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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.31 | -3.98% | 7.47 | 7.50 | 8.08 | 7.88 | 7.35 | 7.88 | 399,171 | 00:09:49 |
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.
Fourth Quarter 2022 Results:
Twelve Months 2022 Results:
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements (of three or more months duration):
As of February 2023, the Company has total contracted revenues of approximately $105 million.
For the remainder of the year 2023, the Company has about 55% of fleet days secured under period contracts, with contracted revenues of approximately $80 million.
In addition, the following chartering arrangements were concluded on the joint venture vessels:
The Company also announced the sale of three of its oldest vessels, the 2003 built Gas Prodigy, the 2001 built Gas Spirit and the 1997 built Gas Galaxy to third parties. The deliveries of Gas Prodigy and Gas Spirit were successfully concluded in January 2023, and the Gas Galaxy is expected to be delivered in March 2023. All vessels were unencumbered and the sale proceeds will be reflected in the cashflow results of Q1 23’. At the end of Q4 22’ the Gas Prodigy and the Gas Spirit were accounted for as “Held for Sale” and the Company recognized an impairment loss of $2.6 million related to the forthcoming sales.
Subsequent Events
The scheduled delivery of our two contracted 40,000 cbm Medium Gas Carriers has been revised, due to shipyard delays, to Q4 2023 and Q1 2024, respectively.
The third 40,000 cbm Medium Gas Carrier belonging to the joint-venture has also had its scheduled delivery revised to Q4 2023.
CEO Harry Vafias Commented
I am very pleased to report best ever annual profit for StealthGas. In a difficult environment with rising interest rates and a smaller fleet, we managed to earn total net income of $34.3 million or $0.90 per share. Our adjusted EPS for Q4 22’ was 4 times higher than the adjusted EPS for Q4 21’, our total cash doubled from $45.7 million at prior year end to $95.7 million at December 31, 2022, while our total assets were $821.5 million at December 31, 2022 with only $303.6 million in total liabilities! These results give us the energy we all need to continue to push for more noteworthy results and to strengthen the Company and our balance sheet even further!
Conference Call details:
On February 21, 2023 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.
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
Online Registration: https://register.vevent.com/register/BI9c0269cab09849a59a121c958bdd641c
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 serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 38 LPG carriers, including six Joint Venture vessels in the water, and three 40,000 cbm newbuilding Medium Gas Carriers (one owned through Joint Venture) to be delivered by the end of Q12024. These LPG vessels have a total capacity of 456,367 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
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, the conflict in Ukraine and related sanctions, 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 For information on our fleet and further information: Visit our website at www.stealthgas.com
Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2021 and December 31, 2022.
FLEET DATA | Q4 2021 | Q4 2022 | 12M 2021 | 12M 2022 | ||||
Average number of vessels (1) | 39.74 | 34.00 | 41.29 | 34.76 | ||||
Period end number of owned vessels in fleet | 37 | 34 | 37 | 34 | ||||
Total calendar days for fleet (2) | 3,656 | 3,128 | 15,071 | 12,687 | ||||
Total voyage days for fleet (3) | 3,594 | 3,118 | 14,786 | 12,538 | ||||
Fleet utilization (4) | 98.3 | % | 99.7 | % | 98.1 | % | 98.8 | % |
Total charter days for fleet (5) | 3,107 | 2,522 | 11,714 | 10,336 | ||||
