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TheStreet Open House

STEALTHGAS INC. Reports Second Quarter And Six Months 2012 Financial And Operating Results

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. We also use EBITDA to assess our liquidity position and believe it represents useful information for investors regarding a company's ability to service and/or incur indebtedness. 

 (Expressed in United States Dollars, except number of shares) Second Quarter Ended June 30, Six Months Period Ended June 30,
  2011 2012 2011 2012
Net Income - Adjusted Net Income        
Net income /(loss) (3,623,235) 7,185,909 (2,096,742) 14,565,421
Loss on derivatives 1,551,937 311,922 3,888,205 763,450
Less swap interest paid (1,251,634) (1,057,038) (2,816,445) (2,374,186)
Net (gain)/loss on sale of vessels 3,077,157 (97,444) 3,077,157 (1,372,409)
Impairment loss 2,571,088 ---- 2,571,088 ----
Unrealized exchange loss 1,038,384 114,266 1,508,005 93,850
Adjusted Net Income 3,363,697 6,457,615 6,131,268 11,676,12 6
         
EBITDA - Adjusted EBITDA        
Net income (3,623,235) 7,185,909 (2,096,742) 14,565,421
Plus interest and finance costs 2,152,161 2,332,943 4,159,093 4,790,466
Less interest income (31,439) (58,754) (35,959) (106,241)
Plus depreciation 6,828,639 7,072,883 13,789,660 14,108,225
EBITDA 5,326,126 16,532,981 15,816,052 33,357,871
         
Adjusted Net Income 3,363,697 6,457,615 6,131,268 11,676,126
Plus interest and finance costs 2,152,161 2,332,943 4,159,093 4,790,466
Less interest income (31,439) (58,754) (35,959) (106,241)
Plus depreciation 6,828,639 7,072,883 13,789,660 14,108,225
ADJUSTED EBITDA 12,313,058 15,804,687 24,044,062 30,468,57 6
         
EPS - Adjusted EPS        
Net income (3,623,235) 7,185,909 (2,096,742) 14,565,421
Adjusted net income 3,363,697 6,457,615 6,131,268 11,676,126
Weighted average number of shares 21,104,214 20,552,568 21,101,448 20,552,568
EPS (0.17) 0.35 (0.1 0 ) 0.71
Adjusted EPS 0.16 0.31 0.29 0.57
 
 
StealthGas Inc.
Unaudited Statements of Operations
(Expressed in United States Dollars, except number of shares)
  Quarters Ended June 30, Six Month Periods Ended June 30,
  2011 2012 2011 2012
         
Revenues        
Voyage revenues  31,366,161  29,147,877  61,903,801  58,270,694
         
Expenses        
Voyage expenses  5,296,192  2,708,448  8,910,043  5,300,383
Vessels' operating expenses  9,856,447  7,493,493  20,363,753  15,158,558
Dry-docking costs  545,143  499,819  1,726,517  1,782,904
Management fees  1,263,405  1,048,533  2,551,390  2,128,703
General and administrative expenses  751,241  542,372  1,324,753  1,165,383
Depreciation  6,828,639  7,072,883  13,789,660  14,108,225
Impairment loss  2,571,088  ----   2,571,088  ---- 
Net (gain)/loss on sale of vessels  3,077,157  (97,444)  3,077,157  (1,372,409)
Total expenses  30,189,312  19,268,104  54,314,361  38,271,747
         
Income from operations  1,176,849  9,879,773  7,589,440  19,998,947
         
Other (expenses)/income        
Interest and finance costs  (2,152,161)  (2,332,943)  (4,159,093)  (4,790,466)
Loss on derivatives  (1,551,937)  (311,922)  (3,888,205)  (763,450)
Interest income  31,439  58,754  35,959  106,241
Foreign exchange gain/(loss)  (1,127,425)  (107,753)  (1,674,843)  14,149
Other expenses, net  (4,800,084)  (2,693,864)  (9,686,182)  (5,433,526)
         
Net income/(loss)  (3,623,235)  7,185,909  (2,096,742)  14,565,421
         
Earnings / (Loss) per share         
- Basic  (0.17)  0.35  (0.10)  0.71
- Diluted  (0.17)  0.35  (0.10)  0.71
         
