ATHENS, Greece, Feb. 19, 2009 (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 fourth quarter and twelve months ended December 31, 2008.
Fourth Quarter 2008 Results:
For the three months ended December 31, 2008, voyage revenues amounted to $28.2 million and net income was $7.7 million, an increase of $2.1 million, or 8.0%, and an increase of $1.5 million, or 24.2%, respectively, from voyage revenues of $26.1 million and net income of $6.2 million for the three months ended December 31, 2007.
Basic and diluted earnings per share were $0.35 for the three months ended December 31, 2008 as compared to basic and diluted earnings per share of $0.28 for the three months ended December 31, 2007.
Adjusted EBITDA for the three months ended December 31, 2008 was $15.9 million, an increase of $3.9 million, or 32.5%, from $12.0 million for the three months ended December 31, 2007. A reconciliation of Adjusted EBITDA to net income and to net cash provided by operating activities is set forth below.
An average of 39.6 vessels were owned by the Company in the three months ended December 31, 2008, earning an average time-charter equivalent rate of approximately $7,132 per day as compared to 37.5 vessels, earning an average time-charter equivalent rate of $7,214 per day, for the same period of 2007 due primarily to an increased number of spot days in the fourth quarter of 2008 and the prevailing charter rates being marginally lower than the respective fourth quarter in 2007.
Twelve Months 2008 Results:
For the twelve months ended December 31, 2008, voyage revenues amounted to $112.6 million and net income was $30.0 million, an increase of $22.6 million, or 25.1%, and an increase of $7.5 million, or 33.3%, respectively, from voyage revenues of $90.0 million and net income of $22.5 million for the twelve months ended December 31, 2007.
Basic and diluted earnings per share were $1.35 for the twelve months ended December 31, 2008 as compared to basic and diluted earnings per share of $1.26 for the twelve months ended December 31, 2007.
Adjusted EBITDA for the twelve months ended December 31, 2008 was $61.5 million, an increase of $15.8 million, or 34.6%, from $45.7 million for the twelve months ended December 31, 2007. A reconciliation of Adjusted EBITDA to net income and to net cash provided by operating activities is set forth below.
An average of 38.6 vessels were owned by the Company in the twelve months ended December 31, 2008, earning an average time-charter equivalent rate of approximately $7,588 per day as compared to 32.8 vessels, earning an average time-charter equivalent rate of $7,129 per day for the same period of 2007 due primarily to the effect of the two M.R. product carriers that joined the fleet in January and February 2008, respectively.
CEO Harry Vafias commented
"I am delighted to report record earnings for 2008. We had a very solid performance in the last quarter of 2008 and generally throughout the past year. In 2008, we increased our EBITDA by 34.6% to $61.5 million while net income rose by 33.3% to $30.0 million.
We continue to believe that our core LPG sector has sound fundamentals, and while there is no doubt that 2009 and beyond may well prove to be a very challenging period for the world's economy, we remain cautiously confident that the niche in which we fundamentally operate will continue to perform relatively steadily and without the significant fluctuations that we have seen and in my view will continue to see, in many other sectors of the shipping industry.
This year and probably well into 2010, if not beyond, will be challenging times for the world's economy; however, we continue to believe in our core strategy, which has remained consistent since we went public. Management's interest has and continues to be fully aligned with shareholder interest, over the short and long term, which includes being committed to guiding the company safely through those challenges faced today and in the future."
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 March 9, 2009 to shareholders of record at the close of business on March 2, 2009.
This is the thirteenth consecutive quarterly dividend since the company went public in October 2005. Since then, the Company has declared quarterly dividends aggregating $2.4375 per common share.
