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Ardmore Shipping Corporation Announces Financial Results For Third Quarter 2013

Interest expense and finance costs, which include loan interest, capital lease interest and amortization of deferred financing fees, were $1.1 million for the three months ended September 30, 2013, an increase of $0.5 million from $0.6 million for the three months ended September 30, 2012. The increase relates to an increase in average debt balance following the delivery of two vessels (the Ardmore Seavaliant and Ardmore Seaventure), additional interest costs associated with the capital lease facility for the Ardmore Calypso and Ardmore Capella executed in April 2013, and a write-off of $0.2 million of deferred financing fees upon the repayment of senior debt in connection with the capital lease. These increases were partially offset by an increase in the amount of capitalized interest.

Liquidity

As of September 30, 2013, the Company had $77.0 million available in cash and cash equivalents.

The following debt and capital lease liabilities were outstanding as of September 30, 2013:

          As at
Sep 30, 2013     Dec 31, 2012
Debt 91,135,000 67,100,000
Capital Leases 30,763,281 -
Total 121,898,281 67,100,000
 

Conference Call

The Company plans to have a conference call on Monday, November 11, 2013 at 10am Eastern Daylight Time to discuss its results for the third quarter of 2013. An accompanying investor presentation will be available in the investor relations section of Ardmore Shipping’s website at www.ardmoreshipping.com prior to the start of the call. All interested parties are invited to listen to the live conference call by choosing from the following options:

1. By dialling 888-572-7025 (U.S.) or 719-325-2215 (International) and entering the conference participant passcode 5663112.

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