STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company 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, 2022.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS1
- About 62% of fleet days are secured
on period charters for the remainder of 2022, with total fleet
employment days for all subsequent periods generating approximately
$72 million (excl. JV vessels) in contracted revenues.
- Improved revenues at $39.3 million
with 34 vessels at the end of Q2 22’ compared to 42 vessels for the
same quarter of last year.
- A decrease of $6.4 million in
voyage expenses, operating expenses and depreciation in aggregate
compared to Q2 21’.
- Net Income of $12.2 million for Q2
22’ corresponding to an EPS of $0.32 compared to Net Income of $1.6
million and an EPS of $0.04 for Q2 21’.
- Adjusted Net Income1 of $11.3
million for Q2 22’ corresponding to an Adjusted EPS1 of $0.30.
- Total cash, including restricted
cash, of $90.2 million as of June 30, 2022 compared to $45.7
million as of December 31, 2021.
__________________________ 1 EBITDA, Adjusted
EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures.
Refer to the reconciliation of these measures to the most directly
comparable financial measure in accordance with GAAP set forth
later in this release.
Second Quarter 2022
Results:
- Revenues for the three months ended
June 30, 2022 amounted to $39.3 million compared to revenues of
$39.2 million for the three months ended June 30, 2021 while the
fleet over the corresponding periods was reduced from 42 vessels at
the end of Q2 2021 to 34 vessels at the end of Q2 2022 so the
vessels remaining in the fleet saw a rise in revenues due to better
market conditions.
- Voyage expenses and vessels’
operating expenses for the three months ended June 30, 2022 were
$4.6 million and $13.3 million, respectively, compared to $6.0
million and $15.8 million, respectively, for the three months ended
June 30, 2021. The $1.4 million decrease in voyage expenses is
attributed to the fewer number of vessels in the spot market.
Overall, spot days were reduced by 59% as more vessels were time
chartered. The $2.5 million decrease in vessels’ operating expenses
compared to the same period of 2021 is due to fewer vessels in the
fleet.
- Drydocking costs for the three
months ended June 30, 2022 and 2021 were $0.2 million and $2.0
million, respectively. Drydocking expenses during the second
quarter of 2022 relate to the drydocking preparation of three
vessels compared to the drydocking of three vessels and to the
drydocking preparation of four vessels in the same period of last
year.
- Depreciation for the three months
ended June 30, 2022 and 2021 was $7.0 million and $9.6 million,
respectively, as the number of our vessels declined following the
spin-off of four tanker vessels.
- Impairment loss for the three
months ended June 30, 2022 was nil compared to $3.1 million for the
same period of last year, which related to three vessels, one older
vessel plus two vessels for which the Company had entered into
separate agreements to sell them to third parties.
- Interest and finance costs for the
three months ended June 30, 2022 and 2021, were $2.8 million and
$3.0 million, respectively. The $0.2 million decrease from the same
period of last year is mostly due to the decline of debt
outstanding and reductions in margins due to refinancing of certain
loans counterbalanced by increases in Libor rates.
- Equity earnings in joint ventures
for the three months ended June 30, 2022 and 2021 was a gain of
$1.9 million and $4.2 million, respectively. The $2.3 million
decrease from the same period of last year is mainly due to the
gain from a sale of a vessel that was recorded in one of the joint
ventures last year.
- As a result of the above, for the
three months ended June 30, 2022, the Company reported net income
of $12.2 million, compared to net income of $1.6 million for the
three months ended June 30, 2021. The weighted average number of
shares outstanding for the three months ended June 30, 2022 and
2021 was 37.9 million and 37.9 million, respectively.
- Earnings per share, basic and
diluted, for the three months ended June 30, 2022 amounted to $0.32
compared to earnings per share of $0.04 for the same period of last
year.
- Adjusted net income was $11.3
million corresponding to an Adjusted EPS of $0.30 for the three
months ended June 30, 2022 compared to Adjusted net income of $4.8
million corresponding to an Adjusted EPS of $0.13 for the same
period of last year.
