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Ardmore Shipping Corporation Announces Financial Results For First Quarter 2014

Stocks in this article: ASC

Ardmore Shipping Corporation (NYSE:ASC) (“Ardmore” or the “Company”) today announced results for the three months ended March 31, 2014.

Highlights

  • Reported EBITDA (see Non-GAAP Measures section below) of $4.0 million for the three months ended March 31, 2014, an increase of $1.4 million from $2.6 million for the three months ended March 31, 2013. The Company reported a net loss of $0.40 million for the three months ended March 31, 2014, or $0.021 basic and diluted net loss per share, as compared to a net loss of $0.04 million, or $0.005 basic and diluted net loss per share, for the three months ended March 31, 2013.
  • Reported adjusted EBITDA (see Non-GAAP Measures section below) of $4.3 million for the three months ended March 31, 2014, an increase of $1.7 million from $2.6 million for the three months ended March 31, 2013. The Company reported an adjusted net loss (see Non-GAAP Measures section below) of $0.06 million for the three months ended March 31, 2014, or $0.003 basic and diluted adjusted loss per share (see Non-GAAP Measures section below), as compared to an adjusted net loss of $0.04 million, or $0.005 basic and diluted adjusted loss per share, for the three months ended March 31, 2013.
  • Successful completion of a follow-on equity offering raising gross proceeds of $108.7 million including over-allotment option exercised by underwriters on March 17, 2014.
  • Closed a senior debt facility on March 19, 2014 with ABN AMRO Bank N.V., Nordea Bank Finland Plc and Skandinaviska Enskilda Banken AB in the amount of $172 million to finance eight of our vessels currently on order.
  • Declared a cash dividend of $0.10 per share for the quarter ended March 31, 2014.
  • Took delivery of two MR product and chemical newbuildings in the first quarter 2014. The  Ardmore Seavantage and Ardmore Seavanguard are the third and fourth of Ardmore’s eco-design vessels, which delivered from SPP Shipbuilding Co., Ltd. in South Korea in January and February, respectively.
  • Took delivery of the Ardmore Seamariner, a 45,726 Dwt MR product tanker built in October 2006 at Minami Nippon Shipbuilding Co., Ltd., Japan, on January 7, 2014. Following delivery the vessel underwent a scheduled drydock and upgrading to Eco-mod and, on completion, commenced a time charter at $16,050 per day.
  • Completed a series of upgrades on the Ardmore Centurion which, following completion, commenced a time charter with an oil major trading in product and chemicals at $13,500 per day.
  • Commenced a one-year time charter for the Ardmore Seavaliant at a rate of $17,100 per day starting in February 2014.

Anthony Gurnee, the Company’s Chief Executive Officer, commented:

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