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Ardmore Shipping Corporation Announces Financial Results For Third Quarter 2013

Stocks in this article: ASC

2. By accessing the live webcast at Ardmore Shipping’s website at www.ardmoreshipping.com.

Participants should dial into the call 10 minutes before the scheduled time.

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 5663112 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 21 vessels including eight in operation, one second-hand acquisition expected to deliver in December 2013, and 12 vessels 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 Corporation Unaudited Condensed Interim Consolidated Balance Sheet (Expressed in U.S. Dollars, unless otherwise stated)

       
As at
ASSETS Sep 30, 2013     Dec 31, 2012
Current assets
Cash and cash equivalents $ 76,977,519 15,334,123
Receivables, trade 1,061,885 864,386
Working capital advances 781,262 1,573,955
Prepayments 529,343 223,471
Advances and deposits 669,370 423,703
Other receivables 348,257 498,259
Inventories 1,221,991 666,240
Total current assets 81,589,627 19,584,137
 
Non-current assets
Vessels and vessel equipment, net 199,459,297 125,478,619
Deferred dry dock expenditure, net 1,677,070 2,517,789
Vessels under construction 77,122,645 29,012,560
Other non-current assets, net 164,854 133,147
Deferred finance charges, net 3,860,272 3,234,216
Total non-current assets 282,284,138 160,376,331
   
TOTAL ASSETS 363,873,765 179,960,468
 
LIABILITIES AND EQUITY
Current liabilities
Payables, trade 5,468,205 2,514,052
Charter revenue received in advance 874,175 851,045
Other payables 23,339 1,867
Amounts due to related parties - 600,000
Accrued interest on loans 575,067 502,515
Current portion of long-term debt 9,100,000 6,819,918
Current portion of capital lease obligations 1,549,057 -
Total current liabilities 17,589,843 11,289,397
 
Non-current liabilities
Non-current portion of long-term debt 82,035,000 60,280,082
Non-current portion of capital lease obligations 29,214,224 -
Total non-current liabilities 111,249,224 60,280,082
 
Equity
Share capital 180,500 80,495
Additional paid in capital 245,686,480 116,992,857
Accumulated deficit (10,832,282) (8,682,363)
Total equity 235,034,698 108,390,989
   
TOTAL LIABILITIES AND EQUITY $ 363,873,765 179,960,468
 

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

     
Three months ended Nine months ended

Sep 30, 2013

 

Sep 30, 2012

Sep 30, 2013

 

Sep 30, 2012

REVENUE
Revenue $ 10,620,399 5,619,280 26,240,765 19,432,371
 
OPERATING EXPENSES
Commissions and voyage related costs 1,175,820 209,031 1,499,902 538,079
Vessel operating expenses 4,803,185 3,840,745 13,033,337 10,879,576
Charter hire costs - - - 1,699,942
Depreciation 2,335,138 1,549,347 6,064,064 4,653,035
Amortization of deferred dry dock expenditure 340,872 75,777 1,055,294 75,777
General and administrative expenses 1,817,851 751,423 3,715,387 2,157,898
Total operating expenses 10,472,866 6,426,323 25,367,984 20,004,307
       
Profit from operations 147,533 (807,043) 872,781 (571,936)
 
Interest expense and finance costs (1,060,320) (604,848) (3,003,269) (2,564,846)
Interest income 2,320 1,290 4,511 2,956
       
Loss before taxes (910,467) (1,410,601) (2,125,977) (3,133,826)
 
Income tax (9,560) (6,510) (23,942) (22,051)
       
Net loss $ (920,027) (1,417,111) (2,149,919) (3,155,877)
 
Loss per share, basic and diluted $ (0.05) (0.08) (0.12) (0.17)
Weighted average number of shares, basic and diluted

( Pro forma post IPO)

18,050,000 18,050,000 18,050,000 18,050,000
 

Ardmore Shipping Corporation Unaudited Condensed Interim Statement of Cash Flows (Expressed in U.S. Dollars, unless otherwise stated)

     
Nine months ended
Sep 30, 2013     Sep 30, 2012
OPERATING ACTIVITIES
Net loss $ (2,149,919) (3,155,877)
Non-cash items:
Share based compensation 219,508 8,439
Depreciation 6,064,064 4,653,035
Amortization of deferred dry dock expenditure 1,055,294 -
Amortization of deferred finance charges 603,756 304,566
Changes in operating assets and liabilities:
Receivables, trade (197,499) 511,575
Working capital advances 792,693 1,662,050
Prepayments (305,872) (427,425)
Advances and deposits (245,667) 167,144
Other receivables 150,002 94,516
Inventories (555,751) 169,525
Payables, trade 2,954,153 1,401,749
Charter revenue received in advance 23,130 214,128
Other payables 21,472 (46,223)
Amounts due to related parties (600,000) 671,183
Accrued interest on loans 72,552 (265,813)
Deferred dry dock expenditure (214,575) (2,005,292)
Net cash provided by operating activities 7,687,341 3,957,280
 
INVESTING ACTIVITIES
Payments for vessels and equipment (58,944,342) (711,941)
Payments for vessels under construction (69,179,606) (12,451,681)
Payments for other non-current assets (62,586) (50,248)
Net cash used in investing activities (128,186,534) (13,213,870)
 
FINANCING ACTIVITIES
Short-term revolving credit facility - (30,265,000)
Proceeds from long-term debt 47,030,000 -
Repayments of long term debt (22,995,000) (4,287,230)
Proceeds from capital leases 31,500,000 -
Repayments of capital leases (736,719) -
Payments for deferred finance charges (1,229,812) (1,551,411)
Formation of ASC 400 -
Proceeds from IPO 140,000,000 -
IPO related expenses (11,426,280) -
Additional paid in capital - 51,268,716
Net cash provided by financing activities 182,142,589 15,165,075
   
Net increase in cash and cash equivalents 61,643,396 5,908,485
 
Cash and cash equivalents at the beginning of the period 15,334,123 5,460,304
   
Cash and cash equivalents at the end of the period $ 76,977,519 11,368,789
 

Ardmore Shipping Corporation Unaudited Other Operating Data (Expressed in U.S. Dollars, unless otherwise stated)

       
Three months ended Nine months ended
Sep 30, 2013   Sep 30, 2012 Sep 30, 2013   Sep 30, 2012
 
ADJUSTED EBITDA (1) $ 3,192,418 818,081 8,713,514 4,156,876
 
AVERAGE DAILY DATA
Fleet time charter equivalent per day (2) 13,199 10,833 13,021 10,862
Fleet operating costs per day (3) 6,350 6,906 6,424 6,473
 
MR Tankers “Eco-Design”
TCE per day (2) 16,012 - 16,252 -
Vessel operating costs per day (3) 5,803 - 5,911 -
 
MR Tankers “Eco-Mod"
TCE per day (2) 13,799 12,526 13,764 13,043
Vessel operating costs per day (3) 6,730 7,638 6,676 6,813
 
Chemical Tankers “Eco-Mod”
TCE per day (2) 10,720 9,235 10,978 9,257
Vessel operating costs per day (3) 6,334 6,174 6,378 6,132
 
FLEET
Average number of owned vessels 8.0 6.0 7.2 6.0
Average number of chartered vessels - - - 1.0
 

(1) Adjusted EBITDA is reconciled under the “Non-GAAP Measures” section below.

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