This Day On The Street
Continue to site
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

Ardmore Shipping Corporation Announces Financial Results For Second Quarter 2013

On an unadjusted basis, the Company reported a net loss of $1.2 million, or $0.07 basic and diluted loss per share, for the six months ended June 30, 2013, as compared to a net loss of $1.7 million, or $0.10 basic and diluted loss per share, for the six months ended June 30, 2012.

Results for the three months ended June 30, 2013 and 2012

For the three months ended June 30, 2013, the Company had an adjusted EBITDA (see Non-GAAP Measures section below) of $3.0 million, an increase of $0.9 million from the three months ended June 30, 2012. The Company had an adjusted net loss (see Non-GAAP Measures section below) of $0.7 million, or $0.04 basic and diluted loss per share, excluding $0.4 million of non-recurring fees and expenses incurred in connection with our initial public offering (“IPO”) and $0.2 million of deferred finances fees written off in relation to the repayment of senior loan facilities on two vessels. This compared to an adjusted net loss of $0.5 million for the three months ended June 30, 2012, or $0.03 basic and diluted loss per share.

On an unadjusted basis, the Company reported a net loss of $1.2 million, or $0.07 basic and diluted loss per share, for the three months ended June 30, 2013 as compared to a net loss of $0.5 million, or $0.03 basic and diluted loss per share, for the three months ended June 30, 2012.

Management’s Discussion and Analysis of Financial Results

Revenue for the three months ended June 30, 2013 was $8.3 million, an increase of $1.3 million, or 18.6%, from $7.0 million for the three months ended June 30, 2012. Product tanker revenue was $5.6 million for the three months ended June 30, 2013, an increase of $2.1 million, or 61.6%, from $3.5 million for the three months ended June 30, 2012. The increase primarily relates to additional revenue attributable to the Ardmore Seavaliant and Ardmore Seaventure, which were delivered to us on February 27, 2013 and June 7, 2013, respectively. Chemical tanker revenue on owned vessels was $2.8 million for the three months ended June 30, 2013, as compared to $2.8 million for the three months ended June 30, 2012. Ardmore previously chartered-in two chemical tankers, the Hellespont Crusader and the Hellespont Commander, commencing on May 12, 2011 and July 17, 2011, respectively. These vessels were redelivered to the owner on May 29, 2012 and June 23, 2012. These chartered-in vessels contributed $0 to revenue for the three months ended June 30, 2013 and contributed $0.8 million to revenue for the three months ended June 30, 2012.

Commissions and voyage related costs were $0.15 million for the three months ended June 30, 2013, a decrease of $0.02 million, or 12%, from $0.17 million for the three months ended June 30, 2012.

5 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs