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.
- 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV