STEALTHGAS INC. Reports Second Quarter And First Six Months 2010 Financial And Operating Results, Results Of The Company's Annual General Meeting Held On August 23, 2010, Plus An Update On The Company's Stock Repurchase Programme

ATHENS, Greece, Aug. 23, 2010 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and first six months ended June 30, 2010.

Second Quarter 2010 Results:

For the three months ended June 30, 2010, voyage revenues amounted to $26.9 million, a decrease of $0.2 million, or 0.7%, compared to voyage revenues of $27.1 million for the three months ended June 30, 2009. Net income for the three months ended June 30, 2010 was $4.1 million or $0.19 per share, a decrease of $2.4 million, from net income of $6.5 million, or $0.29 per share, for the three months ended June 30, 2009. Net income for the three months ended June 30, 2010 included a gain on the sale of vessels of $1.0 million compared to a loss on the sale of vessels of $0.8 million for the three months ended June 30, 2009.

For the three months ended June 30, 2010, the Company had a $1.4 million realized cash loss on interest rate swap arrangements and a $1.2 million unrealized non-cash gain on interest rate swap and foreign currency hedging arrangements. This compares to a realized cash loss of $0.5 million on interest rate swap arrangements and an unrealized non-cash gain on interest rate swap and foreign currency hedging arrangements of $3.2 million for the three months ended June 30, 2009.

Voyage and operating expenses for the three months ended June 30, 2010 were $3.5 million and $9.3 million, respectively, compared to $2.1 million and $9.8 million, respectively, for the three months ended June 30, 2009. The increase in voyage expenses was due primarily to the increased level of spot market activity with 907 spot voyage days in the second quarter of 2010 compared to 743 spot voyage days in the same period last year. Under spot voyage charters, the Company is responsible for all voyage expenses including fuel, port and canal fees. The decline in vessel operating expenses was due primarily to the decrease in the size of the fleet for the three months ended June 30, 2010 compared to the three months ended June 30, 2009, and was achieved despite the overall reduction in the average number of vessels on bareboat charter (9 for the three months ended June 30, 2010 compared to 14 in the same period in 2009). Dry docking expenses for the three months ended June 30, 2010 were $0.6 million, an increase of $0.4 million compared to $0.2 million in the same period in 2009.

Adjusted EBITDA for the three months ended June 30, 2010 was $12.2 million, a decrease of $2.4 million from Adjusted EBITDA of $14.6 million for the three months ended June 30, 2009. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash Provided by Operating Activities is set forth below.

Before the non-cash items discussed above, our net income was $2.9 million, or $0.13 per share for the three months ended June 30, 2010, as compared to a net income of $3.3 million, or $0.15 per share before non-cash items during the three months ended June 30, 2009, a decrease of $0.4 million or 12.1%.

The decrease in operating net income after non-cash items is mainly attributable to a decrease in the size of our fleet, higher dry docking expenses, increased voyage expenses, as detailed above for the three months ended June 30, 2010 as compared to the same period last year.

An average of 37.6 vessels were owned by the Company in the three months ended June 30, 2010, earning an average time-charter equivalent rate of approximately $6,948 per day, as compared to 41.6 vessels, earning an average time-charter equivalent rate of $6,638 per day, for the same period of 2009.

First Half 2010 Results

For the six months ended June 30, 2010, voyage revenues amounted to $55.6 million and net income was $5.8 million, a decrease of $0.7 million, or 1.2%, and a decrease of $0.9 million, or 13.4%, respectively, from voyage revenues of $56.3 million and net income of $6.7 million for the six months ended June 30, 2009. For the six months ended June 30, 2010, net income included a gain on the sale of vessels of $1.0 million compared to a loss of $0.8 million on the sale of vessels in the same period in 2009.

Voyage and operating expenses for the six months ended June 30, 2010 were $6.8 million and $18.4 million, respectively, compared to $4.4 million and $18.4 million, respectively, for the six months ended June 30, 2009. The increase in voyage expenses was due primarily to the increased level of spot market activity with 1,762 spot voyage days in the first half of 2010 compared to 1,244 spot voyage days in the same period last year. Under spot voyage charters, the Company is responsible for all voyage expenses including fuel, port and canal fees. Vessel operating expenses were flat due primarily to the decrease in the size of the fleet for the six months ended June 30, 2010 compared to the six months ended June 30, 2009, and despite a decrease in the average number of vessels on bareboat charter (9.7 for the six months ended June 30, 2010 compared to 14 in the same period in 2009). Dry docking expenses for the six months ended June 30, 2010 were $1.7 million, an increase of $1.4 million compared to $0.3 million in the first half of 2009.

