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, 2020.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS1
- Fleet utilization of 96.9% - with 114 days of technical off
hire, as a result of five drydockings – all completed within Q3
‘20.
- Fleet operational utilization of 96.0%, mainly due to 10 of our
ships being in the spot market - equivalent to 21.4% of voyage
days.
- Fleet calendar days down by 4.4% year over year to 3,865 -
attributed mostly to the decrease in the number of operating
vessels.
- About 68% of fleet days secured on period charters for the
remainder of 2020, with total fleet employment days for all
subsequent periods representing approximately $80 million in
contracted revenues. Period coverage for 2021 is currently
33%.
- Delivery of a 7,500 cbm newbuilding LPG vessel, the Eco
Alice, on September 30, 2020.
- Sale of our LPG vessel the Gas Nemesis II (2001 built), on
November 2, 2020 for further trading.
- Voyage revenues of $37.1 million in Q3 ’20, an increase of $0.5
million compared to Q3 ’19 mostly due to increased revenues from
our LPG and Aframax time charters.
- Net Income of $0.8 million for Q3 ‘20 corresponding to an EPS
of $0.02.
- EBITDA of $13.3 million for Q3 ‘20 compared to $14.1 million in
Q3 ’19.
- Adjusted EBITDA of $15.8 million in Q3 ‘20 compared to $14.7
million in Q3 ’19.
- Low gearing, as debt to assets stands at 36.5% and year over
year reduction in finance costs by $2.0 million.
- Total cash of $42.0 million as of September 30, 2020 –
following the all cash delivery payment for the Eco
Alice. Related loan drawdown took place in the beginning of October
2020 thus increasing our cash base.
- Adjusted Net Income of $3.2 million for Q3 ‘20 corresponding to
an Adjusted EPS of $0.08.
_____________________________________
1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS
are non-GAAP measures. Refer to the reconciliation of these
measures to the most directly comparable financial measure in
accordance with GAAP set forth later in this release.Third
Quarter 2020 Results:
- Revenues for the three months ended September 30, 2020 amounted
to $37.1 million, an increase of $0.5 million, or 1.4%, compared to
revenues of $36.6 million for the three months ended September 30,
2019, following an increase of our time charter revenue stemming
from small LPGs, our 22,000 semi–refrigerated LPG vessels and our
aframax tanker.
- Voyage expenses and vessels’ operating expenses for the three
months ended September 30, 2020 were $3.8 million and $13.8
million, respectively, compared to $4.9 million and $12.3 million,
respectively, for the three months ended September 30, 2019. The
$1.1 million decrease in voyage expenses, in spite of our higher
exposure in the spot market, was mainly attributed to the decline
of bunker costs by 20%. The 12.2% increase in vessels’ operating
expenses compared to the same period of 2019, is a result of two of
our vessels, a small LPG and our aframax tanker, coming off
bareboat as well as increased crew costs faced due to the COVID-19
pandemic.
- Drydocking costs for the three months ended September 30, 2020
and 2019 were $2.3 million and $0.5 million, respectively.
Drydocking expenses during the third quarter of 2020 relate to the
drydocking of five vessels compared to the drydocking of one vessel
in the same period of last year.
- General and Administrative expenses for the three months ended
September 30, 2020 amounted to $0.6 million compared to $1.1
million for the same period of last year. This decrease is mainly
attributed to the fact that for the three months ended September
30, 2019 share based compensation expense was incurred, which was
not the case for the three months ended September 30, 2020 since
all the shares awarded under our equity compensation plan vested in
August 2019.
- Depreciation for each of the three months ended September 30,
2020 and 2019 was $9.4 million.
- Impairment loss for the three months ended September 30, 2020
was $2.5 million relating to the LPG vessel Gas Nemesis II for
which the Company entered into an agreement to sell subsequent to
September 30, 2020. No such loss was recorded in the same period of
last year.
- Interest and finance costs for the three months ended September
30, 2020 and 2019 were $3.1 million and $5.1 million, respectively.
