This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

STEALTHGAS INC. Reports Second Quarter And Six Months 2013 Financial And Operating Results

Stocks in this article: GASS

ATHENS, Greece, Aug. 20, 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 second quarter and six months ended June 30, 2013.

Second Quarter 2013 Results:

  • Revenues for the three months ended June 30, 2013 amounted to $30.3 million, an increase of $1.2 million, or 4.1%, compared to revenues of $29.1 million for the three months ended June 30, 2012, primarily due to the higher number of vessels in the 2013 period.
  • Voyage expenses and vessels' operating expenses for the three months ended June 30, 2013 were $4.6 million and $8.7 million, respectively, compared to $2.7 million and $7.5 million for the three months ended June 30, 2012. The $1.9 million increase in voyage expenses was primarily due to the higher number of vessels under spot charters in the 2013 period. The $1.2 million increase in operating expenses was primarily the result of the increase in the number of vessels operated in the 2013 period, including both the vessels that were added in the fleet and two vessels that came off bareboat charters, which we operated under time charters during the second quarter of 2013.
  • Drydocking Costs for the three months ended June 30, 2013 were $0.9 million as three vessels were drydocked during the period, compared to two vessels being drydocked during the same period last year at a cost of $0.5 million. The drydock of one of the vessels was originally planned for next year but took place during this quarter for technical and commercial purposes.
  • No vessel sales took place during the three months ended June 30, 2013 while for the same period in 2012 a $0.1 million gain on sale of a vessel was reported.
  • Depreciation for the three months ended June 30, 2013, was $7.5 million, a $0.4 million increase from $7.1 million for the same period of last year. This increase was due to the additional depreciation for one vessel joining the fleet in the second quarter of last year and three vessels joining the fleet in the second quarter of this year.
  • Interest and finance costs for the three months ended June 30, 2013 were $2.0 million compared to $2.3 million for the same period last year. The reduction in interest and finance cost was due to a combination of lower interest rates and lower outstanding loan balances.
  • As a result of the above, the Company had net income for the three months ended June 30, 2013 of $5.1 million, compared to net income of $7.2 million for the three months ended June 30, 2012. The average number of shares outstanding as of June 30, 2013 increased to 28.3 million compared to 20.6 million for the same period of last year, due to the public offering of 11.5 million shares completed on April 30, 2013. Earnings per share for the three months ended June 30, 2013 amounted to $0.18 compared to $0.35 for the same period of last year.
  • Included in the second quarter 2013 results are net gains from interest rate derivative instruments of $0.2 million. Interest paid on interest rate swap arrangements amounted to $0.5 million, or $0.02 per share and change in fair value of the same arrangements amounted to $0.7 million. Adjusted net income was $4.4 million or $0.16 per share for the three months ended June 30, 2013 compared to $6.5 million or $0.31 per share for the same period last year.
  • EBITDA for the three months ended June 30, 2013 amounted to $15.1 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income and Adjusted EBITDA to Adjusted Net Income are set forth below.

An average of 38.1 vessels were owned by the Company during the three months ended June 30, 2013, compared to 36.5 vessels for the same period of 2012. As of today, charter coverage for the fleet is 83% through the end of 2013 and 50% for 2014.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs