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TheStreet Open House

STEALTHGAS INC. Reports Fourth Quarter And Full Year 2010 Financial And Operating Results

Stocks in this article: GASS

ATHENS, Greece, Feb. 23, 2011 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2010.

Highlights:

  • Net income of $4.3 million or $0.21 per share and $11.1 million or $0.51 per share for the three months and twelve months ended December 31, 2010, respectively.
  • Voyage Revenues of $29.1 million and $111.4 million for the three months and twelve months ended December 31, 2010, respectively.
  • Adjusted EBITDA of $13.2 million and $45.1 million for the three months and twelve months ended December 31, 2010, respectively.

Fourth Quarter 2010 Results:

For the three months ended December 31, 2010, voyage revenues amounted to $29.1 million, an increase of $0.7 million, or 2.5%, compared to voyage revenues of $28.4 million for the three months ended December 31, 2009. The net income for the three months ended December 31, 2010 was $4.3 million or $0.21 per share, an increase of $31.5 million, from net loss of $27.2 million or $(1.22) per share for the three months ended December 31, 2009.

For the three months ended December 31, 2010, the Company had a $1.3 million realized cash loss on interest rate swap arrangements, a $1.3 million unrealized non-cash profit on interest rate swap arrangements and foreign currency hedging arrangements, and a $0.6 million non-cash gain due to exchange rate movements on foreign currency deposits. This compares to a realized cash loss of $1.4 million and to an unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements of $3.0 million, as well as a $9.9 million non-cash impairment loss on vessels held for sale and a $10.75 million loss in consideration of the previously announced agreement to cancel the acquisition of the Stealth Argentina on top of the already paid deposit for the three months ended December 31, 2009.

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