STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily
serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited
financial and operating results for the second quarter and six
months ended June 30, 2020.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet utilization of 99.7% in Q2
’20 - with only 11 days of technical off hire.
- Fleet operational utilization of
97.1% in Q2 ’20, mainly due to few of our ships being in the spot
market - equivalent to 10.8% of voyage days.
- Fleet calendar days down 6.5%
quarter over quarter to 3,743, attributed to our strategic fleet
contraction.
- About 71% of fleet days are secured
on period charters for the remainder of 2020, with total fleet
employment days for all subsequent periods representing
approximately $112 million in contracted revenues. Period coverage
for 2021 is currently 32%.
- Voyage revenues of $36.3 million in
Q2 ’20, an increase of $2.2 million compared to Q2 ’19 mostly due
to the sharp rise (20%) of revenues stemming from our time charters
and reduced presence in the spot market by 48% which were partly
offset by the fewer chartered-in vessels.
- Net Income of $8.9 million for Q2
’20, corresponding to an EPS of $0.23, our best quarterly
performance since the first quarter of 2013.
- EBITDA of $21.8 million in Q2 ’20,
compared to $14.6 million in Q2 ’19.
- Low gearing, as debt to assets
stands at 37.7% and quarter over quarter reduction in finance costs
by $1.7 million.
- Total cash of $51.5 million as of
June 30, 2020 - following the cash utilization for the acquisition
of two new small LPG vessels from affiliates. The first vessel was
delivered in June 2020 while the second vessel will be delivered in
September 2020.
Second Quarter 2020
Results:
- Revenues for the three months ended
June 30, 2020 amounted to $36.3 million, an increase of $2.2
million, or 6.5%, compared to revenues of $34.1 million for the
three months ended June 30, 2019, following a noticeable rise - 20%
- of our time charter revenues stemming mainly from small LPGs and
our 22,000 cbm semi-refrigerated vessels, due to higher rates
compared to 2019, along with limited exposure in the spot market
which was quite soft mostly due to the COVID-19 pandemic.
- Voyage expenses and vessels’
operating expenses for the three months ended June 30, 2020 were
$2.1 million and $11.6 million respectively, compared to $4.1
million and $11.8 million respectively, for the three months ended
June 30, 2019. The $2.0 million decrease in voyage expenses was
mainly attributed to a 47.5% quarter-on-quarter reduction of spot
days in conjunction with a noticeable decrease in bunker
costs. The 1.7% decrease in vessels’ operating expenses compared to
the same period of 2019, is a result of the decline of our time
charter and spot days, for which we incur operating expenses, by
6.5% compared to the same period of last year.
- General and Administrative expenses
for the three months ended June 30, 2020 amounted to $0.5 million
compared to $0.9 million for the same period of last year. This
decrease is mainly attributed to the fact that for the three months
ended June 30, 2019 share based compensation expense of $0.2
million was incurred, which was not the case for the three months
ended June 30, 2020 since all the shares awarded under our equity
compensation plan vested in August 2019.
- Depreciation for the three months
ended June 30, 2020 was $9.2 million, a $0.3 million decrease from
$9.5 million for the same period of last year due to the decrease
in the average number of our vessels.
- Impairment loss for the three
months ended June 30, 2020 was $0.7 million relating to two of our
oldest vessels. No such loss was recorded in the same period of
last year.
- Interest and finance costs for the
three months ended June 30, 2020 and 2019 were $3.7 million and
$5.4 million, respectively. The $1.7 million decrease from the same
period of last year is mostly due to the decline of LIBOR rates and
the decrease of our indebtedness.
- Equity income in joint ventures for
the three months ended June 30, 2020 and 2019 was $1.9 million and
$0.3 million respectively. The $1.6 million increase from the same
period of last year, is mainly due to the profitability of the
three secondhand (2010 built) 35,000 cbm medium gas carriers which
operate under a joint venture arrangement since Q1 ‘20.
- As a result of the above, for the
three months ended June 30, 2020, the Company reported Net income
of $8.9 million, compared to a net loss of $0.2 million for the
three months ended June 30, 2019. The weighted average number of
shares outstanding for the three months ended June 30, 2020 and
2019 was 38.3 million and 39.8 million, respectively.
