ATHENS, Greece, Feb. 22, 2018 (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 fourth quarter and twelve months ended December 31, 2017.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fourth Quarter 2017 Results:
Twelve Months 2017 Results:
Fleet Update Since Previous Announcement
The Company announced the following chartering arrangements:
With these charters, the Company has contracted revenues of approximately $196 million. Total anticipated voyage days of our fleet are 65% covered for the remainder of 2018.
Board Chairman Michael Jolliffe Commented
The fourth quarter of 2017 was mixed. On the one hand we are pleased that our core market of small LPGs shows clear signs of improvement, which should continue to leverage our earnings. In this market we achieved an outstanding fleet operational utilization of 97.2%. On the other hand the sale of four of our older vessels and the weakening of the tanker market affected our revenue growth, somewhat obscuring the improved revenues for our core fleet. Nevertheless, excluding impairment charges, our annual results demonstrated clear improvements both in revenues and profitability. In addition with the delivery of our two 22K semi ref newbuildings in January 2018, our asset base increased to $ 1.1 billion.
We have numerous charters which commenced at the beginning of 2018, and several vessels yet to fix, all of these in a better market environment, reflecting the benefits of our chartering policy.
In terms of strategy, we intend, in the upcoming year, to take advantage of the positive market momentum of the small LPG market. We will focus our efforts on capitalizing our dynamic fleet of the past couple of years by placing strong emphasis on taking advantage of the unique and improving supply and demand fundamentals of our core segment. With assets currently $1.1 billion, low gearing and capex of around $31.2 million of which equity is only $1 million – we are looking forward to an exciting 2018.
Conference Call details:
On February 22, 2018 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers:
866-548-4713 (US Toll Free Dial In) or 0800 279 7204 (UK Toll Free Dial In).
Access Code: 5628899.
In case of any problems with the above numbers, please dial+1 323-794-2093 (US Toll Dial In), +44 (0)330 336 9105 (Standard International Dial In).
Access Code: 5628899
A telephonic replay of the conference call will be available until March 1, 2018 by dialing +1 719-457-0820 (US Local Dial In), +44 (0) 207 660 0134 (UK Local Dial In).
Access Code: 5628899
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.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 54 vessels. The fleet comprises of 50 LPG carriers, including two chartered in LPG vessels, with a total capacity of 302,492 cubic meters (cbm) and three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has agreed to acquire a further 1 LPG carrier with expected delivery in April 2018. Giving effect to the delivery of these acquisitions, StealthGas Inc.’s fleet will be composed of 51 operating LPG carriers with a total capacity of 324,492 cubic meters (cbm). 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 drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking 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.
Fleet List and Fleet Deployment
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Company Contact:
Fenia Sakellaris
STEALTHGAS INC.
011-30-210-6250-001
E-mail: info@stealthgas.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the fourth quarters and twelve month periods ended December 31, 2016 and December 31, 2017.
FLEET DATA | Q4 2016 | Q4 2017 | 12M 2016 | 12M 2017 | ||||
Average number of vessels (1) | 53.7 | 50.9 | 53.4 | 52.6 | ||||
Period end number of owned vessels in fleet | 53 | 50 | 53 | 50 | ||||
Total calendar days for fleet (2) | 5,123 | 4,870 | 20,275 | 19,917 | ||||
Total voyage days for fleet (3) | 5,078 | 4,822 | 19,999 | 19,717 | ||||
Fleet utilization (4) | 99.1 | % | 99.0 | % | 98.6 | % | 99.0 | % |
Total charter days for fleet (5) | 4,307 | 4,231 | 15,831 | 16,772 | ||||
Total spot market days for fleet (6) | 771 | 591 | 4,168 | 2,945 | ||||
Fleet operational utilization (7) | 94.2 | % | 97.2 | % | 91.1 | % | 96.2 | % |
1) Average number of vessels is the number of owned 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 for fleet are the total days the vessels we operated 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 we operated 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 charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels 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.
Reconciliation of Adjusted Net Income/(Loss), EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income/(loss) represents net (loss)/income before loss on derivatives excluding net swap interest paid, share based compensation, impairment loss and (loss)/gain on sale of vessels. EBITDA represents net (loss)/income before interest and finance costs including net swap interest paid, interest income and other income/(expenses) and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss on derivatives, excluding net swap interest paid, impairment loss and (loss)/gain on sale of vessels. EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA and Adjusted net income/(loss), you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide additional information on fleet operational results. We also believe that EBITDA represents useful information for investors regarding a company's ability to service and/or incur indebtedness.
