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 fourth quarter and twelve months ended December 31,
2022.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS1
- Entered into a number of medium to long term charters
increasing forward coverage. About 55% of fleet days are secured on
period charters for 2023, with total fleet employment days for all
subsequent periods generating approximately $105 million (excl. JV
vessels) in contracted revenues.
- Revenues at $42.7 million for Q4 22’ and $152.8 million for FY
22’ despite having reduced the number of vessels in the fleet from
37 vessels at the end of Q4 2021 to 34 vessels at the end of Q4
2022. The highest quarterly revenue number in the last five years.
- Decrease of $15.9 million (or 13.2%) in voyage expenses,
operating expenses and depreciation in aggregate from FY 21’ to FY
22’.
- Net Income of $7.7 million for Q4 22’ corresponding to an EPS
of $0.20 and $34.3 million for FY 22’ corresponding to an EPS of
$0.90, setting a new record in annual profits.
- Total cash, including short-term investments and restricted
cash, of $95.7 million as of December 31, 2022 compared to $45.7
million as of December 31, 2021, an increase of 109.4%.
- Entered into sale agreements for three of the oldest vessels in
the fleet, the Gas Prodigy, the Gas Spirit and the Gas Galaxy. All
vessels were unencumbered and the sale proceeds will be reflected
in the first quarter 2023.
_______________________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.
Fourth Quarter 2022
Results:
- Revenues for the three months ended December 31, 2022 amounted
to $42.7 million compared to revenues of $36.1 million for the
three months ended December 31, 2021 while the fleet over the
corresponding periods was reduced from 37 vessels at the end of Q4
2021 to 34 vessels at the end of Q4 2022. The vessels remaining in
the fleet earned higher revenues compared to the same period in the
prior year due to improved market conditions.
- Voyage expenses and vessels’ operating expenses for the three
months ended December 31, 2022 were $6.5 million and $14.6 million,
respectively, compared to $4.8 million and $15.1 million,
respectively, for the three months ended December 31, 2021. The
$1.7 million increase in voyage expenses is attributed to the
higher number of vessels in the spot market and particularly from
increases in bunker expenses due to the rise in oil prices. The
$0.5 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 December 31, 2022
and 2021, were $0.6 million and $0.9 million, respectively.
Drydocking expenses during the fourth quarter of 2022 mainly relate
to the drydocking of two vessels.
- Depreciation for the three months ended December 31, 2022 and
2021 was $6.8 million and $8.6 million, respectively, as the number
of our vessels declined following the spin-off of four tanker
vessels in the fourth quarter of 2021.
- Impairment loss for the three months ended December 31, 2022
was $2.6 million related to the agreed sale of three vessels with
deliveries in the first quarter of 2023, while the impairment loss
for the same period of last year of $41.5 million was mainly
related to the spin-off transaction of four tanker vessels.
- Interest and finance costs for the three months ended December
31, 2022 and 2021 were $3.4 million and $3.1 million, respectively.
The $0.3 million increase from the same period of last year is due
to the increase in interest rates despite a reduction in the debt
outstanding during the period.
- Interest income for the three months ended December 31,
2022 and 2021 was $0.7 million and $0.02 million, respectively. The
increase is mainly attributed to short-term investments of $51.5
million during the three months ended December 31, 2022.
- Equity earnings in joint ventures for the three months ended
December 31, 2022 and 2021, was a gain of $1.2 million and $1.7
million, respectively. The $0.5 million decrease from the same
period of last year is mainly due to the sale of a vessel during
the third quarter of 2022 by one of the joint ventures.
- As a result of the above, for the three months ended December
31, 2022, the Company reported net income of $7.7 million, compared
to a net loss of $38.7 million for the three months ended December
31, 2021. The weighted average number of shares outstanding
for the three months ended December 31, 2022 and 2021 was 38.0
million and 37.9 million, respectively.
- Earnings per share, basic and diluted, for the three months
ended December 31, 2022 amounted to $0.20 compared to loss per
share of $1.02 for the same period of last year.
- Adjusted net income was $10.6 million corresponding to an
Adjusted EPS of $0.28 for the three months ended December 31, 2022
compared to Adjusted net income of $2.8 million corresponding to an
Adjusted EPS of $0.07 for the same period of last year.
- EBITDA for the three months ended December 31, 2022 amounted to
$17.2 million. An average of 34.0 vessels were owned by the Company
during the three months ended December 31, 2022 compared to 39.7
vessels for the same period of 2021.
