ATHENS, Greece, Aug. 19, 2008 (GLOBE 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 second quarter and six months ended June 30, 2008.
Second Quarter 2008 Results:
For the three months ended June 30, 2008, voyage revenues amounted to $28.5 million and net income was $9.4 million, an increase of $8.6 million, or 43.2%, and an increase of $3.7 million, or 64.9%, respectively, from voyage revenues of $19.9 million and net income of $5.7 million for the three months ended June 30, 2007.
Basic and diluted earnings per share calculated on 22,114,105 basic weighted average number of shares and 22,213,808 diluted weighted average number of shares were $0.43 and $0.42, respectively, for the three months ended June 30, 2008 as compared to basic and diluted earnings per share of $0.40, calculated on 14,400,000 basic and diluted weighted average number of shares for the three months ended June 30, 2007.
Adjusted EBITDA for the three months ended June 30, 2008 was $17.6 million, an increase of $5.9 million, or 50.4% from $11.7 million for the three months ended June 30, 2007. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below.
Before the non-cash items described below, net income was $8.2 million, or $0.38 per share, calculated on 22,114,105 basic weighted average number of shares, and $0.37 per share, on 22,213,808 diluted weighted average number of shares, for the three months ended June 30, 2008, as compared to $6.0 million, or $0.42 per share, calculated on 14,400,000 basic and diluted weighted average number of shares for the three months ended June 30, 2007, an increase of $2.2 million or 36.7%.
For the three months ended June 30, 2008, the Company had a non-cash gain of $1.2 million, which is comprised of an unrealized, non-cash gain of $1.8 million on six interest rate swap arrangements and approximately $0.6 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 $0.3 million unrealized non-cash loss on interest rate swap arrangements for the three months ended June 30, 2007.
An average of 38.0 vessels were owned by the Company in the three months ended June 30, 2008, earning an average time-charter equivalent rate of approximately $7,909 per day as compared to 29.3 vessels, earning an average time-charter equivalent rate of $7,075 per day for the same period of 2007.
First Half 2008 Results
For the six months ended June 30, 2008, voyage revenues amounted to $55.5 million and net income was $16.9 million, an increase of $14.9 million, or 36.7%, and an increase of $4.6 million, or 37.4%, respectively, from voyage revenues of $40.6 million and net income of $12.3 million for the six months ended June 30, 2007.
Basic and diluted earnings per share calculated on 22,114,105 basic weighted average number of shares and 22,177,285 diluted weighted average number of shares were $0.76 for the six months ended June 30, 2008 as compared to basic and diluted earnings per share of $0.85, calculated on 14,400,000 basic and diluted weighted average number of shares for the six months ended June 30, 2007.
Adjusted EBITDA for the six months ended June 30, 2008 was $32.1 million, an increase of $8.1 million, or 33.8%, from $24.0 million for the six months ended June 30, 2007. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below.
Before the non-cash items described below, net income was $18.5 million, or $0.83 per share, calculated on 22,114,105 basic weighted average number of shares, and $0.84 per share, on 22,177,285 diluted weighted average number of shares, for the six months ended June 30, 2008 as compared to $12.0 million, or $0.83 per share, calculated on 14,400,000 basic and diluted weighted average number of shares, for the six months ended June 30, 2007, an increase of $6.5 million or 54.2%.
For the six months ended June 30, 2008, the Company had a non-cash loss of $1.6 million, which is comprised of an unrealized, non-cash loss of $0.5 million on six interest rate swap arrangements and approximately $1.1 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 $0.3 million unrealized non-cash gain on interest rate swap arrangements for the six months ended June 30, 2007.
CEO Harry Vafias commented:
"We have continued to improve our financial performance in the second quarter of 2008 and at the half year we have shown substantial increases in both revenues and net income compared to this time last year, as we continue to deliver on the strategy we have outlined to investors over the past three years. Our earnings per share, if we exclude non-cash items, are now in line with those at the same time last year, despite some 7.7 million more shares outstanding as a result of our follow on offering of July 2007.