- Earnings per share, basic and
diluted, for the three months ended June 30, 2020 amounted to $0.23
compared to loss per share of $0.005 for the same period of last
year.
- Adjusted net income was $9.5
million or $0.25 earnings per share for the three months ended June
30, 2020 compared to adjusted net income of $0.2 million or $0.01
earnings per share for the same period of last year.
- EBITDA for the three months ended
June 30, 2020 amounted to $21.8 million compared to EBITDA of $14.6
million for the three months ended June 30, 2019. Reconciliations
of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net
(Loss)/Income are set forth below.
- An average of 41.1 vessels were
owned by the Company during the three months ended June 30, 2020,
compared to 42.0 vessels for the same period of 2019.
Six Months 2020 Results:
- Revenues for the six months ended
June 30, 2020, amounted to $70.6 million, a decrease of $1.9
million, or 2.6%, compared to revenues of $72.5 million for the six
months ended June 30, 2019, primarily due to the reduction of our
calendar days by 9.3% as a result of the decrease in the average
number of our vessels by 2.6 vessels, along with fewer charter-in
vessels.
- Voyage expenses and vessels’
operating expenses for the six months ended June 30, 2020 were $4.9
million and $24.8 million, respectively, compared to $7.9 million
and $24.7 million for the six months ended June 30, 2019. The $3.0
million decrease in voyage expenses was mainly due to the 45.7% (or
608 days) reduction of spot days. The $0.1 million increase in
vessels’ operating expenses is mostly due to the unforseen
technical damage of one vessel which occurred within the first
quarter of 2020.
- Depreciation for the six months
ended June 30, 2020, was $18.6 million, a $0.3 million decrease
from $18.9 million for the same period of last year, due to the
decrease in the average number of our vessels.
- Impairment loss for the six months
ended June 30, 2020 was $0.7 million relating to two of its oldest
vessels. No such loss was recorded in the same period of last
year.
- Interest and finance costs for the
six months ended June 30, 2020 and 2019 were $7.9 million and $11.4
million respectively. The $3.5 million decrease from the same
period of last year, is mostly due to the decline of LIBOR rates
particularly in the second quarter of 2020, along with the decrease
of our indebtedness.
- Equity income in joint ventures for
the six months ended June 30, 2020 and 2019 was $2.5 million and
$0.5 million respectively. The $2.0 million increase from the same
period of last year, is mainly due to the profitability of the
three secondhand (2010 built) 35,000 cbm medium gas carriers which
operate under a joint venture arrangement since Q1 ‘20.
- As a result of the above, the
Company reported a net income for the six months ended June 30,
2020 of $11.9 million, compared to a net income of $1.8 million for
the six months ended June 30, 2019. The weighted average number of
shares outstanding for the six months ended June 30, 2020 and 2019
was 38.9 million and 39.9 million respectively. Earnings per share
for the six months ended June 30, 2020 amounted to $0.31 compared
to earnings per share of $0.04 for the same period of last
year.
- Adjusted net income was $12.6
million, or $0.32 per share, for the six months ended June 30, 2020
compared to adjusted net income of $2.3 million, or $0.06 per
share, for the same period of last year.
- EBITDA for the six months ended
June 30, 2020 amounted to $38.3 million compared to EBITDA of $31.7
million for the six months ended June 30, 2019. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below. An average of 41.1 vessels were owned by the
Company during the six months ended June 30, 2020, compared to 43.7
vessels for the same period of 2019.
- As of June 30, 2020, cash and cash
equivalents amounted to $36.6 million and total debt amounted to
$357.1 million. During the six months ended June 30, 2020 debt
repayments amounted to $20.7 million.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following five chartering arrangements:
- A one year time charter for its
2018 built 22,000 cbm semi-refrigerated vessel, the Eco Arctic, to
an International LPG trader until September 2021.
- A six months time charter for
its 2020 built LPG carrier, the Eco Texiana, to an
International LPG Trader until December 2020.
- A six months time charter for
its 2012 built LPG carrier, the Gas Esco, to an International
LPG Trader until December 2020.