Twelve Months 2022 Results:
- Revenues for the twelve months ended December 31, 2022,
amounted to $152.8 million, an increase of $2.6 million, or 1.7%,
compared to revenues of $150.2 million for the twelve months ended
December 31, 2021. Improving market conditions pushed revenues
higher despite a reduction in the fleet size.
- Voyage expenses and vessels’ operating expenses for the twelve
months ended December 31, 2022 were $22.2 million and $54.9
million, respectively, compared to $22.2 million and $61.5 million
for the twelve months ended December 31, 2021. While voyage
expenses remained flat, the $6.6 million decrease in vessels’
operating expenses is primarily due to the reduction in fleet
size.
- Drydocking costs for the twelve months ended December 31, 2022
and 2021 were $3.0 million and $5.3 million, respectively. The
costs for the twelve months ended December 31, 2022 mainly related
to the drydocking of five vessels while the costs for the same
period of last year related to the drydocking of eight
vessels.
- Depreciation for the twelve months ended December 31, 2022, was
$27.8 million, a $9.3 million decrease from $37.1 million for the
same period of last year, due to the decrease in the average number
of our vessels.
- Impairment loss for the twelve months ended December 31, 2022
was $3.2 million and related to four vessels, for which the Company
had entered into sale agreements - two were delivered to their new
owners in the first quarter of 2023, while the last one will be
delivered to its new owners in March 2023. Impairment loss for the
twelve months ended December 31, 2021 was $44.6 million; of which
$40.2 million was attributable to the spin-off transaction while
the remaining $4.4 million related to four vessels, one older
vessel and three vessels for which the Company had entered into
separate agreements to sell them to third parties.
- Loss on sale of vessels for the twelve months ended
December 31, 2022 and 2021 was $0.4 million and $0.3 million,
respectively. The increase was primarily due to the sale of three
of the Company’s vessels in 2022 compared to one vessel sold within
2021.
- Interest and finance costs for the twelve months ended December
31, 2022 and 2021 were $12.1 million and $12.7 million,
respectively. The $0.6 million decrease from the same period of
last year is mostly due to the decrease of our indebtedness,
partially offset by higher prevailing interest rates.
- Interest income for the twelve months ended December 31,
2022 and 2021 was $1.1 million and $0.03 million, respectively. The
increase is mainly attributed to short-term investments of $122.5
million during the twelve months ended December 31, 2022.
- Equity earnings in joint ventures for the twelve months ended
December 31, 2022 and 2021 was a gain of $10.9 million and a gain
of $8.3 million, respectively. The $2.6 million increase from the
same period of last year is primarily due to a gain on sale of one
of the Medium Gas carriers owned by one of our joint ventures and
the improved profitability resulting from the operation of both of
our joint ventures.
- As a result of the above, the Company reported net income for
the twelve months ended December 31, 2022 of $34.3 million,
compared to a net loss of $35.1 million for the twelve months ended
December 31, 2021. The weighted average number of shares
outstanding as of December 31, 2022 and 2021 was 38.0 million and
37.9 million, respectively. Earnings per share for the twelve
months ended December 31, 2022 amounted to $0.90 compared to loss
per share of $0.93 for the same period of last year.
- Adjusted net income was $36.7 million, or $0.97 per share, for
the twelve months ended December 31, 2022 compared to adjusted net
income of $10.2 million, or $0.27 per share, for the same period of
last year.
- EBITDA for the twelve months ended December 31, 2022 amounted
to $73.0 million. An average of 34.8 vessels were owned by the
Company during the twelve months ended December 31, 2022, compared
to 41.3 vessels for the same period of 2021.
- As of December 31, 2022, cash and cash equivalents including
short-term investments amounted to $82.3 million and total debt net
of deferred finance charges amounted to $277.1 million.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements (of three or more months
duration):
- A three years time charter extension for its 2015 built LPG
carrier Eco Universe, until Mar 2026.
- A twelve months time charter extension for its 2018 built LPG
carrier Eco Freeze, until Jun 2024.
- A twelve months time charter extension for its 2016 built LPG
carrier Eco Dominator, until Mar 2024.
- A twelve months time charter extension for its 2015 built LPG
carrier Eco Nemesis, until Mar 2024.
- A twelve months consecutive voyage charters for its 2015 built
LPG carrier Eco Dream, until Dec 2023.
- A six or twelve months time charter for its 2015 built LPG
carrier Eco Czar, until Jun 2023 or Dec 2023, option to be
declared.