"We continue to see in our period charters a steady increase in charter rates and this, 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, has led us to producing what I consider to be a set of highly creditable results year to date and we look forward to the future of our business with continued confidence.
"The second quarter of 2008 was a relatively quiet one by our standards in terms of vessel acquisitions, but we did announce the acquisition of our third M.R. Product Carrier that will be delivered to us in April of next year and she will be deployed on a three-year time charter upon her delivery, thus continuing our policy of the majority of our fleet being employed under period coverage. As of today, we have 90% of the fleet employed for 2008, 58% for 2009 and 30% under period employment for 2010. We continue to look for attractive and accretive acquisition prospects in our core LPG sector and at other well structured alternatives."
CFO Andrew Simmons commented: "We continue to make secure and steady progress through our conservative employment policy and by structuring the business on a sound financial base. We are seeing some pressures in regard to margins on our new debt facilities as a consequence of the turmoil in the credit markets. However, we are continuing to secure sound support from both our existing bankers and some new lenders who we believe find the Company's structure an attractive proposition, particularly at this time."
Quarterly Dividend:
At today's meeting, the Company's Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on September 5, 2008 to shareholders of record on August 29, 2008.
This is the eleventh consecutive quarterly dividend since the company went public in October 2005. Since then, the Company has declared quarterly dividends aggregating $2.0625 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
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Vessel Vessel Vessel Year Deliv- Employment Charter
Size Type Built ered To Status Expir-
(cbm) GASS ation(1)
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CURRENT FLEET
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Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter Aug-08
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Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter Jan-12
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Gas Haralambos 7,000 F.P. 2007 Oct-07 Time Charter Oct-09
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Gas Marathon 6,572 F.P. 1995 Nov-05 Bareboat Oct-09
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Gas Chios 6,562 F.P. 1991 Oct-05 Time Charter Mar-10
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Gas Amazon 6,526 F.P. 1992 May-05 Time Charter Nov-08
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Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter Feb-09
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Gas Monarch 5,018 F.P. 1997 Dec-05 Bareboat Jun-10
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Lyne (2) 5,014 F.P. 1996 May-06 Bareboat May-09
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Gas Emperor 5,013 F.P. 1995 Feb-05 Time Charter Jun-12
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Birgit Kosan 5,012 F.P. 1995 Apr-05 Bareboat Oct-11
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Catterick 5,001 F.P. 1995 Nov-05 Time Charter Jan-09
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Sir Ivor (3) 5,000 F.P. 2003 May-06 Bareboat May-09
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Gas Icon 5,000 F.P. 1994 Jun-07 Time Charter Jul-10
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Gas Kalogeros 5,000 F.P. 2007 Jul-07 Time Charter Apr-10
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Gas Defiance 5,000 F.P. 2008 Jul-08 Time Charter Jul-09
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Gas Sincerity 4,123 F.P. 2000 Nov-05 Time Charter Jul-09
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Gas Spirit 4,112 F.P. 2001 Dec-05 Time Charter Jun-10
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Gas Zael 4,111 F.P. 2001 Dec-05 Time Charter Mar-09
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Gas Courchevel 4,109 S.R. 1991 Nov-04 Spot -
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Gas Prophet (4) 3,556 F.P. 1996 Oct-04 Bareboat Sep-09
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Gas Shanghai (5) 3,526 F.P. 1999 Dec-04 Time Charter Sep-09
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Sea Bird II 3,518 F.P. 1996 May-07 Bareboat May-09
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Gas Evoluzione 3,517 F.P. 1996 Jul-07 Time Charter Aug-09