The $2.0 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/(loss) in joint ventures for the three months
ended September 30, 2020 and 2019 was income of $0.6 million and
loss of $0.2 million, respectively. The $0.8 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 September
30, 2020, the Company reported Net income of $0.8 million, compared
to a net loss of $0.2 million for the three months ended September
30, 2019. The weighted average number of shares for the three
months ended September 30, 2020 and 2019 was 37.9 million and 39.8
million, respectively. This decrease in the number of shares is as
a result of our share buyback program and the tender offer during
April 2020.
- Earnings per share, basic and diluted, for the three months
ended September 30, 2020 amounted to $0.02 compared to loss per
share of $0.01 for the same period of last year.
- Adjusted net income was $3.2 million or $0.08 per share for the
three months ended September 30, 2020 compared to adjusted net
income of $0.4 million or $0.01 per share for the same period of
last year.
- EBITDA for the three months ended September 30, 2020 amounted
to $13.3 million. Reconciliations of Adjusted Net Income, EBITDA
and Adjusted EBITDA to Net (Loss)/Income are set forth below.
- An average of 42 vessels were owned by the Company during the
three months ended September 30, 2020 and 2019.
Nine Months 2020 Results:
- Revenues for the nine months ended September 30, 2020 amounted
to $107.7 million, a decrease of $1.4 million, or 1.3%, compared to
revenues of $109.1 million for the nine months ended September 30,
2019, primarily due to the reduction of our calendar days by 7.7%
as a result of the decrease in the average number of our owned
vessels by 1.7 vessels, along with a 86.9% reduction in the
calendar days of our charter-in vessels.
- Voyage expenses and vessels’ operating expenses for the nine
months ended September 30, 2020 were $8.7 million and $38.6
million, respectively, compared to $12.9 million and $37.0 million
for the nine months ended September 30, 2019. The $4.2 million
decrease in voyage expenses was mainly due to the 26.7% (or 555
days) reduction of spot days and the 10% reduction in bunker costs.
The $1.6 million increase in vessels’ operating expenses is mostly
due to fewer vessels on bareboat and increased crew costs faced due
to the COVID-19 pandemic.
- Drydocking costs for the nine months ended September 30, 2020
and 2019 were $2.7 million and $0.7 million, respectively. The
costs for the nine months ended September 30, 2020 mainly related
to the drydocking of five vessels, while the costs for the
same period of last year related to the docking survey of one small
LPG and the drydocking of a second LPG vessel.
- General and Administrative expenses for the nine months ended
September 30, 2020 amounted to $1.6 million compared to $3.1
million for the same period of last year. This derease is mainly
attributed to the fact that for the nine months ended September 30,
2019 share based compensation expense was incurred, which was not
the case for the nine months ended September 30, 2020 since all the
shares awarded under our equity compensation plan vested in August
2019.
- Depreciation for the nine months ended September 30, 2020, was
$28.0 million, a $0.4 million decrease from $28.4 million for the
same period of last year, due to the decrease in the average number
of our vessels.
- Impairment loss for the nine months ended September 30, 2020
was $3.1 million relating to two of its oldest vessels and one
vessel for which the Company entered into an agreement to sell
subsequent to September 30, 2020. No such loss was recorded in the
same period of last year.
- Interest and finance costs for the nine months ended September
30, 2020 and 2019 were $11.0 million and $16.5 million
respectively. The $5.5 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 nine months ended
September 30, 2020 and 2019 was $3.2 million and $0.3 million,
respectively. The $2.9 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 net income for
the nine months ended September 30, 2020 of $12.7 million, compared
to net income of $1.6 million for the nine months ended September
30, 2019. The weighted average number of shares outstanding as of
September 30, 2020 and 2019 was 38.5 million and 39.8 million,
respectively. Earnings per share for the nine months ended
September 30, 2020 amounted to $0.33 compared to earnings per share
of $0.04 for the same period of last year.