- EBITDA for the three months ended
June 30, 2022 amounted to $21.9 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 34.6 vessels were
owned by the Company during the three months ended June 30, 2022
compared to 42.0 vessels for the same period of 2021.
Six Months 2022 Results:
- Revenues for the six months ended
June 30, 2022, amounted to $75.1 million, a decrease of $1.6
million, or 2.1%, compared to revenues of $76.7 million for the six
months ended June 30, 2021, primarily due to reduction in the fleet
size.
- Voyage expenses and vessels’
operating expenses for the six months ended June 30, 2022 were $8.9
million and $26.2 million, respectively, compared to $12.9 million
and $30.9 million for the six months ended June 30, 2021. The $4.0
million decrease in voyage expenses was mainly due to the 63% (or
1,278 days) decrease of spot days. The $4.7 million decrease in
vessels’ operating expenses is primarily due to the reduction in
fleet size.
- Drydocking costs for the six months
ended June 30, 2022 and 2021 were $0.6 million and $2.6 million,
respectively. The costs for the six months ended June 30, 2022
mainly related to the drydocking of one vessel and to the
drydocking preparation of three vessels, while the costs for the
same period of last year related to the drydocking of four vessels
and the drydocking preparation of four vessels.
- Depreciation for the six months
ended June 30, 2022, was $14.1 million, a $5.0 million decrease
from $19.1 million for the same period of last year, due to the
decrease in the average number of our vessels.
- Impairment loss for the six months
ended June 30, 2022 was $0.5 million relating to one vessel, for
which the Company had entered into an agreement to sell and
subsequently delivered to its new owner. Impairment loss for the
six months ended June 30, 2021 was $3.1 million relating to three
vessels, one older vessel plus two vessels for which the Company
has entered into separate agreements to sell them to third
parties.
- Loss on sale of vessels for the six
months ended June 30, 2022 was $0.4 million, which was primarily
due to the sale of one of the Company’s vessels.
- Interest and finance costs for the
six months ended June 30, 2022 and 2021 were $5.1 million and $6.1
million respectively. The $1.0 million decrease from the same
period of last year, is mostly due to the decrease of our
indebtedness.
- Equity earnings in joint ventures
for the six months ended June 30, 2022 and 2021 was a gain of $3.6
million and a gain of $5.3 million, respectively. The $1.7 million
decrease from the same period of last year is mainly due to a gain
on sale that was recorded last year of one of the Medium Gas
carriers owned by one of our joint ventures.
- As a result of the above, the
Company reported a net income for the six months ended June 30,
2022 of $19.8 million, compared to a net income of $2.4 million for
the six months ended June 30, 2021. The weighted average number of
shares outstanding as of June 30, 2022 and 2021 was 37.9 million
and 37.9 million, respectively. Earnings per share for the six
months ended June 30, 2022 amounted to $0.52 compared to earnings
per share of $0.06 for the same period of last year.
- Adjusted net income was $20.0
million, or $0.53 per share, for the six months ended June 30, 2022
compared to adjusted net income of $5.4 million, or $0.14 per
share, for the same period of last year.
- EBITDA for the six months ended
June 30, 2022 amounted to $38.9 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 35.5 vessels were
owned by the Company during the six months ended June 30, 2022,
compared to 41.8 vessels for the same period of 2021.
- As of June 30, 2022, cash and cash
equivalents amounted to $77.9 million and total debt amounted to
$292.2 million.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A sixteen months’ time charter for
its 2007 built LPG carrier the Gas Flawless, until Dec 2023 with a
charterer’s option to extend a further twelve months.
- A five months’ time charter
extension for its 2020 built LPG carrier the Eco Texiana, until Dec
2022 with a charterer’s option to extend a further twelve
months.
- A six months’ time charter
extension for its 2012 built LPG carrier the Gas Husky, until Dec
2022 with a charterer’s option to extend a further six months.