The Company's basic and diluted earnings per share were $0.26 for the six months ended June 30, 2010 as compared to basic and diluted earnings per share of $0.30 for the six months ended June 30, 2009.

For the six months ended June 30, 2010, the Company had a $3.2 million realized cash loss on interest rate swap arrangements and a $0.3 million unrealized non-cash loss on interest rate swap and foreign currency hedging arrangements. This compares to a realized cash loss on interest rate swap arrangements of $1.6 million and an unrealized non-cash loss of $3.0 million on interest rate swap and foreign currency hedging arrangements for the six months ended June 30, 2009.

Adjusted EBITDA for the six months ended June 30, 2010 was $22.1 million, a decrease of $1.1 million, or 4.7%, from $23.2 million for the six months ended June 30, 2009. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by Operating Activities is set forth below.

Before the non-cash items discussed above, net income was $6.1 million or $0.28 per share, for the six months ended June 30, 2010, as compared to $9.7 million, or $0.44 per share, before non-cash items for the six months ended June 30, 2009, a decrease of $3.6 million or 37.1%.

An average of 39.3 vessels were owned by the Company in the six months ended June 30, 2010, earning an average time-charter equivalent rate of approximately $7,006 per day as compared to 41.2 vessels, earning an average time-charter equivalent rate of $6,986 per day for the same period of 2009.

CEO Harry Vafias commented:

"In reviewing both the second quarter and first half of 2010, in what still remains quite a challenging operating environment, I am reasonably pleased with the Company's performance. We rationalized our fleet during the latter part of 2009 and in the first half of this year in terms of maintaining the average age of the fleet, through the sale of some older ships. The benefits of these initiatives can be seen in improvements in our average daily TCE rate, although this still remains below the levels we were achieving prior to the economic slowdown that commenced towards the end of 2007.

"As we forecasted last year, both 2010 and 2011 are 'heavy years' for the Company in terms of our scheduled dry dockings so taking the significant increase in these expenses into account year on year, plus the actual reduction in the size of our fleet both revenues and profitability, have in my view held up quite well so far in 2010.

"Our core LPG sector continues to perform reasonably steadily, and as we have discussed many times the fundamentals for this sector look increasingly attractive as we move towards 2011 and beyond, with fewer challenges than several other sectors of shipping face during this period. Accordingly we continue to be disappointed by the market's valuation of our company and question why our shares trade in tandem with other shipping stocks that are in sectors in which we are not involved.

"Underpinning our LPG fleet we also have our very modern tanker fleet, with an average age of approximately one year. Numbering three M.R. Product Carriers and our new Aframax crude oil tanker that was delivered to us in July, these vessels have an average of 47 months of period employment going forward.

"With the outlook and direction for growth in the global economy being questioned again, we are able to point to our steady trading performance during the past two challenging years and we believe the company, due to its core market and leading position within it, its prudent financial structure and employment profile is well positioned to either weather a further downturn should it occur or take advantage of improved market conditions if in fact the world's economy does continue to recover."

Quarterly Dividend:

At today's meeting, the Company's Board of Directors decided to continue the suspension of dividend payments to shareholders.

Annual General Meeting.

At the Annual General Meeting of the stockholders of the Company held on August 23, 2010, Mr. Michael Jolliffe was re-elected to the Board of Directors as an independent director and as Chairman for a further three year term. The re-appointment of Deloitte Hadjipavlou Sofianos & Cambanis S.A. as auditors to the Company for the year ending December 31, 2010 was ratified.

Common Stock Repurchase Programme

As of August 23, 2010, the Company had completed the repurchase of 1,205,229 shares of its common stock at an average price of $5.21 per share, under the common stock repurchase programme announced on March 22, 2010.

