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Ardmore Shipping Corporation Announces Financial Results For Second Quarter 2013

Stocks in this article: ASC

Conference Call

The Company will have a conference call on Monday August 26, 2013 at 11.00 AM Eastern Daylight Time. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 888-539-3678 (U.S.) or 719-457-2648 (International). The conference participant passcode is 8898817. To access the live webcast please visit: www.ardmoreshipping.com. If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the passcode 8898817 to access the audio replay.

The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.

About Ardmore Shipping Corporation

Ardmore Shipping Corporation, a company incorporated in the Republic of the Marshall Islands, provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of mid-size product and chemical tankers. Our fleet consists of 20 vessels including eight in operation and 12 on order with deliveries expected to begin in January 2014. We are strategically focused on modern, fuel-efficient mid-size product and chemical tankers. Our fuel-efficient operations are designed to enhance our investment returns and provide value-added service to our customers.



Ardmore Shipping LLC Predecessor to Ardmore Shipping Corporation Unaudited Condensed Interim Consolidated Balance Sheet (Expressed in U.S. Dollars, unless otherwise stated)

                                                        As at
ASSETS Jun 30, 2013       Dec 31, 2012
Current assets
Cash and cash equivalents $ 9,855,950 15,334,123
Receivables, trade 874,991 864,386
Working capital advances 939,119 1,573,955
Prepayments 372,336 223,471
Advances and deposits 987,595 423,703
Other receivables 198,491 498,259
Amounts due from related parties - -
Inventories 977,694 666,240
Total current assets 14,206,176 19,584,137
 
Non-current assets
Vessels and vessel equipment, net 201,614,852 125,478,619
Deferred dry dock expenditure, net 2,054,425 2,517,789
Vessels under construction 16,518,150 29,012,560
Other non-current assets, net 589,555 133,147
Deferred finance charges, net 3,975,959 3,234,216
Total non-current assets 224,752,941 160,376,331
   
TOTAL ASSETS 238,959,117 179,960,468
 
LIABILITIES AND EQUITY
Current liabilities
Payables, trade 4,340,317 2,514,052
Charter revenue received in advance 1,241,426 851,045
Other payables 466,249 1,867
Amounts due to related parties 600,000 600,000
Accrued interest on loans 594,004 502,515
Short-term revolving credit facility - -
Current portion of long-term debt 9,100,000 6,819,918
Current portion of capital lease obligations 1,519,486 -
Total current liabilities 17,861,482 11,289,397
 
Non-current liabilities
Non-current portion of long-term debt 84,310,000 60,280,082
Non-current portion of capital lease obligations 29,620,913 -
Total non-current liabilities 113,930,913 60,280,082
 
Equity
Share capital 100 100
Additional paid in capital 117,078,877 117,073,252
Accumulated deficit (9,912,255) (8,682,363)
Total equity 107,166,722 108,390,989
   
TOTAL LIABILITIES AND EQUITY $ 238,959,117 179,960,468




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