ATHENS, Greece, May 27, 2008 (PRIME 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 three months ended March 31, 2008.
First Quarter 2008 Results:
For the three months ended March 31, 2008 voyage revenues amounted to $27.0 million and net income was $7.4 million, an increase of $6.3 million, or 30.4%, and an increase of $0.8 million, or 12.1%, respectively, from voyage revenues of $20.7 million and net income of $6.6 million for the first quarter of 2007.
Basic and diluted earnings per share calculated on 22,150,607 basic weighted average number of shares and 22,234,106 diluted weighted average number of shares were $0.34 for the three months ended March 31, 2008 as compared to basic and diluted earnings per share of $0.46, calculated on 14,400,000 basic and diluted weighted average number of shares for the three months ended March 31, 2007.
Adjusted EBITDA for the three months ended March 31, 2008 was 14.6 million, an increase of $2.3 million, or 18.7% from 12.3 million for the same period of 2007. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below.
For the three months ended March 31, 2008 the Company reported a net gain on the previously announced sale of three vessels of $1.7 million.
For the three months ended March 31, 2008 the Company reported a non-cash expense of $2.8 million, which includes an unrealized, non-cash loss of $2.3 million on six interest rate swap arrangements and approximately $0.5 million of share-based compensation expense related to restricted share awards granted to the Company's directors and key staff members of its affiliated manager Stealth Maritime Corp. This compares to an approximately $0.026 million unrealized non-cash loss on interest rate swap arrangements for the three months ended March 31, 2007.
Excluding these non-cash items and the gain on the sale of three vessels, net income would have been $8.5 million, or $0.38 per share, calculated on 22,150,607 basic and diluted average number of shares for the first quarter of 2008 as compared to $6.6 million, or $0.46 per share, calculated on 14,400,000 basic and diluted average number of shares for the three months ended March 31, 2007 an increase of $1.9 million or 28.8%.
An average of 37.9 vessels were owned by the Company in the three months ended March 31,2008, earning an average time-charter equivalent rate of approximately $7,652 per day as compared to 28.7 vessels, earning an average time-charter equivalent rate of $7,549 per day for the same period of 2007.
CEO Harry Vafias commented:
"We are very pleased to report yet again an improved financial performance for the first quarter of 2008 along with the continued high utilization of our fleet and effective cost management at a time when costs overall and crewing in particular are a major challenge. Compared to the first quarter of 2007 revenues, adjusted EBITDA and Net Income have shown healthy increases over the corresponding period last year as well as solid growth compared to the last quarter in 2007.
"The first quarter of 2008 was quite a significant one for the Company not only in performance terms but also from a strategic standpoint. We reiterated our commitment to the Handy Size LPG sector by announcing we are acquiring ten further ships, including for the first time the ordering of five new buildings by the Company.
"We sold three vessels including two of our older ships to keep our fleet age well below that of the industry average, which were our first sales since we went public in October 2005. We made, in my view, a mild strategic diversion in acquiring two new Medium Range resale Product Carriers and deploying them on seven year bare boat charters, thereby solidifying the earnings base of the Company with these secure long term employment contracts but also diversifying the market risk of our Company by moving into a not totally unrelated sector in which, I believe, there are good prospects over the medium term. We have backed up our belief of this strategic move by announcing in April this year the acquisition of one additional M.R. type Product Carrier that will join the fleet in April next year.
"Overall we are pleased with the progress made by the company in the first quarter of 2008. With 92% of our fleet's available days covered by period employment for the remainder of the year and 58% covered for 2009, we look to the future with confidence, based on the secure earnings base and financial structure of the Company and the continued improving charter market for our core sector."
CFO Andrew Simmons commented: "We continue to grow the business through the acquisition of modern tonnage, while at the same time maintaining a sound financial base backed up by a clear and transparent earnings stream. Despite the stresses of the financial sector over the recent months we have continued to receive solid support from both our existing bankers and potential lenders and we feel confident that the significant expansion of the Company that has been put in place through the announced acquisitions will be financed both competitively and in a soundly structured manner going forward."
Quarterly Dividend:
At a Board of Directors meeting held on May 27, 2008, the Company's Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on June 13, 2008 to shareholders of record on June 6, 2008.
This is the tenth consecutive quarterly dividend since the company went public in October 2005. Since then, the Company has declared quarterly dividends aggregating $1.875 per common share.
Fleet Profile and Fleet Deployment:
The table below show the Company's fleet development and deployment as of today:
LPG Carrier Fleet
------------------ ------- ---- ------ ------ ------------ -------
Vessel Vessel Vessel Year Deliv- Employment Charter
Size Type Built ered To Status Expir-
(cbm) GASS ation(1)
------------------ ------- ---- ------ ------ ------------ -------
CURRENT FLEET
------------------ ------- ---- ------ ------ ------------ -------
Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter Aug-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter Jan-12
------------------ ------- ---- ------ ------ ------------ -------
Gas Haralambos 7,000 F.P. 2007 Oct-07 Time Charter Oct-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Marathon 6,572 F.P. 1995 Nov-05 Bareboat Oct-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Chios 6,562 F.P. 1991 Oct-05 Time Charter Mar-10
------------------ ------- ---- ------ ------ ------------ -------
Gas Amazon 6,526 F.P. 1992 May-05 Time Charter Nov-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter Feb-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Monarch 5,018 F.P. 1997 Dec-05 Bareboat Jun-10
------------------ ------- ---- ------ ------ ------------ -------
Lyne (2) 5,014 F.P. 1996 May-06 Bareboat May-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Emperor (3) 5,013 F.P. 1995 Feb-05 Time Charter Jun-08
------------------ ------- ---- ------ ------ ------------ -------
Birgit Kosan 5,012 F.P. 1995 Apr-05 Bareboat Oct-11
------------------ ------- ---- ------ ------ ------------ -------
Catterick 5,001 F.P. 1995 Nov-05 Time Charter Jan-09
------------------ ------- ---- ------ ------ ------------ -------
Sir Ivor (4) 5,000 F.P. 2003 May-06 Bareboat May-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Icon (5) 5,000 F.P. 1994 Jun-07 Time Charter Jul-10
------------------ ------- ---- ------ ------ ------------ -------
Gas Kalogeros (6) 5,000 F.P. 2007 Jul-07 Time Charter Apr-10
------------------ ------- ---- ------ ------ ------------ -------
Gas Sincerity (7) 4,123 F.P. 2000 Nov-05 Time Charter Jul-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Spirit (8) 4,112 F.P. 2001 Dec-05 Time Charter Jun-10
------------------ ------- ---- ------ ------ ------------ -------
Gas Zael 4,111 F.P. 2001 Dec-05 Time Charter Mar-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Courchevel 4,109 S.R. 1991 Nov-04 Spot -
------------------ ------- ---- ------ ------ ------------ -------
Gas Prophet (9) 3,556 F.P. 1996 Oct-04 Bareboat Sep-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Shanghai (10) 3,526 F.P. 1999 Dec-04 Time Charter Sep-09
------------------ ------- ---- ------ ------ ------------ -------
Sea Bird II 3,518 F.P. 1996 May-07 Bareboat May-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Evoluzione(11) 3,517 F.P. 1996 Jul-07 Time Charter Aug-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Czar 3,510 F.P. 1995 Feb-06 Time Charter Dec-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Sophie 3,500 F.P. 1995 Oct-07 Time Charter Oct-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Legacy (12) 3,500 F.P. 1998 Oct-05 Time Charter Apr-10
------------------ ------- ---- ------ ------ ------------ -------
