ATHENS, Greece, Nov. 17, 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 third quarter and nine months ended September 30, 2009.
Third Quarter 2009 Results:
For the three months ended September 30, 2009, voyage revenues amounted to $28.4 million, a decrease of $0.5 million or 1.7%, compared to voyage revenues of $28.9 million for the three months ended September 30, 2008. Net income for the three months ended September 30, 2009 was $7.2 million or $0.32 per share, an increase of $1.8 million, from net income of $5.4 million or $0.24 per share for the three months ended September 30, 2008.
For the three months ended September 30, 2009, the Company had a $1.8 million realized cash loss and a $4.5 million unrealized non-cash profit on interest rate swap arrangements and foreign currency hedging arrangements. This compares to a realized cash loss of $1.1 million and to an unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements of $0.9 million for the three months ended September 30, 2008.
Voyage and operating expenses for the three months ended September 30, 2009 were $2.7 million and $9.6 million respectively compared to $1.6 million and $8.8 million for the three months ended September 30, 2008. These increases were due primarily to the increased level of spot market activity with 763 spot voyage days in the third quarter of 2009 compared to just 216 spot voyage days in the same period last year. Under spot voyage charters, we are responsible for all voyage expenses including fuel, port and canal fees. Net income was also affected by increased depreciation expenses as there was an average of four more vessels in the Company's fleet in the third quarter of 2009 compared to the same period last year.
Adjusted EBITDA for the three months ended September 30, 2009 was $16.6 million, an increase of $3.1 million, or 23.0% from $13.5 million for the three months ended September 30, 2008. 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 discussed above, net income was $2.7 million, or $0.12 per share for the three months ended September 30, 2009, as compared to $6.3 million, or $0.28 per share, for the three months ended September 30, 2008, a decrease of $3.6 million or 57.1%.
The decline in net income after non-cash items continues to be mainly attributable to lower revenues due to an increase in the number of idle days where vessels were unemployed and lower charter rates being obtained in the spot market, as well as increased costs mainly in voyage expenses as a consequence of an increase in the number of ships operating in the spot market compared to the same quarter in 2008. Net income was also adversely affected by a $1.8 million realized cash loss on interest rate swap arrangements for the three months ended September 30, 2009 as compared to a $1.1 million loss on these instruments in the same quarter for 2008.
An average of 42.9 vessels were owned by the Company in the three months ended September 30, 2009, earning an average time-charter equivalent rate of approximately $6,564 per day as compared to 38.7 vessels, earning an average time-charter equivalent rate of $7,681 per day for the same period of 2008.
Nine Months 2009 Results
For the nine months ended September 30, 2009, voyage revenues amounted to $84.7 million and net income was $13.8 million, an increase of $0.3 million, or 0.4%, and a decrease of $8.4 million, or 37.8%, respectively, from voyage revenues of $84.4 million and net income of $22.2 million for the nine months ended September 30, 2008. For the nine months ended September 30, 2009 net income included a loss on the sale of vessel of $0.8 million compared to a profit of $1.7 million on the sale of vessels in the same period in 2008. Net income for the nine months ended September 30, 2009 net of the loss on the sale of vessel was $14.6 million compared to $20.5 million for the same period in 2008, excluding the gain of $1.7 million on the sale of vessels in that period.
Basic and diluted earnings per share were $0.62 for the nine months ended September 30, 2009 as compared to basic earnings per share of $1.01 and diluted earnings per share of $1.00 for the nine months ended September 30, 2008.
For the nine months ended September 30, 2009, the Company had a $3.4 million realized cash loss and a $1.5 million unrealized non-cash profit on interest rate swap arrangements and foreign currency hedging arrangements. This compares to a realized cash loss of $1.1 million and an unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements of $1.4 million for the nine months ended September 30, 2008.
Adjusted EBITDA for the nine months ended September 30, 2009 was $39.8 million, a decrease of $5.8 million, or 12.7%, from $45.6 million for the nine months ended September 30, 2008. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below.