- A six month time charter for its
2017 built LPG carrier the Eco Frost, from October 2023 until March
2023.
- A twelve month time charter for its
2017 built LPG carrier the Eco Freeze, until May 2023.
With these charters, the Company has total
contracted revenues of approximately $72 million.
For the remainder of the year 2022, the Company
has about 62% of fleet days secured under period contracts.
In addition, the following chartering
arrangements were concluded on the joint venture vessels:
- A twelve month time charter
extension for the 2007 built LPG carrier the Gas Haralambos, until
June 2023.
- A six month time charter for the
2010 built LPG carrier the Eco Evoluzione, until March 2023.
In addition, with the redelivery of the Eco
Chios and the Gas Exelero from their bareboat charterers during Q2
22’ the Company no longer has any other bareboat charter
arrangements.
Subsequent Events
The Company also announced the profitable sale
from the joint venture of the Eco Nebula to a third party. The
delivery of the vessel was concluded in August 2022 and will impact
the results of Q3 22’. The Company expects that the net proceeds
from the sale after debt repayment, along with any trading profits
and remaining capital will subsequently be distributed to the
partners.
In July 2022, the Company entered into an
agreement with a related party for the acquisition of two 40,000cbm
newbuilding Medium Gas Carriers for a capital expenditure of circa
$117 million. The vessels are under construction in Korea and are
expected to be delivered in Q3 23’ and Q4 23’ respectively. The
Company expects to finance the acquisition of these two vessels
from its existing cash and the arrangement of a new bank facility
subject to customary closings.
Board Chairman Michael Jolliffe
Commented
Following the strategic decision to become a
pure player in the broader LPG market, this was the second quarter
that the StealthGas fleet consisted of only LPG carriers of various
sizes. I am very pleased with the results we announced today, as it
has been the most profitable six months for our company for over a
decade. During the second quarter there was robust demand for our
LPG vessels. All vessel sizes in our fleet showed improving results
and particularly the handysize vessels boosted our bottom line. The
EPS for the six months was $0.52 while our stock currently trades
around $3.00. We will continue our chartering strategy placing our
vessels on period charters, and while the summer months are usually
quieter in terms of activity and we have seen more spot activity we
expect that we will find increasing opportunities in the coming
months for period charters.
While we are optimistic for the LPG shipping
market, we recognise that we continue to operate in a challenging
geopolitical environment where issues are being perpetuated. As of
late inflationary pressures have been a concern of ours, and we
have managed to contain cost pressures for the time being. We have
started seeing the impact from interest rises although these have
been somewhat moderated from the interest rate hedges we have
entered and the historically low debt levels we maintain at this
point. As we have noted in the past we maintain a healthy capital
structure that allows for investments and moderate fleet renewal
for example with the two newbulding medium gas carriers that we
expect to take delivery of next year. It is important that we
maintain a modern high quality fleet that allows us to offer our
services with reliability and safety to our customers.
Conference Call details:
On August 24, 2022 at 11:00 am ET, the company’s
management will host a conference call to discuss the results and
the company’s operations and outlook.
Beginning this quarter, conference call
participants should pre-register using the below link to receive
the dial-in numbers and a personal PIN, which are required to
access the conference call.