Gas Fortune 3,500 F.P. 1995 Feb-06 Time Charter Dec-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Eternity (13) 3,500 F.P. 1998 Mar-06 Bareboat Apr-10
------------------ ------- ---- ------ ------ ------------ -------
Gas Sikousis (14) 3,500 F.P. 2006 Aug-07 Time Charter May-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Artic 3,434 S.R. 1992 Apr-05 Bareboat Apr-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Ice (15) 3,434 S.R. 1991 Apr-05 Bareboat Apr-11
------------------ ------- ---- ------ ------ ------------ -------
Chiltern (16) 3,312 F.P. 1997 Jun-07 Bareboat May-13
------------------ ------- ---- ------ ------ ------------ -------
Batangas 3,244 F.P. 1995 Jun-06 Bareboat Jul-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Crystal 3,211 S.R. 1990 Nov-05 Time Charter Jul-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Prodigy 3,014 F.P. 1995 Oct-05 Time Charter Dec-08
------------------ ------- ---- ------ ------ ------------ -------
Gas Tiny 1,320 S.R. 1991 Oct-04 Time Charter Oct-09
------------------ ------- ---- ------ ------ ------------ -------
FLEET TOTAL: 160,286
36 VESSELS cbm
---------------------------------------------------------------------
Additional Vessels (with expected delivery date)
---------------------------------------------------------------------
---------------------------------------------------------------------
Gas Defiance (17) 5,000 F.P. 2008 Jul-08 Time Charter Jul-09
------------------ ------- ---- ------ ------ ------------ -------
Gas Natalie (18) 3,213 F.P. 1997 Sep-08 Bareboat Sep-11
------------------ ------- ---- ------ ------ ------------ -------
Gas Shuriken (19) 5,000 F.P. 2008 Oct-08 Time Charter Oct-10
------------------ ------- ---- ------ ------ ------------ -------
TBN 3,500 F.P. 2009 Apr-09
------------------ ------- ---- ------ ------ ------------ -------
TBN 3,500 F.P. 2009 Jun-09
------------------ ------- ---- ------ ------ ------------ -------
TBN 5,000 F.P. 2010 Sep-10
------------------ ------- ---- ------ ------ ------------ -------
TBN 5,000 F.P. 2010 Nov-10
------------------ ------- ---- ------ ------ ------------ -------
TBN 5,000 F.P. 2011 Mar-11
------------------ ------- ---- ------ ------ ------------ -------
TBN 7,500 F.P. 2011 Jul-11
------------------ ------- ---- ------ ------ ------------ -------
TBN 7,500 F.P. 2011 Dec-11
------------------ ------- ---- ------ ------ ------------ -------
TOTAL LPG CARRIERS
FLEET: 210,499
46 VESSELS cbm
---------------------------------------------------------------------
Product Tanker Fleet
----------- ------- -------- ------ ------ ------------ -------
Vessel Vessel Vessel Year Deliv- Employment Charter
Size Type Built ered To Status Expir-
(dwt) GASS ation(1)
----------- ------- -------- ------ ------ ------------ -------
MR
Navig8 Product
Fidelity 47,000 Tanker 2008 Jan-08 Bareboat Jan-15
----------- ------- -------- ------ ------ ------------ -------
MR
Navig8 Product
Faith 47,000 Tanker 2008 Feb-08 Bareboat Feb-15
----------- ------- -------- ------ ------ ------------ -------
MR
TBN 47,000 Product 2009 Apr-09 Time Charter Apr-11
Tanker
----------- ------- -------- ------ ------ ------------ -------
TOTAL MR
PRODUCT
TANKER
FLEET: 141,000
3 VESSELS dwt
-------------------------------------------------------------------
Grand Total: 49 Vessels
-------------------------------------------------------------------
* F.P.: Fully-Pressurized
* S.R.: Semi-Refrigerated
* M.R.: Medium Range
(1) Earliest date charters could expire. Most charters include
options to shorten or extend their term.
(2) Lyne is employed under a bareboat charter until May 2009.
Thereafter, at the charterer's option, the bareboat charter can
be extended for an additional year.