Total spot market days for fleet (6) | 487 | 596 | 3,072 | 2,202 | ||||
Fleet operational utilization (7) | 96.1 | % | 96.5 | % | 94.9 | % | 93.5 | % |
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, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. 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, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain 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 and our investors 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 31st, | Twelve Months Period Ended December 31st, | ||||||
2021 | 2022 | 2021 | 2022 | |||||
Net (loss)/income - Adjusted Net Income | ||||||||
Net (loss)/income | (38,732,353 | ) | 7,700,841 | (35,123,208 | ) | 34,253,365 | ||
Less/Plus (gain)/loss on derivatives | (222,365 | ) | 80,847 | (240,153 | ) | (1,698,462 | ) | |
Plus swap interest received | -- | 91,486 | -- | 1,061 | ||||
Plus net loss on sale of vessels, net | -- | -- | 304,210 | 408,637 | ||||
Plus impairment loss | 41,519,823 | 2,637,502 | 44,616,214 | 3,167,034 | ||||
Plus share based compensation | 256,586 | 85,528 | 610,788 | 610,788 | ||||
Adjusted Net Income | 2,821,691 | 10,596,204 | 10,167,851 | 36,742,423 | ||||
Net (loss)/income - EBITDA | ||||||||
Net (loss)/income | (38,732,353 | ) | 7,700,841 | (35,123,208 | ) | 34,253,365 | ||
Plus interest and finance costs | 3,149,967 | 3,407,580 | 12,678,101 | 12,076,300 | ||||
Less interest income | (23,400 | ) | (720,596 | ) | (26,379 | ) | (1,098,789 | ) |
Plus depreciation | 8,638,329 | 6,832,886 | 37,125,903 | 27,814,901 | ||||
EBITDA | (26,967,457 | ) | 17,220,711 | 14,654,417 | 73,045,777 | |||
Net (loss)/income - Adjusted EBITDA | ||||||||
Net (loss)/income | (38,732,353 | ) | 7,700,841 | (35,123,208 | ) | 34,253,365 | ||
Less/Plus (gain)/loss on derivatives | (222,365 | ) | 80,847 | (240,153 | ) | (1,698,462 | ) | |
Plus net loss on sale of vessels, net | -- | -- | 304,210 | 408,637 | ||||
Plus impairment loss | 41,519,823 | 2,637,502 | 44,616,214 | 3,167,034 | ||||
Plus share based compensation | 256,586 | 85,528 | 610,788 | 610,788 | ||||
Plus interest and finance costs | 3,149,967 | 3,407,580 | 12,678,101 | 12,076,300 | ||||
Less interest income | (23,400 | ) | (720,596 | ) | (26,379 | ) | (1,098,789 | ) |
Plus depreciation | 8,638,329 | 6,832,886 | 37,125,903 | 27,814,901 | ||||
Adjusted EBITDA | 14,586,587 | 20,024,588 | 59,945,476 | 75,533,774 | ||||
EPS - Adjusted EPS | ||||||||
Net (loss)/income | (38,732,353 | ) | 7,700,841 | (35,123,208 | ) | 34,253,365 | ||
Adjusted net income | 2,821,691 | 10,596,204 | 10,167,851 | 36,806,262 | ||||
Weighted average number of shares - basic | 37,858,437 | 38,030,309 | 37,858,437 | 37,961,560 | ||||
Weighted average number of shares - diluted | 37,858,437 | 38,030,759 | 37,858,437 | 37,961,673 | ||||
EPS - Basic and Diluted | (1.02 | ) | 0.20 | (0.93 | ) | 0.90 | ||
Adjusted EPS | 0.07 | 0.28 | 0.27 | 0.97 | ||||
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, | |||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||
Revenues | ||||||||||||
Revenues | 36,053,396 | 42,729,385 | 150,204,527 | 152,760,888 | ||||||||
Expenses | ||||||||||||
Voyage expenses | 4,349,018 | 6,011,304 | 20,342,186 | 20,306,407 | ||||||||
Voyage expenses - related party | 448,803 | 516,519 | 1,867,100 | 1,871,071 | ||||||||
Vessels' operating expenses | 14,833,968 | 14,349,035 | 60,443,813 | 53,909,328 | ||||||||
Vessels' operating expenses - related party | 256,500 | 261,000 | 1,065,750 | 1,035,450 | ||||||||
Drydocking costs | 853,546 | 607,223 | 5,285,490 | 2,954,575 | ||||||||
Management fees - related party | 1,413,996 | 1,332,160 | 5,831,900 | 5,242,990 | ||||||||
General and administrative expenses | 1,286,731 | 815,631 | 4,337,013 | 3,404,141 | ||||||||