Fleet Profile and Fleet Deployment:

The table below shows the Company's fleet development and deployment as of today:

LPG Carrier Fleet
             
Vessel Vessel Size (cbm) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration (1)
CURRENT FLEET
Gas Cathar 7,517 F.P. 2001 Oct-05 Tine Charter  May-12
Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter  Mar-12
Gas Haralambos 7,000 F.P. 2007 Oct-07 Time Charter  Jun-13
Gas Marathon 6,572 F.P. 1995 Nov-05 Time Charter  Aug-10
Gas Chios 6,562 F.P. 1991 Oct-05 Time Charter  Apr-11
Gas Moxie 6,526 F.P. 1992 May-05 Spot   --
Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter  Feb-11
Gas Monarch 5,018 F.P. 1997 Dec-05 Bareboat  Nov-10
Lyne 5,014 F.P. 1996 May-06 Bareboat  May-11
Gas Emperor 5,013 F.P. 1995 Feb-05 Bareboat  Aug-10
Catterick 5,001 F.P. 1995 Nov-05 Time Charter  Jan-12
Sir Ivor 5,000 F.P. 2003 May-06 Bareboat  May-11
Gas Icon 5,000 F.P. 1994 Jun-07 Spot  --
Gas Kalogeros 5,000 F.P. 2007 Jul-07 Time Charter  Jun-11
Gas Defiance 5,000 F.P. 2008 July-08 Time Charter  Jan--11
Gas Shuriken 5,000 F.P. 2008 Oct-08 Time Charter  Oct-10
Gas Sincerity 4,123 F.P. 2000 Nov-05 Time Charter  Aug-11
Gas Spirit 4,112 F.P. 2001 Dec-05 Time Charter  Dec-10
Gas Zael 4,111 F.P. 2001 Dec-05 Time Charter  Jan -11
Gas Kaisen 4,109 S.R. 1991 Nov-04 Spot  --
Gas Shanghai 3,526 F.P. 1999 Dec-04 Time Charter  Dec-10
Gas Nemesis 3,518 F.P. 1996 May-07 Time Charter  Aug-10 
Gas Evoluzione 3,517 F.P. 1996 Jul-07 Spot  --
Gas Czar 3,510 F.P. 1995 Feb-06 Spot  --
Gas Astrid 3,500 F.P. 2009 Apr-09 Time Charter  Apr-11
Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter  Oct-11
Gas Sikousis 3,500 F.P. 2006 Aug-07 Time Charter  May-11
Gas Exelero 3,500 F.P. 2009 June-09 Time Charter  Jun-11
Gas Arctic 3,434 S.R. 1992 Apr-05 Spot  --
Gas Ice 3,434 S.R. 1991 Apr-05 Spot  --
Chiltern 3,312 F.P. 1997 Jun-07 Bareboat  May-13
Gas Pasha 3,244 F.P. 1995 Jun-06 Time Charter  Sep-11 
Gas Crystal 3,211 S.R. 1990 Nov-05 Spot  --
Gas Tiny 1,320 S.R. 1991 Oct-04 Spot  --
FLEET TOTAL: 34 VESSELS 155,204 cbm          
Additional Vessels (with expected delivery date)
TBN 5,000 F.P. 2011 Feb-11    
TBN 5,000 F.P. 2011 Mar-11    
TBN 5,000 F.P. 2011 July-11    
TBN 7,500 F.P. 2011 Nov-11    
TBN 7,500 F.P. 2012 May-12    
TOTAL LPG CARRIER FLEET:  39 VESSELS 185,204 cbm          

 Tanker Fleet 
             
Vessel Vessel Size (dwt) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration(1)
Navig8 Fidelity 47,000 MR Product Tanker 2008 Jan-08 Bareboat Jan-15
Navig8 Faith 47,000  MR Product Tanker 2008 Feb-08 Bareboat Feb-15
 Alpine Endurance 46,000 MR Product Tanker 2009 Jul-09 Bareboat Jul-12
M.T. Spike 115,804 Aframax Crude Oil Tanker 2010 Jul-10 Bareboat Jul-15
TOTAL TANKER FLEET:  4 VESSELS 255,804 dwt          
* F.P.: Fully-Pressurized * S.R.: Semi-Refrigerated * M.R.: Medium Range            
(1) Earliest date charters could expire.             

About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquified petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 34 LPG carriers with a total capacity of 155,204 cubic meters (cbm), three M.R. product tankers and one Aframax crude oil tanker. The company has also entered into agreements to acquire five new building LPG carriers with expected delivery from February 2011 through May 2012. Once these acquisitions are completed, STEALTHGAS INC.'s fleet will be composed of 39 LPG carriers with a total capacity of 185,204 cubic meters (cbm), three M.R. product tankers and one Aframax crude oil tanker with a total capacity of 255,804 deadweight tons (dwt). STEALTHGAS INC.'s shares are listed on the NASDAQ Global Select Market and trade under the symbol "GASS."