- A three months time charter for its 2009 built LPG carrier Gas
Astrid, until Mar 2023.
- A three months time charter for its 2011 built LPG carrier Gas
Cerberus, until Feb 2023.
As of February 2023, the Company has total
contracted revenues of approximately $105 million.
For the remainder of the year 2023, the Company
has about 55% of fleet days secured under period contracts, with
contracted revenues of approximately $80 million.
In addition, the following chartering
arrangements were concluded on the joint venture vessels:
- A twelve months time charter for the 2008 built LPG carrier the
Gas Shuriken, until Dec 2023.
- A six months time charter for the 2008 built LPG carrier the
Gas Defiance, until Jul 2023.
The Company also announced the sale of three of
its oldest vessels, the 2003 built Gas Prodigy, the 2001 built Gas
Spirit and the 1997 built Gas Galaxy to third parties. The
deliveries of Gas Prodigy and Gas Spirit were successfully
concluded in January 2023, and the Gas Galaxy is expected to be
delivered in March 2023. All vessels were unencumbered and the sale
proceeds will be reflected in the cashflow results of Q1 23’. At
the end of Q4 22’ the Gas Prodigy and the Gas Spirit were accounted
for as “Held for Sale” and the Company recognized an impairment
loss of $2.6 million related to the forthcoming sales.
Subsequent Events
The scheduled delivery of our two contracted
40,000 cbm Medium Gas Carriers has been revised, due to shipyard
delays, to Q4 2023 and Q1 2024, respectively.
The third 40,000 cbm Medium Gas Carrier
belonging to the joint-venture has also had its scheduled delivery
revised to Q4 2023.
CEO Harry Vafias Commented
I am very pleased to report best ever annual
profit for StealthGas. In a difficult environment with rising
interest rates and a smaller fleet, we managed to earn total net
income of $34.3 million or $0.90 per share. Our adjusted EPS for Q4
22’ was 4 times higher than the adjusted EPS for Q4 21’, our total
cash doubled from $45.7 million at prior year end to $95.7 million
at December 31, 2022, while our total assets were $821.5 million at
December 31, 2022 with only $303.6 million in total liabilities!
These results give us the energy we all need to continue to push
for more noteworthy results and to strengthen the Company and our
balance sheet even further!
Conference Call details:
On February 21, 2023 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.
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/BI9c0269cab09849a59a121c958bdd641c
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.
StealthGas Inc. is a ship-owning company serving
the liquefied petroleum gas (LPG) sector of the international
shipping industry. StealthGas Inc. has a fleet of 38 LPG carriers,
including six Joint Venture vessels in the water, and three 40,000
cbm newbuilding Medium Gas Carriers (one owned through Joint
Venture) to be delivered by the end of Q12024. These LPG vessels
have a total capacity of 456,367 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 December 31, 2021 and December 31, 2022.
FLEET DATA |
Q4 2021 |
Q4 2022 |
12M 2021 |
12M 2022 |
Average number of vessels (1) |
39.74 |
|
34.00 |
|
41.29 |
|
34.76 |
|
Period end number of owned vessels in fleet |
37 |
|
34 |
|
37 |
|
34 |
|
Total calendar days for fleet (2) |
3,656 |
|
3,128 |
|
15,071 |
|
12,687 |
|
Total voyage days for fleet (3) |
3,594 |
|
3,118 |
|
14,786 |
|
12,538 |
|
Fleet utilization (4) |
98.3 |
% |
99.7 |
% |
98.1 |
% |
98.8 |
% |