Before non-cash items and the loss attributable to the sale of a vessel described above net income was $13.1 million or $0.59 per share for the nine months ended September 30, 2009, as compared to $22.0 million, or $0.99 per share for the nine months ended September 30, 2008, a decrease of $8.9 million or 40.5% excluding the gain on the sale of vessels in that period.
An average of 41.8 vessels were owned by the Company in the nine months ended September 30, 2009, earning an average time-charter equivalent rate of approximately $6,840 per day as compared to 38.2 vessels, earning an average time-charter equivalent rate of $7,747 per day for the same period of 2008.
CEO Harry Vafias commented, "I am very pleased to report that we increased our EBITDA compared to the third quarter of last year which given current market conditions was I believe a highly commendable performance by the Company.
Market conditions for our vessels continued to be challenging in the third quarter of 2009, though as seen from the charter statistics contained herein the rates achieved by our vessels held up relatively well given the continued sluggishness of economic activity, though not unexpectedly we have experienced some increased levels of commercial downtime. This relative steadiness of rates during the past year is what I believe underpins the financial strength of our company, along with the conservative structure of our balance sheet especially in regard to our leverage and the value of our fleet.
As we move hopefully into a more positive economic climate later in 2010, led most probably by increased economic activity in the Far East, where we have the majority of our ships trading, we are cautiously hopeful that we will start to see some improvement in charter rates. In the meantime we continue to pay close attention to costs and to preserving adequate levels of liquidity in the business to negotiate what we expect will be continued challenges at least during most of 2010.
Our continued solid performance in the face of severe economic challenges will hopefully be well received by the investment community and the market will further understand and give credit for the value that exists in the company, which in my opinion continues not to be reflected either by its market capitalization or various value matrixes."
CFO Andrew Simmons said, " We now have only one ship to be delivered to us in November 2009, thereafter we have no significant capital expenditures until the five LPGs we have ordered begin their deliveries to us in early 2011. These ships will begin to arrive in our fleet at a time of expected contraction in the overall size of the Handy Size LPG carrier fleet, and hopefully by then a worldwide economic recovery will be well underway. These factors should make these acquisitions to our fleet well timed. This relatively low level of capital expenditure over the next fifteen months will also help us to maintain a healthy level of liquidity going forward which we consider to be key in this environment. "
Quarterly Dividend:
At today's meeting, the Company's Board of Directors decided to continue the suspension of dividend payments to shareholders.
Fleet Profile and Fleet Deployment:
The table below shows the Company's fleet development and deployment as of today:
LPG Carrier Fleet
Vessel Vessel Year Deliv- Employment Charter
Vessel Size Type Built ered To Status Expir-
(cbm) GASS ation(1)
---------------------------------------------------------------------
CURRENT FLEET
---------------------------------------------------------------------
Gas Cathar 7,517 F.P. 2001 Oct-05 Spot --
---------------------------------------------------------------------
Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter Mar-12
---------------------------------------------------------------------
Gas Haralambos 7,000 F.P. 2007 Oct-07 Spot --
---------------------------------------------------------------------
Gas Marathon 6,572 F.P. 1995 Nov-05 Time Charter May-10
---------------------------------------------------------------------
Gas Chios 6,562 F.P. 1991 Oct-05 Time Charter Mar-10
---------------------------------------------------------------------
Gas Amazon 6,526 F.P. 1992 May-05 Spot --
---------------------------------------------------------------------
Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter Feb-11
---------------------------------------------------------------------
Gas Monarch 5,018 F.P. 1997 Dec-05 Bareboat Nov-10
---------------------------------------------------------------------
Lyne 5,014 F.P. 1996 May-06 Bareboat May-11
---------------------------------------------------------------------
Gas Emperor 5,013 F.P. 1995 Feb-05 Bareboat Aug-12
---------------------------------------------------------------------
Birgit Kosan 5,012 F.P. 1995 Apr-05 Bareboat Feb-10
---------------------------------------------------------------------
Catterick 5,001 F.P. 1995 Nov-05 Time Charter Jan-12
---------------------------------------------------------------------
Sir Ivor 5,000 F.P. 2003 May-06 Bareboat May-11