Fleet Profile and Fleet Deployment:
The tables below show the Company's fleet development and deployment as of today:
LPG Carrier Fleet
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Vessel Vessel Year Delivered Employment Charter
Vessel Size(cbm) Type Built To GASS Status Expiration(1)
---------------------------------------------------------------------
CURRENT FLEET
---------------------------------------------------------------------
Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter Sep-09
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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 Spot Mar-09
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Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter Feb-11
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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 5,013 F.P. 1995 Feb-05 Bareboat Jun-12
---------------------------------------------------------------------
Birgit Kosan 5,012 F.P. 1995 Apr-05 Bareboat Oct-11
---------------------------------------------------------------------
Catterick 5,001 F.P. 1995 Nov-05 Time Charter Mar-09
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Sir Ivor (3) 5,000 F.P. 2003 May-06 Bareboat May-09
---------------------------------------------------------------------
Gas Icon 5,000 F.P. 1994 Jun-07 Time Charter Jul-10
---------------------------------------------------------------------
Gas Kalogeros 5,000 F.P. 2007 Jul-07 Time Charter Apr-10
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Gas Defiance 5,000 F.P. 2008 July-08 Time Charter Jul-09
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Gas Shuriken 5,000 F.P. 2008 Oct-08 Time Charter Oct-10
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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 Feb-09
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Gas Prophet (4) 3,556 F.P. 1996 Oct-04 Bareboat Sep-09
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Gas Shanghai 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 Jun-09
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Gas Sophie 3,500 F.P. 1995 Oct-07 Spot Mar-09
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Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter Apr-10
---------------------------------------------------------------------
Gas Fortune 3,500 F.P. 1995 Feb-06 Spot Apr-09
---------------------------------------------------------------------
Gas Eternity (5) 3,500 F.P. 1998 Mar-06 Bareboat Apr-10
---------------------------------------------------------------------
Gas Sikousis (6) 3,500 F.P. 2006 Aug-07 Time Charter May-09
---------------------------------------------------------------------
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 Time Charter Oct-10
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Gas Natalie (7) 3,213 F.P. 1997 Jan-09 Bareboat Sep-11
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Gas Crystal 3,211 S.R. 1990 Nov-05 Spot Mar-09
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Gas Prodigy 3,014 F.P. 1995 Oct-05 Spot Feb-09
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Gas Tiny 1,320 S.R. 1991 Oct-04 Time Charter Oct-10
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FLEET TOTAL: 173,499
39 VESSELS cbm
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Additional Vessels (with expected delivery date)
---------------------------------------------------------------------
Gas Astrid 3,500 F.P. 2009 Apr-09
---------------------------------------------------------------------
Gas Exelero 3,500 F.P. 2009 June-09
---------------------------------------------------------------------
TBN 5,000 F.P. 2010 Sept-10
---------------------------------------------------------------------
TBN 5,000 F.P. 2010 Nov-10
---------------------------------------------------------------------
TBN 5,000 F.P. 2011 Mar-11
---------------------------------------------------------------------
TBN 7,500 F.P. 2011 July-11
---------------------------------------------------------------------
TBN 7,500 F.P. 2011 Dec-11
---------------------------------------------------------------------
TOTAL LPG
CARRIER FLEET: 210,499
46 VESSELS cbm
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Product Tanker Fleet
---------------------------------------------------------------------
Vessel Charter
Vessel Size Vessel Year Delivered Employment Expiration
(dwt) Type Built To GASS Status (1)
---------------------------------------------------------------------
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
Stealth Product
S.V.(8) 46,000 Tanker 2009 Apr-09 Time Charter Apr-12
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Stealth MR
Argentina Product
(9) 50,500 Tanker 2009 Nov-09 Bareboat Nov-12
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TOTAL MR
PRODUCT
TANKER
FLEET:
4 190,500
VESSELS dwt
---------------------------------------------------------------------
* 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 charterer'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 Eternity has for the duration of its bareboat charter been
renamed the M.T. Yu Tian 9.
(6) 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.
(7) Gas Natalie, upon her delivery, continued to be deployed under an
existing bareboat charter to a major international LPG operator
that expires in September 2011. 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.
(8) The Stealth S.V., a 46,000 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.
(9) The Stealth Argentina, a 50,500 deadweight M.R. type product
carrier, is expected to be delivered to the Company in November
2009, whereupon she will commence a three-year bareboat charter.
About STEALTHGAS INC.
Headquartered in Athens, Greece, StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 39 LPG carriers with a total capacity of 173,499 cubic meters (cbm) and two M.R. product tankers. In addition, the company has entered into agreements to acquire two resale new building LPG carriers, the Gas Astrid and the Gas Exelero, with expected delivery in April and June 2009, respectively, plus five new building LPG carriers with expected delivery from September 2010 through December 2011 and two resale new building M.R. product carriers with expected delivery in April and November 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 four M.R. product tankers with a total capacity of 190,500 deadweight tons (dwt). StealthGas Inc.'s shares are listed on the NASDAQ Global Select Market and trade under the symbol "GASS".