Depreciation | 8,638,329 | 6,832,886 | 37,125,903 | 27,814,901 | ||||||||
Impairment loss | 41,519,823 | 2,637,502 | 44,616,214 | 3,167,034 | ||||||||
Net loss on sale of vessels | -- | -- | 304,210 | 408,637 | ||||||||
Total expenses | 73,600,714 | 33,363,260 | 181,219,579 | 120,114,534 | ||||||||
(Loss)/Income from operations | (37,547,318 | ) | 9,366,125 | (31,015,052 | ) | 32,646,354 | ||||||
Other (expenses)/income | ||||||||||||
Interest and finance costs | (3,149,967 | ) | (3,407,580 | ) | (12,678,101 | ) | (12,076,300 | ) | ||||
Gain/(loss) on derivatives | 222,365 | (80,847 | ) | 240,153 | 1,698,462 | |||||||
Interest income | 23,400 | 720,596 | 26,379 | 1,098,789 | ||||||||
Foreign exchange gain/(loss) | 30,604 | (59,684 | ) | (23,288 | ) | 23,373 | ||||||
Other expenses, net | (2,873,598 | ) | (2,827,515 | ) | (12,434,857 | ) | (9,255,676 | ) | ||||
(Loss)/Income before equity in earnings of investees | (40,420,916 | ) | 6,538,610 | (43,449,909 | ) | 23,390,678 | ||||||
Equity earnings in joint ventures | 1,688,563 | 1,162,231 | 8,326,701 | 10,862,687 | ||||||||
Net (Loss)/Income | (38,732,353 | ) | 7,700,841 | (35,123,208 | ) | 34,253,365 | ||||||
(Loss)/Earnings per share | ||||||||||||
- Basic & Diluted | (1.02 | ) | 0.20 | (0.93 | ) | 0.90 | ||||||
Weighted average number of shares | ||||||||||||
- Basic | 37,858,437 | 38,030,309 | 37,858,437 | 37,961,560 | ||||||||
-Diluted | 37,858,437 | 38,030,759 | 37,858,437 | 37,961,673 | ||||||||
StealthGas Inc. Unaudited Consolidated Balance Sheets (Expressed in United States Dollars) | ||||||
December 31, | December 31, | |||||
2021 | 2022 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | 31,304,151 | 55,770,823 | ||||
Short-term investments | -- | 26,500,000 | ||||
Receivables from related party | 63,767 | -- | ||||
Trade and other receivables | 2,117,636 | 4,630,536 | ||||
Other current assets | 298,984 | 270,514 | ||||
Claims receivable | 62,652 | 182,141 | ||||
Inventories | 2,772,532 | 3,064,011 | ||||
Advances and prepayments | 637,881 | 681,413 | ||||
Restricted cash | 2,198,775 | 2,519,601 | ||||
Assets held for sale | 12,250,000 | 11,107,182 | ||||
Total current assets | 51,706,378 | 104,726,221 | ||||
Non current assets | ||||||
Advances for vessel acquisitions | -- | 23,400,000 | ||||
Operating lease right-of-use assets | 104,168 | -- | ||||
Vessels, net | 681,337,153 | 628,478,453 | ||||
Other receivables | -- | 162,872 | ||||
Restricted cash | 12,197,611 | 10,864,520 | ||||
Investments in joint ventures | 53,323,032 | 46,632,720 | ||||
Deferred finance charges | -- | 165,666 | ||||
Fair value of derivatives | -- | 7,102,855 | ||||
Total non current assets | 746,961,964 | 716,807,086 | ||||
Total assets | 798,668,342 | 821,533,307 | ||||
Liabilities and Stockholders' Equity | ||||||
Current liabilities | ||||||
Payable to related parties | 1,491,705 | 2,476,663 | ||||
Trade accounts payable | 8,592,124 | 11,838,243 | ||||
Accrued and other liabilities | 3,842,879 | 6,923,992 | ||||
Operating lease liabilities | 104,168 | -- | ||||
Deferred income | 5,666,285 | 5,234,978 | ||||
Current portion of long-term debt | 31,836,619 | 30,083,806 | ||||
Current portion of long-term debt associated with vessel held for sale | 7,173,988 | -- | ||||
Total current liabilities | 58,707,768 | 56,557,682 | ||||
Non current liabilities | ||||||
Fair value of derivatives | 3,151,880 | -- | ||||
Deferred income | 76,949 | 21,451 | ||||
Long-term debt | 261,960,975 | 247,028,823 | ||||
Total non current liabilities | 265,189,804 | 247,050,274 | ||||
Total liabilities | 323,897,572 | 303,607,956 | ||||
Commitments and contingencies | ||||||
Stockholders' equity | ||||||
Capital stock | 435,274 | 435,274 | ||||
Treasury stock | (25,373,380 | ) | (25,373,380 | ) | ||