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Gas Czar 3,510 F.P. 1995 Feb-06 Time Charter Dec-08
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Gas Sophie 3,500 F.P. 1995 Oct-07 Time Charter Oct-08
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Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter Apr-10
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Gas Fortune 3,500 F.P. 1995 Feb-06 Time Charter Dec-08
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Gas Eternity (6) 3,500 F.P. 1998 Mar-06 Bareboat Apr-10
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Gas Sikousis (7) 3,500 F.P. 2006 Aug-07 Time Charter May-09
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Gas Artic 3,434 S.R. 1992 Apr-05 Bareboat Apr-09
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Gas Ice 3,434 S.R. 1991 Apr-05 Bareboat Apr-11
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Chiltern 3,312 F.P. 1997 Jun-07 Bareboat May-13
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Gas Pasha 3,244 F.P. 1995 Jun-06 Bareboat -
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Gas Crystal 3,211 S.R. 1990 Nov-05 Time Charter -
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Gas Prodigy 3,014 F.P. 1995 Oct-05 Time Charter Dec-08
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Gas Tiny 1,320 S.R. 1991 Oct-04 Time Charter Oct-09
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FLEET TOTAL: 165,286
37 VESSELS cbm
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Additional Vessels (with expected delivery date)
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Gas Natalie (8) 3,213 F.P. 1997 Sept-08 Bareboat Sep-11
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Gas Shuriken (9) 5,000 F.P. 2008 Oct-08 Time Charter Oct-10
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TBN 3,500 F.P. 2009 Apr-09
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TBN 3,500 F.P. 2009 June-09
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TBN 5,000 F.P. 2010 Sept-10
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TBN 5,000 F.P. 2010 Nov-10
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TBN 5,000 F.P. 2011 Mar-11
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TBN 7,500 F.P. 2011 July-11
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TBN 7,500 F.P. 2011 Dec-11
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TOTAL LPG
CARRIERS FLEET: 210,499
46 VESSELS cbm
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Product Tanker Fleet
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Vessel Vessel Vessel Year Deliv- Employment Charter
Size Type Built ered To Status Expir-
(dwt) GASS ation(1)
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MR
Navig8 Product
Fidelity 47,000 Tanker 2008 Jan-08 Bareboat Jan-15
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MR
Navig8 Product
Faith 47,000 Tanker 2008 Feb-08 Bareboat Feb-15
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MR
Product
TBN (10) 47,000 Tanker 2009 Apr-09 Time Charter Apr-12
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TOTAL MR
PRODUCT
TANKER
FLEET: 141,000
3 VESSELS dwt
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Grand Total: 49 Vessels
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* 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) 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.
(4) Gas Prophet has for the three year duration of bareboat charter
been renamed the M.T. Ming Long.
(5) Gas Shanghai is currently employed under a time charter until
September 2008, which has been extended until September 2009.
(6) Gas Eternity has for the duration of bareboat charter been
renamed the M.T. Yu Tian 9.
(7) Gas Sikousis is currently employed under a time charter until
May 2009. Thereafter, at the charterer's option, the time
charter can be extended for two one-year periods, the first one
to be negotiated in May 2009.
(8) Gas Natalie 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.
(9) 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.
(10) 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 37 LPG carriers with a total capacity of 165,286 cubic meters (cbm) and two M.R. Product Tankers. In addition, the company has also entered into agreements to acquire one second-hand LPG carrier with expected delivery in September 2008; three resale newbuilding LPG carriers with expected delivery from October 2008 until June 2009; five new building LPG carriers with expected delivery from September 2010 through December 2011 and one resale newbuilding M.R. 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 three M.R. 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 second quarters ended June 30, 2007 and June 30, 2008.
