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STEALTHGAS INC. Reports Fourth Quarter And Twelve 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) Fourth Quarter Ended December 31, Twelve Months Period Ended December 31,
  2011 2012 2011 2012
Net Income - Adjusted Net Income        
Net income 4,445,791 7, 759 , 078 8,549,791 28, 958 , 48 7
Loss on derivatives 170,568 (67,051) 2,931,404 1,086,258
Less swap interest paid (1,178,630) (989,614) (5,497,478) (4,593,155)
Loss/(Gain) on sale of vessels, net -- -- 5,654,178 (1,372,409)
Unrealized exchange loss/(gain) 308 6,157 (6,868) 98,294
Adjusted Net Income 3,438,037 6,708,570 11,631,027 24,177,475
         
Net Income - EBITDA        
Net income 4,445,791 7, 759 , 078 8,549,791 28, 958,487
Plus interest and finance costs 2,239,728 2,157,834 8,510,516 9,408,230
Less interest income (44,327) (51,179) (83,059) (221,023)
Plus depreciation 6,973,119 7,334,223 27,562,120 28,776,688
EBITDA 13,614,311 17, 199 , 956 44,539,368 66,92 2 , 382
         
Adjusted Net Income - Adjusted EBITDA        
Adjusted Net Income 3,438,037 6,708,570 11,631,027 24, 177,475
Plus interest and finance costs 2,239,728 2,157,834 8,510,516 9,408,230
Less interest income (44,327) (51,179) (83,059) (221,023)
Plus depreciation 6,973,119 7,334,223 27,562,120 28,776,688
A djusted EBITDA 12,606,557 16,1 49 , 448 47,620,604 62,14 1,370
         
EPS - Adjusted EPS        
Net income 4,445,791 7,759,078 8,549,791 28,958,487
Adjusted net income 3,438,037 6,708,570 11,631,027 24,177,475
Weighted average number of shares 20,552,568 20,552,568 20,909,154 20,552,568
EPS – Basic and Diluted 0.22 0.3 8 0.41 1.4 1
Adjusted EPS 0.17 0.3 3 0.56 1.1 8
 
StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except number of shares)
 
  Quarters Ended December 31, Twelve Month Periods Ended December 31,
  2011 2012 2011 2012
         
Revenues 28,884,313 30,585,672 118,280,752 119,213,071
         
Expenses        
Voyage expenses 4,733,157 3,856,018 17,829,220 12,703,750
Vessels' operating expenses 7,766,222 7,734,359 36,558,153 30,591,977
Dry-docking costs 867,692 21,737 3,443,491 2,067,393
Management fees 1,087,000 1,107,835 4,760,865 4,315,720
General and administrative expenses 673,153 686,893 2,646,418 2,838,759
Depreciation 6,973,119 7,334,223 27,562,120 28,776,688
Net loss/(gain) on sale of vessels  --  -- 5,654,178 (1,372,409)
Total expenses 22,100,343 20,7 41 , 065 98,454,445 79,9 21,878
         
Income from operations 6,783,970 9,8 44 , 607 19,826,307 39,29 1,193
         
Other (expenses)/income        
Interest and finance costs (2,239,728) (2,157,834) (8,510,516) (9,408,230)
(Loss)/Gain on derivatives (170,568) 67,051 (2,931,404) (1,086,258)
Interest income 44,327 51,179 83,059 221,023
Foreign exchange gain/(loss) 27,790 (45,925) 82,345 (59,241)
Other income, net (2,338,179) (2, 085 , 529 ) (11,276,516) (10, 332 , 706 )
         
Net income 4,445,791 7, 759 , 078 8,549,791 28, 958 , 487
         
Earnings per share        
- Basic 0.22 0.38 0.41 1.41
- Diluted 0.22 0.38 0.41 1.41
Weighted average number of shares        
-Basic 20,552,568 20,552,568 20,909,154 20,552,568
-Diluted 20,552,568 20,552,568 20,909,154 20,552,568
 