Online Registration:
https://register.vevent.com/register/BIa9f97f598485467ab13a03607f4a77f9
Slides and audio webcast: There
will also be a live and then archived webcast of the conference
call, through the STEALTHGAS INC. website (www.stealthgas.com).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
SteatlhGas Inc. is a ship-owning company serving
the liquefied petroleum gas (LPG) sector of the international
shipping industry. SteatlhGas Inc. has a fleet of 40 LPG carriers,
including six Joint Venture vessels in the water, and three 40,000
cbm newbuilding Medium Gas Carrier (one owned through Joint
Venture) to be delivered by the end of 2023. These LPG vessels have
a total capacity of 465,510 cubic meters (cbm). StealthGas Inc.’s
shares are listed on the Nasdaq Global Select Market and trade
under the symbol “GASS.” Visit our website at
www.stealthgas.com
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, or
impact or duration of the COVID-19 pandemic and underlying
assumptions and other statements, which are other than statements
of historical facts. The forward-looking statements in this release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management’s examination of historical operating trends, data
contained in our records and other data available from third
parties. Although STEALTHGAS INC. believes that these assumptions
were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control,
STEALTHGAS INC. cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections. Important
factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements
include the impact of the COVID-19 pandemic and efforts throughout
the world to contain its spread, the strength of world economies
and currencies, general market conditions, including changes in
charter hire rates and vessel values, charter counterparty
performance, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled drydockings, shipyard
performance, changes in STEALTHGAS INC’s operating expenses,
including bunker prices, drydocking and insurance costs, ability to
obtain financing and comply with covenants in our financing
arrangements, or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and
international political conditions, the conflict in Ukraine
and related sanctions, potential disruption of shipping routes due
to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by STEALTHGAS INC. with the U.S. Securities and
Exchange Commission.
Fleet
List For
information on our fleet and further information: Visit our website
at www.stealthgas.com
Fleet Data: The following key
indicators highlight the Company’s operating performance during the
periods ended June 30, 2021 and June 30, 2022.
FLEET DATA |
Q2 2021 |
Q2 2022 |
6M 2021 |
6M 2022 |
Average number of vessels (1) |
42.0 |
|
34.58 |
|
41.81 |
|
35.53 |
|
Period end
number of owned vessels in fleet |
42 |
|
34 |
|
42 |
|
34 |
|
Total
calendar days for fleet (2) |
3,822 |
|
3,147 |
|
7,567 |
|
6,431 |
|
Total voyage
days for fleet (3) |
3,750 |
|
3,142 |
|
7,445 |
|
6,392 |
|
Fleet
utilization (4) |
98.1 |
% |
99.8 |
% |
98.4 |
% |
99.4 |
% |
Total
charter days for fleet (5) |
2,861 |
|
2,778 |
|
5,404 |
|
5,629 |
|
Total spot
market days for fleet (6) |
889 |
|
364 |
|
2,041 |
|
763 |
|
Fleet
operational utilization (7) |
96.3 |
% |
96.9 |
% |
94.7 |
% |
94.8 |
% |
1) Average number of vessels is the number of
owned vessels that constituted our fleet for the relevant period,
as measured by the sum of the number of days each vessel was a part
of our fleet during the period divided by the number of calendar
days in that period. 2) Total calendar days for fleet are the total
days the vessels we operated were in our possession for the
relevant period including off-hire days associated with major
repairs, drydockings or special or intermediate surveys. 3) Total
voyage days for fleet reflect the total days the vessels we
operated were in our possession for the relevant period net of
off-hire days associated with major repairs, drydockings or special
or intermediate surveys. 4) Fleet utilization is the percentage of
time that our vessels were available for revenue generating voyage
days, and is determined by dividing voyage days by fleet calendar
days for the relevant period. 5) Total charter days for fleet are
the number of voyage days the vessels operated on time or bareboat
charters for the relevant period. 6) Total spot market charter days
for fleet are the number of voyage days the vessels operated on
spot market charters for the relevant period. 7) Fleet operational
utilization is the percentage of time that our vessels generated
revenue, and is determined by dividing voyage days excluding
commercially idle days by fleet calendar days for the relevant
period.
Reconciliation of Adjusted Net Income,
EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before
loss/gain on derivatives excluding swap interest paid/received,
impairment loss, net gain/loss on sale of vessels and share based
compensation. EBITDA represents net income before interest and
finance costs, interest income and depreciation. Adjusted EBITDA
represents net income before interest and finance costs, interest
income, depreciation, impairment loss, net gain/loss on sale of
vessels, share based compensation and loss/gain on derivatives.