Weighted average number of shares       
-Basic 21,104,214 20,552,568 21,101,448 20,552,568
-Diluted 21,104,214 20,552,568 21,101,448 20,552,568
 
 
 
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
  December 31, 2011 June 30, 2012
     
Assets    
Current assets    
Cash and cash equivalents 43,539,303 57,018,088
Trade and other receivables 1,545,658 1,664,047
Claims receivable 516,403 146,547
Inventories 2,416,108 2,338,904
Advances and prepayments 628,623 791,663
Restricted cash 6,954,363 5,652,673
Vessel held for sale 921,285  ----
Total current assets 56,521,743 67,611,922
     
Non current assets    
Advances for vessels under construction 22,347,811  ----
Vessels, net 613,832,973 649,267,998
Other receivables  ---- 68,527
Restricted cash 1,300,000 1,300,000
Deferred finance charges, net of accumulated    
 amortization of $1,374,020 and $1,582,501 1,707,624 1,499,143
Total non current assets 639,188,408 652,135,668
Total assets 695,710,151 719,747,590
     
Liabilities and Stockholders' Equity    
Current liabilities    
Payable to related party 7,874,990 7,366,699
Trade accounts payable 6,453,807 5,655,899
Accrued liabilities 4,749,162 4,110,082
Customer deposits 275,000 275,000
Deferred income 2,789,186 3,639,316
Fair value of derivatives  ---- 1,493,507
Current portion of long-term debt 33,166,887 35,787,544
Current portion of long-term debt associated with vessel held for sale 791,823 ----
Total current liabilities 56,100,855 58,328,047
     
Non current liabilities    
Fair value of derivatives 9,401,798 6,259,873
Long-term debt 317,109,471 327,458,540
Total non current liabilities 326,511,269 333,718,413
Total liabilities 382,612,124 392,046,460
     
Commitments and contingencies  ----  ----
     
Stockholders' equity    
Capital stock 205,526 205,526
Additional paid-in capital 275,761,643 275,761,643
Retained earnings 37,058,140 51,623,561
Accumulated other comprehensive income 72,718 110,400
Total stockholders' equity 313,098,027 327,701,130
Total liabilities and stockholders' equity 695,710,151 719,747,590
 
 
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
  Six Month Periods Ended June 30,
  2011 2012
     
Cash flows from operating activities    
Net income / (loss) for the period  (2,096,742)  14,565,421
     
Items included in net income/(loss) not affecting cash flows:  
Depreciation  13,789,660  14,108,225
Amortization of deferred finance charges  203,482  208,481
Unrealized exchange loss  1,508,005  93,850
Share based compensation  4,071  ---- 
Change in fair value of derivatives  1,071,760  (1,610,736)
Impairment loss  2,571,088  ---- 
Net (gain)/loss on sale of vessels  3,077,157  (1,372,409)
     
Changes in operating assets and liabilities:  
(Increase)/decrease in    
Trade and other receivables  85,331  (186,916)
Claims receivable  (13,410)  (259,483)
Inventories  (1,478,363)  77,204
Advances and prepayments  385,943  (163,040)
Increase/(decrease) in    
Payable to related party  (271,935)  (508,291)
Trade accounts payable  1,711,023  (797,908)
Accrued liabilities  (444,945)  (399,080)
Other current liability  (2,687,500)  ---- 
Deferred income  (1,264,642)  850,130
Net cash provided by operating activities  16,149,983  24,605,448
     
Cash flows from investing activities    
Insurance proceeds  240,980  629,339
Proceeds from sale of vessels, net  19,740,194  18,136,907
Acquisitions and advances for vessel under construction  (28,503,758)  (43,278,652)
Decrease in restricted cash account  ----   1,301,690
Increase in restricted cash account  (31,321)  ---- 
Net cash used in investing activities  (8,553,905)  (23,210,716)
     
Cash flows from financing activities    
Deferred finance charges  (710,000)  ---- 
Customer deposits paid  (285,000)  ---- 
Loan repayment  (25,278,413)  (31,072,097)
Proceeds from long-term debt  32,900,000  43,250,000
Net cash provided by financing activities  6,626,587  12,177,903
     
Effect of exchange rate changes on cash  (1,508,005)  (93,850)
     