- Adjusted net income was $15.8 million, or $0.41 per share, for
the nine months ended September 30, 2020 compared to adjusted net
income of $2.8 million, or $0.07 per share, for the same period of
last year.
- EBITDA for the nine months ended September 30, 2020 amounted to
$51.6 million. Reconciliations of Adjusted Net Income, EBITDA and
Adjusted EBITDA to Net Income are set forth below.
- An average of 41.4 vessels were owned by the Company during the
nine months ended September 30, 2020, compared to 43.1 vessels for
the same period of 2019.
- As of September 30, 2020, cash and cash equivalents amounted to
$27.6 million and total debt amounted to $346.8 million. During the
nine months ended September 30, 2020 debt repayments amounted to
$31.2 million.
Fleet Update Since Previous
AnnouncementThe Company announced the conclusion of the
following chartering arrangements:
- A two year time charter for its 1997 built LPG carrier,
the Gas Galaxy, to a Major International Chemical Producer until
September 2022.
- A one year time charter extension for its 2001 built LPG
carrier, the Gas Spirit, to an International LPG Trader until
November 2021.
- A six month time charter extension for its 2020 built LPG
carrier, the Eco Texiana, to an International LPG Trader until June
2021.
- A six month time charter extension for its 2018 built LPG
carrier, the Eco Freeze, to an International LPG Trader until April
2021.
- A two month time charter for its 2008 built LPG carrier,
the Gas Imperiale, to a Major International Trading House until
November 2020.
With these charters, the Company has total
contracted revenues of approximately $80 million. Total anticipated
voyage days of our fleet is 68% covered for the remainder of
2020 and currently, 33% for 2021.
Board Chairman Michael Jolliffe
Commented
In the third quarter of 2020, StealthGas marked
a quite satisfactory performance given that we operated in a rather
difficult market. With the COVID-19 pandemic still persisting our
market has been heavily affected. Due to imposed lockdowns we
witnessed a decline in demand for LPG, and charterers sentiment has
been affected thus making them reluctant to take forward positions
on period contracts. Adding to this, regulations pertaining to crew
safety and crew changes have added to our costs- and will continue
to do so up until the COVID-19 pandemic subsides. Nevertheless our
Company not only achieved strong revenues but managed to end the
quarter with profitable results. We feel confident that we
can successfully navigate in our market even during testing times.
In addition, we further acknowledge that had our market not been
hit by the COVID-19 pandemic, it seems we would have had a far
better run this year.
Conference Call details:
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:
8289180 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: 8289180 A telephonic replay of the
conference call will be available until December 2, 2020 by dialing
+1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard
International Dial In). Access Code: 8289180
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 51 vessels. The fleet is comprised of 47 LPG carriers, including
eight Joint Venture vessels and an 11,000 cbm newbuilding
pressurized LPG carrier with expected delivery in the first quarter
of 2021. These LPG vessels have a total capacity of 439,989 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
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, 2019 and
September 30, 2020.
FLEET
DATA |
Q3 2019 |
Q3 2020 |
9M 2019 |
9M 2020 |
Average number of vessels (1) |
41.97 |
|
42.01 |
|
43.10 |
|
41.38 |
|
Period end number of owned
vessels in fleet |
41 |
|
43 |
|
41 |
|
43 |
|
Total calendar days for fleet
(2) |
4,045 |
|
3,865 |
|
12,376 |
|
11,419 |
|
Total voyage days for fleet
(3) |
4,005 |
|
3,746 |
|
12,321 |
|
11,266 |
|
Fleet utilization (4) |
99.0 |
% |
96.9 |
% |
99.6 |
% |
98.7 |
% |
Total charter days for fleet
(5) |
3,257 |
|
2,945 |
|
10,242 |
|
9,742 |
|
Total spot market days for
fleet (6) |
748 |
|
801 |
|
2,079 |
|
1,524 |
|
Fleet operational utilization
(7) |
98.0 |
% |
96.0 |
% |
97.4 |
% |
97.0 |
% |
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 loss on sale of vessels, 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 net (loss)/income before interest and finance
costs, interest income, depreciation, share based compensation,
impairment loss, loss/(gain) on derivatives, net loss 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 investors with a means of better evaluating and
understanding our operating performance.
(Expressed in United States Dollars, except number of
shares) |
Third Quarter Ended September 30th, |
Nine Months Period Ended September 30th, |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
Net (Loss)/Income -
Adjusted Net Income |
|
|
|
|
Net
(loss)/income |
(227,767 |
) |
788,496 |
|
1,561,843 |
|
12,724,522 |
|
Less/Plus (gain)/loss on
derivatives |
(14,389 |
) |
(18,899 |
) |
126,402 |
|
21,411 |
|
Plus/Less swap interest
received/(paid) |
52,100 |
|
(54,047 |
) |
132,052 |
|
(64,690 |
) |
Plus net loss on sale of
vessels |
492,989 |
|
-- |
|
485,516 |
|
-- |
|
Less gain on deconsolidation
of subsidiaries |
-- |
|
-- |
|
(145,000 |
) |
-- |
|
Plus impairment loss |
-- |
|
2,489,333 |
|
-- |
|
3,142,412 |
|
Plus share based
compensation |
140,548 |
|
-- |
|
611,644 |
|
-- |
|
Adjusted Net
Income |
443,481 |
|
3,204,883 |
|
2,772,457 |
|
15,823,655 |
|
|
|
|
|
|
Net (loss)/income –
EBITDA |
|
|
|
|
Net
(loss)/income |
(227,767 |
) |
788,496 |
|
1,561,843 |
|
12,724,522 |
|
Plus interest and finance
costs |
5,123,454 |
|
3,069,385 |
|
16,506,372 |
|
10,993,227 |
|
Less interest income
|
(226,577 |
) |
(1,591 |
) |
(675,156 |
) |
(153,079 |
) |
Plus depreciation |
9,423,444 |
|
9,430,419 |
|
28,371,811 |
|
27,998,487 |
|
EBITDA |
14,092,554 |
|
13,286,709 |
|
45,764,870 |
|
51,563,157 |
|
|
|
|
|
|
Net (loss)/income -
Adjusted EBITDA |
|
|
|
|
Net (loss)/income |
(227,767 |
) |
788,496 |
|
1,561,843 |
|
12,724,522 |
|
Less/Plus (gain)/loss on
derivatives |
(14,389 |
) |
(18,899 |
) |
126,402 |
|
21,411 |
|
Plus net loss on sale of
vessels |
492,989 |
|
-- |
|
485,516 |
|
-- |
|
Less gain on deconsolidation
of subsidiaries |
-- |
|
-- |
|
(145,000 |
) |
-- |
|
Plus impairment loss |
-- |
|
2,489,333 |
|
-- |
|
3,142,412 |
|
Plus share based
compensation |
140,548 |
|
-- |
|
611,644 |
|
-- |
|
Plus interest and finance
costs |
5,123,454 |
|
3,069,385 |
|
16,506,372 |
|
10,993,227 |
|
Less interest income |
(226,577 |
) |
(1,591 |
) |
(675,156 |
) |
(153,079 |
) |
Plus depreciation |
9,423,444 |
|
9,430,419 |
|
28,371,811 |
|
27,998,487 |
|
Adjusted
EBITDA |
14,711,702 |
|
15,757,143 |
|
46,843,432 |
|
54,726,980 |
|
|
|
|
|
|
EPS - Adjusted
EPS |
|
|
|
|
Net (loss)/income |
(227,767 |
) |
788,496 |
|
1,561,843 |
|
12,724,522 |
|
Adjusted net income |
443,481 |
|
3,204,883 |
|
2,772,457 |
|
15,823,655 |
|
Weighted average number of
shares |
39,792,047 |
|
37,858,437 |
|
39,830,876 |
|
38,525,594 |
|
EPS - Basic and
Diluted |
(0.01 |
) |
0.02 |
|
0.04 |
|
0.33 |
|
Adjusted
EPS |
0.01 |
|
0.08 |
|
0.07 |
|
0.41 |
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Revenues |
36,568,295 |
|
|
37,079,960 |
|
|
109,094,614 |
|
|
107,708,562 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Voyage expenses |