- A three months time charter
extension for its 2018 built semi-refrigerated vessel, the Eco
Freeze, to an International LPG Trader until September 2020.
- A three months time charter for
its 2016 built LPG carrier, the Eco Nical, to an International
LPG Trader until September 2020.
With these charters, the Company has total contracted revenues
of approximately $112 million. Total anticipated voyage days of our
fleet is 71% covered for the remainder of 2020 and currently,
32% for 2021.
Including the time charters of our JV arrangements, total
contracted revenues amount to $133 million.
Board Chairman Michael Jolliffe
Commented
In spite of the global turmoil the COVID-19
pandemic has brought on, StealthGas exerted a very strong
performance in the second quarter of 2020 - marking the best
quarterly results we have seen over the last seven years. The
pillars of our success were principally our strong period coverage
secured ahead of the imposed lockdowns, our stable operating cost
base and the lowering of our finance costs.Our conservative
strategy of striving to secure our fleet on period charters paid
off in that we had concluded several period charters at competitive
rates prior to the COVID-19 pandemic outbreak and hence were
shielded from any market deterioration while at the same time
managed to improve largely upon our profitability.We proved that we
have a strong fleet, solid financial position and efficient
strategy, which instills us with confidence in this uncertain
market we are facing. Our performance was also a proof against our
share price levels, which we deem as an unfair reflection of
StealthGas’s dynamics.Going forward we will strategically navigate
the tides of the COVID-19 pandemic, pursuing the best course of
action amidst what may prove to be difficult market conditions.
Conference Call details:
On August 21, 2020 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
866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free
Dial In).Access Code: 4165149 In case of any
problems with the above numbers, please dial +1 6467871226 (US Toll
Dial In), +44 (0) 203 0095709 (Standard International Dial
In).Access Code: 4165149 A telephonic replay of
the conference call will be available until August 28, 2020 by
dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785
(Standard International Dial In).Access Code:
4165149
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. has a fleet of 52 vessels. The
fleet is comprised of 48 LPG carriers, including eight Joint
Venture vessels, a 7,500 cbm newbuilding LPG carrier scheduled to
be delivered in September 2020 and an 11,000 cbm newbuilding
pressurized LPG carrier with expected delivery in 2021. These LPG
vessels have a total capacity of 444,057 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, or
impact or duration of the COVID-19 pandemic 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 impact of the COVID-19 pandemic and efforts throughout
the world to contain its spread, 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
periods ended June 30, 2019 and June 30, 2020.
FLEET DATA |
Q2 2019 |
Q2 2020 |
6M 2019 |
6M 2020 |
Average number of vessels (1) |
42.0 |
41.1 |
43.7 |
41.1 |
Period end number of owned
vessels in fleet |
42 |
42 |
42 |
42 |
Total calendar days for fleet
(2) |
4,004 |
3,743 |
8,331 |
7,554 |
Total voyage days for fleet
(3) |
3,994 |
3,732 |
8,316 |
7,520 |
Fleet utilization (4) |
99.8% |
99.7% |
99.8% |
99.5% |
Total charter days for fleet
(5) |
3,226 |
3,329 |
6,985 |
6,797 |
Total spot market days for
fleet (6) |
768 |
403 |
1,331 |
723 |
Fleet operational utilization
(7) |
95.3% |
97.1% |
97.1% |
97.5% |
1) Average number of vessels is the number of
owned vessels that constituted our fleet for the relevant period,
as measured by the sum of the number of days each vessel was a part
of our fleet during the period divided by the number of calendar
days in that period.2) Total calendar days for fleet are the total
days the vessels we operated were in our possession for the
relevant period including off-hire days associated with major
repairs, drydockings or special or intermediate surveys.3) Total
voyage days for fleet reflect the total days the vessels we
operated were in our possession for the relevant period net of
off-hire days associated with major repairs, drydockings or special
or intermediate surveys.4) Fleet utilization is the percentage of
time that our vessels were available for revenue generating voyage
days, and is determined by dividing voyage days by fleet calendar
days for the relevant period.5) Total charter days for fleet are
the number of voyage days the vessels operated on time or bareboat
charters for the relevant period.6) Total spot market charter days
for fleet are the number of voyage days the vessels operated on
spot market charters for the relevant period.7) Fleet operational
utilization is the percentage of time that our vessels generated
revenue, and is determined by dividing voyage days (excluding
commercially idle days) by fleet calendar days for the relevant
period.