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry dockings, 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 fourth quarters ended December 31, 2007 and December 31, 2008:
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FLEET DATA Q4 2007 Q4 2008
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Average number of vessels (1) 37.5 39.6
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Period end number of vessels in fleet 38.0 40.0
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Total calendar days for fleet (2) 3,453 3,647
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Total voyage days for fleet (3) 3,404 3,622
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Fleet utilization (4) 98.6% 99.3%
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Total charter days for fleet (5) 3,238 3,243
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Total spot market days for fleet (6) 166 379
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AVERAGE DAILY RESULTS Q4 2007 Q4 2008
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Time Charter Equivalent - TCE (7) $ 7,214 $ 7,132
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Vessel operating expenses (8) 2,313 2,253
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Management fees 343 329
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General and administrative expenses 414 (99)
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Total operating expenses (9) 2,727 2,154
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The following key indicators highlight the Company's operating performance during the twelve months ended December 31, 2007 and December 31, 2008:
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FLEET DATA 12M 2007 12M 2008
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Average number of vessels (1) 32.8 38.6
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Period end number of vessels in fleet 38 40
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Total calendar days for fleet (2) 11,986 14,113
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Total voyage days for fleet (3) 11,871 14,018
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Fleet utilization (4) 99.0% 99.3%
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Total charter days for fleet (5) 11,170 13,318
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Total spot market days for fleet (6) 701 700
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AVERAGE DAILY RESULTS 12M 2007 12M 2008
---------------------------------------------------------------------
Time Charter Equivalent - TCE (7) $ 7,129 $ 7,588
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Vessel operating expenses (8) 2,122 2,280
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Management fees 344 327
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General and administrative expenses 419 338
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Total operating expenses (9) 2,541 2,618
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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 of finance charges 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 accounting principles generally accepted in the United States of America, 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 fourth quarter ended December 31, 2007 and December 31, 2008:
-------------------------------------------------------------------
(figures in US $) Q4 2007 Q4 2008
-------------------------------------------------------------------
Net Cash Provided By Operating
Activities $ 19,445,999 $ 11,095,978
-------------------------------------------------------------------
Net increase in current assets,
excluding cash 708,520 1,343,968
-------------------------------------------------------------------
Net (increase)/decrease in current
liabilities, excluding short-term
portion of long term debt (8,411,100) 1,676,264
-------------------------------------------------------------------
Interest income (684,741) (285,581)
-------------------------------------------------------------------
Interest and finance costs 2,422,868 2,380,588
-------------------------------------------------------------------
Amortization of finance charges (16,675) (20,189)
-------------------------------------------------------------------
Share based compensation (334,363) (299,123)
-------------------------------------------------------------------
Change in fair value of derivatives (1,123,653) (26,993)
-------------------------------------------------------------------
Adjusted EBITDA $ 12,006,855 $ 15,864,912
-------------------------------------------------------------------
-------------------------------------------------------------------
(figures in US $) Q4 2007 Q4 2008
-------------------------------------------------------------------
Net Income $ 6,226,442 $ 7,749,409
-------------------------------------------------------------------
Plus interest and finance costs 2,422,868 2,380,588
-------------------------------------------------------------------
Less interest income (684,741) (285,581)
-------------------------------------------------------------------
Plus depreciation 4,614,070 6,154,723
-------------------------------------------------------------------
Less amortization of fair value of
acquired time charters (571,784) (134,227)
-------------------------------------------------------------------
Adjusted EBITDA $ 12,006,855 $ 15,864,912
-------------------------------------------------------------------
Adjusted EBITDA reconciliation for the twelve months ended December 31, 2007 and December 31, 2008:
-------------------------------------------------------------------
(figures in US $) 12M 2007 12M 2008
-------------------------------------------------------------------
Net Cash Provided By Operating
Activities $ 47,704,497 $ 48,080,792
-------------------------------------------------------------------
Net increase in current assets,
excluding cash 1,310,711 1,801,130
-------------------------------------------------------------------
Net (increase)/decrease in current
liabilities, excluding short-term
portion of long term debt (7,334,112) 4,195,502
-------------------------------------------------------------------
Gain on sale of vessels -- 1,673,321
-------------------------------------------------------------------
Interest income (1,888,070) (743,193)
-------------------------------------------------------------------
Interest and finance costs 9,831,404 9,962,504
-------------------------------------------------------------------
Amortization of finance charges (74,708) (104,986)
-------------------------------------------------------------------
Share based compensation (1,324,743) (1,913,634)
-------------------------------------------------------------------
Change in fair value of derivatives (2,573,992) (1,467,113)
-------------------------------------------------------------------
Adjusted EBITDA $ 45,650,987 $ 61,484,323
-------------------------------------------------------------------
-------------------------------------------------------------------
(figures in US $) 12M 2007 12M 2008
-------------------------------------------------------------------
Net Income $ 22,538,107 $ 29,987,484
-------------------------------------------------------------------
Plus interest and finance costs 9,831,404 9,962,504
-------------------------------------------------------------------
Less interest income (1,888,070) (743,193)
-------------------------------------------------------------------
Plus depreciation 16,546,692 23,283,393
-------------------------------------------------------------------
Less amortization of fair value of
acquired time charters (1,377,146) (1,005,865)
-------------------------------------------------------------------
Adjusted EBITDA $ 45,650,987 $ 61,484,323
-------------------------------------------------------------------
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).