4,475,319 |
|
|
3,350,502 |
|
|
11,524,998 |
|
|
7,409,136 |
|
|
Voyage expenses - related
party |
454,950 |
|
|
458,863 |
|
|
1,355,178 |
|
|
1,332,033 |
|
|
Charter hire expenses |
1,469,915 |
|
|
-- |
|
|
5,034,969 |
|
|
318,606 |
|
|
Vessels' operating
expenses |
12,083,979 |
|
|
13,588,561 |
|
|
36,271,225 |
|
|
37,937,668 |
|
|
Vessels' operating expenses -
related party |
238,000 |
|
|
247,000 |
|
|
726,500 |
|
|
697,000 |
|
|
Drydocking costs |
548,393 |
|
|
2,302,754 |
|
|
734,017 |
|
|
2,703,931 |
|
|
Management fees - related
party |
1,432,040 |
|
|
1,434,930 |
|
|
4,346,720 |
|
|
4,106,010 |
|
|
General and administrative
expenses |
1,079,027 |
|
|
573,200 |
|
|
3,103,635 |
|
|
1,643,825 |
|
|
Depreciation |
9,423,444 |
|
|
9,430,419 |
|
|
28,371,811 |
|
|
27,998,487 |
|
|
Impairment loss |
-- |
|
|
2,489,333 |
|
|
-- |
|
|
3,142,412 |
|
|
Net loss on sale of
vessels |
492,989 |
|
|
-- |
|
|
485,516 |
|
|
-- |
|
Total expenses |
31,698,056 |
|
|
33,875,562 |
|
|
91,954,569 |
|
|
87,289,108 |
|
|
|
|
|
|
|
|
|
|
Income from operations |
4,870,239 |
|
|
3,204,398 |
|
|
17,140,045 |
|
|
20,419,454 |
|
|
|
|
|
|
|
|
|
|
Other
(expenses) / income |
|
|
|
|
|
|
|
|
Interest and finance
costs |
(5,123,454 |
) |
|
(3,069,385 |
) |
|
(16,506,372 |
) |
|
(10,993,227 |
) |
|
Gain on deconsolidation of
subsidiaries |
-- |
|
|
-- |
|
|
145,000 |
|
|
-- |
|
|
Gain/(Loss) on
derivatives |
14,389 |
|
|
18,899 |
|
|
(126,402 |
) |
|
(21,411 |
) |
|
Interest income |
226,577 |
|
|
1,591 |
|
|
675,156 |
|
|
153,079 |
|
|
Foreign exchange loss |
(9,500 |
) |
|
(5,762 |
) |
|
(19,057 |
) |
|
(2,392 |
) |
Other expenses, net |
(4,891,988 |
) |
|
(3,054,657 |
) |
|
(15,831,675 |
) |
|
(10,863,951 |
) |
|
|
|
|
|
|
|
|
|
Income
before equity in income of investees |
(21,749 |
) |
|
149,741 |
|
|
1,308,370 |
|
|
9,555,503 |
|
Equity
(loss)/income in joint ventures |
(206,018 |
) |
|
638,755 |
|
|
253,473 |
|
|
3,169,019 |
|
Net (Loss)/Income |
(227,767 |
) |
|
788,496 |
|
|
1,561,843 |
|
|
12,724,522 |
|
|
|
|
|
|
|
|
|
|
(Loss)/Earnings per share |
|
|
|
|
|
|
|
- Basic &
Diluted |
(0.01 |
) |
|
0.02 |
|
|
0.04 |
|
|
0.33 |
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
|
|
|
- Basic &
Diluted |
39,792,047 |
|
|
37,858,437 |
|
|
39,830,876 |
|
|
38,525,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Balance Sheets(Expressed in United
States Dollars)
|
|
December 31, |
|
September 30, |
|
|
2019 |
|
|
2020 |
|
|
|
|
|
|
Assets |
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
68,465,342 |
|
|
27,585,637 |
|
|
Trade and other
receivables |
4,217,101 |
|
|
3,555,893 |
|
|
Other current assets |
118,246 |
|
|
298,594 |
|
|
Claims receivable |
314,217 |
|
|
154,652 |
|
|
Inventories |
2,447,703 |
|
|
3,172,426 |
|