Reconciliation of Adjusted Net Income,
EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net (loss)/income
before loss/(gain) on derivatives excluding swap interest
received/(paid), net gain on sale of vessel, gain on
deconsolidation of subsidiaries, impairment loss and share based
compensation. EBITDA represents net (loss)/income before interest
and finance costs, interest income and depreciation. Adjusted
EBITDA represents EBITDA before share based compensation,
impairment loss, loss/(gain) on derivatives, net gain on sale of
vessels and gain on deconsolidation of subsidiaries. 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) |
Second Quarter EndedJune 30th, |
Six Months Period EndedJune 30th, |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
Net (Loss)/Income -
Adjusted Net Income |
|
|
|
|
Net
(loss)/income |
(179,256) |
|
8,923,308 |
|
1,789,610 |
|
11,936,026 |
|
Plus loss/(gain) on
derivatives |
118,094 |
|
(28,385) |
|
140,791 |
|
40,310 |
|
Less swap interest
received/(paid) |
29,100 |
|
(16,266) |
|
79,952 |
|
(10,643) |
|
Less net gain on sale of
vessel |
-- |
|
-- |
|
(7,473) |
|
-- |
|
Less gain on deconsolidation
of subsidiaries |
-- |
|
-- |
|
(145,000) |
|
-- |
|
Plus impairment loss |
-- |
|
653,079 |
|
-- |
|
653,079 |
|
Plus share based
compensation |
236,849 |
|
-- |
|
471,096 |
|
-- |
|
Adjusted Net
Income |
204,787 |
|
9,531,736 |
|
2,328,976 |
|
12,618,772 |
|
|
|
|
|
|
Net (loss)/income –
EBITDA |
|
|
|
|
Net
(loss)/income |
(179,256) |
|
8,923,308 |
|
1,789,610 |
|
11,936,026 |
|
Plus interest and finance
costs |
5,400,047 |
|
3,690,645 |
|
11,382,918 |
|
7,923,842 |
|
Less interest income |
(144,146) |
|
(38,528) |
|
(448,579) |
|
(151,488) |
|
Plus depreciation |
9,474,181 |
|
9,246,107 |
|
18,948,367 |
|
18,568,068 |
|
EBITDA |
14,550,826 |
|
21,821,532 |
|
31,672,316 |
|
38,276,448 |
|
|
|
|
|
|
Net (loss)/income -
Adjusted EBITDA |
|
|
|
|
Net (loss)/income |
(179,256) |
|
8,923,308 |
|
1,789,610 |
|
11,936,026 |
|
Plus loss/(gain) on
derivatives |
118,094 |
|
(28,385) |
|
140,791 |
|
40,310 |
|
Less net gain on sale of
vessel |
-- |
|
-- |
|
(7,473) |
|
-- |
|
Less gain on deconsolidation
of subsidiaries |
-- |
|
-- |
|
(145,000) |
|
-- |
|
Plus impairment loss |
-- |
|
653,079 |
|
-- |
|
653,079 |
|
Plus share based
compensation |
236,849 |
|
-- |
|
471,096 |
|
-- |
|
Plus interest and finance
costs |
5,400,047 |
|
3,690,645 |
|
11,382,918 |
|
7,923,842 |
|
Less interest income |
(144,146) |
|
(38,528) |
|
(448,579) |
|
(151,488) |
|
Plus depreciation |
9,474,181 |
|
9,246,107 |
|
18,948,367 |
|
18,568,068 |
|
Adjusted
EBITDA |
14,905,769 |
|
22,446,226 |
|
32,131,730 |
|
38,969,837 |
|
|
|
|
|
|
EPS - Adjusted
EPS |
|
|
|
|
Net (loss)/income |
(179,256) |
|
8,923,308 |
|
1,789,610 |
|
11,936,026 |
|
Adjusted net income |
204,787 |
|
9,531,736 |
|
2,328,976 |
|
12,618,772 |
|
Weighted average number of
shares |
39,840,783 |
|
38,323,793 |
|
39,850,618 |
|
38,862,838 |
|
EPS - Basic and
Diluted |
(0.00) |
|
0.23 |
|
0.04 |
|
0.31 |
|