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry dockings, changes in STEALTHGAS INC.'s operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Visit our website at www.stealthgas.com

Fleet D ata:

The following key indicators highlight the Company's operating performance during the second quarters ended June 30, 2009 and June 30, 2010. 
     
FLEET DATA Q2 2009 Q2 2010
Average number of vessels (1) 41.6 37.6
Period end number of vessels in fleet 42 37
Total calendar days for fleet (2) 3,788 3,418
Total voyage days for fleet (3) 3,765 3,361
Fleet utilization (4) 99.4% 98.3%
Total charter days for fleet (5) 3,022 2,454
Total spot market days for fleet (6) 743 907
Fleet operational utilization (7) 88.9% 87.1%
     
AVERAGE DAILY RESULTS Q2 2009 Q2 2010
Time Charter Equivalent – TCE (8) $6,638 $6,948
Vessel operating expenses (9) 2,576 2,715
Management fees 342 365
General and administrative expenses 232 235
Total operating expenses (10) 2,808 2,950

The following key indicators highlight the Company's operating performance during the six months ended June 30, 2009 and June 30, 2010. 
     
FLEET DATA 6M 2009 6M 2010
Average number of vessels (1) 41.2 39.3
Period end number of vessels in fleet 42 37
Total calendar days for fleet (2) 7,457 7,108
Total voyage days for fleet (3) 7,424 6,976
Fleet utilization (4) 99.6% 98.1%
Total charter days for fleet (5) 6,180 5,214
Total spot market days for fleet (6) 1,244 1,762
Fleet operational utilization (7) 92.7% 86.6%
     
AVERAGE DAILY RESULTS 6M 2009 6M 2010
Time Charter Equivalent – TCE (8) $6,986 $7,006
Vessel operating expenses (9) 2,467 2,593
Management fees 335 362
General and administrative expenses 245 202
Total operating expenses (10) 2,712 2,795

1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days are the total days the vessels were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total time charter days for fleet are the number of voyage days the vessels in our fleet operated on time charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.

7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

8) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

9) Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

10) Total operating expenses, or TOE, is a measurement of our total expenses associated with operating our vessels. TOE is the sum of vessel operating expenses and general and administrative expenses. Daily TOE is calculated by dividing TOE by fleet calendar days for the relevant time period.

Adjusted EBITDA Reconciliation:

Adjusted EBITDA represents net earnings before interest, taxes, depreciation, amortization and amortization of fair value of acquired time charters. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by the United States generally accepted accounting principles, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies in the shipping or other industries.

Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. 

Adjusted EBITDA reconciliation for the second quarters ended June 30, 2009 and June 30, 2010: 
     
(figures in US $) Q2 2009 Q2 2010
Net Cash Provided By Operating Activities $12,490,030 $3,445,145
Net (decrease) in current assets, excluding cash (941,291) (728,526)
Net (increase)/decrease in current liabilities, excluding short-term portion of long term debt (923,383) 5,828,150
Net gain / (loss) on sale of vessels (791,659) 1,037,606
Interest income (31,912) (138,078)
Interest and finance costs 1,772,059 1,817,459
Amortization of finance fees  (33,866) (224,367)
Share based compensation (166,860) (46,426)
Change in fair value of derivatives 3,227,499 1,230,261
Adjusted EBITDA $14,600,617 $12,221,224
     
(figures in US $) Q2 2009 Q2 2010
Net Income $6,491,266 $4,145,699
Plus interest and finance costs 1,772,059 1,817,459
Less interest income (31,912) (138,078)
Plus depreciation 6,419,447 6,396,144
Less amortization of fair value of acquired time charters (50,243) ----
Adjusted EBITDA $14,600,617 $12,221,224
     

Adjusted EBITDA reconciliation for the six months ended June 30, 2009 and June 30, 2010: 
     
(figures in US $) 6M 2009 6M 2010
Net Cash Provided By Operating Activities $26,651,391 $21,527,520
Net (decrease) / increase in current assets, excluding cash (1,048,523) 1,886,517
Net (increase) in current liabilities, excluding short-term portion of long term debt (2,191,739) (4,900,998)
Net gain / (loss) on sale of vessels (791,659) 960,696
Interest income (170,392) (205,655)
Interest and finance costs 4,168,137 3,604,625
Amortization of finance fees  (55,874) (334,158)
Share based compensation (331,270) (95,011)
Change in fair value of derivatives (3,009,659) (303,959)
Adjusted EBITDA $23,220,412 $22,139,577
     
