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Share Name | Share Symbol | Market | Type |
---|---|---|---|
StealthGas Inc | NASDAQ:GASS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.52 | 6.34 | 6.66 | 1 | 13:21:49 |
OPERATIONAL AND FINANCIAL HIGHLIGHTS1
________________________1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.
First Quarter 2021 Results:
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
With these charters, the Company has total contracted revenues of approximately $87 million.
Total anticipated fleet days of our fleet is 61% covered with charter contracts for the remainder of 2021.
Board Chairman Michael Jolliffe Commented
Our performance in the first quarter of 2021 was still governed by the COVID-19 pandemic. Although demand for small LPG carriers slightly strengthened and rates seem to have gained a positive momentum these effects began to materialize towards the end of the quarter, thus were not reflected in our results for Q1 2021.
Due to market conditions our presence in the spot market remained high and compared to the last quarter of the year what mostly undermined our spot profitability was the operation of two of our product tankers in the spot market for the whole duration of the quarter- thus incurring high voyage costs against poor freight compensation.
What we find important amidst these market conditions is that we have designed our fleet employment so as to grasp the positive market turn expected with the remission of the COVID-19 pandemic. We have 16 vessels concluding their period employment up until the end of 2021 and along with our ships currently in the spot market gives us the opportunity to re-charter 60% of our fleet at a time when hopefully the market is expected to improve.
Conference Call details:
On May 26, 2021 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: +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In). Access Code: 2899410
In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In), +44 (0) 203 0095709 (Standard International Dial In). Access Code: 2899410
A telephonic replay of the conference call will be available until June 6, 2021 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).
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. has a fleet of 49 vessels. The fleet is comprised of 45 LPG carriers, including seven Joint Venture vessels. These LPG vessels have a total capacity of 401,488 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax 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, or impact or duration of the COVID-19 pandemic 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 impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, 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 periods ended March 31, 2020 and March 31, 2021.
FLEET DATA | Q1 2020 | Q1 2021 |
Average number of vessels (1) | 41.00 | 41.61 |
Period end number of owned vessels in fleet | 41 | 42 |
Total calendar days for fleet (2) | 3,811 | 3,745 |
Total voyage days for fleet (3) | 3,788 | 3,695 |
Fleet utilization (4) | 99.4% | 98.7% |
Total charter days for fleet (5) | 3,468 | 2,543 |
Total spot market days for fleet (6) | 320 | 1,152 |
Fleet operational utilization (7) | 97.8% | 93.1% |
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, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before loss on derivatives excluding swap interest received/(paid). EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and loss on derivatives.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, 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 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 investors with a means of better evaluating and understanding our operating performance.
(Expressed in United States Dollars, except number of shares) | Three Months Period Ended March 31st, | |||
2020 | 2021 | |||