(Expressed in United States Dollars, except number of shares) | Fourth Quarter Ended December 31st, | Twelve Months Period Ended December 31st, | ||||||
2016 | 2017 | 2016 | 2017 | |||||
Net (Loss)/Income - Adjusted Net Income/(Loss) | ||||||||
Net (loss)/income | (4,382,706 | ) | 748,305 | (7,798,300 | ) | (1,218,237 | ) | |
Loss on derivatives | 156,149 | 98,332 | 767,196 | 403,943 | ||||
Less swap interest paid | (164,042 | ) | (101,922 | ) | (1,098,585 | ) | (431,315 | ) |
Loss/(gain) on sale of vessels, net | 175,364 | 4,521 | (118,427 | ) | 77,314 | |||
Impairment loss | 5,735,086 | -- | 5,735,086 | 6,461,273 | ||||
Share based compensation | 67,202 | 20,344 | 340,377 | 129,245 | ||||
Adjusted Net income/(loss) | 1,587,053 | 769,580 | (2,172,653 | ) | 5,422,223 | |||
Net (Loss)/Income – EBITDA | ||||||||
Net (loss)/income | (4,382,706 | ) | 748,305 | (7,798,300 | ) | (1,218,237 | ) | |
Plus interest and finance costs incl. swap interest paid | 3,895,049 | 4,588,248 | 15,366,733 | 17,092,779 | ||||
Less interest income and other expenses | (76,770 | ) | (88,189 | ) | (454,472 | ) | (322,868 | ) |
Plus depreciation | 9,881,333 | 9,661,797 | 39,096,589 | 38,921,672 | ||||
EBITDA | 9,316,906 | 14,910,161 | 46,210,550 | 54,473,346 | ||||
Net (Loss)/Income - Adjusted EBITDA | ||||||||
Net (loss)/income | (4,382,706 | ) | 748,305 | (7,798,300 | ) | (1,218,237 | ) | |
Loss on derivatives | 156,149 | 98,332 | 767,196 | 403,943 | ||||
Loss/(gain) on sale of vessels, net | 175,364 | 4,521 | (118,427 | ) | 77,314 | |||
Impairment loss | 5,735,086 | -- | 5,735,086 | 6,461,273 | ||||
Share based compensation | 67,202 | 20,344 | 340,377 | 129,245 | ||||
Plus interest and finance costs | 3,731,007 | 4,486,326 | 14,268,148 | 16,661,464 | ||||
Less interest income and other expenses | (76,770 | ) | (88,189 | ) | (454,472 | ) | (322,868 | ) |
Plus depreciation | 9,881,333 | 9,661,797 | 39,096,589 | 38,921,672 | ||||
Adjusted EBITDA | 15,286,665 | 14,931,436 | 51,836,197 | 61,113,806 | ||||
EPS - Adjusted EPS | ||||||||
Net (loss)/income | (4,382,706 | ) | 748,305 | (7,798,300 | ) | (1,218,237 | ) | |
Adjusted net income/(loss) | 1,587,053 | 769,580 | (2,172,653 | ) | 5,422,223 | |||
Weighted average number of shares | 39,770,911 | 39,828,589 | 39,824,038 | 39,809,364 | ||||
EPS - Basic and Diluted | (0.11 | ) | 0.02 | (0.20 | ) | (0.03 | ) | |
Adjusted EPS | 0.04 | 0.02 | (0.05 | ) | 0.14 | |||
StealthGas Inc | |||||||||||||
Unaudited Consolidated Statements of Operations | |||||||||||||
(Expressed in United States Dollars, except number of shares) | |||||||||||||
Fourth Quarter Ended December 31st, | Twelve Months Period Ended December 31st, | ||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||
Revenues | |||||||||||||
Revenues | 36,453,737 | 38,428,090 | 136,539,399 | 152,338,278 | |||||||||
Revenues - related party | 1,019,509 | -- | 7,592,784 | 1,973,643 | |||||||||
Total revenues | 37,473,246 | 38,428,090 | 144,132,183 | 154,311,921 | |||||||||
Expenses | |||||||||||||
Voyage expenses | 3,249,859 | 3,444,751 | 13,618,025 | 13,804,032 | |||||||||
Voyage expenses - related party | 457,125 | 474,805 | 1,772,240 | 1,912,505 | |||||||||
Charter hire expenses | 967,942 | 886,988 | 4,054,387 | 3,524,770 | |||||||||
Vessels' operating expenses | 14,115,701 | 15,003,464 | 55,680,993 | 58,618,526 | |||||||||
Vessels' operating expenses - related party | 387,924 | 17,216 | 3,141,843 | 800,908 | |||||||||
Drydocking costs | 445,001 | 989,258 | 3,613,230 | 3,529,047 | |||||||||
Management fees - related party | 1,851,150 | 1,737,080 | 7,346,180 | 7,205,490 | |||||||||