(3) Gas Emperor is currently employed under a time charter until June
2008. Thereafter she will be employed under a new four-year time
charter to a major international gas operator until June 2012.
(4) Sir Ivor is employed under a bareboat charter until May 2009.
Thereafter, at the charter's option, the bareboat charter can be
extended for an additional year.
(5) Gas Icon is currently employed under a time charter with an
initial term expiring in July 2008, which has been extended for
two years until July 2010.
(6) Gas Kalogeros is currently employed under a time charter until
May 2008, which has been extended to April 2010.
(7) Gas Sincerity is currently employed under a time charter until
July 2008, which has been extended to July 2009.
(8) Gas Spirit is currently employed under a time charter until June
2008, which has been extended to June 2010.
(9) Gas Prophet has for the three year duration of bareboat charter
been renamed the M.T. Ming Long.
(10) Gas Shanghai is currently employed under a time charter until
September 2008, which has been extended until September 2009.
(11) Gas Evoluzione is currently employed under a time charter until
August 2008, which has been extended to August 2009.
(12) Gas Legacy is currently employed under a time charter until April
2008, which has been extended for two years until April 2010.
(13) Gas Eternity has for the duration of bareboat charter been
renamed the M.T. Yu Tian 9.
(14) Gas Sikousis is currently employed under a time charter until May
2009. Thereafter, at the charterer' option, the time charter can
be extended for two one-year periods, the first one to be
negotiated in May 2009.
(15) Gas Ice is currently employed under a bareboat charter until
April 2008. Thereafter, she will be employed under a new three
year bareboat charter, until April 2011.
(16) Chiltern is currently employed under a bareboat charter until May
2008. Thereafter, she will be employed under a new five year bare
boat charter until May 2013.
(17) Gas Defiance is expected to be delivered by the end of July 2008
whereupon she will commence a one year time charter to a major
international gas trader.
(18) Gas Nathalie is expected to be delivered by the end of September
2008 whereupon she will continue a bareboat charter for a further
three years to a major international LPG operator. The charterer
has an option in September 2009 and 2010 to cancel the existing
charter upon the payment of a cancellation fee in the amount of
$336,000, if exercised in 2009, or $180,000, if exercised in
2010.
(19) Gas Shuriken is expected to be delivered by the end of October
2008 whereupon she will commence a two year time charter to a
major international gas trader.
(20) The to be named 47,000 deadweight M.R. type product carrier is
expected to be delivered to the Company in April 2009, whereupon
she will commence a three year time charter.
About STEALTHGAS INC.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 36 LPG carriers with a total capacity of 160,286 cubic meters (cbm) and two MR Product Tankers. In addition, the company has also entered into agreements to acquire one second-hand LPG carrier with expected delivery in September 2008; four resale newbuilding LPG carriers with expected delivery from July 2008 until June 2009; five new building LPG carriers with expected delivery from September 2010 through December 2011 and one resale newbuilding MR Product Carrier with expected delivery in April 2009. Once these acquisitions are completed, STEALTHGAS INC.'s fleet will be composed of 46 LPG carriers with a total capacity of 210,499 cubic meters (cbm) and 3 MR Product Tankers with a total capacity of 141,000 deadweight tons (dwt). STEALTHGAS INC.'s shares are listed on the NASDAQ Global Select Market and trade under the symbol "GASS".
Forward-Looking Statement
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 charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in STEALTHGAS INC.'s operating expenses, including bunker prices, dry-docking and insurance costs, 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.
Visit our website at www.stealthgas.com
Fleet Data:
The following key indicators highlight the Company's operating performance during the three months ended March 31, 2008 and March 31, 2007.