Additional paid-in capital | 443,009,334 | 443,620,122 | ||||
Retained earnings | 59,803,487 | 94,056,852 | ||||
Accumulated other comprehensive (loss)/income | (3,103,945 | ) | 5,186,483 | |||
Total stockholders' equity | 474,770,770 | 517,925,351 | ||||
Total liabilities and stockholders' equity | 798,668,342 | 821,533,307 | ||||
StealthGas Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars) | ||||||
Twelve Month Periods EndedDecember 31, | ||||||
2021 | 2022 | |||||
Cash flows from operating activities | ||||||
Net (loss)/income for the year | (35,123,208 | ) | 34,253,365 | |||
Adjustments to reconcile net (loss)/income to net cash | ||||||
provided by operating activities: | ||||||
Depreciation | 37,125,903 | 27,814,901 | ||||
Amortization of deferred finance charges | 1,157,804 | 855,472 | ||||
Amortization of operating lease right-of-use assets | 89,638 | 104,168 | ||||
Share based compensation | 610,788 | 610,788 | ||||
Change in fair value of derivatives | (240,153 | ) | (1,964,307 | ) | ||
Equity earnings in joint ventures | (8,326,701 | ) | (10,862,687 | ) | ||
Dividends received from joint ventures | -- | 9,486,900 | ||||
Impairment loss | 44,616,214 | 3,167,034 | ||||
Net loss on sale of vessels | 304,210 | 408,637 | ||||
Changes in operating assets and liabilities: | ||||||
(Increase)/decrease in | ||||||
Trade and other receivables | (977,005 | ) | (2,675,772 | ) | ||
Other current assets | 10,624 | 28,470 | ||||
Claims receivable | 57,895 | (500,249 | ) | |||
Inventories | 644,079 | (819,065 | ) | |||
Changes in operating lease liabilities | (89,638 | ) | (104,168 | ) | ||
Advances and prepayments | (100,482 | ) | (43,532 | ) | ||
Increase/(decrease) in | ||||||
Balances with related parties | (3,231,923 | ) | 2,185,408 | |||
Trade accounts payable | 262,569 | 3,328,208 | ||||
Accrued liabilities | 557,086 | 1,775,447 | ||||
Deferred income | 3,690,981 | (486,805 | ) | |||
Net cash provided by operating activities | 41,038,681 | 66,562,213 | ||||
Cash flows from investing activities | ||||||
Insurance proceeds | -- | 380,760 | ||||
Advances for vessels acquisitions and improvement of vessels | (25,224,746 | ) | (24,230,937 | ) | ||
Proceeds from sale of vessels, net | 7,795,790 | 25,027,379 | ||||
Increase in short-term investments | -- | (26,500,000 | ) | |||
Investment in joint ventures | (3,348,675 | ) | -- | |||
Return of investments from joint ventures | 1,530,000 | 8,066,100 | ||||
Net cash used in investing activities | (19,247,631 | ) | (17,256,698 | ) | ||
Cash flows from financing activities | ||||||
Deferred finance charges paid | (1,463,766 | ) | (534,600 | ) | ||
Advances from joint ventures | -- | 4,428,713 | ||||
Advances to joint ventures | -- | (5,565,396 | ) | |||
Customer deposits paid | (600,000 | ) | -- | |||
Loan repayments | (173,012,428 | ) | (83,579,825 | ) | ||
Proceeds from long-term debt | 150,650,000 | 59,400,000 | ||||
Cash retained by Imperial Petroleum Inc. at spin-off | (4,704,521 | ) | -- | |||
Net cash used in financing activities | (29,130,715 | ) | (25,851,108 | ) | ||
Net (decrease)/increase in cash, cash equivalents and restricted cash | (7,339,665 | ) | 23,454,407 | |||
Cash, cash equivalents and restricted cash at beginning of year | 53,040,202 | 45,700,537 | ||||
Cash, cash equivalents and restricted cash at end of year | 45,700,537 | 69,154,944 | ||||
Cash breakdown | ||||||
Cash and cash equivalents | 31,304,151 | 55,770,823 | ||||
Restricted cash, current | 2,198,775 | 2,519,601 | ||||
Restricted cash, non current | 12,197,611 | 10,864,520 | ||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 45,700,537 | 69,154,944 |
Company Contact: Konstantinos Sistovaris STEALTHGAS INC. 00-30-210-6250-001 E-mail: info@stealthgas.com
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