General and administrative expenses | 814,793 | 666,348 | 3,110,409 | 2,898,958 | |||||||||
Depreciation | 9,881,333 | 9,661,797 | 39,096,589 | 38,921,672 | |||||||||
Impairment loss | 5,735,086 | -- | 5,735,086 | 6,461,273 | |||||||||
Net loss/(gain) on sale of vessels | 175,364 | 4,521 | (118,427 | ) | 77,314 | ||||||||
Other operating costs | -- | 275,000 | -- | 1,058,863 | |||||||||
Total expenses | 38,081,278 | 33,161,228 | 137,050,555 | 138,813,358 | |||||||||
(Loss)/Income from operations | (608,032 | ) | 5,266,862 | 7,081,628 | 15,498,563 | ||||||||
Other (expenses)/income | |||||||||||||
Interest and finance costs | (3,731,007 | ) | (4,486,326 | ) | (14,268,148 | ) | (16,661,464 | ) | |||||
Loss on derivatives | (156,149 | ) | (98,332 | ) | (767,196 | ) | (403,943 | ) | |||||
Interest income | 76,770 | 88,189 | 454,472 | 322,868 | |||||||||
Foreign exchange gain/(loss) | 35,712 | (22,088 | ) | (299,056 | ) | 25,739 | |||||||
Other expenses, net | (3,774,674 | ) | (4,518,557 | ) | (14,879,928 | ) | (16,716,800 | ) | |||||
Net (loss)/income | (4,382,706 | ) | 748,305 | (7,798,300 | ) | (1,218,237 | ) | ||||||
(Loss) / Earnings per share | |||||||||||||
- Basic and diluted | (0.11 | ) | 0.02 | (0.20 | ) | (0.03 | ) | ||||||
Weighted average number of shares | |||||||||||||
-Basic and diluted | 39,770,911 | 39,828,589 | 39,824,038 | 39,809,364 | |||||||||
StealthGas Inc. | |||||||||
Unaudited Consolidated Balance Sheets | |||||||||
(Expressed in United States Dollars) | |||||||||
December 31, | |||||||||
2016 | 2017 | ||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 64,993,923 | 51,754,131 | |||||||
Receivables from related party | 115,599 | -- | |||||||
Trade and other receivables | 3,918,031 | 3,853,992 | |||||||
Claims receivable | -- | 15,951 | |||||||
Inventories | 2,809,123 | 2,762,299 | |||||||
Advances and prepayments | 1,278,357 | 1,221,029 | |||||||
Restricted cash | 3,363,012 | 3,231,323 | |||||||
Total current assets | 76,478,045 | 62,838,725 | |||||||
Non-current assets | |||||||||
Advances for vessels under construction and acquisitions | 55,785,801 | 61,577,818 | |||||||
Vessels, net | 863,699,739 | 862,061,906 | |||||||
Other receivables | -- | 243,075 | |||||||
Restricted cash | 5,174,710 | 7,917,738 | |||||||
Deferred finance charges | 540,414 | 941,760 | |||||||
Fair value of derivatives | 263,635 | 645,169 | |||||||
Total non-current assets | 925,464,299 | 933,387,466 | |||||||
Total assets | 1,001,942,344 | 996,226,191 | |||||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities | |||||||||
Payable to related party | 7,890,933 | 14,209,624 | |||||||
Trade accounts payable | 8,728,267 | 10,509,465 | |||||||
Accrued and other liabilities | 5,299,479 | 5,880,479 | |||||||
Customer deposits | -- | 1,820,700 | |||||||
Deferred income | 4,621,438 | 4,362,056 | |||||||
Deferred income - related party | 232,774 | -- | |||||||
Current portion of long-term debt | 54,593,715 | 41,966,607 | |||||||
Total current liabilities | 81,366,606 | 78,748,931 | |||||||
Non-current liabilities | |||||||||
Fair value of derivatives | 364,823 | 126,525 | |||||||
Customer deposits | 2,556,700 | 736,000 | |||||||
Deferred gain on sale and leaseback of vessels | 385,127 | 190,087 | |||||||
Deferred income | 1,910 | 4,035 | |||||||
Long-term debt | 343,291,874 | 342,941,841 | |||||||
Total non-current liabilities | 346,600,434 | 343,998,488 | |||||||
Total liabilities | 427,967,040 | 422,747,419 | |||||||
Commitments and contingencies | |||||||||
Stockholders' equity | |||||||||