Net Income - Adjusted Net Income | ||||
Net Income | 3,012,718 | 755,880 | ||
Plus loss on derivatives | 68,695 | 5,582 | ||
Plus swap interest received/(paid) | 5,623 | (141,446) | ||
Adjusted Net Income | 3,087,036 | 620,016 | ||
Net income - EBITDA | ||||
Net income | 3,012,718 | 755,880 | ||
Plus interest and finance costs | 4,233,197 | 3,145,438 | ||
Less interest income | (112,960) | (2,544) | ||
Plus depreciation | 9,321,961 | 9,547,131 | ||
EBITDA | 16,454,916 | 13,445,905 | ||
Net income - Adjusted EBITDA | ||||
Net income | 3,012,718 | 755,880 | ||
Plus loss on derivatives | 68,695 | 5,582 | ||
Plus interest and finance costs | 4,233,197 | 3,145,438 | ||
Less interest income | (112,960) | (2,544) | ||
Plus depreciation | 9,321,961 | 9,547,131 | ||
Adjusted EBITDA | 16,523,611 | 13,451,487 | ||
EPS - Adjusted EPS | ||||
Net income | 3,012,718 | 755,880 | ||
Adjusted net income | 3,087,036 | 620,016 | ||
Weighted average number of shares | 39,401,882 | 37,858,437 | ||
EPS - Basic and Diluted | 0.08 | 0.02 | ||
Adjusted EPS | 0.08 | 0.02 | ||
StealthGas Inc. Unaudited Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares) | ||||||
For The Three Months Ended March 31, | ||||||
2020 | 2021 | |||||
Revenues | ||||||
Revenues | 34,376,758 | 37,415,681 | ||||
Expenses | ||||||
Voyage expenses | 2,391,269 | 6,468,008 | ||||
Voyage expenses - related party | 425,684 | 465,203 | ||||
Charter hire expenses | 322,363 | -- | ||||
Vessels' operating expenses | 13,005,546 | 14,817,026 | ||||
Vessels' operating expenses - related party | 225,500 | 258,500 | ||||
Dry-docking costs | 168,796 | 610,260 | ||||
Management fees - related party | 1,336,010 | 1,448,450 | ||||
General and administrative expenses | 567,676 | 941,782 | ||||
Depreciation | 9,321,961 | 9,547,131 | ||||
Total expenses | 27,764,805 | 34,556,360 | ||||
Income from operations | 6,611,953 | 2,859,321 | ||||
Other (expenses)/income | ||||||
Interest and finance costs | (4,233,197) | (3,145,438) | ||||
Loss on derivatives | (68,695) | (5,582) | ||||
Interest income | 112,960 | 2,544 | ||||
Foreign exchange gain/(loss) | 952 | (33,219) | ||||
Other expenses, net | (4,187,980) | (3,181,695) | ||||
Income before equity in earnings of investees | 2,423,973 | (322,374) | ||||
Equity earnings in joint ventures | 588,745 | 1,078,254 | ||||
Net Income | 3,012,718 | 755,880 | ||||
Earnings per share | ||||||
- Basic & Diluted | 0.08 | 0.02 | ||||
Weighted average number of shares | ||||||
-Basic & Diluted | 39,401,882 | 37,858,437 | ||||
StealthGas Inc. Unaudited Consolidated Balance Sheets (Expressed in United States Dollars) | ||||||
December 31, | March 31, | |||||
2020 | 2021 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | 38,242,411 | 37,021,517 | ||||
Trade and other receivables | 3,602,764 | 6,186,809 | ||||
Other current assets | 309,608 | 355,304 | ||||
Claims receivable | 120,547 | 120,547 | ||||
Inventories | 3,687,098 | 4,219,225 | ||||
Advances and prepayments | 782,125 | 1,448,816 | ||||
Restricted cash | 1,308,971 | 1,814,672 | ||||
Total current assets | 48,053,524 | 51,166,890 | ||||
Non current assets | ||||||
Advances for vessel under construction | 6,539,115 | -- | ||||
Operating lease right-of-use assets | -- | 171,697 | ||||
Vessels, net | 832,335,059 | 853,144,099 | ||||
Other receivables | 26,427 | -- | ||||
Restricted cash | 13,488,820 | 14,017,024 | ||||
Investments in joint ventures | 43,177,657 | 44,255,911 | ||||
Deferred finance charges | 385,705 | -- | ||||
Total non current assets | 895,952,783 | 911,588,731 | ||||
Total assets | 944,006,307 | 962,755,621 | ||||
Liabilities and Stockholders' Equity | ||||||
Current liabilities | ||||||
Payable to related parties | 4,659,861 | 8,566,020 | ||||
Trade accounts payable | 9,974,751 | 12,110,214 | ||||
Accrued and other liabilities | 3,773,499 | 3,690,530 | ||||
Operating lease liabilities | -- | 91,590 | ||||