---------------------------------------------------------------------
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
---------------------------------------------------------------------
Gas Defiance 5,000 F.P. 2008 Jul-08 Time Charter Jan-10
---------------------------------------------------------------------
Gas Shuriken 5,000 F.P. 2008 Oct-08 Time Charter Oct-10
---------------------------------------------------------------------
Gas Sincerity 4,123 F.P. 2000 Nov-05 Time Charter Aug-10
---------------------------------------------------------------------
Gas Spirit 4,112 F.P. 2001 Dec-05 Time Charter Jun-10
---------------------------------------------------------------------
Gas Zael (2) 4,111 F.P. 2001 Dec-05 Spot --
---------------------------------------------------------------------
Gas Courchevel 4,109 S.R. 1991 Nov-04 Spot --
---------------------------------------------------------------------
Gas Prophet 3,556 F.P. 1996 Oct-04 Spot --
---------------------------------------------------------------------
Gas Shanghai 3,526 F.P. 1999 Dec-04 Spot --
---------------------------------------------------------------------
Sea Bird II 3,518 F.P. 1996 May-07 Bareboat May-10
---------------------------------------------------------------------
Gas Evoluzione(3) 3,517 F.P. 1996 Jul-07 Time Charter Apr-10
---------------------------------------------------------------------
Gas Czar 3,510 F.P. 1995 Feb-06 Time Charter Jan-10
---------------------------------------------------------------------
Gas Astrid 3,500 F.P. 2009 Apr-09 Time Charter Apr-10
---------------------------------------------------------------------
Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter Apr-10
---------------------------------------------------------------------
Gas Fortune 3,500 F.P. 1995 Feb-06 Spot --
---------------------------------------------------------------------
Gas Eternity (4) 3,500 F.P. 1998 Mar-06 Bareboat Apr-10
---------------------------------------------------------------------
Gas Sikousis 3,500 F.P. 2006 Aug-07 Time Charter May-10
---------------------------------------------------------------------
Gas Exelero 3,500 F.P. 2009 Jun-09 Time Charter Jun-10
---------------------------------------------------------------------
Gas Arctic 3,434 S.R. 1992 Apr-05 Spot --
---------------------------------------------------------------------
Gas Ice 3,434 S.R. 1991 Apr-05 Spot --
---------------------------------------------------------------------
Chiltern 3,312 F.P. 1997 Jun-07 Bareboat May-13
---------------------------------------------------------------------
Gas Pasha 3,244 F.P. 1995 Jun-06 Time Charter Sep-10
---------------------------------------------------------------------
Gas Natalie 3,213 F.P. 1997 Jan-09 Spot --
---------------------------------------------------------------------
Gas Crystal 3,211 S.R. 1990 Nov-05 Spot --
---------------------------------------------------------------------
Gas Prodigy 3,014 F.P. 1995 Oct-05 Spot --
---------------------------------------------------------------------
Gas Tiny 1,320 S.R. 1991 Oct-04 Time Charter Oct-10
---------------------------------------------------------------------
FLEET TOTAL: 176,999
40 VESSELS cbm
---------------------------------------------------------------------
Additional Vessels (with expected delivery date)
---------------------------------------------------------------------
TBN 5,000 F.P. 2011 Feb-11
---------------------------------------------------------------------
TBN 5,000 F.P. 2011 Mar-11
---------------------------------------------------------------------
TBN 5,000 F.P. 2011 Jul-11
---------------------------------------------------------------------
TBN 7,500 F.P. 2011 Nov-11
---------------------------------------------------------------------
TBN 7,500 F.P. 2012 May-12
---------------------------------------------------------------------
TOTAL LPG
CARRIER FLEET: 206,999
45 VESSELS cbm
---------------------------------------------------------------------
Product Tanker Fleet
---------------------------------------------------------------------
Vessel Vessel Year Deliv- Employment Charter
Vessel Size Type Built ered To Status Expir-
(dwt) GASS ation(1)
---------------------------------------------------------------------
MR
Navig8 Fidelity 47,000 Product 2008 Jan-08 Bareboat Jan-15
Tanker
---------------------------------------------------------------------
MR
Navig8 Faith 47,000 Product 2008 Feb-08 Bareboat Feb-15
Tanker
---------------------------------------------------------------------
MR
Alpine Endurance 46,000 Product 2009 Jul-09 Bareboat Jul-12
Tanker
---------------------------------------------------------------------
Stealth MR
Argentina (5) 50,500 Product 2009 Nov-09 Bareboat Nov-12
Tanker
---------------------------------------------------------------------
TOTAL MR
PRODUCT TANKER 190,500
FLEET: dwt
4 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) From mid-January 2010 the Gas Zael will commence a new 12 month
time charter to an oil major.
