ATHENS, Greece, Feb. 21, 2013 (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, 2012.
Fourth Quarter 2012 Results:
- Net income for the three months ended December 31, 2012 was $7.8 million, or $0.38 per share, compared to net income of $4.4 million, or $0.22 per share, for the three months ended December 31, 2011. The $3.4 million or 77.3%, increase in net income was mainly due to lower voyage, operating and drydocking costs and higher revenues.
- Revenues for the three months ended December 31, 2012, amounted to $30.6 million, an increase of $1.7 million, or 5.9%, compared to revenues of $28.9 million for the three months ended December 31, 2011, as a result of improving freight markets and higher utilization.
- Voyage expenses and vessels' operating expenses for the three months ended December 31, 2012 were $3.9 million and $7.7 million, respectively, compared to $4.7 million and $7.8 million for the three months ended December 31, 2011. The $0.8 million, or 17.0%, decrease in voyage expenses was primarily due to the lower number of vessels under spot charters in the 2012 period.
- Drydocking Costs for the three months ended December 31, 2012 were $0.02 million as no vessels were drydocked during the period, compared to two vessels being drydocked at the same period of last year at a cost of $0.9 million.
- Included in the fourth quarter 2012 results are net gains from interest rate derivative instruments of $0.07 million. This amount includes $1.0 million, or $0.05 per share, of interest paid on interest rate swap arrangements. Adjusted net income was $6.7 million or $0.33 per share for the three months ended December 31, 2012 compared to $3.4 million or $0.17 per share for the same period last year.
- EBITDA for the three months ended December 31, 2012 amounted to $17.2 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income are set forth below.
An average of 37.0 vessels were owned by the Company during the three months ended December 31, 2012, as well as during the same period of 2011. As of today, charter coverage for the fleet is 75% through the end of 2013 and 42% for 2014.
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