Adjusted
EPS |
0.01 |
|
0.25 |
|
0.06 |
|
0.32 |
|
StealthGas Inc.Unaudited Consolidated
Statements of Operations(Expressed in United
States Dollars, except for number of shares)
|
|
|
|
Quarters Ended June 30, |
|
Six Month Periods Ended June 30, |
|
|
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
34,083,501 |
|
|
36,251,844 |
|
|
72,526,319 |
|
|
70,628,602 |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
3,721,160 |
|
|
1,667,365 |
|
|
7,049,679 |
|
|
4,058,634 |
|
|
Voyage expenses -
related party |
|
423,591 |
|
|
447,486 |
|
|
900,228 |
|
|
873,170 |
|
|
Charter hire
expenses |
|
1,467,505 |
|
|
(3,757) |
|
|
3,565,054 |
|
|
318,606 |
|
|
Vessels' operating
expenses |
|
11,519,876 |
|
|
11,343,561 |
|
|
24,187,246 |
|
|
24,349,107 |
|
|
Vessels' operating
expenses - related party |
239,500 |
|
|
224,500 |
|
|
488,500 |
|
|
450,000 |
|
|
Drydocking
costs |
|
-- |
|
|
232,381 |
|
|
185,624 |
|
|
401,177 |
|
|
Management fees -
related party |
|
1,399,195 |
|
|
1,335,070 |
|
|
2,914,680 |
|
|
2,671,080 |
|
|
General and
administrative expenses |
|
902,521 |
|
|
502,949 |
|
|
2,024,608 |
|
|
1,070,625 |
|
|
Depreciation |
|
9,474,181 |
|
|
9,246,107 |
|
|
18,948,367 |
|
|
18,568,068 |
|
|
Impairment
loss |
|
-- |
|
|
653,079 |
|
|
-- |
|
|
653,079 |
|
|
Net gain on sale
of vessel |
|
-- |
|
|
-- |
|
|
(7,473) |
|
|
-- |
|
Total expenses |
|
29,147,529 |
|
|
25,648,741 |
|
|
60,256,513 |
|
|
53,413,546 |
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
4,935,972 |
|
|
10,603,103 |
|
|
12,269,806 |
|
|
17,215,056 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
(expenses)/income |
|
|
|
|
|
|
|
|
|
Interest and
finance costs |
|
(5,400,047) |
|
|
(3,690,645) |
|
|
(11,382,918) |
|
|
(7,923,842) |
|
|
Gain on
deconsolidation of subsidiaries |
-- |
|
|
-- |
|
|
145,000 |
|
|
-- |
|
|
Loss/(gain) on
derivatives |
|
(118,094) |
|
|
28,385 |
|
|
(140,791) |
|
|
(40,310) |
|
|
Interest
income |
144,146 |
|
|
38,528 |
|
|
448,579 |
|
|
151,488 |
|
|
Foreign exchange
gain/(loss) |
|
7,231 |
|
|
2,418 |
|
|
(9,557) |
|
|
3,370 |
|
Other expenses, net |
|
(5,366,764) |
|
|
(3,621,314) |
|
|
(10,939,687) |
|
|
(7,809,294) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before equity in income of investees |
(430,792) |
|
|
6,981,789 |
|
|
1,330,119 |
|
|
9,405,762 |
|
Equity
income in joint ventures |
|
251,536 |
|
|
1,941,519 |
|
|
459,491 |
|
|
2,530,264 |
|
Net (Loss)/Income |
|
(179,256) |
|
|
8,923,308 |
|
|
1,789,610 |
|
|
11,936,026 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Earnings per share |
|
|
|
|
|
|
|
|
-Basic &
Diluted |
|
|
(0.00) |
|
|
0.23 |
|
|
0.04 |
|
|
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
|
|
|
-Basic &
Diluted |
|
|
39,840,783 |
|
|
38,323,793 |
|
|
39,850,618 |
|
|
38,862,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc.Unaudited Consolidated
Balance Sheets(Expressed in United States
Dollars)
|
|
|
December 31, |
|
June 30, |
|
|
|
2019 |
|
2020 |
|
|
|
|
|
|
Assets |
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