Customer deposits | 968,000 | 968,000 | ||||
Deferred income | 2,995,657 | 4,148,240 | ||||
Fair value of derivatives | 141,447 | -- | ||||
Current portion of long-term debt | 40,547,892 | 42,421,366 | ||||
Total current liabilities | 63,061,107 | 71,995,960 | ||||
Non current liabilities | ||||||
Fair value of derivatives | 5,099,464 | 4,735,382 | ||||
Operating lease liabilities | -- | 80,107 | ||||
Long-term debt | 311,249,321 | 320,222,212 | ||||
Total non current liabilities | 316,348,785 | 325,037,701 | ||||
Total liabilities | 379,409,892 | 397,033,661 | ||||
Commitments and contingencies | ||||||
Stockholders' equity | ||||||
Capital stock | 431,836 | 431,836 | ||||
Treasury stock | (25,373,380) | (25,373,380) | ||||
Additional paid-in capital | 499,564,087 | 499,564,087 | ||||
Retained earnings | 94,926,695 | 95,682,575 | ||||
Accumulated other comprehensive loss | (4,952,823) | (4,583,158) | ||||
Total stockholders' equity | 564,596,415 | 565,721,960 | ||||
Total liabilities and stockholders' equity | 944,006,307 | 962,755,621 | ||||
StealthGas Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars) | ||||||
For The Three Months Ended March 31, | ||||||
2020 | 2021 | |||||
Cash flows from operating activities | ||||||
Net income for the period | 3,012,718 | 755,880 | ||||
Adjustments to reconcile net income to net cash | ||||||
provided by operating activities: | ||||||
Depreciation | 9,321,961 | 9,547,131 | ||||
Amortization of deferred finance charges | 184,177 | 277,404 | ||||
Amortization of operating lease right-of-use assets | 407,077 | 22,109 | ||||
Change in fair value of derivatives | 74,318 | (135,864) | ||||
Equity earnings in joint ventures | (588,745) | (1,078,254) | ||||
Changes in operating assets and liabilities: | ||||||
(Increase)/decrease in | ||||||
Trade and other receivables | 132,235 | (2,557,618) | ||||
Other current assets | 65,861 | (45,696) | ||||
Claims receivable | 138,470 | -- | ||||
Inventories | 660,848 | (532,127) | ||||
Changes in operating lease liabilities | (407,077) | (22,109) | ||||
Advances and prepayments | (90,710) | (666,691) | ||||
Increase/(decrease) in | ||||||
Balances with related parties | 584,166 | 3,906,159 | ||||
Trade accounts payable | 418,358 | 2,035,302 | ||||
Accrued liabilities | (398,715) | 92,095 | ||||
Deferred income | 2,217,924 | 1,152,583 | ||||
Net cash provided by operating activities | 15,732,866 | 12,750,304 | ||||
Cash flows from investing activities | ||||||
Advances for vessel under construction | (33,211) | -- | ||||
Vessel acquisition | -- | (23,859,495) | ||||
Investment in joint ventures | (41,051,530) | -- | ||||
Advances to joint ventures | (29,245) | -- | ||||
Net cash used in investing activities | (41,113,986) | (23,859,495) | ||||
Cash flows from financing activities | ||||||
Stock repurchase | (1,012,235) | -- | ||||
Deferred finance charges paid | -- | (667,766) | ||||
Advances from joint ventures | 1,655,198 | -- | ||||
Advances to joint ventures | (4,175,673) | -- | ||||
Loan repayments | (10,626,587) | (36,841,282) | ||||
Proceeds from long-term debt | -- | 48,431,250 | ||||
Net cash (used in)/provided by financing activities | (14,159,297) | 10,922,202 | ||||
Net decrease in cash, cash equivalents and restricted cash | (39,540,417) | (186,989) | ||||
Cash, cash equivalents and restricted cash at beginning of year | 82,120,332 | 53,040,202 | ||||
Cash, cash equivalents and restricted cash at end of period | 42,579,915 | 52,853,213 | ||||
Cash breakdown | ||||||
Cash and cash equivalents | 28,034,255 | 37,021,517 | ||||
Restricted cash, current | 1,168,117 | 1,814,672 | ||||
Restricted cash, non current | 13,377,543 | 14,017,024 | ||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 42,579,915 | 52,853,213 | ||||
1 Year StealthGas Chart |
1 Month StealthGas Chart |
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