Total charter days for fleet (5) |
3,107 |
|
2,522 |
|
11,714 |
|
10,336 |
|
Total spot market days for fleet (6) |
487 |
|
596 |
|
3,072 |
|
2,202 |
|
Fleet operational utilization (7) |
96.1 |
% |
96.5 |
% |
94.9 |
% |
93.5 |
% |
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) |
Fourth Quarter Ended December 31st, |
Twelve Months Period Ended December 31st, |
|
2021 |
2022 |
2021 |
2022 |
Net (loss)/income - Adjusted Net Income |
|
|
|
|
Net (loss)/income |
(38,732,353 |
) |
7,700,841 |
|
(35,123,208 |
) |
34,253,365 |
|
Less/Plus (gain)/loss on derivatives |
(222,365 |
) |
80,847 |
|
(240,153 |
) |
(1,698,462 |
) |
Plus swap interest received |
-- |
|
91,486 |
|
-- |
|
1,061 |
|
Plus net loss on sale of vessels, net |
-- |
|
-- |
|
304,210 |
|
408,637 |
|
Plus impairment loss |
41,519,823 |
|
2,637,502 |
|
44,616,214 |
|
3,167,034 |
|
Plus share based compensation |
256,586 |
|
85,528 |
|
610,788 |
|
610,788 |
|
Adjusted Net Income |
2,821,691 |
|
10,596,204 |
|
10,167,851 |
|
36,742,423 |
|
|
|
|
|
|
Net (loss)/income - EBITDA |
|
|
|
|
Net (loss)/income |
(38,732,353 |
) |
7,700,841 |
|
(35,123,208 |
) |
34,253,365 |
|
Plus interest and finance costs |
3,149,967 |
|
3,407,580 |
|
12,678,101 |
|
12,076,300 |
|
Less interest income |
(23,400 |
) |
(720,596 |
) |
(26,379 |
) |
(1,098,789 |
) |
Plus depreciation |
8,638,329 |
|
6,832,886 |
|
37,125,903 |
|
27,814,901 |
|
EBITDA |
(26,967,457 |
) |
17,220,711 |
|
14,654,417 |
|
73,045,777 |
|
|
|
|
|
|
Net (loss)/income - Adjusted EBITDA |
|
|
|
|
Net (loss)/income |
(38,732,353 |
) |
7,700,841 |
|
(35,123,208 |
) |
34,253,365 |
|
Less/Plus (gain)/loss on derivatives |
(222,365 |
) |
80,847 |
|
(240,153 |
) |
(1,698,462 |
) |
Plus net loss on sale of vessels, net |
-- |
|
-- |
|
304,210 |
|
408,637 |
|
Plus impairment loss |
41,519,823 |
|
2,637,502 |
|
44,616,214 |
|
3,167,034 |
|
Plus share based compensation |
256,586 |
|
85,528 |
|
610,788 |
|
610,788 |
|
Plus interest and finance costs |
3,149,967 |
|
3,407,580 |
|
12,678,101 |
|
12,076,300 |
|
Less interest income |
(23,400 |
) |
(720,596 |
) |
(26,379 |
) |
(1,098,789 |
) |
Plus depreciation |
8,638,329 |
|
6,832,886 |
|
37,125,903 |
|
27,814,901 |
|
Adjusted EBITDA |
14,586,587 |
|
20,024,588 |
|
59,945,476 |
|
75,533,774 |
|
|
|
|
|
|
EPS - Adjusted EPS |
|
|
|
|
Net (loss)/income |
(38,732,353 |
) |
7,700,841 |
|
(35,123,208 |
) |
34,253,365 |
|
Adjusted net income |
2,821,691 |
|
10,596,204 |
|
10,167,851 |
|
36,806,262 |
|
Weighted average number of shares - basic |
37,858,437 |
|
38,030,309 |
|
37,858,437 |
|
37,961,560 |
|
Weighted average number of shares - diluted |
37,858,437 |
|
38,030,759 |
|
37,858,437 |
|
37,961,673 |
|
EPS - Basic and Diluted |
(1.02 |
) |
0.20 |
|
(0.93 |
) |
0.90 |
|
Adjusted EPS |
0.07 |
|
0.28 |
|
0.27 |
|
0.97 |
|
|
|
|
|
|
|
|
|
|
|
StealthGas
Inc. Unaudited Consolidated Statements of
Operations (Expressed in United States Dollars,
except for number of shares) |
|
|
|
Quarters Ended December 31, |
Twelve Month Periods Ended December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Revenues |
|
36,053,396 |
|
|
42,729,385 |
|
|
150,204,527 |
|
|
152,760,888 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Voyage expenses |
|
4,349,018 |
|
|
6,011,304 |
|
|
20,342,186 |
|
|
20,306,407 |
|
Voyage expenses - related party |
|
448,803 |
|
|
516,519 |
|
|
1,867,100 |
|
|
1,871,071 |
|
Vessels' operating expenses |
|
14,833,968 |
|
|
14,349,035 |
|
|
60,443,813 |
|
|
53,909,328 |
|
Vessels' operating expenses - related party |