Adjusted EPS represents Adjusted net income
divided by the weighted average number of shares. EBITDA, adjusted
EBITDA, adjusted net income and adjusted EPS are not recognized
measurements under U.S. GAAP. Our calculation of EBITDA, adjusted
EBITDA, adjusted net income and adjusted EPS may not be comparable
to that reported by other companies in the shipping or other
industries. In evaluating Adjusted EBITDA, Adjusted net income and
Adjusted EPS, you should be aware that in the future we may incur
expenses that are the same as or similar to some of the adjustments
in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and
adjusted EPS are included herein because they are a basis, upon
which we and our investors assess our financial performance. They
allow us to present our performance from period to period on a
comparable basis and provide investors with a means of better
evaluating and understanding our operating performance.
|
|
|
(Expressed in United States Dollars,except
number of shares) |
Second Quarter EndedJune 30th, |
|
Six Months Period EndedJune 30th, |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
Net
Income - Adjusted Net Income |
|
|
|
|
Net income |
1,626,184 |
|
|
12,218,614 |
|
|
2,382,064 |
|
|
19,818,867 |
|
Less gain on
derivatives |
(11,899 |
) |
|
(1,049,015 |
) |
|
(6,317 |
) |
|
(1,065,802 |
) |
Less swap
interest paid |
-- |
|
|
(81,581 |
) |
|
(141,446 |
) |
|
(81,581 |
) |
(Less)/Plus
(gain)/loss on sale of vessels, net |
-- |
|
|
(569 |
) |
|
-- |
|
|
408,637 |
|
Plus
impairment loss |
3,096,391 |
|
|
-- |
|
|
3,096,391 |
|
|
529,532 |
|
Plus share
based compensation |
73,918 |
|
|
188,722 |
|
|
73,918 |
|
|
439,731 |
|
Adjusted Net Income |
4,784,594 |
|
|
11,276,171 |
|
|
5,404,610 |
|
|
20,049,384 |
|
|
|
|
|
|
Net
income - EBITDA |
|
|
|
|
Net
income |
1,626,184 |
|
|
12,218,614 |
|
|
2,382,064 |
|
|
19,818,867 |
|
Plus
interest and finance costs |
2,971,065 |
|
|
2,757,529 |
|
|
6,116,503 |
|
|
5,119,033 |
|
Less
interest income |
(233 |
) |
|
(63,488 |
) |
|
(2,777 |
) |
|
(71,378 |
) |
Plus
depreciation |
9,582,921 |
|
|
7,031,345 |
|
|
19,130,052 |
|
|
14,052,128 |
|
EBITDA |
14,179,937 |
|
|
21,944,000 |
|
|
27,625,842 |
|
|
38,918,650 |
|
|
|
|
|
|
Net
income - Adjusted EBITDA |
|
|
|
|
Net
income |
1,626,184 |
|
|
12,218,614 |
|
|
2,382,064 |
|
|
19,818,867 |
|
Less gain on
derivatives |
(11,899 |
) |
|
(1,049,015 |
) |
|
(6,317 |
) |
|
(1,065,802 |
) |
(Less)/Plus
(gain)/loss on sale of vessels, net |
-- |
|
|
(569 |
) |
|
-- |
|
|
408,637 |
|
Plus
impairment loss |
3,096,391 |
|
|
-- |
|
|
3,096,391 |
|
|
529,532 |
|
Plus share
based compensation |
73,918 |
|
|
188,722 |
|
|
73,918 |
|
|
439,731 |
|
Plus
interest and finance costs |
2,971,065 |
|
|
2,757,529 |
|
|
6,116,503 |
|
|
5,119,033 |
|
Less
interest income |
(233 |
) |
|
(63,488 |
) |
|
(2,777 |
) |
|
(71,378 |
) |
Plus
depreciation |
9,582,921 |
|
|
7,031,345 |
|
|
19,130,052 |
|
|
14,052,128 |
|
Adjusted EBITDA |
17,338,347 |
|
|