In case of any problems with the above numbers, please dial +1 718 354 1359 (US Toll Dial In), or +44 (0)2071380813 (Standard International Dial In). Please quote "9818405".
A telephonic replay of the conference call will be available until February 26, 2009 by dialing 1866 239 0765 (US Toll Free Dial In), 0800 358 7743 (UK Toll Free Dial In) or +44 (0)207 806 1970 (Standard International Dial In). Access Code: 9818405#
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, except for share data)
--------------------------------------------------------------------
Three Months Ended
December 31,
2007 2008
--------------------------------------------------------------------
Revenues
Voyage revenues 26,129,276 28,162,534
--------------------------------------------------------------------
Expenses
Voyage expenses 1,571,873 2,330,353
Vessels' operating expenses 7,986,348 8,217,237
Dry-docking costs 197,388 602,160
Management fees 1,182,900 1,198,960
General and administrative expenses 1,428,551 (361,043)
Depreciation 4,614,070 6,154,723
--------------------------------------------------------------------
Total expenses 16,981,130 18,142,390
--------------------------------------------------------------------
Income from operations 9,148,146 10,020,144
--------------------------------------------------------------------
Other income and (expenses)
Interest and finance costs (2,422,868) (2,380,588)
Change in fair value of derivatives (1,123,653) (215,308)
Interest income 684,741 285,581
Foreign exchange loss (59,924) 39,580
--------------------------------------------------------------------
Other expenses, net (2,921,704) (2,270,735)
--------------------------------------------------------------------
Net income 6,226,442 7,749,409
--------------------------------------------------------------------
Earnings per share
-- Basic 0.28 0.35
========== ==========
-- Diluted 0.28 0.35
========== ==========
-- Cash dividends declared 0.1875 0.1875
========== ==========
Weighted average number of shares
-- Basic 22,114,105 22,134,821
========== ==========
-- Diluted 22,169,235 22,149,050
========== ==========
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars, except for share data)
--------------------------------------------------------------------
Year Ended December 31,
-----------------------
2007 2008
Revenues
Voyage revenues 89,995,123 112,551,901
--------------------------------------------------------------------
Expenses
Voyage expenses 5,369,546 6,180,754
Vessels' operating expenses 25,435,578 32,178,385
Dry-docking costs 314,181 1,112,992
Management fees 4,126,610 4,618,025
General and administrative
expenses 5,024,912 4,772,615
Depreciation 16,546,692 23,283,393
Net gain on sale of vessels -- (1,673,321)
--------------------------------------------------------------------
Total expenses 56,817,519 70,472,843
--------------------------------------------------------------------
Income from operations 33,177,604 42,079,058
--------------------------------------------------------------------
Other income and (expenses)
Interest and finance costs (9,831,404) (9,962,504)
Change in fair value of derivatives (2,573,992) (2,713,055)
Interest income 1,888,070 743,193
Foreign exchange loss (122,171) (159,208)
--------------------------------------------------------------------
Other expenses, net (10,639,497) (12,091,574)
--------------------------------------------------------------------
Net income 22,538,107 29,987,484
--------------------------------------------------------------------
Earnings per share
-- Basic 1.26 1.35
========== ==========
-- Diluted 1.26 1.35
========== ==========
-- Cash dividends declared 0.75 0.75
========== ==========
Weighted average number of shares
-- Basic 17,900,576 22,134,821
========== ==========
-- Diluted 17,943,346 22,184,407
========== ==========
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
As of December 31,
2007 2008
--------------------------------------------------------------------
ASSETS
Total current assets 69,497,341 50,766,257
Total fixed assets 407,545,322 574,780,637
Total non current assets 550,663 8,800,229
--------------------------------------------------------------------
Total assets 477,593,326 634,347,123
--------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
Bank Debt 145,758,529 283,693,873
Other liabilities 28,804,009 32,805,925
Shareholder equity 303,030,788 317,847,325
