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Ardmore Shipping Corporation Announces Financial Results For Year And Fourth Quarter 2013

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Company

On February 7, 2014, the Company obtained a permit from the Ministry of Finance in Bermuda to open an executive office at 69 Pitts Bay Road, Pembroke, HM 08, Bermuda. The Company’s operating office will continue to be located in Ireland, through our wholly owned subsidiary, Ardmore Shipping Limited, with offices at City Gate Building 1000, Mahon Cork, Ireland.

Dividend

On January 15, 2014, Ardmore’s Board of Directors announced a cash dividend of $0.10 per share for the quarter ended December 31, 2013. The cash dividend is payable on February 14, 2014 to all shareholders of record on January 31, 2014.

Results for the twelve months ended December 31, 2013 and 2012

For the twelve months ended December 31, 2013, the Company reported EBITDA (see Non-GAAP Measures section below) of $9.5 million, an increase of $4.4 million from $5.1 million for the twelve months ended December 31, 2012. The Company had a net loss of $3.8 million for the twelve months ended December 31, 2013, as compared to a net loss of $4.5 million for the twelve months ended December 31, 2012.

For the twelve months ended December 31, 2013, the Company had an adjusted EBITDA (see Non-GAAP Measures section below) of $10.8 million as compared to $5.1 million for the twelve months ended December 31, 2012. The Company had an adjusted net loss (see Non-GAAP Measures section below) of $2.4 million, or $0.13 basic and diluted adjusted loss per share for the twelve months ended December 31, 2013. This excludes $0.7 million of non-recurring fees and expenses incurred in connection with our IPO, $0.6 million of share based compensation (non-cash) 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 $4.5 million for the twelve months ended December 31, 2012, or $0.25 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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