FLEET DATA Q1 2008 Q1 2007
------------------------------------ ----------- -----------
Average number of vessels (1) 37.9 28.7
------------------------------------ ----------- -----------
Period end number of vessels in fleet 38 29
------------------------------------ ----------- -----------
Total calendar days for fleet (2) 3,451 2,579
------------------------------------ ----------- -----------
Total voyage days for fleet (3) 3,412 2,579
------------------------------------ ----------- -----------
Fleet utilization (4) 98.9% 100%
------------------------------------ ----------- -----------
Total charter days for fleet (5) 3,384 2,465
------------------------------------ ----------- -----------
Total spot market days for fleet (6) 28 114
------------------------------------ ----------- -----------
AVERAGE DAILY RESULTS Q1 2008 Q1 2007
------------------------------------ ----------- -----------
Time Charter Equivalent - TCE (7) $7,652 $7,549
------------------------------------ ----------- -----------
Vessel operating expenses (8) 2,111 2,052
------------------------------------ ----------- -----------
Management fees 330 352
------------------------------------ ----------- -----------
General and administrative expenses 446 317
------------------------------------ ----------- -----------
Total operating expenses (9) 2,557 2,369
------------------------------------ ----------- -----------
1) Average number of vessels is the number of 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 are the total days the vessels 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
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 time charter days for fleet are the number of voyage days
the vessels in our fleet operated on time charters for the
relevant period.
6) Total spot market charter days for fleet are the number of voyage
days the vessels in our fleet operated on spot market charters
for the relevant period.
7) Time charter equivalent, or TCE, is a measure of the average
daily revenue performance of a vessel on a per voyage basis. Our
method of calculating TCE is consistent with industry standards
and is determined by dividing voyage revenues (net of voyage
expenses) by voyage days for the relevant time period. Voyage
expenses primarily consist of port, canal and fuel costs that are
unique to a particular voyage, which would otherwise be paid by
the charterer under a time charter contract, as well as
commissions. TCE is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a
shipping company's performance despite changes in the mix of
charter types (i.e., spot charters, time charters and bareboat
charters) under which the vessels may be employed between the
periods.
8) Vessel operating expenses, which include crew costs, provisions,
deck and engine stores, lubricating oil, insurance, maintenance
and repairs is calculated by dividing vessel operating expenses
by fleet calendar days for the relevant time period.
9) Total operating expenses, or TOE, is a measurement of our total
expenses associated with operating our vessels. TOE is the sum of
vessel operating expenses and general and administrative
expenses. Daily TOE is calculated by dividing TOE by fleet
calendar days for the relevant time period.
Adjusted EBITDA Reconciliation:
Adjusted EBITDA represents net earnings before interest, taxes, depreciation, amortization and amortization of fair value of acquired time charters. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by the United States generally accepted accounting principles, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies in the shipping or other industries.
Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.
Adjusted EBITDA reconciliation for the quarters ended March 31, 2008 and March 31, 2007:
(figures in US $) Q1 2008 Q1 2007
------------------------------------ ----------- -----------
Net Cash Provided By Operating
Activities $10,587,909 $ 8,809,744
------------------------------------ ----------- -----------
Net increase in current assets,
excluding cash 159,494 66,478
------------------------------------ ----------- -----------
Net decrease / (increase) in current
liabilities, excluding short-term
portion of long term debt 2,655,366 1,355,759
------------------------------------ ----------- -----------
Gain on sale of vessels 1,673,321 --
------------------------------------ ----------- -----------
Interest income (301,504) (262,044)
------------------------------------ ----------- -----------
Interest and finance costs, net 2,623,387 2,392,209
------------------------------------ ----------- -----------
Amortization of finance fees (37,222) (20,847)
------------------------------------ ----------- -----------
Share based compensation (500,651) --
------------------------------------ ----------- -----------
Change in fair value of derivatives (2,302,293) (25,945)
------------------------------------ ----------- -----------
Adjusted EBITDA $14,557,807 $12,315,354
------------------------------------ ----------- -----------
(figures in US $) Q1 2008 Q1 2007
------------------------------------ ----------- -----------
Net Income $ 7,431,443 $ 6,622,454
------------------------------------ ----------- -----------
Plus interest and finance costs 2,623,387 2,392,209
------------------------------------ ----------- -----------
Less Interest income (301,504) (262,044)
------------------------------------ ----------- -----------
Plus Depreciation 5,294,745 3,661,831
------------------------------------ ----------- -----------
Plus Amortization of fair value of
acquired time charters (490,264) (99,096)
------------------------------------ ----------- -----------
Adjusted EBITDA $14,557,807 $12,315,354
------------------------------------ ----------- -----------
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1866 239 0750 (US Toll Free Dial In) or 0800 559 3282 (UK Toll Free Dial In). Please quote "4194344".
