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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.33% | 6.09 | 6.03 | 6.30 | 6.17 | 6.09 | 6.12 | 71,300 | 21:30:00 |
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.
Fourth Quarter 2020 Results:
Twelve Months 2020 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 $81 million.
Total anticipated calendar days of our fleet is approximately 50% covered for the remainder of 2021.
Board Chairman Michael Jolliffe Commented
The year 2020 will always be remembered globally for precarious reasons and the shipping world was not spared. With regards to the segment we operate in, LPG demand marked a decline and rates for the majority of the sub-segments we operate in were soft- particularly during the second half of 2020. The tanker market was affected as well as, currently, rates are at very low levels in the shipping cycle. On top of that, we were hit with the bankruptcy of one of our charterers which had to redeliver four of our ships earlier than was agreed.
Nevertheless, with an Adjusted Net Income of almost $17 million, corresponding to an Adjusted EPS of $0.44 generated in 2020, we feel positive for 2021.
Looking ahead, we recognize that market turbulence due to the COVID-19 pandemic might last – possibly even throughout the whole of 2021. However, we can leverage upon our strengths including our solid cash base and balance sheet, our low gearing and the significant operating leverage we have, as including our JV vessels we operate a fleet of 50 ships.
As our shares trade at low levels, we strongly believe that this is an opportunity for potential investors as we have a long standing record of a sturdy and prudent company with a strong position in the segment in which we operate in.
Conference Call details:
On February 25, 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: 6988905 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: 6988905 A telephonic replay of the conference call will be available until March 4, 2021 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In). Access Code: 6988905
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 50 vessels. The fleet is comprised of 46 LPG carriers, including eight Joint Venture vessels. These LPG vessels have a total capacity of 436,692 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 year ended December 31, 2019 and December 31, 2020.
FLEET DATA | Q4 2019 | Q4 2020 | 12M 2019 | 12M 2020 | ||||
Average number of vessels (1) | 41.00 | 42.10 | 42.57 | 41.56 | ||||
Period end number of owned vessels in fleet | 41 | 41 | 41 | 41 | ||||
Total calendar days for fleet (2) | 3,952 | 3,873 | 16,328 | 15,292 | ||||
Total voyage days for fleet (3) | 3,909 | 3,813 | 16,230 | 15,079 | ||||
Fleet utilization (4) | 98.9 | % | 98.5 | % | 99.4 | % | 98.6 | % |
Total charter days for fleet (5) | 3,299 | 2,700 | 13,541 | 12,442 | ||||
Total spot market days for fleet (6) | 610 | 1,113 | 2,689 | 2,637 | ||||
Fleet operational utilization (7) | 97.9 | % | 93.6 | % | 97.5 | % | 96.1 | % |
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/(loss) before (gain)/loss on derivatives excluding swap interest received/(paid), net loss on sale of vessels, gain on deconsolidation of subsidiaries, impairment loss and share based compensation. EBITDA represents net income/(loss) before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income/(loss) before interest and finance costs, interest income, depreciation, share based compensation, impairment loss, (gain)/loss on derivatives, net loss on sale of vessels and gain on deconsolidation of subsidiaries.
