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Ardmore Shipping Corporation Announces Financial Results For The Three And Six Months Ended June 30, 2014

Ardmore Shipping Corporation (NYSE:ASC) (“Ardmore” or the “Company”) today announced results for the three and six months ended June 30, 2014.

Highlights

  • Reported EBITDA (see Non-GAAP Measures section below) of $5.0 million for the three months ended June 30, 2014, an increase of $2.4 million from $2.6 million for the three months ended June 30, 2013. The Company reported a net profit of $0.1 million for the three months ended June 30, 2014, or $0.004 basic and diluted earnings per share, as compared to a net loss of $1.2 million, or $0.148 basic and diluted net loss per share, for the three months ended June 30, 2013.
  • Reported adjusted EBITDA (see Non-GAAP Measures section below) of $5.3 million for the three months ended June 30, 2014, an increase of $2.3 million from $3.0 million for the three months ended June 30, 2013. The Company reported an adjusted net profit (see Non-GAAP Measures section below) of $0.4 million for the three months ended June 30, 2014, or $0.016 basic and diluted adjusted earnings per share (see Non-GAAP Measures section below), as compared to an adjusted net loss of $0.7 million, or $0.081 basic and diluted adjusted loss per share, for the three months ended June 30, 2013.
  • Completed the acquisition of the Ardmore Endeavour, a 49,997 Dwt Eco-design product and chemical tanker built at STX Offshore & Shipbuilding Co. Ltd, Korea in July 2013 for a purchase price of $36 million. The vessel was delivered to Ardmore on June 25, 2014 and immediately commenced employment in the spot market.
  • Completed the acquisition of the Ardmore Sealifter, a 47,472 Dwt product tanker built at Onomichi Dockyard Co. Ltd, Japan in July 2008 for a purchase price of $23 million. The vessel was delivered to Ardmore on July 22, 2014 and immediately commenced employment in the spot market.
  • Agreed to acquire a 47,463 Dwt product tanker built at Onomichi Dockyard Co. Ltd, Japan in August 2008 (to be renamed Ardmore Sealeader), for a purchase price of $23 million. The vessel is expected to deliver to Ardmore in August 2014.
  • Completed a senior debt facility with Credit Agricole for $39 million on May 22, 2014 to finance two of our existing 25,000 Dwt IMO2 product and chemical vessels currently under construction at Fukuoka Shipbuilding Co. Ltd in Japan. The first of these vessels is expected to deliver in November 2014, with the second scheduled to deliver in March 2015.
  • Completed a $53 million increase to the existing $172 million debt facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB on July 24, 2014, under the facility’s accordion option. The total amount available under the facility is now approximately $225 million and the increased amount is expected to be used to finance up to 65% of the purchase price of the three recently acquired MR product and chemical tankers.
  • Declared a cash dividend, on July 15, 2014, of $0.10 per share for the quarter ended June 30, 2014.

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

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