21,083,138 |
|
|
30,789,834 |
|
|
39,230,748 |
|
|
|
|
|
|
EPS
- Adjusted EPS |
|
|
|
|
Net
income |
1,626,184 |
|
|
12,218,614 |
|
|
2,382,064 |
|
|
19,818,867 |
|
Adjusted net
income |
4,784,594 |
|
|
11,276,171 |
|
|
5,404,610 |
|
|
20,049,384 |
|
Weighted
average number of shares |
37,858,437 |
|
|
37,924,542 |
|
|
37,858,437 |
|
|
37,891,672 |
|
EPS
- Basic and Diluted |
0.04 |
|
|
0.32 |
|
|
0.06 |
|
|
0.52 |
|
Adjusted EPS |
0.13 |
|
|
0.30 |
|
|
0.14 |
|
|
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Statements of Income(Expressed in United
States Dollars, except for number of shares) |
|
|
Quarters Ended June 30, |
|
Six Month Periods Ended June 30, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Revenues |
39,249,850 |
|
|
39,274,984 |
|
|
76,665,531 |
|
|
75,146,105 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Voyage
expenses |
5,465,047 |
|
|
4,161,806 |
|
|
11,933,055 |
|
|
7,953,019 |
|
|
Voyage
expenses - related party |
489,971 |
|
|
483,503 |
|
|
955,174 |
|
|
923,517 |
|
|
Vessels'
operating expenses |
15,573,624 |
|
|
13,056,966 |
|
|
30,390,650 |
|
|
25,698,196 |
|
|
Vessels'
operating expenses - related party |
263,000 |
|
|
278,000 |
|
|
521,500 |
|
|
514,950 |
|
|
Drydocking
costs |
2,027,921 |
|
|
193,090 |
|
|
2,638,181 |
|
|
576,625 |
|
|
Management
fees - related party |
1,480,116 |
|
|
1,287,765 |
|
|
2,928,566 |
|
|
2,572,685 |
|
|
General and
administrative expenses |
899,402 |
|
|
826,380 |
|
|
1,841,184 |
|
|
1,767,911 |
|
|
Depreciation |
9,582,921 |
|
|
7,031,345 |
|
|
19,130,052 |
|
|
14,052,128 |
|
|
Impairment
loss |
3,096,391 |
|
|
-- |
|
|
3,096,391 |
|
|
529,532 |
|
|
Net (gain)/loss on sale of vessels |
-- |
|
|
(569 |
) |
|
-- |
|
|
408,637 |
|
Total expenses |
38,878,393 |
|
|
27,318,286 |
|
|
73,434,753 |
|
|
54,997,200 |
|
|
|
|
|
|
|
|
|
|
Income from operations |
371,457 |
|
|
11,956,698 |
|
|
3,230,778 |
|
|
20,148,905 |
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
Interest and
finance costs |
(2,971,065 |
) |
|
(2,757,529 |
) |
|
(6,116,503 |
) |
|
(5,119,033 |
) |
|
Gain on
derivatives |
11,899 |
|
|
1,049,015 |
|
|
6,317 |
|
|
1,065,802 |
|
|
Interest
income |
233 |
|
|
63,488 |
|
|
2,777 |
|
|
71,378 |
|
|
Foreign
exchange (loss)/gain |
(8,098 |
) |
|
12,688 |
|
|
(41,317 |
) |
|
44,705 |
|
Other expenses, net |
(2,967,031 |
) |
|
(1,632,338 |
) |
|
(6,148,726 |
) |
|
(3,937,148 |
) |
|
|
|
|
|
|
|
|
|
(Loss)/Income before equity in earnings of
investees |
(2,595,574 |
) |
|
10,324,360 |
|
|
(2,917,948 |
) |
|
16,211,757 |
|
Equity earnings in joint ventures |
4,221,758 |
|
|
1,894,254 |
|
|
5,300,012 |
|
|
3,607,110 |
|
Net Income |
1,626,184 |
|
|
12,218,614 |
|
|
2,382,064 |
|
|
19,818,867 |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
- Basic & Diluted |
0.04 |
|
|
0.32 |
|
|
0.06 |
|
|
0.52 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
-Basic & Diluted |
37,858,437 |
|
|
37,858,437 |
|
|
37,858,437 |
|
|