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) | Fourth Quarter Ended December 31, | Twelve Months Period Ended December 31, | ||||||
2019 | 2020 | 2019 | 2020 | |||||
Net income/(loss) - Adjusted Net Income | ||||||||
Net income/(loss) | 531,281 | (740,037 | ) | 2,093,124 | 11,984,485 | |||
Less/Plus (gain)/loss on derivatives | (18,852 | ) | 29,565 | 107,550 | 50,976 | |||
Plus/Less swap interest received/(paid) | 16,048 | (24,847 | ) | 148,100 | (89,537 | ) | ||
Plus net loss on sale of vessels | -- | 1,134,854 | 485,516 | 1,134,854 | ||||
Less gain on deconsolidation of subsidiaries | -- | -- | (145,000 | ) | -- | |||
Plus impairment loss | 993,916 | 714,895 | 993,916 | 3,857,307 | ||||
Plus share based compensation | -- | -- | 611,644 | -- | ||||
Adjusted Net Income | 1,522,393 | 1,114,430 | 4,294,850 | 16,938,085 | ||||
Net income/(loss) – EBITDA | ||||||||
Net income/(loss) | 531,281 | (740,037 | ) | 2,093,124 | 11,984,485 | |||
Plus interest and finance costs | 4,471,693 | 3,136,666 | 20,978,065 | 14,129,893 | ||||
Less interest income | (171,115 | ) | (14,715 | ) | (846,271 | ) | (167,794 | ) |
Plus depreciation | 9,321,922 | 9,456,606 | 37,693,733 | 37,455,093 | ||||
EBITDA | 14,153,781 | 11,838,520 | 59,918,651 | 63,401,677 | ||||
Net income/(loss) - Adjusted EBITDA | ||||||||
Net income/(loss) | 531,281 | (740,037 | ) | 2,093,124 | 11,984,485 | |||
Less/Plus (gain)/loss on derivatives | (18,852 | ) | 29,565 | 107,550 | 50,976 | |||
Plus net loss on sale of vessels | -- | 1,134,854 | 485,516 | 1,134,854 | ||||
Less gain on deconsolidation of subsidiaries | -- | -- | (145,000 | ) | -- | |||
Plus impairment loss | 993,916 | 714,895 | 993,916 | 3,857,307 | ||||
Plus share based compensation | -- | -- | 611,644 | -- | ||||
Plus interest and finance costs | 4,471,693 | 3,136,666 | 20,978,065 | 14,129,893 | ||||
Less interest income | (171,115 | ) | (14,715 | ) | (846,271 | ) | (167,794 | ) |
Plus depreciation | 9,321,922 | 9,456,606 | 37,693,733 | 37,455,093 | ||||
Adjusted EBITDA | 15,128,845 | 13,717,834 | 61,972,277 | 68,444,814 | ||||
EPS - Adjusted EPS | ||||||||
Net income/(loss) | 531,281 | (740,037 | ) | 2,093,124 | 11,984,485 | |||
Adjusted net income | 1,522,393 | 1,114,430 | 4,294,850 | 16,938,085 | ||||
Weighted average number of shares | 39,710,103 | 37,858,437 | 39,800,434 | 38,357,893 | ||||
EPS - Basic and Diluted | 0.01 | (0.02 | ) | 0.05 | 0.31 | |||
Adjusted EPS | 0.04 | 0.03 | 0.11 | 0.44 | ||||
StealthGas Inc. Unaudited Consolidated Statements of Operations (Expressed in United States Dollars, except for number of shares) | ||||||||||||
Quarters Ended December 31, | Twelve Month Periods Ended December 31, | |||||||||||
2019 | 2020 | 2019 | 2020 | |||||||||
Revenues | ||||||||||||
Revenues | 35,164,698 | 37,294,459 | 144,259,312 | 145,003,021 | ||||||||
Expenses | ||||||||||||
Voyage expenses | 3,676,980 | 4,850,659 | 15,201,978 | 12,259,795 | ||||||||
Voyage expenses - related party | 433,365 | 467,176 | 1,788,543 | 1,799,209 | ||||||||
Charter hire expenses | 1,234,019 | -- | 6,268,988 | 318,606 | ||||||||
Vessels' operating expenses | 12,348,369 | 14,407,053 | 48,619,594 | 52,344,721 | ||||||||
Vessels' operating expenses - related party | 240,000 | 253,500 | 966,500 | 950,500 | ||||||||
Drydocking costs | 360,289 | 936,396 | 1,094,306 | 3,640,327 | ||||||||
Management fees - related party | 1,384,190 | 1,493,341 | 5,730,910 | 5,599,351 | ||||||||
General and administrative expenses | 602,685 | 657,483 | 3,706,320 | 2,301,308 | ||||||||
Depreciation | 9,321,922 | 9,456,606 | 37,693,733 | 37,455,093 | ||||||||
Impairment loss | 993,916 | 714,895 | 993,916 | 3,857,307 | ||||||||
