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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.09 | 1.48% | 6.18 | 5.99 | 6.30 | 6.22 | 6.04 | 6.12 | 58,623 | 01:00:00 |
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fourth Quarter 2018 Results:
Twelve Months 2018 Results:
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
With these charters, the Company has currently total contracted revenues of approximately $124 million. Total anticipated voyage days of our fleet is 67% covered for the remainder of 2019.
As an opportunity to further expand our fleet while at the same time sharing all related financial and operational risks, StealthGas has entered into a joint venture agreement with a third party investor that has longstanding experience in shipping investments.
The first step of this new collaboration was the third party investor acquiring a 49.9% interest in two of our vessel owning companies and therefore gaining co-ownership and joint control of the Gas Defiance and the Gas Shuriken. Pursuant to the objectives for this arrangement, some additional co-investments in acquisitions of small LPG vessels from the second-hand market or our fleet may be expected.
These agreements will be accounted for in the StealthGas financial statements as an equity investment since we and the third party investor will have joint control over these entities, with only the related profit share reflected. Therefore, the entities owning the two identified vessels from our fleet, including associated debt, will no longer be consolidated in our financial results.
This agreement provides us with access to liquidity and additional capital for growth at a time when capital markets funding is not an attractive alternative, especially when our shares trade at a significant discount to NAV.
Board Chairman Michael Jolliffe Commented
Our performance in the fourth quarter of 2018 did not reflect the strength typically associated with the fourth quarter of the year, which usually benefits from the seasonal factor of winter in the Northern Hemisphere. This year, unfortunately, although the European market was strong, the Asian market followed the opposite course with low rates and subdued time charter activity. These elements impacted our revenues and prevented us from enjoying a profitable quarter. We anticipate, however, that the market sentiment in Asia will gradually turn favorably and our Company is well positioned to take advantage of this opportunity. Demand for LPG is strong, the orderbook is very low and time charter rates for those contracts being fixed have remained at high levels notwithstanding the Asian market slow down. This leads us to conclude that the solid market fundamentals will eventually lead to a market correction.
As for our strategy and plans for this year, we recently completed the seven vessel sales we had announced in 2018, thus considerably strengthening our liquidity and lowering our fleet’s average age. In addition, our recently agreed small scale joint venture with a third party investor not only enhances our liquidity further but most importantly provides an opportunity for further Company growth at a time when our segment’s basic fundamentals look promising.
Conference Call details:
On February 21, 2019 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: +1 866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free Dial In).Access Code: 9887988.
In case of any problems with the above numbers, please dial +1 917 7200 178(US Toll Dial In), +44 (0) 8444933857 (Standard International Dial In). Access Code: 9887988.
A telephonic replay of the conference call will be available until February 28, 2019 by +1 (866) 331-1332 (US Local Dial In), +44 (0) 8445718951 (UK Local Dial In). Access Code: 9887988.
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 49 vessels. The fleet comprises of 45 LPG carriers, including three chartered in LPG vessels, with a total capacity of 304,549 cubic meters (cbm),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, 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 quarters ended December 31, 2017 and December 31, 2018.
FLEET DATA | Q4 2017 | Q4 2018 | 12M 2017 | 12M 2018 |
Average number of vessels (1) | 50.9 | 48.1 | 52.6 | 50.8 |
Period end number of owned vessels in fleet | 50 | 48 | 50 | 48 |
Total calendar days for fleet (2) | 4,870 | 4,685 | 19,917 | 19,544 |
Total voyage days for fleet (3) | 4,822 | 4,663 | 19,717 | 19,363 |
Fleet utilization (4) | 99.0% | 99.5% | 99.0% | 99.1% |
Total charter days for fleet (5) | 4,231 | 3,762 | 16,772 | 15,696 |
Total spot market days for fleet (6) | 591 | 901 | 2,945 | 3,667 |
Fleet operational utilization (7) | 97.2% | 94.5% | 96.2% | 95.5% |
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 income/(loss) before loss/(gain) on derivatives excluding net swap interest paid, share based compensation, loss on sale of vessels and impairment. EBITDA represents net income/(loss) before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss/(gain) on derivatives, loss on sale of vessels and impairment loss. 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, Adjusted net income/(loss) 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/(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 to investors.