(figures in US $) 6M 2009 6M 2010
Net Income $6,679,995 $5,759,846
Plus interest and finance costs 4,168,137 3,604,625
Less interest income (170,392) (205,655)
Plus depreciation 12,724,224 12,980,761
Less amortization of fair value of acquired time charters (181,552) ----
Adjusted EBITDA $23,220,412 $22,139,577
     

On August 23 at 11:00 am EDT, the company's management will host a conference call to discuss the results and the company's operations and outlook.

Conference Call Details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1888 935 4577 (US Toll Free Dial In) or 0800 028 1277 (UK Toll Free Dial In). 

In case of any problems with the above numbers, please dial +1 212 444 0412 (US Toll Dial In), or +44 (0)20 7806 1950 (Standard International Dial In). Please quote "4669369."

A telephonic replay of the conference call will be available until August 30, 2010 by dialing 1866 932 5017 (US Toll Free Dial In), 0800 358 7735 (UK Toll Free Dial In) or +44 (0)207 111 1244 (Standard International Dial In). Access Code: 4669369#.

Slides and Audio Webcast:

There will also be a live-and then archived webcast of the conference call, through the STEALTHGAS INC. website ( www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars)
  Six Month Periods Ended June 30,
  2009 2010
     
Revenues    
Voyage revenues 56,281,514 55,627,065
     
Expenses    
Voyage expenses 4,418,440 6,756,444
Vessels' operating expenses 18,397,678 18,430,219
Dry-docking costs 266,379 1,747,636
Management fees 2,499,250 2,573,120
General and administrative expenses 1,827,051 1,432,610
Depreciation 12,724,224 12,980,761
Net (gain)/loss on sale of vessels 791,659 (960,696)
Total expenses 40,924,681 42,960,094
     
Income from operations 15,356,833 12,666,971
     
Other income and (expenses)    
Interest and finance costs (4,168,137) (3,604,625)
Change in fair value of derivatives (4,602,206) (3,464,426)
Interest income 170,392 205,655
Foreign exchange loss (76,887) (43,729)
Other expenses, net (8,676,838) (6,907,125)
     
Net income 6,679,995 5,759,846
     
Earnings per share     
- Basic 0.30 0.26
- Diluted 0.30 0.26
     
Weighted average number of shares     
-Basic 22,204,576 22,007,297
-Diluted 22,210,494 22,018,437
     
-Cash dividends per share declared 0.1875  ----
 
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars)
  Quarters Ended June 30,
  2009 2010
     
Revenues    
Voyage revenues 27,076,724 26,870,374
     
Expenses    
Voyage expenses 2,086,346 3,516,708
Vessels' operating expenses 9,756,850 9,279,071
Dry-docking costs 218,715 609,676
Management fees 1,294,075 1,246,565
General and administrative expenses 877,815 803,951
Depreciation 6,419,447 6,396,144
Net (gain)/loss on sale of vessels 791,659 (1,037,606)
Total expenses 21,444,907 20,814,509
     
Income from operations 5,631,817 6,055,865
     
Other income and (expenses)    
Interest and finance costs (1,772,059) (1,817,459)
Change in fair value of derivatives 2,678,674 (200,980)
Interest income 31,912 138,078
Foreign exchange gain (79,078) (29,805)
Other income, net 859,449 (1,910,166)
     
Net income 6,491,266 4,145,699
     
Earnings per share     
- Basic 0.29 0.19
- Diluted 0.29 0.19
Weighted average number of shares     
-Basic 22,210,108 21,748,423
-Diluted 22,221,458 21,763,071
 
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
  December 31, June 30,
  2009 2010
     
Assets    
Current assets    
Cash and cash equivalents 44,076,339 66,747,625
Trade and other receivables 1,685,558 2,805,874
Claims receivable 493,852 50,834
Inventories 2,146,919 2,541,305
Advances and prepayments 625,870 877,198
Restricted cash 4,399,188 3,948,309
Vessels held for sale 13,829,512 ----
Fair value of derivatives 1,774,515 2,599,307
Total current assets 69,031,753 79,570,452
     