(3) The Charterer of the Gas Evoluzione had the option of extending
this charter for a further year upon its expiry in April 2010 but
this was not exercised.
(4) Gas Eternity has for the duration of its bareboat charter been
renamed the M.T. Yu Tian 9.
(5) Stealth Argentina, a 50,500 deadweight M.R. type product carrier,
is expected to be delivered in November 2009. Upon her delivery
she will be deployed under 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 40 LPG carriers with a total capacity of 176,999 cubic meters (cbm) and three M.R. product tankers. In addition, the company has entered into agreements to acquire five new building LPG carriers with expected delivery from February 2011 through May 2012 and one resale new building M.R. product carrier with expected delivery in November 2009. Once these acquisitions are completed, StealthGas Inc.'s fleet will be composed of 45 LPG carriers with a total capacity of 206,999 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, charter counterparty performance, 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, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by StealthGas Inc. with the U.S. Securities and Exchange Commission.
Visit our website at www.stealthgas.com
Fleet Data:
The following key indicators highlight the Company's operating performance during the third quarters ended September 30, 2008 and September 30, 2009.
--------------------------------------------------------------------- FLEET DATA Q3 2008 Q3 2009 --------------------------------------------------------------------- Average number of vessels (1) 38.7 42.9 --------------------------------------------------------------------- Period end number of vessels in fleet 39 43 --------------------------------------------------------------------- Total calendar days for fleet (2) 3,557 3,944 --------------------------------------------------------------------- Total voyage days for fleet (3) 3,550 3,918 --------------------------------------------------------------------- Fleet utilization (4) 99.8% 99.3% --------------------------------------------------------------------- Total charter days for fleet (5) 3,334 3,155 --------------------------------------------------------------------- Total spot market days for fleet (6) 216 763 --------------------------------------------------------------------- Fleet operational utilization (7) 95.6% 88.6% --------------------------------------------------------------------- --------------------------------------------------------------------- AVERAGE DAILY RESULTS Q3 2008 Q3 2009 --------------------------------------------------------------------- Time Charter Equivalent - TCE (8) $7,681 $6,564 --------------------------------------------------------------------- Vessel operating expenses (9) 2,469 2,447 --------------------------------------------------------------------- Management fees 326 338 --------------------------------------------------------------------- General and administrative expenses 470 243 --------------------------------------------------------------------- Total operating expenses (10) 2,939 2,689 ---------------------------------------------------------------------
The following key indicators highlight the Company's operating performance during the nine months ended September 30, 2008 and September 30, 2009.
---------------------------------------------------------------------
FLEET DATA 9M 2008 9M 2009
---------------------------------------------------------------------
Average number of vessels (1) 38.2 41.8
---------------------------------------------------------------------
Period end number of vessels in fleet 39 43
---------------------------------------------------------------------
Total calendar days for fleet (2) 10,466 11,401
---------------------------------------------------------------------
Total voyage days for fleet (3) 10,396 11,342
---------------------------------------------------------------------
Fleet utilization (4) 99.3% 99.5%
---------------------------------------------------------------------
Total charter days for fleet (5) 10,061 9,335
---------------------------------------------------------------------
Total spot market days for fleet (6) 335 2,007
---------------------------------------------------------------------
Fleet operational utilization (7) 97.9% 91.3%
---------------------------------------------------------------------
---------------------------------------------------------------------
AVERAGE DAILY RESULTS 9M 2008 9M 2009
---------------------------------------------------------------------
Time Charter Equivalent - TCE (8) $7,747 $6,840
---------------------------------------------------------------------
Vessel operating expenses (9) 2,289 2,460
---------------------------------------------------------------------
Management fees 327 336
---------------------------------------------------------------------
General and administrative expenses 491 244
---------------------------------------------------------------------
Total operating expenses (10) 2,780 2,704
---------------------------------------------------------------------
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) Fleet operational utilization is the percentage of time that our
vessels generated revenue, and is determined by dividing voyage
days (excluding commercially idle days) by fleet calendar days
for the relevant period.