(Expressed in United States Dollars, except number of shares) | Fourth Quarter Ended December 31st, | Twelve Months Period Ended December 31st, | ||
2017 | 2018 | 2017 | 2018 | |
Net income/(loss) - Adjusted Net income/(loss) | ||||
Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
Plus loss/(gain) on derivatives | 98,332 | (6,120) | 403,943 | 11,982 |
Less swap interest (paid)/received | (101,922) | 21,194 | (431,315) | (40,234) |
Plus loss on sale of vessels, net | 4,521 | -- | 77,314 | 763,925 |
Plus impairment loss | -- | 3,189,857 | 6,461,273 | 11,351,821 |
Plus share based compensation | 20,344 | 338,356 | 129,245 | 338,356 |
Adjusted Net Income/(loss) | 769,580 | (1,774,888) | 5,422,223 | 149,330 |
Net income/(loss) – EBITDA | ||||
Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
Plus interest and finance costs | 4,486,326 | 6,009,329 | 16,661,464 | 23,286,547 |
Less interest income and other income | (88,189) | (178,584) | (322,868) | (587,477) |
Plus depreciation | 9,661,797 | 10,134,343 | 38,921,672 | 41,258,142 |
EBITDA | 14,808,239 | 10,646,913 | 54,042,031 | 51,680,692 |
Net income/(loss) - Adjusted EBITDA | ||||
Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
Plus loss/(gain) on derivatives | 98,332 | (6,120) | 403,943 | 11,982 |
Plus loss on sale of vessels, net | 4,521 | -- | 77,314 | 763,925 |
Plus impairment loss | -- | 3,189,857 | 6,461,273 | 11,351,821 |
Plus share based compensation | 20,344 | 338,356 | 129,245 | 338,356 |
Plus interest and finance costs | 4,486,326 | 6,009,329 | 16,661,464 | 23,286,547 |
Less interest income and other income | (88,189) | (178,584) | (322,868) | (587,477) |
Plus depreciation | 9,661,797 | 10,134,343 | 38,921,672 | 41,258,142 |
Adjusted EBITDA | 14,931,436 | 14,169,006 | 61,113,806 | 64,146,776 |
EPS - Adjusted EPS | ||||
Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
Adjusted net income/(loss) | 769,580 | (1,774,888) | 5,422,223 | 149,330 |
Weighted average number of shares | 39,828,589 | 39,860,563 | 39,809,364 | 39,860,563 |
EPS - Basic and Diluted | 0.02 | (0.13) | (0.03) | (0.31) |
Adjusted EPS-Basic and Diluted | 0.02 | (0.04) | 0.14 | 0.00 |
StealthGas Inc.Unaudited Consolidated Statements of Operations(Expressed in United States Dollars, except for number of shares)
Fourth Quarter Ended December 31, | Twelve Month Periods Ended December 31, | |||||||
2017* | 2018 | 2017* | 2018 | |||||
Revenues | ||||||||
Revenues | 38,428,090 | 38,529,759 | 152,338,278 | 164,330,202 | ||||
Revenues - related party | -- | -- | 1,973,643 | -- | ||||
Total revenues | 38,428,090 | 38,529,759 | 154,311,921 | 164,330,202 | ||||
Expenses | ||||||||
Voyage expenses | 3,444,751 | 4,507,437 | 13,804,032 | 18,649,258 | ||||
Voyage expenses - related party | 474,805 | 486,959 | 1,912,505 | 2,037,917 | ||||
Charter hire expenses | 886,988 | 1,739,618 | 3,524,770 | 6,150,780 | ||||
Vessels' operating expenses | 15,003,464 | 14,356,150 | 58,618,526 | 59,920,278 | ||||
Vessels' operating expenses - related party | 17,216 | 249,000 | 800,908 | 514,500 | ||||
Drydocking costs | 989,258 | 641,895 | 3,529,047 | 3,617,577 | ||||
Management fees - related party | 1,737,080 | 1,677,730 | 7,205,490 | 7,027,195 | ||||
General and administrative expenses | 666,348 | 1,041,609 | 2,898,958 | 3,046,962 | ||||
Depreciation | 9,661,797 | 10,134,343 | 38,921,672 | 41,258,142 | ||||
Impairment loss | -- | 3,189,857 | 6,461,273 | 11,351,821 | ||||