256,500 |
|
|
261,000 |
|
|
1,065,750 |
|
|
1,035,450 |
|
Drydocking costs |
|
853,546 |
|
|
607,223 |
|
|
5,285,490 |
|
|
2,954,575 |
|
Management fees - related party |
|
1,413,996 |
|
|
1,332,160 |
|
|
5,831,900 |
|
|
5,242,990 |
|
General and administrative expenses |
1,286,731 |
|
|
815,631 |
|
|
4,337,013 |
|
|
3,404,141 |
|
Depreciation |
|
8,638,329 |
|
|
6,832,886 |
|
|
37,125,903 |
|
|
27,814,901 |
|
Impairment loss |
|
41,519,823 |
|
|
2,637,502 |
|
|
44,616,214 |
|
|
3,167,034 |
|
Net loss on sale of vessels |
|
-- |
|
|
-- |
|
|
304,210 |
|
|
408,637 |
|
Total expenses |
|
73,600,714 |
|
|
33,363,260 |
|
|
181,219,579 |
|
|
120,114,534 |
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from operations |
|
(37,547,318 |
) |
|
9,366,125 |
|
|
(31,015,052 |
) |
|
32,646,354 |
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(3,149,967 |
) |
|
(3,407,580 |
) |
|
(12,678,101 |
) |
|
(12,076,300 |
) |
Gain/(loss) on derivatives |
|
222,365 |
|
|
(80,847 |
) |
|
240,153 |
|
|
1,698,462 |
|
Interest income |
23,400 |
|
|
720,596 |
|
|
26,379 |
|
|
1,098,789 |
|
Foreign exchange gain/(loss) |
|
30,604 |
|
|
(59,684 |
) |
|
(23,288 |
) |
|
23,373 |
|
Other expenses, net |
|
(2,873,598 |
) |
|
(2,827,515 |
) |
|
(12,434,857 |
) |
|
(9,255,676 |
) |
|
|
|
|
|
|
|
|
|
(Loss)/Income before equity in earnings of
investees |
(40,420,916 |
) |
|
6,538,610 |
|
|
(43,449,909 |
) |
|
23,390,678 |
|
Equity earnings in joint ventures |
|
1,688,563 |
|
|
1,162,231 |
|
|
8,326,701 |
|
|
10,862,687 |
|
Net (Loss)/Income |
|
(38,732,353 |
) |
|
7,700,841 |
|
|
(35,123,208 |
) |
|
34,253,365 |
|
|
|
|
|
|
|
|
|
|
(Loss)/Earnings per share |
|
|
|
|
|
|
|
|
- Basic & Diluted |
|
(1.02 |
) |
|
0.20 |
|
|
(0.93 |
) |
|
0.90 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
- Basic |
|
37,858,437 |
|
|
38,030,309 |
|
|
37,858,437 |
|
|
37,961,560 |
|
-Diluted |
|
37,858,437 |
|
|
38,030,759 |
|
|
37,858,437 |
|
|
37,961,673 |
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc. Unaudited Consolidated
Balance Sheets (Expressed in United States
Dollars) |
|
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
|
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
31,304,151 |
|
|
55,770,823 |
|
Short-term investments |
|
-- |
|
|
26,500,000 |
|
Receivables from related party |
|
63,767 |
|
|
-- |
|
Trade and other receivables |
|
2,117,636 |
|
|
4,630,536 |
|
Other current assets |
|
298,984 |
|
|
270,514 |
|
Claims receivable |
|
62,652 |
|
|
182,141 |
|
Inventories |
|
2,772,532 |
|
|
3,064,011 |
|
Advances and prepayments |
|
637,881 |
|
|
681,413 |
|
Restricted cash |
|
2,198,775 |
|
|
2,519,601 |
|
Assets held for sale |
|
12,250,000 |
|
|
11,107,182 |
|
Total current assets |
|
51,706,378 |
|
|
104,726,221 |
|
|
|
|
|
|
Non current assets |
|
|
|
|
Advances for vessel acquisitions |
|
-- |
|
|
23,400,000 |
|
Operating lease right-of-use assets |
|
104,168 |
|
|
-- |
|
Vessels, net |
|
681,337,153 |
|
|
628,478,453 |
|
Other receivables |
|
-- |
|
|
162,872 |
|
Restricted cash |
|
12,197,611 |
|
|
10,864,520 |
|
Investments in joint ventures |
|
53,323,032 |
|
|
46,632,720 |
|
Deferred finance charges |
-- |
|
|
165,666 |
|
Fair value of derivatives |
|
-- |
|
|
7,102,855 |
|
Total non current assets |
|
746,961,964 |
|
|
716,807,086 |
|
Total assets |
|
798,668,342 |
|
|
821,533,307 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Payable to related parties |
|
1,491,705 |
|
|
2,476,663 |
|
Trade accounts payable |
|