8) 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.
9) 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.
10) 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 third quarters ended September 30, 2008 and September 30, 2009:
--------------------------------------------------------------------
(figures in US $) Q3 2008 Q3 2009
--------------------------------------------------------------------
Net Cash Provided By Operating
Activities $ 14,904,923 $ 5,422,975
--------------------------------------------------------------------
Net increase in current assets,
excluding cash (408,016) 1,608,236
--------------------------------------------------------------------
Net decrease / (increase) in current
liabilities, excluding short-term
portion of long term debt (1,796,255) 2,957,914
--------------------------------------------------------------------
Interest income (65,551) (40,163)
--------------------------------------------------------------------
Interest and finance costs, net 2,361,087 2,333,499
--------------------------------------------------------------------
Amortization of finance fees (31,429) (91,342)
--------------------------------------------------------------------
Share based compensation (559,973) (170,117)
--------------------------------------------------------------------
Change in fair value of derivatives (898,584) 4,535,431
--------------------------------------------------------------------
Adjusted EBITDA $ 13,506,202 $ 16,556,433
--------------------------------------------------------------------
--------------------------------------------------------------------
(figures in US $) Q3 2008 Q3 2009
--------------------------------------------------------------------
Net Income $ 5,368,857 $ 7,158,746
--------------------------------------------------------------------
Plus interest and finance costs 2,361,087 2,333,499
--------------------------------------------------------------------
Less Interest income (65,551) (40,163)
--------------------------------------------------------------------
Plus Depreciation 5,976,036 7,104,351
--------------------------------------------------------------------
Plus Amortization of fair value
of acquired time charters (134,227) --
--------------------------------------------------------------------
Adjusted EBITDA $ 13,506,202 $ 16,556,433
--------------------------------------------------------------------
Adjusted EBITDA reconciliation for the nine months ended September 30, 2008 and September 30, 2009:
--------------------------------------------------------------------
(figures in US $) 9M 2008 9M 2009
--------------------------------------------------------------------
Net Cash Provided By Operating
Activities $ 36,984,814 32,074,366
--------------------------------------------------------------------
Net increase in current assets,
excluding cash 457,162 559,713
--------------------------------------------------------------------
Net (increase) in current liabilities,
excluding short-term portion of
long term debt 2,519,238 766,175
--------------------------------------------------------------------
Gain/(loss) on sale of vessels 1,673,321 (791,659)
--------------------------------------------------------------------
Interest income (457,612) (210,555)
--------------------------------------------------------------------
Interest and finance costs 7,581,916 6,501,636
--------------------------------------------------------------------
Amortization of finance fees (84,797) (147,216)
--------------------------------------------------------------------
Share based compensation (1,614,511) (501,387)
--------------------------------------------------------------------
Change in fair value of derivatives (1,440,120) 1,525,772
--------------------------------------------------------------------
Adjusted EBITDA $ 45,619,411 $ 39,776,845
--------------------------------------------------------------------
--------------------------------------------------------------------
(figures in US $) 9M 2008 9M 2009
--------------------------------------------------------------------
Net Income $ 22,238,075 $ 13,838,741
--------------------------------------------------------------------
Plus interest and finance costs 7,581,916 6,501,636
--------------------------------------------------------------------
Less Interest income (457,612) (210,555)
--------------------------------------------------------------------
Plus depreciation 17,128,670 19,828,575
--------------------------------------------------------------------
Plus Amortization of fair value
of acquired time charters (871,638) (181,552)
--------------------------------------------------------------------
Adjusted EBITDA $ 45,619,411 $ 39,776,845
--------------------------------------------------------------------
On Tuesday, November 17, 2009 at 11:00 A.M. EST, the company's management will host a conference call to discuss the results and the company's operations and outlook.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1888 935 4577 (US Toll Free Dial In) or 0800 028 1277 (UK Toll Free Dial In).