Non current assets    
Deferred installments for vessels under construction ---- 4,364,926
Advances for vessels under construction 23,485,905 23,727,316
Vessels, net 594,931,791 559,640,344
Other receivables 169,616 105,085
Restricted cash 1,550,000 1,550,000
Deferred finance charges, net of accumulated  amortization of $469,888 and $804,046 1,466,756 1,132,598
Fair value of derivatives 1,861,189 3,529,932
Total non current assets 623,465,257 594,050,201
Total assets 692,497,010 673,620,653
     
Liabilities and Stockholders' Equity    
Current liabilities    
Payable to related party 7,310,097 17,114,866
Trade accounts payable 4,223,548 4,710,891
Other accrued liabilities 6,095,322 4,910,073
Customer deposits 3,522,287 2,465,334
Deferred income 3,643,963 2,125,598
Other current liability 8,061,250 12,890,421
Current portion of long-term debt 31,612,718 29,931,547
Current portion of long-term debt associated with vessel held for sale 4,554,270  ----
Total current liabilities 69,023,455 74,148,730
     
Non current liabilities    
Fair value of derivatives 10,327,792 12,886,508
Other non current liability 2,688,750 ----
Long-term debt 309,655,082 285,970,176
Total non current liabilities 322,671,624 298,856,684
Total liabilities 391,695,079 373,005,414
     
Commitments and contingencies  ----  ----
     
Stockholders' equity    
Capital stock     
5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share  100,000,000 common shares authorized, 22,310,110 and 21,104,881 shares issued and outstanding with a par value of $0.01 per share 223,101 211,049
Additional paid-in capital 284,100,096 277,926,832
Retained earnings 17,415,158 23,175,004
Accumulated other comprehensive (loss) (936,424) (697,646)
Total stockholders' equity 300,801,931 300,615,239
Total liabilities and stockholders' equity 692,497,010 673,620,653
 
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
  Six Month Periods Ended June 30,
  2009 2010
     
Cash flows from operating activities    
Net income for the period 6,679,995 5,759,846
     
Items included in net income not affecting cash flows:    
Depreciation and amortization of deferred finance charges 12,780,098 13,314,919
Amortization of fair value of time charter (181,552)  ----
Share based compensation 331,270 95,011
Change in fair value of derivatives 3,009,659 303,959
(Gain)/Loss on sale of vessels 791,659 (960,696)
     
Changes in operating assets and liabilities:    
(Increase)/decrease in:    
Trade and other receivables 1,271,158 (1,055,785)
Claims receivable (110,692) (185,018)
Inventories (373,292) (394,386)
Advances and prepayments 261,349 (251,328)
Increase/(decrease) in:    
Payable to related party 5,148,291 9,804,769
Trade accounts payable (22,644) 487,343
Other accrued liabilities (223,868) (1,185,249)
Other current liability ---- (2,687,500)
Deferred income (2,710,040) (1,518,365)
Net cash provided by operating activities 26,651,391 21,527,520
     
Cash flows from investing activities    
Insurance proceeds 659,977 628,036
Advances for vessel under construction (11,663,479) (241,411)
Proceeds from sale of vessels, net 6,229,973 37,100,894
Acquisition of vessels (48,470,690) ----
Decrease in restricted cash account 588,571 450,879
Net cash (used in)/provided by investing activities (52,655,648) 37,938,398
     
Cash flows from financing activities    
Stock repurchase ---- (6,280,327)
Dividends paid (4,183,146) ----
Deferred finance charges (639,625)  ----
Customer deposits 37,407 (1,056,953)
Loan repayment (12,668,911) (29,920,347)
Proceeds from long-term debt 19,250,000  ----
Net cash provided by/(used in) financing activities 1,795,725 (37,257,627)
     
Effect of exchange rate changes on cash ---- 462,995
     
Net (decrease)/increase in cash and cash equivalents (24,208,532) 22,671,286
Cash and cash equivalents at beginning of year 41,848,059 44,076,339
Cash and cash equivalents at end of period 17,639,527 66,747,625
     
Supplemental Cash Flow Information:    
Non cash items:    
Deferred advances payable to shipyard ---- 4,364,926
CONTACT:  STEALTHGAS INC.          Andrew J. Simmons, Chief Financial Officer          011-30-210-6250-001          simmons@stealthgas.com

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