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Ardmore Shipping Corporation Announces Financial Results For Second Quarter 2013

Ardmore Shipping LLC Predecessor to Ardmore Shipping Corporation Unaudited Condensed Interim Statement of Comprehensive Income (Expressed in U.S. Dollars, unless otherwise stated)

    Three months ended       Six months ended
Jun 30, 2013       Jun 30, 2012 Jun 30, 2013       Jun 30, 2012
REVENUE      
Revenue $ 8,345,281 7,034,352 15,620,366 13,813,091
 
OPERATING EXPENSES
Commissions and voyage related costs 148,346 166,157 324,082 329,048
Vessel operating expenses 4,353,343 3,368,285 8,230,152 7,038,831
Charter hire costs - 790,553 - 1,699,942
Depreciation 2,024,909 1,552,632 3,728,926 3,103,688
Amortization of deferred dry dock expenditure 365,526 - 714,422 -
General and administrative expenses 1,235,520 685,270 1,897,536 1,406,475
Total operating expenses 8,127,644 6,562,897 14,895,118 13,577,984
       
Profit from operations 217,637 471,455 725,248 235,107
 
Interest expense and finance costs (1,400,413) (963,585) (1,942,949) (1,959,998)
Interest income 1,310 838 2,191 1,666
       
Loss before taxes (1,181,466) (491,292) (1,215,510) (1,723,225)
 
Income tax (7,734) (7,769) (14,382) (15,541)
       
Net loss (1,189,200) (499,061) (1,229,892) (1,738,766)
 
Other comprehensive income - - - -
       
Comprehensive loss $ (1,189,200) (499,061) (1,229,892) (1,738,766)
 
Loss per share, basic and diluted $ (0.15) (0.06) (0.15) (0.22)
Weighted average number of shares, basic and diluted (Pro forma giving effect to the pre-IPO reorganisation) 8,050,000 8,050,000 8,050,000 8,050,000
 
Loss per share, basic and diluted $ (0.07) (0.03) (0.07) (0.10)
Weighted average number of shares, basic and diluted (Pro forma post completion of the IPO) 18,050,000 18,050,000 18,050,000 18,050,000




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