In case of any problems with the above numbers, please dial +1 718 354 1387 (US Toll Dial In), or +44 (0)20 7136 6283 (Standard International Dial In). Please quote "6493080".
A telephonic replay of the conference call will be available until November 24, 2009 by dialing 1866 932 5017 (US Toll Free Dial In), 0800 358 7735 (UK Toll Free Dial In) or +44 (0)207 111 1244 (Standard International Dial In). Access Code: 6493080#
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 Statements of Income
(Expressed in United States Dollars)
--------------------------------------------------------------------
Quarters Ended
September 30,
2008 2009
--------------------------------------------------------------------
Revenues
Voyage revenues 28,895,043 28,383,945
--------------------------------------------------------------------
Expenses
Voyage expenses 1,626,513 2,665,992
Vessels' operating expenses 8,782,014 9,649,509
Dry-docking costs 43,401 518,522
Management fees 1,161,250 1,333,420
General and administrative expenses 1,672,909 957,807
Depreciation 5,976,036 7,104,351
Charter termination fees -- (618,000)
----------- -----------
Total expenses 19,262,123 21,611,601
----------- -----------
Income from operations 9,632,920 6,772,344
----------- -----------
Other income and (expenses)
Interest and finance costs (2,361,087) (2,333,499)
Change in fair value of derivatives (1,956,211) 2,743,086
Interest income 65,551 40,163
Foreign exchange loss (12,316) (63,348)
----------- -----------
Other (expenses)/income, net (4,264,063) 386,402
----------- -----------
Net income 5,368,857 7,158,746
----------- -----------
Earnings per share
- Basic 0.24 0.32
=========== ===========
- Diluted 0.24 0.32
=========== ===========
Weighted average number of shares
- Basic 22,114,105 22,210,108
=========== ===========
- Diluted 22,233,081 22,245,939
=========== ===========
- Cash dividends declared 0.1875 --
=========== ===========
StealthGas Inc.
Unaudited Condensed Statements of Income
(Expressed in United States Dollars)
--------------------------------------------------------------------
Nine Month Periods
Ended September 30,
2008 2009
--------------------------------------------------------------------
Revenues
Voyage revenues 84,389,367 84,665,459
--------------------------------------------------------------------
Expenses
Voyage expenses 3,850,401 7,084,432
Vessels' operating expenses 23,961,148 28,047,187
Dry-docking costs 510,832 784,901
Management fees 3,419,065 3,832,670
General and administrative expenses 5,133,658 2,784,858
Depreciation 17,128,670 19,828,575
Charter termination fees -- (618,000)
Net (gain)/loss on sale of vessels (1,673,321) 791,659
----------- -----------
Total expenses 52,330,453 62,536,282
----------- -----------
Income from operations 32,058,914 22,129,177
----------- -----------
Other income and (expenses)
Interest and finance costs (7,581,916) (6,501,636)
Change in fair value of derivatives (2,497,747) (1,859,120)
Interest income 457,612 210,555
Foreign exchange loss (198,788) (140,235)
----------- -----------
Other expenses, net (9,820,839) (8,290,436)
----------- -----------
Net income 22,238,075 13,838,741
----------- ------------
Earnings per share
- Basic 1.01 0.62
=========== ===========
- Diluted 1.00 0.62
=========== ===========
Weighted average number of shares
- Basic 22,114,105 22,206,440
=========== ===========
- Diluted 22,194,740 22,222,330
=========== ===========
- Cash dividends declared 0.5625 0.1875
=========== ===========
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
--------------------------------------------------------------------
Dec. 31, Sept. 30,
--------------------------
2008 2009
--------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 41,848,059 30,858,728
Trade and other receivables 2,325,438 1,824,087
Claims receivable 607,306 13,824
Inventories 1,254,142 2,120,101
Advances and prepayments 812,654 532,969
Restricted cash 3,672,439 5,077,034
Fair value of derivatives 1,938,480 4,623
--------------------------------------------------------------------
Total current assets 52,458,518 40,431,366
--------------------------------------------------------------------
Non current assets
Advances for vessels under
construction and acquisitions 23,009,597 29,086,967
Vessels, net 551,771,040 631,003,848
Other receivables 246,219 210,317
Restricted cash 600,000 1,550,000
Deferred finance charges, net of
accumulated amortization of $267,118
and $414,334 550,226 1,522,311
Fair value of derivatives 5,711,523 7,924,204
