ATHENS, Greece, May 23, 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 first quarter ended March 31, 2013.
First Quarter 2013 Results:
- Revenues for the three months ended March 31, 2013, amounted to $29.4 million, an increase of $0.3 million, or 1.0%, compared to revenues of $29.1 million for the three months ended March 31, 2012, primarily due to the higher number of vessels under spot charters in the 2013 period.
- Voyage expenses and vessels' operating expenses for the three months ended March 31, 2013 were $3.5 million and $8.0 million, respectively, compared to $2.6 million and $7.7 million for the three months ended March 31, 2012. The $0.9 million, or 34.6%, increase in voyage expenses was primarily due to the higher number of vessels under spot charters in the 2013 period.
- Drydocking Costs for the three months ended March 31, 2013 were $0.5 million as only one vessel was drydocked during the period, compared to three vessels being drydocked during the same period last year at a cost of $1.3 million.
- No vessel sales took place during the three months ended March 31, 2013 while for the same period in 2012 a $1.3 million gain on sale of a vessel was reported.
- As a result of the above, net income for the three months ended March 31, 2013 was $6.5 million, or $0.31 per share, compared to net income of $7.4 million, or $0.36 per share, for the three months ended March 31, 2012.
- Included in the first quarter 2013 results are net gains from interest rate derivative instruments of $0.03 million. Interest paid on interest rate swap arrangements amounted to $1.18 million, or $0.06 per share and change in fair value of the same arrangements amounted to $1.21 million. Adjusted net income was $5.3 million or $0.26 per share for the three months ended March 31, 2013 compared to $5.2 million or $0.25 per share for the same period last year.
- EBITDA for the three months ended March 31, 2013 amounted to $15.8 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income and Adjusted EBITDA to Adjusted Net Income are set forth below.
As of March 31, 2013, cash and cash equivalents amounted to $42.4 million and total debt to $336.0 million. During the three months ended March 31, 2013 debt repayments amounted to $9.4 million.
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