 |
|
-- |
|
| Plus share based
compensation |
-- |
|
140,548 |
|
-- |
|
611,644 |
|
| Plus interest and finance
costs |
6,099,122 |
|
5,123,454 |
|
17,277,218 |
|
16,506,372 |
|
| Less interest income |
(180,270 |
) |
(226,577 |
) |
(408,893 |
) |
(675,156 |
) |
| Plus depreciation |
10,139,858 |
|
9,423,444 |
|
31,123,799 |
|
28,371,811 |
|
| Adjusted
EBITDA |
16,363,767 |
|
14,711,702 |
|
49,977,770 |
|
46,843,432 |
|
| |
|
|
|
|
|
|
|
|
| EPS - Adjusted
EPS |
|
|
|
|
|
|
|
|
| Net (loss)/income |
(787,292 |
) |
(227,767 |
) |
(6,958,345 |
) |
1,561,843 |
|
| Adjusted net income |
325,368 |
|
443,481 |
|
1,924,218 |
|
2,772,457 |
|
| Weighted average number of
shares |
39,860,563 |
|
39,792,047 |
|
39,860,563 |
|
39,830,876 |
|
| EPS - Basic and
Diluted |
(0.02 |
) |
(0.01 |
) |
(0.17 |
) |
0.04 |
|
| Adjusted
EPS |
0.01 |
|
0.01 |
|
0.05 |
|
0.07 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
StealthGas Inc.*Unaudited Consolidated
Statements of Operations(Expressed in United
States Dollars, except for number of shares)
|
|
|
|
Quarters Ended September 30, |
|
Nine Month Periods Ended September 30, |
|
|
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
|
42,724,098 |
|
|
36,568,295 |
|
|
125,800,443 |
|
|
109,094,614 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Voyage expenses |
|
5,263,514 |
|
|
4,475,319 |
|
|
14,141,821 |
|
|
11,524,998 |
|
| |
Voyage expenses - related
party |
|
530,458 |
|
|
454,950 |
|
|
1,550,958 |
|
|
1,355,178 |
|
| |
Charter hire expenses |
|
1,765,756 |
|
|
1,469,915 |
|
|
4,411,162 |
|
|
5,034,969 |
|
| |
Vessels' operating
expenses |
|
15,419,010 |
|
|
12,083,979 |
|
|
45,564,128 |
|
|
36,271,225 |
|
| |
Vessels' operating expenses -
related party |
|
143,500 |
|
|
238,000 |
|
|
265,500 |
|
|
726,500 |
|
| |
Drydocking costs |
|
818,634 |
|
|
548,393 |
|
|
2,975,682 |
|
|
734,017 |
|
| |
Management fees - related
party |
|
1,796,365 |
|
|
1,432,040 |
|
|
5,349,465 |
|
|
4,346,720 |
|
| |
General and administrative
expenses |
|
587,513 |
|
|
1,079,027 |
|
|
2,005,353 |
|
|
3,103,635 |
|
| |
Depreciation |
|
10,139,858 |
|
|
9,423,444 |
|
|
31,123,799 |
|
|
28,371,811 |
|
| |
Impairment loss |
|
567,587 |
|
|
-- |
|
|
8,161,964 |
|
|
-- |
|
| |
Net loss on sale of
vessels |
|
544,446 |
|
|
492,989 |
|
|
763,925 |
|
|
485,516 |
|
| |
Other operating income |
|
-- |
|
|
-- |
|
|
(549,804 |
) |
|
-- |
|
|
Total expenses |
|
37,576,641 |
|
|
31,698,056 |
|
|
115,763,953 |
|
|
91,954,569 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
5,147,457 |
|
|
4,870,239 |
|
|
10,036,490 |
|
|
17,140,045 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
(expenses)/income |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest and finance
costs |
|
(6,099,122 |
) |
|
(5,123,454 |
) |
|
(17,277,218 |
) |
|
(16,506,372 |
) |
| |
Gain on deconsolidation of
subsidiaries |
|
-- |
|
|
-- |
|
|
-- |
|
|
145,000 |
|
| |
Gain/(loss) on
derivatives |
|
19,684 |
|
|
14,389 |
|
|
(18,102 |