--------------------------------------------------------------------
Total non current assets 581,888,605 671,297,647
--------------------------------------------------------------------
Total assets 634,347,123 711,729,013
--------------------------------------------------------------------
Liabilities and Stockholders' Equity
Current liabilities
Payable to related party 2,407,377 3,578,190
Trade accounts payable 3,256,175 3,645,535
Other accrued liabilities 4,518,097 5,590,061
Customer deposits 1,436,369 4,955,108
Deferred income 4,776,359 1,378,047
Current portion of long-term debt 24,380,554 31,612,718
--------------------------------------------------------------------
Total current liabilities 40,774,931 50,759,659
--------------------------------------------------------------------
Non current liabilities
Fair value of derivatives 12,762,979 11,628,665
Customer deposits 3,467,017 --
Fair value of below market acquired
time charter 181,552 --
Long-term debt 259,313,319 321,449,016
Total non current liabilities 275,724,867 333,077,681
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Total liabilities 316,499,798 383,837,340
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Commitments and contingencies -- --
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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, 22,310,110 and
22,310,110 shares issued and
outstanding with a par value of $0.01
per share 223,101 223,101
Additional paid-in capital 283,526,241 284,027,628
Retained earnings 34,910,189 44,565,784
Accumulated other comprehensive (loss) (812,206) (924,840)
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Total stockholders' equity 317,847,325 327,891,673
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Total liabilities and stockholders'
equity 634,347,123 711,729,013
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StealthGas Inc.
Unaudited Condensed Consolidated Statements
of Cash Flows
(Expressed in United States Dollars)
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Nine Month Periods
Ended September 30,
2008 2009
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Cash flows from operating activities
Net income for the period 22,238,075 13,838,741
Items included in net income not
affecting cash flows:
Depreciation and amortization of
deferred finance charges 17,213,467 19,975,791
Amortization of fair value of time
charter (871,638) (181,552)
Share based compensation 1,614,511 501,387
Change in fair value of derivatives 1,440,120 (1,525,772)
(Gain)/loss on sale of vessels (1,673,321) 791,659
Changes in operating assets and
liabilities:
(Increase)/decrease in
Trade and other receivables 160,545 537,253
Claims receivable (3,523) (510,692)
Inventories (526,754) (865,959)
Advances and prepayments (87,430) 279,685
Increase/(decrease) in
Payable to related party (3,700,172) 1,170,813
Trade accounts payable 236,766 389,360
Other accrued liabilities 1,199,437 1,071,964
Deferred income (255,269) (3,398,312)
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Net cash provided by operating
activities 36,984,814 32,074,366
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Cash flows from investing activities
Insurance proceeds -- 1,104,174
Advances for vessels under
construction and acquisition (22,893,343) (6,077,370)
Proceeds from sale of vessels, net 26,883,889 6,229,973
Acquisition of vessels (145,173,795) (106,083,016)
Decrease/(increase) in restricted
cash account 4,464,202 (2,354,595)
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Net cash (used in) investing activities (136,719,047) (107,180,834)
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Cash flows from financing activities
Dividends paid (12,544,561) (4,183,146)
Deferred finance charges (245,675) (1,119,300)
Customer deposits (306,772) 51,722
Loan repayment (19,530,636) (18,782,139)
Proceeds from long-term debt 115,745,000 88,150,000
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Net cash provided by financing
activities 83,117,356 64,117,137
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Net (decrease) in cash and cash
equivalents (16,616,877) (10,989,331)
Cash and cash equivalents at beginning
of year 33,114,872 41,848,059
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Cash and cash equivalents at
end of period 16,497,995 30,858,728
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Supplemental Cash Flow Information:
Cash paid during the period for
interest 8,875,987 5,744,015
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