Capital stock | 442,850 | 442,850 | |||||||
Treasury stock | (22,523,528 | ) | (22,523,528 | ) | |||||
Additional paid-in capital | 501,342,523 | 501,471,768 | |||||||
Retained earnings | 94,688,024 | 93,469,787 | |||||||
Accumulated other comprehensive income | 25,435 | 617,895 | |||||||
Total stockholders' equity | 573,975,304 | 573,478,772 | |||||||
Total liabilities and stockholders' equity | 1,001,942,344 | 996,226,191 | |||||||
StealthGas Inc. | ||||||||||||||||||||
Unaudited Consolidated Statements of Cash Flows | ||||||||||||||||||||
(Expressed in United States Dollars) | ||||||||||||||||||||
December 31st, | ||||||||||||||||||||
2016 | 2017 | |||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net loss for the year | (7,798,300 | ) | (1,218,237 | ) | ||||||||||||||||
Adjustments to reconcile net loss to net cash | ||||||||||||||||||||
provided by operating activities: | ||||||||||||||||||||
Depreciation | 39,096,589 | 38,921,672 | ||||||||||||||||||
Amortization of deferred finance charges | 715,587 | 690,842 | ||||||||||||||||||
Amortization of deferred gain on sale and leaseback of vessels | (195,574 | ) | (195,040 | ) | ||||||||||||||||
Share based compensation | 340,377 | 129,245 | ||||||||||||||||||
Change in fair value of derivatives | (331,387 | ) | (27,372 | ) | ||||||||||||||||
Impairment loss | 5,735,086 | 6,461,273 | ||||||||||||||||||
(Gain)/loss on sale of vessels | (118,427 | ) | 77,314 | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
(Increase)/decrease in | ||||||||||||||||||||
Trade and other receivables | 825,838 | (179,036 | ) | |||||||||||||||||
Claims receivable | (610,810 | ) | (235,705 | ) | ||||||||||||||||
Inventories | 117,744 | 46,824 | ||||||||||||||||||
Advances and prepayments | (28,955 | ) | 57,328 | |||||||||||||||||
Increase/(decrease) in | ||||||||||||||||||||
Balances with related parties | (1,185,024 | ) | 6,434,290 | |||||||||||||||||
Trade accounts payable | 462,215 | 1,299,686 | ||||||||||||||||||
Accrued liabilities | (303,460 | ) | 581,000 | |||||||||||||||||
Deferred income | (567,411 | ) | (490,031 | ) | ||||||||||||||||
Net cash provided by operating activities | 36,154,088 | 52,354,053 | ||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Insurance proceeds | 610,810 | 219,754 | ||||||||||||||||||
Vessels’ acquisitions and advances for vessels under construction | (56,215,758 | ) | (60,612,867 | ) | ||||||||||||||||
Proceeds from sale of vessels, net | 1,530,177 | 11,479,936 | ||||||||||||||||||
Net cash used in investing activities | (54,074,771 | ) | (48,913,177 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Stock repurchase | (2,070,306 | ) | -- | |||||||||||||||||
Deferred finance charges paid | (712,614 | ) | (815,256 | ) | ||||||||||||||||
Loan repayments | (55,630,352 | ) | (56,254,073 | ) | ||||||||||||||||
Proceeds from long-term debt | 31,200,000 | 43,000,000 | ||||||||||||||||||
Net cash used in financing activities | (27,213,272 | ) | (14,069,329 | ) | ||||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | (45,133,955 | ) | (10,628,453 | ) | ||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 118,665,600 | 73,531,645 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at end of year | 73,531,645 | 62,903,192 | ||||||||||||||||||
Cash breakdown | ||||||||||||||||||||
Cash and cash equivalents | 64,993,923 | 51,754,131 | ||||||||||||||||||
Restricted cash, current | 3,363,012 | 3,231,323 | ||||||||||||||||||
Restricted cash, non-current | 5,174,710 | 7,917,738 | ||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 73,531,645 | 62,903,192 | ||||||||||||||||||