|
Advances and prepayments |
749,681 |
|
|
698,019 |
|
|
Restricted cash |
1,589,768 |
|
|
976,785 |
|
|
Fair
value of derivatives |
30,381 |
|
|
-- |
|
Total current assets |
77,932,439 |
|
|
36,442,006 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Advances for vessel under
construction |
2,988,903 |
|
|
6,275,970 |
|
|
Operating lease right-of-use
assets |
473,132 |
|
|
22,627 |
|
|
Vessels, net |
835,152,403 |
|
|
848,855,175 |
|
|
Other receivables |
286,915 |
|
|
89,873 |
|
|
Restricted cash |
12,065,222 |
|
|
13,397,078 |
|
|
Investments in joint
ventures |
25,250,173 |
|
|
43,636,692 |
|
|
Deferred finance charges |
-- |
|
|
491,869 |
|
|
Fair
value of derivatives |
39,744 |
|
|
-- |
|
Total non current assets |
876,256,492 |
|
|
912,769,284 |
|
Total assets |
954,188,931 |
|
|
949,211,290 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
Current
liabilities |
|
|
|
|
Payable to related
parties |
7,043,121 |
|
|
11,953,765 |
|
|
Trade accounts payable |
9,032,690 |
|
|
11,004,310 |
|
|
Accrued and other
liabilities |
6,002,079 |
|
|
4,421,585 |
|
|
Operating lease
liabilities |
473,132 |
|
|
22,627 |
|
|
Customer deposits |
968,000 |
|
|
968,000 |
|
|
Deferred income |
2,843,994 |
|
|
3,434,370 |
|
|
Fair value of derivatives |
37,567 |
|
|
211,564 |
|
|
Current portion of long-term
debt |
40,735,556 |
|
|
68,973,364 |
|
Total current liabilities |
67,136,139 |
|
|
100,989,585 |
|
|
|
|
|
|
Non
current liabilities |
|
|
|
|
Fair value of derivatives |
2,618,250 |
|
|
5,526,367 |
|
|
Long-term debt |
325,247,902 |
|
|
277,860,624 |
|
Total non current liabilities |
327,866,152 |
|
|
283,386,991 |
|
Total liabilities |
395,002,291 |
|
|
384,376,576 |
|
|
|
|
|
|
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 |
|
|
95,666,732 |
|
|
Accumulated other comprehensive loss |
(2,259,043 |
) |
|
(5,454,561 |
) |
Total stockholders' equity |
559,186,640 |
|
|
564,834,714 |
|
Total liabilities and stockholders' equity |
954,188,931 |
|
|
949,211,290 |
|
|
|
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Statements of Cash Flows(Expressed in
United States Dollars)
|
|
Nine Month Periods Ended September 30, |
|
|
2019 |
|
|
2020 |
|
Cash flows
from operating activities |
|
|
|
|
Net income for the period |
1,561,843 |
|
|
12,724,522 |
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
provided by operating
activities: |
|
|
|
|
Depreciation |
28,371,811 |
|
|
27,998,487 |
|
|
Amortization of deferred
finance charges |
704,265 |
|
|
529,971 |
|
|
Amortization of operating
lease right-of-use assets |
1,171,221 |
|
|
450,505 |
|
|
Share based compensation |
611,644 |
|
|
-- |
|
|
Change in fair value of
derivatives |
258,454 |
|
|
(43,279 |
) |
|
Equity income in joint
ventures |
(253,473 |
) |
|