In case of any problems with the above numbers, please dial +1 718 354 1157 (US Toll Dial In), or +44 (0)20 7138 0815 (Standard International Dial In). Please quote "STEALTHGAS".
A telephonic replay of the conference call will be available until June 27, 2008 by dialing 1866 239 0765 (US Toll Free Dial In), 0800 559 3271 (UK Toll Free Dial In) or +44 (0)20 7806 1970 (Standard International Dial In). Access Code: 4307550#
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.
STEALTHGAS INC.
Condensed Unaudited Consolidated Statement of Income
(Expressed in United States Dollars)
------------------------
For The Three Months
Ended March 31,
------------------------
2007 2008
---------------------------------------------------------------------
Revenues
Voyage revenues 20,744,106 27,014,176
---------------------------------------------------------------------
Expenses
Voyage expenses 1,275,448 903,915
Vessels' operating expenses 5,292,794 7,285,792
Dry-docking costs -- 401,325
Management fees 907,960 1,137,605
General and administrative expenses 817,675 1,537,542
Depreciation 3,661,831 5,294,745
Net gain on sale of vessel -- (1,673,321)
---------------------------------------------------------------------
Total expenses 11,955,708 14,887,603
---------------------------------------------------------------------
Income from operations 8,788,398 12,126,573
---------------------------------------------------------------------
Other income and (expenses)
Interest and finance costs (2,392,209) (2,623,387)
Change in fair value of derivatives (25,945) (2,302,293)
Interest income 262,044 301,504
Foreign exchange loss (9,834) (70,954)
---------------------------------------------------------------------
Other expenses, net (2,165,944) (4,695,130)
---------------------------------------------------------------------
Net income 6,622,454 7,431,443
---------------------------------------------------------------------
Earnings per share
- Basic 0.46 0.34
========== ==========
- Diluted 0.46 0.34
========== ==========
Weighted average number of shares
-Basic 14,400,000 22,150,607
========== ==========
-Diluted 14,400,000 22,234,106
========== ==========
STEALTHGAS INC
Condensed Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
December 31, March 31,
-------------------------
2007 2008
---------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 33,114,872 21,500,130
Trade receivables 2,349,275 2,317,148
Claim receivable 46,070 47,328
Other receivable -- 59,788
Inventories 836,365 716,652
Advances and prepayments 212,919 463,208
Restricted cash 7,727,272 2,781,713
Vessels held for sale 25,210,568 --
---------------------------------------------------------------------
Total current assets 69,497,341 27,885,967
---------------------------------------------------------------------
Non current assets
Advances for vessel acquisitions 12,450,000 5,750,000
Advances for vessels under construction -- 11,120,002
Vessels, net 395,095,322 525,165,359
Restricted cash 200,000 600,000
Deferred finance charges, net of
accumulated amortization of $162,132
and $37,222 350,663 458,316
Fair value of derivatives -- 138,521
---------------------------------------------------------------------
Total non current assets 408,095,985 543,232,198
---------------------------------------------------------------------
Total assets 477,593,326 571,118,165
---------------------------------------------------------------------
Liabilities and Stockholders' Equity
Current liabilities
Payable to related party 7,846,691 6,064,701
Trade accounts payable 3,406,421 3,104,864
Other accrued liabilities 3,928,028 4,037,662
Deferred income 3,972,370 3,290,917
Current portion of long-term debt 14,719,156 21,681,156
Current portion of long-term debt
associated with vessel held for sale 3,500,000 --
---------------------------------------------------------------------
Total current liabilities 37,372,666 38,179,300
---------------------------------------------------------------------
Non current liabilities