Net increase in cash and cash equivalents  12,714,660  13,478,785
Cash and cash equivalents at beginning of period  29,797,095  43,539,303
Cash and cash equivalents at end of period  42,511,755  57,018,088

Fleet Profile and Fleet Deployment:

The table below shows the Company's fleet development and deployment as of today: 

LPG Carrier Fleet
Vessel Vessel Size (cbm) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration (1)
CURRENT FLEET
Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter  May-13
Gas Esco 7,500 F.P. 2012 Jun-12 Time Charter  Jun-17
Gas Husky 7,500 F.P. 2011 Jan-12 Bareboat  Jan-17
Gas Premiership 7,200 F.P. 2001 Mar-08 Spot  --
Gas Haralambos 7,000 F.P. 2007 Oct-07 Time Charter  Jun -13
Gas Marathon 6,572 F.P. 1995 Nov-05 Time Charter  Dec -12
Gas Moxie 6,526 F.P. 1992 May-05 Spot  --
Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter  Nov-12
Gas Monarch 5,018 F.P. 1997 Dec-05 Spot  --
Lyne 5,014 F.P. 1996 May-06 Bareboat  May-13
Gas Emperor 5,013 F.P. 1995 Feb-05 Spot  --
Gas Texiana 5,001 F.P. 1995 Nov-05 Time Charter  Jan-14
Sir Ivor 5,000 F.P. 2003 May-06 Bareboat  May-13
Gas Icon 5,000 F.P. 1994 Jun-07 Time Charter  Aug-12
Gas Defiance 5,000 F.P. 2008 Aug-08 Time Charter  Jan--15
Gas Shuriken 5,000 F.P. 2008 Oct-08 Time Charter  Nov-14
Gas Elixir 5,018 F.P. 2011 Feb-11 Bareboat  Dec-15
Gas Cerberus 5,018 F.P. 2011 Apr-11 Time Charter  Jul-13
Gas Myth 5,018 F.P. 2011 Sep-11 Time Charter  Nov-14
Gas Sincerity 4,123 F.P. 2000 Nov-05 Bareboat  Aug-14
Gas Spirit 4,112 F.P. 2001 Dec-05 Bareboat  Jan-16
Gas Zael 4,111 F.P. 2001 Dec-05 Bareboat  Jan-14
Gas Kaizen 4,109 S.R. 1991 Nov-04 Spot  --
Gas Evoluzione 3,517 F.P. 1996 Jul-07 Spot  --
Gas Astrid 3,500 F.P. 2009 Apr-09 Bareboat  Apr-14
Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter  Oct-12
Gas Sikousis 3,500 F.P. 2006 Aug-07 Bareboat  May-16
Gas Exelero 3,500 F.P. 2009 Jun-09 Bareboat  Jun-14
Gas Arctic 3,434 S.R. 1992 Apr-05 Time Charter  Jan-13
Gas Ice 3,434 S.R. 1991 Apr-05 Time Charter  Jan-13
Chiltern 3,312 F.P. 1997 Jun-07 Bareboat  May-13
Gas Pasha 3,244 F.P. 1995 Jun-06 Time Charter  Jan-15 
Gas Crystal 3,211 S.R. 1990 Nov-05 Time Charter   Sep-12 
TOTAL LPG CARRIER FLEET: 33 VESSELS 161,822 Cbm          
                         
 Tanker Fleet 
Vessel Vessel Size (dwt) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration(1)
Navig8 Fidelity 47,000 MR Product Tanker 2008 Jan-08 Bareboat Jan-15
Navig8 Faith 47,000   MR Product Tanker 2008 Feb-08 Bareboat Feb-15
 Alpine Endurance 46,000 MR Product Tanker 2009 Jul-09 Time Charter Jul-16
Spike 115,804 Aframax Oil Tanker 2010 Jul-10 Bareboat Jul-15
TOTAL TANKER FLEET:  4 VESSELS 255,804 dwt          
  • F.P.: Fully-Pressurized
  • S.R.: Semi-Refrigerated
  • M.R.: Medium Range

   (1)    Earliest date charters could expire. 

CONTACT: Company Contact:
         Konstantinos Sistovaris
         Chief Financial Officer
         STEALTHGAS INC.
         011-30-210-6250-001
         E-mail: sistovaris@stealthgas.com

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