(3,169,019 |
) |
|
Impairment loss |
-- |
|
|
3,142,412 |
|
|
Net loss on sale of
vessels |
485,516 |
|
|
-- |
|
|
Gain on deconsolidation of
subsidiaries |
(145,000 |
) |
|
-- |
|
|
|
|
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
(Increase)/decrease
in |
|
|
|
|
Trade and other
receivables |
(209,104 |
) |
|
858,250 |
|
|
Other current assets |
77,671 |
|
|
(180,348 |
) |
|
Claims receivable |
(1,307,764 |
) |
|
159,565 |
|
|
Inventories |
1,082,352 |
|
|
(724,723 |
) |
|
Changes in operating lease
liabilities |
(1,171,221 |
) |
|
(450,505 |
) |
|
Advances and prepayments |
222,725 |
|
|
51,662 |
|
|
Increase/(decrease)
in |
|
|
|
|
Balances with related
parties |
(8,909,006 |
) |
|
8,915,017 |
|
|
Trade accounts payable |
(699,722 |
) |
|
1,898,448 |
|
|
Accrued liabilities |
(142,396 |
) |
|
(1,781,467 |
) |
|
Deferred income |
(1,611,954 |
) |
|
590,376 |
|
Net cash provided by operating activities |
20,097,862 |
|
|
50,969,874 |
|
|
|
|
|
|
Cash flows
from investing activities |
|
|
|
|
Insurance proceeds |
683,225 |
|
|
-- |
|
|
Proceeds from sale of
interests in subsidiaries |
20,720,975 |
|
|
-- |
|
|
Proceeds from sale of vessels,
net |
18,721,124 |
|
|
-- |
|
|
Vessels’ acquisitions and
advances for vessels under construction |
(2,948,303 |
) |
|
(47,914,966 |
) |
|
Investment in joint
ventures |
(10,220,400 |
) |
|
(41,998,500 |
) |
|
Return of investments by joint
ventures |
7,363,147 |
|
|
26,781,000 |
|
|
Advances to joint
ventures |
(2,908,354 |
) |
|
(29,245 |
) |
|
Advances from joint ventures |
1,714,898 |
|
|
29,245 |
|
Net cash provided by/(used in) investing
activities |
33,126,312 |
|
|
(63,132,466 |
) |
|
|
|
|
|
Cash flows
from financing activities |
|
|
|
|
Stock repurchase |
(1,046,854 |
) |
|
(3,880,930 |
) |
|
Deferred finance charges
paid |
(477,201 |
) |
|
(462,259 |
) |
|
Advances from joint
ventures |
2,604,223 |
|
|
1,837,299 |
|
|
Advances to joint
ventures |
-- |
|
|
(5,841,672 |
) |
|
Customer deposits paid |
(368,000 |
) |
|
-- |
|
|
Loan repayments |
(87,287,891 |
) |
|
(31,155,678 |
) |
|
Proceeds from long-term debt |
33,480,000 |
|
|
11,505,000 |
|
Net cash used in financing activities |
(53,095,723 |
) |
|
(27,998,240 |
) |
Net
increase/(decrease) in cash, cash equivalents and restricted
cash |
128,451 |
|
|
(40,160,832 |
) |
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 |
79,559,442 |
|
|
41,959,500 |
|
|
Cash
breakdown |
|
|
|
|
Cash and cash equivalents |
66,147,291 |
|
|
27,585,637 |
|
|
Restricted cash, current |
1,218,712 |
|
|
976,785 |
|
|
Restricted cash, non current |
12,193,439 |
|
|
13,397,078 |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
79,559,442 |
|
|
41,959,500 |
|
|
|
|
|
|
|
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