Loss on sale of vessels, net | 4,521 | -- | 77,314 | 763,925 | ||||
Other operating costs/(income) | 275,000 | -- | 1,058,863 | (549,804) | ||||
Total expenses | 33,161,228 | 38,024,598 | 138,813,358 | 153,788,551 | ||||
Income from operations | 5,266,862 | 505,161 | 15,498,563 | 10,541,651 | ||||
Other (expenses)/income | ||||||||
Interest and finance costs | (4,486,326) | (6,009,329) | (16,661,464) | (23,286,547) | ||||
(Loss)/gain on derivatives, net | (98,332) | 6,120 | (403,943) | (11,982) | ||||
Interest income and other income/(expenses) | 88,189 | 178,584 | 322,868 | 587,477 | ||||
Foreign exchange (loss)/gain | (22,088) | 1,289 | 25,739 | (107,119) | ||||
Other expenses, net | (4,518,557) | (5,823,336) | (16,716,800) | (22,818,171) | ||||
Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) | ||||
Earnings/(Loss) per share | ||||||||
- Basic & Diluted | 0.02 | (0.13) | (0.03) | (0.31) | ||||
Weighted average number of shares | ||||||||
-Basic & Diluted | 39,828,589 | 39,860,563 | 39,809,364 | 39,860,563 |
*We adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09" or "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of transition. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, the Company recognized the cumulative effect of adopting this standard as an adjustment amounting to $0.3 million to decrease the opening balance of Retained Earnings as of January 1, 2018 which consists of $0.6 million of voyage revenue representing performance obligations satisfied in 2018 partly offset by $0.3 million of deferred costs representing costs such as bunker expenses and port expenses, incurred prior to commencement of loading that were recognized in 2018.
StealthGas Inc.Unaudited Consolidated Balance Sheets(Expressed in United States Dollars)
December 31, | December 31, | |||
2017 | 2018 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 51,754,131 | 64,498,442 | ||
Trade and other receivables | 3,853,992 | 2,888,496 | ||
Other current assets | -- | 134,301 | ||
Claims receivable | 15,951 | -- | ||
Inventories | 2,762,299 | 2,346,723 | ||
Advances and prepayments | 1,221,029 | 1,089,539 | ||
Restricted cash | 3,231,323 | 3,002,490 | ||
Vessels held for sale | -- | 64,906,448 | ||
Total current assets | 62,838,725 | 138,866,439 | ||
Non-current assets | ||||
Advances for vessels under construction | 61,577,818 | -- | ||
Vessels, net | 862,061,906 | 884,748,691 | ||
Other receivables | 243,075 | 108,930 | ||
Restricted cash | 7,917,738 | 11,930,059 | ||
Deferred finance charges | 941,760 | -- | ||
Fair value of derivatives | 645,169 | 1,068,369 | ||
Total non-current assets | 933,387,466 | 897,856,049 | ||
Total assets | 996,226,191 | 1,036,722,488 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities | ||||
Payable to related parties | 14,209,624 | 7,930,642 | ||
Trade accounts payable | 10,509,465 | 10,349,358 | ||
Accrued and other liabilities | 5,880,479 | 6,879,488 | ||
Customer deposits | 1,820,700 | 1,336,000 | ||
Deferred income | 4,362,056 | 5,191,654 | ||
Current portion of long-term debt | 41,966,607 | 42,768,733 | ||
Current portion of long-term debt associated with vessels held for sale | -- | 30,076,356 | ||
Total current liabilities | 78,748,931 | 104,532,231 | ||
Non-current liabilities | ||||
Fair value of derivatives | 126,525 | 465,389 | ||
Customer deposits | 736,000 | -- | ||