Fair value of derivatives 3,288,989 7,292,017
Customer deposits 5,174,093 5,214,732
Fair value of below market acquired
time charter 1,187,417 697,153
Long-term debt 127,539,373 214,512,565
---------------------------------------------------------------------
Total non current liabilities 137,189,872 227,716,467
---------------------------------------------------------------------
Total liabilities 174,562,538 265,895,767
---------------------------------------------------------------------
Commitments and contingencies -- --
---------------------------------------------------------------------
Stockholders' equity
Capital stock
5,000,000 preferred shares authorized
and zero outstanding with a par value
of $0.01 per share
100,000,000 common shares authorized
22,284,105 and 22,310,110 shares issued
and outstanding with a par value of
$0.01 per share 222,841 223,101
Additional paid-in capital 281,612,867 282,113,258
Retained earnings 21,650,412 24,903,585
Accumulated other comprehensive
income/(loss) (455,332) (2,017,546)
---------------------------------------------------------------------
Total stockholders' equity 303,030,788 305,222,398
---------------------------------------------------------------------
Total liabilities and stockholders' equity 477,593,326 571,118,165
---------------------------------------------------------------------
STEALTHGAS INC
Condensed Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
For The Three Months
Ended March 31,
------------------------
2007 2008
---------------------------------------------------------------------
Cash flows from operating activities
Net income for the period 6,622,454 7,431,443
Items included in net income not affecting
cash flows:
Depreciation and amortization 3,682,678 5,331,967
Amortization of fair value of time charter (99,096) (490,264)
Share based compensation -- 500,651
Change in fair value of derivatives 25,945 2,302,293
Gain on sale of vessel -- (1,673,321)
Changes in operating assets and
liabilities:
(Increase)/decrease in
Trade receivables (188,255) 32,127
Claims receivable (1,572) (1,258)
Other receivable -- (59,788)
Inventories 147,891 119,713
Advances and prepayments (24,542) (250,289)
Increase/(decrease) in
Payable to related party 772,959 (1,781,990)
Trade accounts payable (375,461) (301,557)
Other accrued liabilities (1,889,824) 109,634
Deferred income 136,567 (681,453)
---------------------------------------------------------------------
Net cash provided by operating activities 8,809,744 10,587,908
---------------------------------------------------------------------
Cash flows from investing activities
Insurance proceeds 260,016 --
Advances for vessel acquisitions (1,650,000) (5,750,000)
Advances for vessel under construction -- (11,120,002)
Proceeds from sale of vessels, net -- 26,883,889
Acquisition of vessels (21,825,765) (122,914,783)
(Increase)/Decrease in restricted
cash account (434,691) 4,545,559
---------------------------------------------------------------------
Net cash (used in) investing activities (23,650,440) (108,355,336)
---------------------------------------------------------------------
Cash flows from financing activities
Dividends paid (2,700,000) (4,178,270)
Deferred finance charges (50,795) (144,875)
Customer deposits 382,902 40,639
Loan repayment (6,808,000) (8,689,808)
Proceeds from long-term debt 20,317,500 99,125,000
---------------------------------------------------------------------
Net cash provided by financing activities 11,141,607 86,152,686
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Net (decrease)/increase in cash and
cash equivalents (3,699,089) (11,614,742)
Cash and cash equivalents at beginning
of year 11,146,871 33,114,872
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Cash and cash equivalents at end of period 7,447,782 21,500,130
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Supplemental Cash Flow Information:
Cash paid during the period for interest 2,961,870 3,020,885
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