|
68,465,342 |
|
|
36,637,082 |
|
|
Trade and other
receivables |
|
4,217,101 |
|
|
2,836,752 |
|
|
Other current assets |
|
118,246 |
|
|
98,177 |
|
|
Claims receivable |
|
314,217 |
|
|
326,267 |
|
|
Inventories |
|
2,447,703 |
|
|
2,921,908 |
|
|
Advances and prepayments |
|
749,681 |
|
|
1,252,393 |
|
|
Restricted cash |
|
1,589,768 |
|
|
1,286,840 |
|
|
Fair
value of derivatives |
|
30,381 |
|
|
-- |
|
Total current assets |
|
77,932,439 |
|
|
45,359,419 |
|
|
|
|
|
|
|
Non
current assets |
|
|
|
|
|
|
|
|
|
|
|
Advances for
vessels under construction and acquisitions |
2,988,903 |
|
|
9,315,869 |
|
|
Operating lease right-of-use
assets |
|
473,132 |
|
|
44,965 |
|
|
Vessels, net |
|
835,152,403 |
|
|
836,002,931 |
|
|
Other receivables |
|
286,915 |
|
|
155,307 |
|
|
Restricted cash |
|
12,065,222 |
|
|
13,559,697 |
|
|
Investments in
joint ventures |
25,250,173 |
|
|
42,997,937 |
|
|
Deferred finance
charges |
-- |
|
|
403,831 |
|
|
Fair
value of derivatives |
|
39,744 |
|
|
-- |
|
Total non current assets |
|
876,256,492 |
|
|
902,480,537 |
|
Total assets |
|
954,188,931 |
|
|
947,839,956 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
liabilities |
|
|
|
|
|
Payable to related
parties |
|
7,043,121 |
|
|
1,431,444 |
|
|
Trade accounts payable |
|
9,032,690 |
|
|
9,612,786 |
|
|
Accrued and other
liabilities |
|
6,002,079 |
|
|
4,874,382 |
|
|
Operating lease
liabilities |
|
473,132 |
|
|
44,965 |
|
|
Customer deposits |
|
968,000 |
|
|
968,000 |
|
|
Deferred income |
|
2,843,994 |
|
|
3,946,499 |
|
|
Fair value of derivatives |
|
37,567 |
|
|
78,868 |
|
|
Current
portion of long-term debt |
|
40,735,556 |
|
|
56,189,137 |
|
Total current liabilities |
|
67,136,139 |
|
|
77,146,081 |
|
|
|
|
|
|
|
Non
current liabilities |
|
|
|
|
|
Fair value of derivatives |
|
2,618,250 |
|
|
5,978,573 |
|
|
Long-term debt |
|
325,247,902 |
|
|
300,915,648 |
|
Total non current liabilities |
|
327,866,152 |
|
|
306,894,221 |
|
Total liabilities |
|
395,002,291 |
|
|
384,040,302 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Capital stock |
445,496 |
|
|
431,836 |
|
|
Treasury stock |
|
(24,361,145) |
|
|
(25,373,380) |
|
|
Additional paid-in
capital |
|
502,419,122 |
|
|
499,564,087 |
|
|
Retained earnings |
|
82,942,210 |
|
|
94,878,236 |
|
|
Accumulated other
comprehensive loss |
(2,259,043) |
|
|
(5,701,125) |
|
Total stockholders' equity |
|
559,186,640 |
|
|
563,799,654 |
|
Total liabilities and stockholders' equity |
954,188,931 |
|
|
947,839,956 |
|
StealthGas Inc.Unaudited Consolidated
Statements of Cash Flows(Expressed in United
States Dollars)
|
|
Six Month Periods Ended June 30, |
|
|
2019 |
|
|
2020 |
|
|
|
|
Cash flows from
operating activities |
|
|
|
|
Net income for the period |
|
1,789,610 |
|
|
11,936,026 |
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
provided by operating activities: |
|
|
|
|
Depreciation |
|
18,948,367 |
|
|
18,568,068 |
|
Amortization of deferred
finance charges |
|
476,249 |
|
|
355,763 |
|
Amortization of operating