Net loss on sale of vessels | -- | 1,134,854 | 485,516 | 1,134,854 | ||||||||
Total expenses | 30,595,735 | 34,371,963 | 122,550,304 | 121,661,071 | ||||||||
Income from operations | 4,568,963 | 2,922,496 | 21,709,008 | 23,341,950 | ||||||||
Other (expenses)/income | ||||||||||||
Interest and finance costs | (4,471,693 | ) | (3,136,666 | ) | (20,978,065 | ) | (14,129,893 | ) | ||||
Gain on deconsolidation of subsidiaries | -- | -- | 145,000 | -- | ||||||||
Gain/(loss) on derivatives | 18,852 | (29,565 | ) | (107,550 | ) | (50,976 | ) | |||||
Interest income | 171,115 | 14,715 | 846,271 | 167,794 | ||||||||
Foreign exchange gain/(loss) | 10,822 | (51,982 | ) | (8,235 | ) | (54,374 | ) | |||||
Other expenses, net | (4,270,904 | ) | (3,203,498 | ) | (20,102,579 | ) | (14,067,449 | ) | ||||
Income/(Loss) before equity in income of investees | 298,059 | (281,002 | ) | 1,606,429 | 9,274,501 | |||||||
Equity gain/(loss) in joint ventures | 233,222 | (459,035 | ) | 486,695 | 2,709,984 | |||||||
Net Income/(Loss) | 531,281 | (740,037 | ) | 2,093,124 | 11,984,485 | |||||||
Earnings/(Loss) per share | ||||||||||||
- Basic & Diluted | 0.01 | (0.02 | ) | 0.05 | 0.31 | |||||||
Weighted average number of shares | ||||||||||||
-Basic & Diluted | 39,710,103 | 37,858,437 | 39,800,434 | 38,357,893 | ||||||||
StealthGas Inc. Unaudited Consolidated Balance Sheets (Expressed in United States Dollars) | ||||||
December 31, | December 31, | |||||
2019 | 2020 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | 68,465,342 | 38,242,411 | ||||
Trade and other receivables | 4,217,101 | 3,602,764 | ||||
Other current assets | 118,246 | 309,608 | ||||
Claims receivable | 314,217 | 120,547 | ||||
Inventories | 2,447,703 | 3,687,098 | ||||
Advances and prepayments | 749,681 | 782,125 | ||||
Restricted cash | 1,589,768 | 1,308,971 | ||||
Fair value of derivatives | 30,381 | -- | ||||
Total current assets | 77,932,439 | 48,053,524 | ||||
Non current assets | ||||||
Advances for vessel under construction | 2,988,903 | 6,539,115 | ||||
Operating lease right-of-use assets | 473,132 | -- | ||||
Vessels, net | 835,152,403 | 832,335,059 | ||||
Other receivables | 286,915 | 26,427 | ||||
Restricted cash | 12,065,222 | 13,488,820 | ||||
Investments in joint ventures | 25,250,173 | 43,177,657 | ||||
Deferred finance charges | -- | 385,705 | ||||
Fair value of derivatives | 39,744 | -- | ||||
Total non current assets | 876,256,492 | 895,952,783 | ||||
Total assets | 954,188,931 | 944,006,307 | ||||
Current liabilities | ||||||
Payable to related parties | 7,043,121 | 4,659,861 | ||||
Trade accounts payable | 9,032,690 | 9,974,751 | ||||
Accrued and other liabilities | 6,002,079 | 3,773,499 | ||||
Operating lease liabilities | 473,132 | -- | ||||
Customer deposits | 968,000 | 968,000 | ||||
Deferred income | 2,843,994 | 2,995,657 | ||||
Fair value of derivatives | 37,567 | 141,447 | ||||
Current portion of long-term debt | 40,735,556 | 40,547,892 | ||||
Total current liabilities | 67,136,139 | 63,061,107 | ||||
Non current liabilities | ||||||
Fair value of derivatives | 2,618,250 | 5,099,464 | ||||
Long-term debt | 325,247,902 | 311,249,321 | ||||
Total non current liabilities | 327,866,152 | 316,348,785 | ||||
Total liabilities | 395,002,291 | 379,409,892 | ||||
Commitments and contingencies | ||||||
Stockholders' equity | ||||||
Capital stock | 445,496 | 431,836 | ||||
Treasury stock | (24,361,145 | ) | (25,373,380 | ) | ||
Additional paid-in capital | 502,419,122 | 499,564,087 | ||||
Retained earnings | 82,942,210 | 94,926,695 | ||||
Accumulated other comprehensive loss | (2,259,043 | ) | (4,952,823 | ) | ||
