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Ardmore Shipping Corporation Announces Financial Results For Third Quarter 2013

Stocks in this article: ASC

For the three months ended September 30, 2013, the Company reported adjusted EBITDA (see Non-GAAP Measures section below) of $3.2 million, an increase of $2.4 million from $0.8 million for the three months ended September 30, 2012. The Company had an adjusted net loss (see Non-GAAP Measures section below) of $0.6 million, or $0.03 basic and diluted loss per share, which excludes $0.4 million of non-recurring fees and expenses incurred in connection with our initial public offering ("IPO"). This compared to an adjusted net loss of $1.4 million for the three months ended September 30, 2012, or $0.08 basic and diluted adjusted loss per share. The number of shares used in determining adjusted loss per share was 18,050,000, which is the full number of issued shares at the IPO date.

Results for the nine months ended September 30, 2013 and 2012

For the nine months ended September 30, 2013, the Company reported EBITDA (see Non-GAAP Measures section below) of $8.0 million, an increase of $3.8 million from $4.2 million for the nine months ended September 30, 2012. The Company had a net loss of $2.1 million, or $0.12 basic and diluted loss per share, for the nine months ended September 30, 2013, as compared to a net loss of $3.2 million, or $0.17 basic and diluted loss per share for the nine months ended September 30, 2012. The number of shares used in determining loss per share was 18,050,000, which is the full number of issued shares at the IPO date.

For the nine months ended September 30, 2013, the Company had an adjusted EBITDA (see Non-GAAP Measures section below) of $8.7 million as compared to $4.2 million for the nine months ended September 30, 2012. The Company had an adjusted net loss (see Non-GAAP Measures section below) of $1.2 million, or $0.07 basic and diluted loss per share, which excludes $0.7 million of non-recurring fees and expenses incurred in connection with our IPO and $0.2 million of deferred finance fees written off in relation to the repayment of senior loan facilities on two vessels. This compared to an adjusted net loss of $3.2 million for the nine months ended September 30, 2012 or $0.17 basic and diluted adjusted loss per share. The number of shares used in determining adjusted loss per share was 18,050,000, which is the full number of issued shares at the IPO date.

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