lease right-of-use assets |
|
775,770 |
|
|
428,167 |
|
Share based compensation |
|
471,096 |
|
|
-- |
|
Change in fair value of
derivatives |
|
220,743 |
|
|
29,667 |
|
Equity income in joint
ventures |
|
(459,491) |
|
|
(2,530,264) |
|
Impairment loss |
|
-- |
|
|
653,079 |
|
Net gain on sale of
vessel |
|
(7,473) |
|
|
-- |
|
Gain on deconsolidation of
subsidiaries |
|
(145,000) |
|
|
-- |
|
Changes in operating
assets and liabilities: |
|
|
|
|
(Increase)/decrease
in |
|
|
|
|
Trade and other
receivables |
|
773,627 |
|
|
1,511,957 |
|
Other current assets |
|
(196,634) |
|
|
20,069 |
|
Claims receivable |
|
(966,718) |
|
|
(12,050) |
|
Inventories |
|
(54,950) |
|
|
(474,205) |
|
Changes in operating lease
liabilities |
|
(775,770) |
|
|
(428,167) |
|
Advances and prepayments |
|
85,228 |
|
|
(502,712) |
|
Increase/(decrease)
in |
|
|
|
|
Balances with related
parties |
|
(9,683,892) |
|
|
(1,625,469) |
|
Trade accounts payable |
|
1,356,417 |
|
|
181,778 |
|
Accrued liabilities |
|
(183,308) |
|
|
(1,187,028) |
|
Deferred income |
|
(629,079) |
|
|
1,102,505 |
|
Net cash provided by operating activities |
|
11,794,792 |
|
|
28,027,184 |
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
Insurance proceeds |
|
317,936 |
|
|
-- |
|
Proceeds from sale of
interests in subsidiaries |
|
20,720,975 |
|
|
-- |
|
Proceeds from sale of vessels,
net |
|
8,302,457 |
|
|
-- |
|
Vessels’ acquisitions and
advances for vessels under construction |
|
(2,908,064) |
|
|
(26,000,323) |
|
Investment in joint
ventures |
|
(1,022,000) |
|
|
(41,998,500) |
|
Return of investments by joint
ventures |
|
-- |
|
|
26,781,000 |
|
Advances to joint
ventures |
|
(1,268,223) |
|
|
(29,245) |
|
Advances from joint ventures |
|
3,280,385 |
|
|
29,245 |
|
Net cash provided by/(used in) investing
activities |
|
27,423,466 |
|
|
(41,217,823) |
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
Stock repurchase |
|
(259,500) |
|
|
(3,880,930) |
|
Deferred finance charges
paid |
|
(254,901) |
|
|
(373,263) |
|
Advances from joint
ventures |
|
-- |
|
|
1,837,299 |
|
Advances to joint
ventures |
|
-- |
|
|
(5,823,507) |
|
Customer deposits paid |
|
(368,000) |
|
|
-- |
|
Loan repayments |
|
(48,960,430) |
|
|
(20,710,673) |
|
Proceeds from long-term debt |
|
11,250,000 |
|
|
11,505,000 |
|
Net cash used in financing activities |
|
(38,592,831) |
|
|
(17,446,074) |
|
Net
increase/(decrease) in cash, cash equivalents and restricted
cash |
625,427 |
|
|
(30,636,713) |
|
Cash,
cash equivalents and restricted cash at beginning of year |
79,430,991 |
|
|
82,120,332 |
|
Cash, cash
equivalents and restricted cash at end of period |
80,056,418 |
|
|
51,483,619 |
|
Cash
breakdown |
|
|
|
|
Cash and cash equivalents |
|
65,836,973 |
|
|
36,637,082 |
|
Restricted cash, current |
|
1,673,587 |
|
|
1,286,840 |
|
Restricted cash, non current |
|
12,545,858 |
|
|
13,559,697 |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
|
80,056,418 |
|
|
51,483,619 |
|
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