FLEET DATA Q2 2007 Q2 2008 ---------------------------------------------------------------- Average number of vessels (1) 29.3 38.0 ---------------------------------------------------------------- Period end number of vessels in fleet 33.0 38.0 ---------------------------------------------------------------- Total calendar days for fleet (2) 2,723 3,458 ---------------------------------------------------------------- Total voyage days for fleet (3) 2,675 3,434 ---------------------------------------------------------------- Fleet utilization (4) 98.2% 99.3% ---------------------------------------------------------------- Total charter days for fleet (5) 2,515 3,343 ---------------------------------------------------------------- Total spot market days for fleet (6) 160 91 ---------------------------------------------------------------- AVERAGE DAILY RESULTS Q2 2007 Q2 2008 ---------------------------------------------------------------- Time Charter Equivalent - TCE (7) $7,075 $7,909 ---------------------------------------------------------------- Vessel operating expenses (8) 2,037 2,283 ---------------------------------------------------------------- Management fees 343 324 ---------------------------------------------------------------- General and administrative expenses 323 556 ---------------------------------------------------------------- Total operating expenses (9) 2,360 2,839 ----------------------------------------------------------------
The following key indicators highlight the Company's operating performance during the six months ended June 30, 2007 and June 30, 2008.
FLEET DATA 6M 2007 6M 2008
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Average number of vessels (1) 29.9 37.9
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Period end number of vessels in fleet 33 38
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Total calendar days for fleet (2) 5,302 6,909
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Total voyage days for fleet (3) 5,254 6,846
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Fleet utilization (4) 99.1% 99.1%
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Total charter days for fleet (5) 4,980 6,727
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Total spot market days for fleet (6) 274 119
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AVERAGE DAILY RESULTS 6M 2007 6M 2008
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Time Charter Equivalent - TCE (7) $7,308 $7,781
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Vessel operating expenses (8) 2,044 2,197
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Management fees 347 327
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General and administrative expenses 320 501
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Total operating expenses (9) 2,364 2,698
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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 second quarters ended June 30, 2007 and June 30, 2008: (figures in US $) Q2 2007 Q2 2008 --------------------------------------------------------------------- Net Cash Provided By Operating Activities $15,860,775 $11,491,983 --------------------------------------------------------------------- Net increase in current assets, excluding cash (270,412) 705,683 --------------------------------------------------------------------- Net decrease / (increase) in current liabilities, excluding short-term portion of long term debt (6,599,852) 1,660,127 --------------------------------------------------------------------- Interest income (109,484) (90,557) --------------------------------------------------------------------- Interest and finance costs, net 2,477,626 2,597,442 --------------------------------------------------------------------- Amortization of finance fees (17,410) (16,146) --------------------------------------------------------------------- Share based compensation -- (553,887) --------------------------------------------------------------------- Change in fair value of derivatives 327,521 1,760,757 --------------------------------------------------------------------- Adjusted EBITDA $11,668,764 $17,555,402 --------------------------------------------------------------------- (figures in US $) Q2 2007 Q2 2008 --------------------------------------------------------------------- Net Income $ 5,689,025 $ 9,437,775 --------------------------------------------------------------------- Plus interest and finance costs 2,477,626 2,597,442 --------------------------------------------------------------------- Less Interest income (109,484) (90,557) --------------------------------------------------------------------- Plus Depreciation 3,802,162 5,857,889 --------------------------------------------------------------------- Plus Amortization of fair value of acquired time charters (190,565) (247,147) --------------------------------------------------------------------- Adjusted EBITDA $11,668,764 $17,555,402 --------------------------------------------------------------------- Adjusted EBITDA reconciliation for the six months ended June 30, 2007 and June 30, 2008: (figures in US $) 6M 2007 6M 2008 --------------------------------------------------------------------- Net Cash Provided By Operating Activities $24,670,519 $22,079,891 --------------------------------------------------------------------- Net increase in current