--------------------------------------------------------------------
Total liabilities and equity 477,593,326 634,347,123
--------------------------------------------------------------------
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
--------------------------------------------------------------------
Year Ended December 31,
-------------------------
2007 2008
--------------------------------------------------------------------
Cash flows from operating activities
Net income for the year 22,538,107 29,987,484
Items included in net income not
affecting cash flows:
Depreciation and amortization
of finance charges 16,621,400 23,388,379
Amortization of fair value of
time charter (1,377,146) (1,005,865)
Share based compensation 1,324,743 1,913,634
Change in fair value of
derivatives 2,573,992 1,467,113
Gain on sale of vessels -- (1,673,321)
Changes in operating assets and
liabilities:
(Increase)/decrease in
Trade receivables (1,252,630) (222,382)
Claims receivable (26,041) (561,236)
Inventories (89,491) (417,777)
Advances and prepayments 57,451 (599,735)
Increase/(decrease) in
Payable to related party 5,648,235 (5,439,314)
Trade accounts payable 1,356,965 (150,246)
Other accrued liabilities (753,460) 590,069
Deferred income 1,082,372 803,989
--------------------------------------------------------------------
Net cash provided by operating
activities 47,704,497 48,080,792
--------------------------------------------------------------------
Cash flows from investing
activities
Insurance proceeds 269,893 --
Advances for vessel under
construction and acquisitions (12,450,000) (23,009,597)
Proceeds from sale of vessels -- 26,883,889
Acquisition of vessels (133,846,574) (167,509,111)
(Increase)/decrease in
restricted cash account (3,609,934) 3,654,833
--------------------------------------------------------------------
Net cash (used in) investing
activities (149,636,615) (159,979,986)
--------------------------------------------------------------------
Cash flows from financing activities
Capital stock 76,601 --
Follow-on offering 129,528,000 --
Underwriters' over allotment
option exercised 8,277,289 --
Stock issuance costs (8,122,546) --
Dividends paid (13,714,540) (16,727,707)
Deferred finance charges (145,795) (304,549)
Customer deposits 3,190,821 (270,707)
Loan repayment (48,757,211) (23,866,656)
Proceeds from short-term bridge
facility 26,500,000 --
Proceeds from long-term debt 27,067,500 161,802,000
--------------------------------------------------------------------
Net cash provided by financing
activities 123,900,119 120,632,381
--------------------------------------------------------------------
Net increase in cash and cash
equivalents 21,968,001 8,733,187
Cash and cash equivalents at
beginning of year 11,146,871 33,114,872
--------------------------------------------------------------------
Cash and cash equivalents at
end of year 33,114,872 41,848,059
--------------------------------------------------------------------
Supplemental Cash Flow Information:
Cash paid during the period
for interest 9,329,123 11,133,593
============ ============
Non cash items:
Fair value of below market
acquired time charter 1,572,000 --
============ ============
CONTACT: StealthGas Inc.
Andrew J. Simmons, Chief Financial Officer
011-30-210-6250-001
simmons@stealthgas.com
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StealthGas Inc. Announces Date for the Release of Third Quarter and Nine Months 2009 Results, Conference Call and Webcast and New Charter Arrangements for the Stealth Argentina, the Gas Cathar, the Birgit Kosan, the Gas Marathon and the Gas Zael - Nov 13, 2009
| StealthGas Inc. Announces New Charter Arrangements for the Lyne, the Sir Ivor, the Gas Defiance, the Gas Prodigy and the Gas Czar - Sep 24, 2009
| StealthGas Inc. Reports Second Quarter and Six Months 2009 Financial and Operating Results - Aug 20, 2009
| StealthGas Inc. Announces Date for the Release of Second Quarter and Six Months 2009 Results, Conference Call and Webcast - Aug 4, 2009
| StealthGas Inc. Announces the Sale of the Gas Sophie, the Delivery of the Gas Exelero and Various New Charter Arrangements and the Filing of Its Annual Report on Form 20-F on June 18, 2009 - Jul 1, 2009
| | More >>
| Recent
Quote for GASS
|
| Last Trade: |
$ 5.80 |
| Trade Time: |
11/20/2009 ET
|
| Change: |
-0.35
(-5.6911%)
|
| Prev Close: |
6.15 |
| 52-Wk Range: |
2.51 - 7.64 |
|
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