) |
|
(126,402 |
) |
| |
Interest income |
|
180,270 |
|
|
226,577 |
|
|
408,893 |
|
|
675,156 |
|
| |
Foreign exchange loss |
|
(35,581 |
) |
|
(9,500 |
) |
|
(108,408 |
) |
|
(19,057 |
) |
|
Other expenses, net |
|
(5,934,749 |
) |
|
(4,891,988 |
) |
|
(16,994,835 |
) |
|
(15,831,675 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income before equity in income of
investees |
|
(787,292 |
) |
|
(21,749 |
) |
|
(6,958,345 |
) |
|
1,308,370 |
|
| Equity
(loss)/gain in unconsolidated joint ventures |
|
-- |
|
|
(206,018 |
) |
|
-- |
|
|
253,473 |
|
|
Net (Loss)/Income |
|
(787,292 |
) |
|
(227,767 |
) |
|
(6,958,345 |
) |
|
1,561,843 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
| - Basic &
Diluted |
|
(0.02 |
) |
|
(0.01 |
) |
|
(0.17 |
) |
|
0.04 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average number of shares |
|
|
|
|
|
|
|
|
|
|
|
|
| - Basic &
Diluted |
|
39,860,563 |
|
|
39,792,047 |
|
|
39,860,563 |
|
|
39,830,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
* As of January 1, 2019, we adopted ASU No. 2016-02, "Leases,"
as amended ("ASC 842") using the modified retrospective transition
method of adoption. Under this method, the cumulative effect of
applying the new lease standard is recorded with no restatement of
any comparative prior periods presented. As a result, prior periods
as reported by the Company have not been impacted by the adoption.
The adoption of ASC 842 resulted in the recognition of operating
lease right-of-use assets of $1.9 million and related lease
liabilities for operating leases of $1.9 million as of January
1, 2019 and operating lease right-of-use assets of $0.9 million and
lease liabilities for operating leases of $0.9 million as
of September 30, 2019, in Total Assets and Total Liabilities,
respectively, on our Consolidated Balance Sheets.
| StealthGas
Inc. |
| Unaudited
Consolidated Balance Sheets |
| (Expressed
in United States Dollars) |
|
|
|
|
December 31, |
|
September 30, |
|
|
|
|
2018 |
|
2019 |
| |
|
|
|
|
|
|
Assets |
|
|
|
|
| Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
64,498,442 |
|
|
66,147,291 |
|
| |
Receivables from related
parties |
|
-- |
|
|
1,821,120 |
|
| |
Trade and other
receivables |
|
2,888,496 |
|
|
3,191,553 |
|
| |
Other current assets |
|
134,301 |
|
|
56,630 |
|
| |
Claims receivable |
|
-- |
|
|
624,539 |
|
| |
Inventories |
|
2,346,723 |
|
|
1,982,819 |
|
| |
Advances and prepayments |
|
1,089,539 |
|
|
866,814 |
|
| |
Restricted cash |
|
3,002,490 |
|
|
1,218,712 |
|
|
|
Assets held for sale |
|
64,906,448 |
|
|
-- |
|
|
|
Fair
value of derivatives |
|
-- |
|
|
9,221 |
|
|
Total current assets |
|
138,866,439 |
|
|
75,918,699 |
|
| |
|
|
|
|
|
| Non
current assets |
|
|
|
|
| |
Advances for vessel under
construction |
|
-- |
|
|
2,948,303 |
|
| |
Operating lease right-of-use
assets |
|
-- |
|
|
874,632 |
|
| |
Vessels, net |
|
884,748,691 |
|
|
845,468,240 |
|
| |
Other receivables |
|
108,930 |
|
|
14,977 |
|
| |