37,858,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Balance Sheets(Expressed in United States
Dollars) |
|
|
December 31, |
|
June 30, |
|
|
2021 |
|
2022 |
Assets |
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
31,304,151 |
|
|
77,874,497 |
|
|
Receivables
from related party |
63,767 |
|
|
-- |
|
|
Trade and
other receivables |
2,117,636 |
|
|
2,946,628 |
|
|
Other
current assets |
298,984 |
|
|
219,111 |
|
|
Claims
receivable |
62,652 |
|
|
356,114 |
|
|
Inventories |
2,772,532 |
|
|
4,068,077 |
|
|
Advances and
prepayments |
637,881 |
|
|
2,017,117 |
|
|
Restricted
cash |
2,198,775 |
|
|
2,187,385 |
|
|
Vessel held for sale |
12,250,000 |
|
|
-- |
|
Total current assets |
51,706,378 |
|
|
89,668,929 |
|
Non current assets |
|
|
|
|
Operating
lease right-of-use assets |
104,168 |
|
|
60,939 |
|
|
Vessels,
net |
681,337,153 |
|
|
655,014,116 |
|
|
Restricted
cash |
12,197,611 |
|
|
10,166,144 |
|
|
Investments
in joint ventures |
53,323,032 |
|
|
55,910,143 |
|
|
Fair value of derivatives |
-- |
|
|
1,451,936 |
|
Total non current assets |
746,961,964 |
|
|
722,603,278 |
|
Total assets |
798,668,342 |
|
|
812,272,207 |
|
Liabilities and Stockholders' Equity |
|
|
|
Current liabilities |
|
|
|
|
Payable to
related parties |
1,491,705 |
|
|
2,244,436 |
|
|
Trade
accounts payable |
8,592,124 |
|
|
9,189,563 |
|
|
Accrued and
other liabilities |
3,842,879 |
|
|
6,125,625 |
|
|
Operating
lease liabilities |
104,168 |
|
|
60,939 |
|
|
Deferred
income |
5,666,285 |
|
|
3,918,436 |
|
|
Current
portion of long-term debt |
31,836,619 |
|
|
30,119,056 |
|
|
Current portion of long-term debt associated with vessel held for
sale |
7,173,988 |
|
|
-- |
|
Total current liabilities |
58,707,768 |
|
|
51,658,055 |
|
Non current liabilities |
|
|
|
|
Fair value
of derivatives |
3,151,880 |
|
|
2,783,848 |
|
|
Deferred
income |
76,949 |
|
|
48,939 |
|
|
Long-term debt |
261,960,975 |
|
|
262,079,412 |
|
Total non current liabilities |
265,189,804 |
|
|
264,912,199 |
|
Total liabilities |
323,897,572 |
|
|
316,570,254 |
|
Commitments and contingencies |
|
|
|
Stockholders' equity |
|
|
|
|
Capital
stock |
435,274 |
|
|
435,274 |
|
|
Treasury
stock |
(25,373,380 |
) |
|
(25,373,380 |
) |
|
Additional
paid-in capital |
443,009,334 |
|
|
443,449,065 |
|
|
Retained
earnings |
59,803,487 |
|
|
79,622,354 |
|
|
Accumulated other comprehensive loss |
(3,103,945 |
) |
|
(2,431,360 |
) |
Total stockholders' equity |
474,770,770 |
|
|
495,701,953 |
|
Total liabilities and stockholders' equity |
798,668,342 |
|
|
812,272,207 |
|
|
|
|
|
|
|
|
|
|
StealthGas Inc.Unaudited
Consolidated Statements of Cash Flows(Expressed in United
States Dollars) |
|
|
Six Month Periods Ended June 30, |
|
|
2021 |
|
2022 |
Cash flows from operating activities |
|
|
|
|
|
|
Net income for the period |
2,382,064 |
|
|
19,818,867 |
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
Depreciation |
19,130,052 |
|
|
14,052,128 |
|
|
Amortization
of deferred finance charges |
479,098 |
|
|
537,936 |
|
|