Deferred gain on sale and leaseback of vessels | 190,087 | -- | ||
Deferred income | 4,035 | -- | ||
Long-term debt | 342,941,841 | 370,472,357 | ||
Total non-current liabilities | 343,998,488 | 370,937,746 | ||
Total liabilities | 422,747,419 | 475,469,977 | ||
Commitments and contingencies | ||||
Stockholders' equity | ||||
Capital stock | 442,850 | 445,496 | ||
Treasury stock | (22,523,528) | (22,523,528) | ||
Additional paid-in capital | 501,471,768 | 501,807,478 | ||
Retained earnings | 93,469,787 | 80,849,086 | ||
Accumulated other comprehensive income | 617,895 | 673,979 | ||
Total stockholders' equity | 573,478,772 | 561,252,511 | ||
Total liabilities and stockholders' equity | 996,226,191 | 1,036,722,488 | ||
StealthGas Inc.Unaudited Consolidated Statements of Cash Flows(Expressed in United States Dollars)
December 31, | |||||
2017 | 2018 | ||||
Cash flows from operating activities | |||||
Net loss for the year | (1,218,237) | (12,276,520) | |||
Adjustments to reconcile net loss to net cash | |||||
provided by operating activities: | |||||
Depreciation | 38,921,672 | 41,258,142 | |||
Amortization of deferred finance charges | 690,842 | 858,582 | |||
Amortization of deferred gain on sale and leaseback of vessels | (195,040) | (190,087) | |||
Share based compensation | 129,245 | 338,356 | |||
Change in fair value of derivatives | (27,372) | (28,252) | |||
Impairment loss | 6,461,273 | 11,351,821 | |||
Loss on sale of vessels, net | 77,314 | 763,925 | |||
Changes in operating assets and liabilities: | |||||
(Increase)/decrease in | |||||
Trade and other receivables | (179,036) | 531,796 | |||
Other current assets | -- | 159,363 | |||
Claims receivable | (235,705) | 15,951 | |||
Inventories | 46,824 | (302,873) | |||
Advances and prepayments | 57,328 | 131,490 | |||
Increase/(decrease) in | |||||
Balances with related parties | 6,434,290 | (6,278,982) | |||
Trade accounts payable | 1,299,686 | 381,941 | |||
Accrued liabilities | 581,000 | 339,009 | |||
Deferred income | (490,031) | 755,563 | |||
Net cash provided by operating activities | 52,354,053 | 37,809,225 | |||
Cash flows from investing activities | |||||
Insurance proceeds | 219,754 | -- | |||
Vessels’ acquisitions and advances for vessels under construction | (60,612,867) | (108,295,690) | |||
Proceeds from sale of vessels, net | 11,479,936 | 29,742,788 | |||
Net cash used in investing activities | (48,913,177) | (78,552,902) | |||
Cash flows from financing activities | |||||
Deferred finance charges | (815,256) | (503,265) | |||
Customer deposits paid | -- | (1,220,700) | |||
Loan repayments | (56,254,073) | (56,717,059) | |||
Proceeds from long-term debt | 43,000,000 | 115,712,500 | |||
Net cash (used in)/provided by financing activities | (14,069,329) | 57,271,476 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,628,453) | 16,527,799 | |||
Cash, cash equivalents and restricted cash at beginning of year | 73,531,645 | 62,903,192 | |||
Cash, cash equivalents and restricted cash at end of year | 62,903,192 | 79,430,991 | |||
Cash breakdown | |||||
Cash and cash equivalents | 51,754,131 | 64,498,442 | |||
Restricted cash, current | 3,231,323 | 3,002,490 | |||
Restricted cash, non-current | 7,917,738 | 11,930,059 | |||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 62,903,192 | 79,430,991 |
1 Year StealthGas Chart |
1 Month StealthGas Chart |
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