Restricted cash |
|
11,930,059 |
|
|
12,193,439 |
|
| |
Investments in unconsolidated
joint ventures |
|
-- |
|
|
24,265,451 |
|
|
|
Fair
value of derivatives |
|
1,068,369 |
|
|
84,623 |
|
|
Total non current assets |
|
897,856,049 |
|
|
885,849,665 |
|
|
Total assets |
|
1,036,722,488 |
|
|
961,768,364 |
|
| |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
| Current
liabilities |
|
|
|
|
| |
Payable to related
parties |
|
7,930,642 |
|
|
2,604,223 |
|
| |
Trade accounts payable |
|
10,349,358 |
|
|
9,649,636 |
|
| |
Accrued and other
liabilities |
|
6,879,488 |
|
|
6,077,092 |
|
| |
Operating lease
liabilities |
|
-- |
|
|
849,057 |
|
| |
Customer deposits |
|
1,336,000 |
|
|
968,000 |
|
| |
Deferred income |
|
5,191,654 |
|
|
3,579,700 |
|
| |
Fair value of derivatives |
|
-- |
|
|
50,166 |
|
| |
Current portion of long-term
debt |
|
41,726,837 |
|
|
40,713,898 |
|
|
|
Current
portion of long-term debt associated with vessels held for
sale |
|
30,076,356 |
|
|
-- |
|
|
Total current liabilities |
|
103,490,335 |
|
|
64,491,772 |
|
| |
|
|
|
|
|
| Non
current liabilities |
|
|
|
|
| |
Fair value of derivatives |
|
465,389 |
|
|
3,232,902 |
|
| |
Operating lease
liabilities |
|
-- |
|
|
25,575 |
|
|
|
Long-term debt |
|
371,514,253 |
|
|
335,172,721 |
|
|
Total non current liabilities |
|
371,979,642 |
|
|
338,431,198 |
|
|
Total liabilities |
|
475,469,977 |
|
|
402,922,970 |
|
| |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
| |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
| |
Capital stock |
|
445,496 |
|
|
445,496 |
|
| |
Treasury stock |
|
(22,523,528 |
) |
|
(23,570,382 |
) |
| |
Additional paid-in
capital |
|
501,807,478 |
|
|
502,419,122 |
|
| |
Retained earnings |
|
80,849,086 |
|
|
82,410,929 |
|
|
|
Accumulated other comprehensive income/(loss) |
|
673,979 |
|
|
(2,859,771 |
) |
|
Total stockholders' equity |
|
561,252,511 |
|
|
558,845,394 |
|
|
Total liabilities and stockholders' equity |
|
1,036,722,488 |
|
|
961,768,364 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
StealthGas Inc.Unaudited Consolidated
Statements of Cash Flows(Expressed in United
States Dollars)
|
|
|
|
Nine Month Periods Ended September 30, |
|
|
|
|
2018 |
|
2019 |
| Cash flows
from operating activities |
|
|
|
|
|
|
Net (loss)/income for the period |
|
(6,958,345 |
) |
|
1,561,843 |
|
|
Adjustments to reconcile net (loss)/income to net
cash |
|
|
|
|
|
provided by operating activities: |
|
|
|
|
| |
Depreciation |
|
31,123,799 |
|
|
28,371,811 |
|
| |
Amortization of deferred
finance charges |
|
659,472 |
|
|
704,265 |
|
| |
Amortization of deferred gain
on sale and leaseback of vessels |
|
(145,880 |
) |
|
-- |
|
| |
Amortization of operating
lease right-of-use assets |
|
-- |
|
|
1,171,221 |
|
| |
Share based compensation |
|
-- |
|
|
611,644 |
|
| |
Change in fair value of
derivatives |
|
(43,326 |
) |
|
258,454 |
|
| |
Equity earnings in
unconsolidated joint ventures |
|
-- |
|
|
(253,473 |
) |
| |