Total stockholders' equity | 559,186,640 | 564,596,415 | ||||
Total liabilities and stockholders' equity | 954,188,931 | 944,006,307 |
StealthGas Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars) | ||||||
Twelve Month Periods Ended December 31, | ||||||
2019 | 2020 | |||||
Cash flows from operating activities | ||||||
Net income for the year | 2,093,124 | 11,984,485 | ||||
Adjustments to reconcile net income to net cash | ||||||
provided by operating activities: | ||||||
Depreciation | 37,693,733 | 37,455,093 | ||||
Amortization of deferred finance charges | 885,191 | 698,364 | ||||
Amortization of operating lease right-of-use assets | 1,572,943 | 473,132 | ||||
Share based compensation | 611,644 | -- | ||||
Change in fair value of derivatives | 255,650 | (38,561 | ) | |||
Equity gain in joint ventures | (486,695 | ) | (2,709,984 | ) | ||
Impairment loss | 993,916 | 3,857,307 | ||||
Net loss on sale of vessels | 485,516 | 1,134,854 | ||||
Gain on deconsolidation of subsidiaries | (145,000 | ) | -- | |||
Changes in operating assets and liabilities: | ||||||
(Increase)/decrease in | ||||||
Trade and other receivables | (1,506,590 | ) | 874,825 | |||
Other current assets | 16,055 | (191,362 | ) | |||
Claims receivable | (1,307,763 | ) | 193,670 | |||
Inventories | 617,468 | (1,239,395 | ) | |||
Changes in operating lease liabilities | (1,572,943 | ) | (473,132 | ) | ||
Advances and prepayments | 339,858 | (32,444 | ) | |||
Increase/(decrease) in | ||||||
Balances with related parties | (5,845,771 | ) | 1,617,032 | |||
Trade accounts payable | (1,316,668 | ) | 761,193 | |||
Accrued liabilities | (217,409 | ) | (2,403,644 | ) | ||
Deferred income | (2,347,660 | ) | 151,663 | |||
Net cash provided by operating activities | 30,818,599 | 52,113,096 | ||||
Cash flows from investing activities | ||||||
Insurance proceeds | 993,546 | -- | ||||
Proceeds from sale of interests in subsidiaries | 20,720,975 | -- | ||||
Vessels’ acquisitions and advances for vessels under construction | (2,988,903 | ) | (48,121,422 | ) | ||
Proceeds from sale of vessels, net | 18,721,123 | 5,264,768 | ||||
Investment in joint ventures | (11,322,600 | ) | (41,998,500 | ) | ||
Return of investments by joint ventures | 7,363,147 | 26,781,000 | ||||
Advances to joint ventures | (5,083,919 | ) | (29,245 | ) | ||
Advances from joint ventures | 5,083,919 | 29,245 | ||||
Net cash provided by/(used in) investing activities | 33,487,288 | (58,074,154 | ) | |||
Cash flows from financing activities | ||||||
Stock repurchase | (1,837,617 | ) | (3,880,930 | ) | ||
Deferred finance charges paid | (477,201 | ) | (538,004 | ) | ||
Advances from joint ventures | 4,958,250 | 1,841,380 | ||||
Advances to joint ventures | -- | (5,841,672 | ) | |||
Customer deposits paid | (368,000 | ) | -- | |||
Loan repayments | (97,371,978 | ) | (41,804,846 | ) | ||
Proceeds from long-term debt | 33,480,000 | 27,105,000 | ||||
Net cash used in financing activities | (61,616,546 | ) | (23,119,072 | ) | ||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 2,689,341 | (29,080,130 | ) | |||
Cash, cash equivalents and restricted cash at beginning of year | 79,430,991 | 82,120,332 | ||||
Cash, cash equivalents and restricted cash at end of year | 82,120,332 | 53,040,202 | ||||
Cash breakdown | ||||||
Cash and cash equivalents | 68,465,342 | 38,242,411 | ||||
Restricted cash, current | 1,589,768 | 1,308,971 | ||||
Restricted cash, non current | 12,065,222 | 13,488,820 | ||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 82,120,332 | 53,040,202 |
1 Year StealthGas Chart |
1 Month StealthGas Chart |
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