STEALTHGAS INC. Reports Second Quarter And Six Months 2013 Financial And Operating Results

ATHENS, Greece, Aug. 20, 2013 (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 six months ended June 30, 2013.

Second Quarter 2013 Results:
  • Revenues for the three months ended June 30, 2013 amounted to $30.3 million, an increase of $1.2 million, or 4.1%, compared to revenues of $29.1 million for the three months ended June 30, 2012, primarily due to the higher number of vessels in the 2013 period.
  • Voyage expenses and vessels' operating expenses for the three months ended June 30, 2013 were $4.6 million and $8.7 million, respectively, compared to $2.7 million and $7.5 million for the three months ended June 30, 2012. The $1.9 million increase in voyage expenses was primarily due to the higher number of vessels under spot charters in the 2013 period. The $1.2 million increase in operating expenses was primarily the result of the increase in the number of vessels operated in the 2013 period, including both the vessels that were added in the fleet and two vessels that came off bareboat charters, which we operated under time charters during the second quarter of 2013.
  • Drydocking Costs for the three months ended June 30, 2013 were $0.9 million as three vessels were drydocked during the period, compared to two vessels being drydocked during the same period last year at a cost of $0.5 million. The drydock of one of the vessels was originally planned for next year but took place during this quarter for technical and commercial purposes.
  • No vessel sales took place during the three months ended June 30, 2013 while for the same period in 2012 a $0.1 million gain on sale of a vessel was reported.
  • Depreciation for the three months ended June 30, 2013, was $7.5 million, a $0.4 million increase from $7.1 million for the same period of last year. This increase was due to the additional depreciation for one vessel joining the fleet in the second quarter of last year and three vessels joining the fleet in the second quarter of this year.
  • Interest and finance costs for the three months ended June 30, 2013 were $2.0 million compared to $2.3 million for the same period last year. The reduction in interest and finance cost was due to a combination of lower interest rates and lower outstanding loan balances.
  • As a result of the above, the Company had net income for the three months ended June 30, 2013 of $5.1 million, compared to net income of $7.2 million for the three months ended June 30, 2012. The average number of shares outstanding as of June 30, 2013 increased to 28.3 million compared to 20.6 million for the same period of last year, due to the public offering of 11.5 million shares completed on April 30, 2013. Earnings per share for the three months ended June 30, 2013 amounted to $0.18 compared to $0.35 for the same period of last year.
  • Included in the second quarter 2013 results are net gains from interest rate derivative instruments of $0.2 million. Interest paid on interest rate swap arrangements amounted to $0.5 million, or $0.02 per share and change in fair value of the same arrangements amounted to $0.7 million. Adjusted net income was $4.4 million or $0.16 per share for the three months ended June 30, 2013 compared to $6.5 million or $0.31 per share for the same period last year.
  • EBITDA for the three months ended June 30, 2013 amounted to $15.1 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income and Adjusted EBITDA to Adjusted Net Income are set forth below.

An average of 38.1 vessels were owned by the Company during the three months ended June 30, 2013, compared to 36.5 vessels for the same period of 2012. As of today, charter coverage for the fleet is 83% through the end of 2013 and 50% for 2014.

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