Amortization
of operating lease right-of-use assets |
44,879 |
|
|
43,229 |
|
|
Share based
compensation |
73,918 |
|
|
439,731 |
|
|
Change in
fair value of derivatives |
(147,763 |
) |
|
(1,147,383 |
) |
|
Equity
earnings in joint ventures |
(5,300,012 |
) |
|
(3,607,110 |
) |
|
Dividends
received from joint ventures |
-- |
|
|
1,020,000 |
|
|
Impairment
loss |
3,096,391 |
|
|
529,532 |
|
|
Loss on sale
of vessels |
-- |
|
|
408,637 |
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
Trade and
other receivables |
(1,447,947 |
) |
|
(828,992 |
) |
|
Other
current assets |
97,050 |
|
|
79,873 |
|
|
Claims
receivable |
-- |
|
|
(500,249 |
) |
|
Inventories |
535,934 |
|
|
(1,295,545 |
) |
|
Changes in
operating lease liabilities |
(44,879 |
) |
|
(43,229 |
) |
|
Advances and
prepayments |
(1,122,814 |
) |
|
(1,379,236 |
) |
|
Increase/(decrease) in |
|
|
|
|
|
|
Balances
with related parties |
(530,234 |
) |
|
611,148 |
|
|
Trade
accounts payable |
1,411,406 |
|
|
740,512 |
|
|
Accrued
liabilities |
716,766 |
|
|
2,282,746 |
|
|
Deferred income |
2,009,220 |
|
|
(1,775,859 |
) |
Net cash provided by operating activities |
21,383,129 |
|
|
29,986,736 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Insurance
proceeds |
-- |
|
|
206,787 |
|
|
Proceeds
from sale of vessels, net |
-- |
|
|
23,887,379 |
|
|
Acquisition
and improvement of vessels |
(24,180,481 |
) |
|
(447,713 |
) |
|
Investment
in joint ventures |
(3,348,675 |
) |
|
-- |
|
|
Return of investments from joint ventures |
1,530,000 |
|
|
-- |
|
Net cash (used in)/provided by investing
activities |
(25,999,156 |
) |
|
23,646,453 |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Deferred
finance charges paid |
(667,766 |
) |
|
(534,600 |
) |
|
Advances
from joint ventures |
-- |
|
|
1,655,684 |
|
|
Advances to
joint ventures |
-- |
|
|
(1,450,334 |
) |
|
Customer
deposits paid |
(100,000 |
) |
|
-- |
|
|
Loan
repayments |
(47,628,684 |
) |
|
(68,176,450 |
) |
|
Proceeds from long-term debt |
48,431,250 |
|
|
59,400,000 |
|
Net cash provided by/(used in) financing
activities |
34,800 |
|
|
(9,105,700 |
) |
|
|
|
|
|
|
|
Net (decrease)/increase in cash, cash equivalents and restricted
cash |
(4,581,227 |
) |
|
44,527,489 |
|
Cash, cash equivalents and restricted cash at beginning of
year |
53,040,202 |
|
|
45,700,537 |
|
Cash, cash equivalents and restricted cash at end of
period |
48,458,975 |
|
|
90,228,026 |
|
Cash breakdown |
|
|
|
|
|
|
Cash and
cash equivalents |
33,006,378 |
|
|
77,874,497 |
|
|
Restricted
cash, current |
2,970,413 |
|
|
2,187,385 |
|
|
Restricted cash, non current |
12,482,184 |
|
|
10,166,144 |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
48,458,975 |
|
|
90,228,026 |
|
|
|
|
|
|
|
Company Contact:
Konstantinos Sistovaris
STEALTHGAS INC.
00-30-210-6250-001
E-mail: info@stealthgas.com
StealthGas (NASDAQ:GASS)
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StealthGas (NASDAQ:GASS)
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