Impairment loss |
|
8,161,964 |
|
|
-- |
|
| |
Loss on sale of vessels |
|
763,925 |
|
|
485,516 |
|
| |
Gain on deconsolidation of
subsidiaries |
|
-- |
|
|
(145,000 |
) |
| Changes in
operating assets and liabilities: |
|
|
|
|
| |
(Increase)/decrease
in |
|
|
|
|
| |
Trade and other
receivables |
|
(1,037,553 |
) |
|
(209,104 |
) |
| |
Other current assets |
|
159,363 |
|
|
77,671 |
|
| |
Claims receivable |
|
15,951 |
|
|
(1,307,764 |
) |
| |
Inventories |
|
(1,905,970 |
) |
|
1,082,352 |
|
| |
Changes in operating lease
liabilities |
|
-- |
|
|
(1,171,221 |
) |
| |
Advances and prepayments |
|
(263,499 |
) |
|
222,725 |
|
| |
Increase/(decrease)
in |
|
|
|
|
| |
Balances with related
parties |
|
(5,333,993 |
) |
|
(8,909,006 |
) |
| |
Trade accounts payable |
|
3,659,191 |
|
|
(699,722 |
) |
| |
Accrued liabilities |
|
541,728 |
|
|
(142,396 |
) |
|
|
Deferred income |
|
543,667 |
|
|
(1,611,954 |
) |
|
Net cash provided by operating activities |
|
29,940,494 |
|
|
20,097,862 |
|
| Cash flows
from investing activities |
|
|
|
|
| |
Insurance proceeds |
|
-- |
|
|
683,225 |
|
| |
Proceeds from sale of
interests in subsidiaries |
|
-- |
|
|
20,720,975 |
|
| |
Vessels’ acquisitions and
advances for vessels under construction |
|
(108,185,418 |
) |
|
(2,948,303 |
) |
| |
Proceeds from sale of vessels,
net |
|
26,568,375 |
|
|
18,721,124 |
|
| |
Investment in unconsolidated
joint ventures |
|
-- |
|
|
(10,220,400 |
) |
|
|
Dividends received from
unconsolidated joint ventures |
|
-- |
|
|
7,363,147 |
|
| |
Cash paid to unconsolidated
joint ventures |
|
-- |
|
|
(2,908,354 |
) |
|
|
Cash
received from unconsolidated joint ventures |
|
-- |
|
|
1,714,898 |
|
|
Net cash (used in)/provided by investing
activities |
|
(81,617,043 |
) |
|
33,126,312 |
|
| Cash flows
from financing activities |
|
|
|
|
| |
Stock repurchase |
|
-- |
|
|
(1,046,854 |
) |
| |
Deferred finance charges |
|
(444,330 |
) |
|
(477,201 |
) |
|
|
Cash received from
unconsolidated joint ventures |
|
-- |
|
|
2,604,223 |
|
| |
Customer deposits paid |
|
(1,220,700 |
) |
|
(368,000 |
) |
| |
Loan repayments |
|
(45,159,945 |
) |
|
(87,287,891 |
) |
| |
Proceeds from long-term
debt |
|
115,712,500 |
|
|
33,480,000 |
|
|
Net cash provided by/(used in) financing
activities |
|
68,887,525 |
|
|
(53,095,723 |
) |
| |
Net increase in cash, cash
equivalents and restricted cash |
|
17,210,976 |
|
|
128,451 |
|
|
|
Cash,
cash equivalents and restricted cash at beginning of year |
|
62,903,192 |
|
|
79,430,991 |
|
|
Cash, cash equivalents and restricted cash at end of
year |
|
80,114,168 |
|
|
79,559,442 |
|
| Cash
breakdown |
|
|
|
|
| |
Cash and cash equivalents |
|
64,792,513 |
|
|
66,147,291 |
|
| |
Restricted cash, current |
|
2,901,924 |
|
|
1,218,712 |
|
|
|
Restricted cash, non current |
|
12,419,731 |
|
|
12,193,439 |
|
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
|
80,114,168 |
|
|
79,559,442 |
|
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