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
 
  December 31,
  2011 2012
     
Assets    
Current assets    
Cash and cash equivalents 43,539,303 42,273,000
Trade and other receivables 1,545,658 3,029,284
Claims receivable 516,403 32,835
Inventories 2,416,108 3,152,407
Advances and prepayments 628,623 435,226
Restricted cash 6,954,363 7,340,655
Vessel held for sale 921,285  --
Total current assets 56,521,743 56, 263 , 407
     
Non current assets    
Advances for vessels under construction 22,347,811 19,321,045
Vessels, net 613,832,973 634,634,671
Other receivables -- 224,422
Restricted cash 1,300,000 1,300,000
Deferred finance charges, net of accumulated amortization of $1,374,020 and $1,786,158 1,707,624 1,295,486
Total non current assets 639,188,408 656, 775,624
Total assets 695,710,151 71 3,039,031
     
Liabilities and Stockholders' Equity    
Current liabilities    
Payable to related party 7,874,990 7,288,899
Trade accounts payable 6,453,807 5,927,526
Accrued liabilities 4,749,162 2,855,170
Customer deposits 275,000 280,000
Deferred income 2,789,186 3,129,671
Fair value of derivatives  -- 539,904
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 5 5 , 808 , 714
     
Non current liabilities    
Fair value of derivatives 9,401,798 5,409,337
Other non current liabilities  -- 222,770
Long-term debt 317,109,471 309,564,768
Total non current liabilities 326,511,269 31 5 , 196 , 87 5
Total liabilities 382,612,124 37 1,005,589
     
Commitments and contingencies  --  --
     
Stockholders' equity    
Capital stock 205,526 206,273
Additional paid-in capital 275,761,643 275,792,164
Retained earnings 37,058,140 66,016,627
Accumulated other comprehensive income 72,718 18,378
Total stockholders' equity 313,098,027 34 2,033,442
Total liabilities and stockholders' equity 695,710,151 71 3,039,031
 
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
 
  December 31,
  2011 2012
     
Cash flows from operating activities    
Net income for the year 8,549,791 28,958,487
     
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 27,562,120 28,776,688
Amortization of deferred finance charges 395,446 412,138
Unrealized exchange (gain)/loss (6,868) 98,294
Share based compensation 4,071 31,268
Change in fair value of derivatives 3,734,845 (3,506,897)
Loss/(gain) on sale of vessels 5,654,178 (1,372,409)
     
Changes in operating assets and liabilities:    
(Increase)/decrease in    
Trade and other receivables 910,922 (1,708,048)
Claims receivable (715,934) (502,534)
Inventories (576,016) (736,299)
Advances and prepayments 148,503 193,397
Increase/(decrease) in    
Payable to related party (1,640,382) (586,091)
Trade accounts payable 1,692,418 (526,281)
Accrued liabilities (684,432) (1,653,992)
Other current liability (2,687,500)  --
Other non current liabilities -- 222,770
Deferred income 34,556 340,485
Net cash provided by operating activities 42,375,718 48, 440,976
     
Cash flows from investing activities    
Insurance proceeds 595,926 986,102
Acquisitions and advances for vessel under construction (54,981,190) (62,634,833)
Proceeds from sale of vessels, net 25,001,033 18,136,907
Decrease in restricted cash account 250,000 --
Increase in restricted cash account (2,459,165)  (386,292)
Net cash used in investing activities (31,593,396) ( 43,898,116 )
     
Cash flows from financing activities    
Stock repurchase (2,234,214)  --
Deferred finance charges (785,000)  --
Customer deposits received 275,000 5,000
Customer deposits paid (285,000) --
Loan repayment (43,417,768) (48,965,869)
Proceeds from long-term debt 49,400,000 43,250,000
Net cash provided by/(used in) financing activities 2,953,018 (5,710,869)
     
Effect of exchange rate changes on cash 6,868 (98,294)
     
Net increase / (decrease) in cash and cash equivalents 13,742,208 (1,266,303)
Cash and cash equivalents at beginning of year 29,797,095 43,539,303
Cash and cash equivalents at end of year 43,539,303 4 2,273,000
CONTACT: Konstantinos Sistovaris
         Chief Financial Officer
         STEALTHGAS INC.
         011-30-210-6250-001
         E-mail: sistovaris@stealthgas.com

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