assets, excluding cash (203,934) 865,178 --------------------------------------------------------------------- Net (increase) in current liabilities, excluding short-term portion of long term debt (5,244,093) 4,315,493 --------------------------------------------------------------------- Gain on sale of vessels -- 1,673,321 --------------------------------------------------------------------- Interest income (371,528) (392,061) --------------------------------------------------------------------- Interest and finance costs 4,869,835 5,220,829 --------------------------------------------------------------------- Amortization of finance fees (38,257) (53,368) --------------------------------------------------------------------- Share based compensation -- (1,054,538) --------------------------------------------------------------------- Change in fair value of derivatives 301,576 (541,536) --------------------------------------------------------------------- Adjusted EBITDA $23,984,118 $32,113,209 --------------------------------------------------------------------- (figures in US $) 6M 2007 6M 2008 --------------------------------------------------------------------- Net Income $12,311,479 $16,869,218 --------------------------------------------------------------------- Plus interest and finance costs 4,869,835 5,220,829 --------------------------------------------------------------------- Less Interest income (371,528) (392,061) --------------------------------------------------------------------- Plus depreciation 7,463,993 11,152,634 --------------------------------------------------------------------- Plus Amortization of fair value of acquired time charters (289,661) (737,411) --------------------------------------------------------------------- Adjusted EBITDA $23,984,118 $32,113,209 ---------------------------------------------------------------------
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 September 19, 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.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars)
---------------------------------------------------------------------
For the Quarter Ended
June 30, June 30,
2007 2008
---------------------------------------------------------------------
Revenues
Voyage revenues 19,880,050 28,480,148
---------------------------------------------------------------------
Expenses
Voyage expenses 958,144 1,319,973
Vessels' operating expenses 5,545,968 7,893,342
Dry-docking costs -- 66,106
Management fees 932,890 1,120,210
General and administrative expenses 878,355 1,923,207
Depreciation 3,802,162 5,857,889
---------------------------------------------------------------------
Total expenses 12,117,519 18,180,727
---------------------------------------------------------------------
Income from operations 7,762,531 10,299,421
---------------------------------------------------------------------
Other income and (expenses)
Interest and finance costs (2,477,626) (2,597,442)
Change in fair value of derivatives 327,521 1,760,757
Interest income 109,484 90,557
Foreign exchange gain (32,885) (115,518)
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Other income, net (2,073,506) (861,646)
---------------------------------------------------------------------
Net income 5,689,025 9,437,775
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Earnings per share
- Basic 0.40 0.43
=========== ===========
- Diluted 0.40 0.42
=========== ===========
-Cash dividends declared 0.1875 0.1875
=========== ===========
Weighted average number of shares
-Basic 14,400,000 22,114,105
=========== ===========
-Diluted 14,400,000 22,213,808
=========== ===========
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars)
---------------------------------------------------------------------
For the Six Months Ended
June 30, June 30,
2007 2008
---------------------------------------------------------------------
Revenues
Voyage revenues 40,624,156 55,494,324
---------------------------------------------------------------------
Expenses
Voyage expenses 2,233,592 2,223,888
Vessels' operating expenses 10,838,762 15,179,134
Dry-docking costs -- 467,431
Management fees 1,840,850 2,257,815
General and administrative expenses 1,696,030 3,460,749
Depreciation 7,463,993 11,152,634
Net gain on sale of vessels -- (1,673,321)
---------------------------------------------------------------------
Total expenses 24,073,227 33,068,330
---------------------------------------------------------------------
Income from operations 16,550,929 22,425,994
---------------------------------------------------------------------
Other income and (expenses)
Interest and finance costs (4,869,835) (5,220,829)
Change in fair value of derivatives 301,576 (541,536)
Interest income 371,528 392,061
Foreign exchange loss (42,719) (186,472)
---------------------------------------------------------------------
Other expenses, net (4,239,450) (5,556,776)
---------------------------------------------------------------------
Net income 12,311,479 16,869,218
---------------------------------------------------------------------
Earnings per share
- Basic 0.85 0.76
=========== ===========
- Diluted 0.85 0.76
=========== ===========
-Cash dividends declared 0.3750 0.3750
=========== ===========
Weighted average number of shares
-Basic 14,400,000 22,114,105
=========== ===========
-Diluted 14,400,000 22,177,285
=========== ===========
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
---------------------------------------------------------------------
December 31, June 30,
--------------------------
2007 2008
---------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 33,114,872 18,777,048
Trade receivables 2,349,275 3,081,124
Claims receivable 46,070 49,593
Inventories 836,365 890,084
Advances and prepayments 212,919 289,006
Restricted cash 7,727,272 2,573,308
Vessels held for sale 25,210,568 --
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Total current assets 69,497,341 25,660,163
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Non current assets
Advances for vessels under
construction and acquisitions 12,450,000 22,774,244
Vessels, net 395,095,322 519,334,165
Restricted cash 200,000 600,000
Deferred finance charges, net of
accumulated amortization of $162,132
and $215,500 350,663 442,170
Fair value of derivatives -- 1,996,529
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Total non current assets 408,095,985 545,147,108
---------------------------------------------------------------------
Total assets 477,593,326 570,807,271
---------------------------------------------------------------------
Liabilities and Stockholders' Equity
Current liabilities
Payable to related party 7,846,691 3,261,659
Trade accounts payable 3,406,421 3,564,869
Other accrued liabilities 3,928,028 4,636,437
Deferred income 3,972,370 3,375,052
Current portion of long-term debt 14,719,156 21,681,656
Current portion of long-term debt
associated with vessel held for sale 3,500,000 --
---------------------------------------------------------------------
Total current liabilities 37,372,666 36,519,673
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Non current liabilities
Fair value of derivatives 3,288,989 3,921,723
Customer deposits 5,174,093 5,241,364
Fair value of below market acquired
time charter 1,187,417 450,006
Long-term debt 127,539,373 210,176,045
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Total non current liabilities 137,189,872 219,789,138
---------------------------------------------------------------------
Total liabilities 174,562,538 256,308,811
---------------------------------------------------------------------
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
14,400,000 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 281,612,867 282,667,145
Retained earnings 21,650,412 30,158,215
Accumulated other comprehensive loss (455,332) 1,449,999
---------------------------------------------------------------------
Total stockholders' equity 303,030,788 314,498,460
---------------------------------------------------------------------
Total liabilities and stockholders' equity 477,593,326 570,807,271
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StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
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For The Six Months Ended
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June 30, June 30,
2007 2008
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Cash flows from operating activities
Net income for the period 12,311,479 16,869,218
Items included in net income not
affecting cash flows:
Depreciation and amortization 7,502,250 11,206,002
Amortization of fair value of time
charter (289,661) (737,411)
Share based compensation -- 1,054,538
Change in fair value of derivatives (301,576) 541,536
Gain on sale of vessels -- (1,673,321)
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade receivables 226,574 (731,849)
Claims receivable (4,578) (3,523)
Inventories (24,077) (53,719)
Advances and prepayments 6,015 (76,087)
Increase/(decrease) in
Payable to related party 6,115,842 (4,585,032)
Trade accounts payable (109,087) 158,448
Other accrued liabilities (180,391) 708,409
Deferred income (582,271) (597,318)
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Net cash provided by operating activities 24,670,519 22,079,891
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Cash flows from investing activities
Insurance proceeds 264,122 --
Advances for vessel under construction
and acquisitions (1,700,000) (22,774,244)
Proceeds from sale of vessels, net -- 26,883,889
Acquisition of vessels (59,872,118) (122,941,477)
(Increase)/decrease in restricted
cash account (554,407) 4,753,964
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Net cash (used in) investing activities (61,862,403) (114,077,868)
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Cash flows from financing activities
Dividends paid (5,400,000) (8,361,415)
Deferred finance charges (145,795) (144,875)
Customer deposits 1,967,229 67,271
Loan repayment (9,481,760) (13,025,828)
Proceeds from short-term bridge
facility 18,000,000 --
Proceeds from long-term debt 27,067,500 99,125,000
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Net cash provided by financing activities 32,007,174 77,660,153
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Net (decrease) in cash and cash
equivalents (5,184,710) (14,337,824)
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 5,962,161 18,777,048
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Supplemental Cash Flow Information:
Cash paid during the period for interest 4,419,047 5,110,761
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Non Cash Items:
Fair Value of below market acquired
time charter 1,019,000 --
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