8,592,124 |
|
|
11,838,243 |
|
Accrued and other liabilities |
|
3,842,879 |
|
|
6,923,992 |
|
Operating lease liabilities |
|
104,168 |
|
|
-- |
|
Deferred income |
|
5,666,285 |
|
|
5,234,978 |
|
Current portion of long-term debt |
|
31,836,619 |
|
|
30,083,806 |
|
Current portion of long-term debt associated with vessel held for
sale |
7,173,988 |
|
|
-- |
|
Total current liabilities |
|
58,707,768 |
|
|
56,557,682 |
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
Fair value of derivatives |
|
3,151,880 |
|
|
-- |
|
Deferred income |
|
76,949 |
|
|
21,451 |
|
Long-term debt |
|
261,960,975 |
|
|
247,028,823 |
|
Total non current liabilities |
|
265,189,804 |
|
|
247,050,274 |
|
Total liabilities |
|
323,897,572 |
|
|
303,607,956 |
|
|
|
|
|
|
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 |
|
|
443,620,122 |
|
Retained earnings |
|
59,803,487 |
|
|
94,056,852 |
|
Accumulated other comprehensive (loss)/income |
(3,103,945 |
) |
|
5,186,483 |
|
Total stockholders' equity |
|
474,770,770 |
|
|
517,925,351 |
|
Total liabilities and stockholders' equity |
798,668,342 |
|
|
821,533,307 |
|
|
|
|
|
|
|
|
StealthGas Inc. Unaudited Consolidated
Statements of Cash Flows (Expressed in United
States Dollars) |
|
|
|
Twelve Month Periods EndedDecember 31, |
|
|
2021 |
|
2022 |
Cash flows from operating activities |
|
|
|
|
Net (loss)/income for the year |
|
(35,123,208 |
) |
|
34,253,365 |
|
|
|
|
|
|
Adjustments to reconcile net (loss)/income to net
cash |
|
|
|
|
provided by operating activities: |
|
|
|
|
Depreciation |
|
37,125,903 |
|
|
27,814,901 |
|
Amortization of deferred finance charges |
|
1,157,804 |
|
|
855,472 |
|
Amortization of operating lease right-of-use assets |
|
89,638 |
|
|
104,168 |
|
Share based compensation |
|
610,788 |
|
|
610,788 |
|
Change in fair value of derivatives |
|
(240,153 |
) |
|
(1,964,307 |
) |
Equity earnings in joint ventures |
|
(8,326,701 |
) |
|
(10,862,687 |
) |
Dividends received from joint ventures |
|
-- |
|
|
9,486,900 |
|
Impairment loss |
|
44,616,214 |
|
|
3,167,034 |
|
Net loss on sale of vessels |
|
304,210 |
|
|
408,637 |
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
(Increase)/decrease in |
|
|
|
|
Trade and other receivables |
|
(977,005 |
) |
|
(2,675,772 |
) |
Other current assets |
|
10,624 |
|
|
28,470 |
|
Claims receivable |
|
57,895 |
|
|
(500,249 |
) |
Inventories |
|
644,079 |
|
|
(819,065 |
) |
Changes in operating lease liabilities |
|
(89,638 |
) |
|
(104,168 |
) |
Advances and prepayments |
|
(100,482 |
) |
|
(43,532 |
) |
Increase/(decrease) in |
|
|
|
|
Balances with related parties |
|
(3,231,923 |
) |
|
2,185,408 |
|
Trade accounts payable |
|
262,569 |
|
|
3,328,208 |
|
Accrued liabilities |
|
557,086 |
|
|
1,775,447 |
|
Deferred income |
|
3,690,981 |
|
|
(486,805 |
) |
Net cash provided by operating activities |
|
41,038,681 |
|
|
66,562,213 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Insurance proceeds |
|
-- |
|
|
380,760 |
|
Advances for vessels acquisitions and improvement of vessels |
|
(25,224,746 |
) |
|
(24,230,937 |
) |
Proceeds from sale of vessels, net |
|
7,795,790 |
|
|
25,027,379 |
|
Increase in short-term investments |
|
-- |
|
|
(26,500,000 |
) |
Investment in joint ventures |
|
(3,348,675 |
) |
|
-- |
|
Return of investments from joint ventures |
|
1,530,000 |
|
|
8,066,100 |
|
Net cash used in investing activities |
|
(19,247,631 |
) |
|
(17,256,698 |
) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Deferred finance charges paid |
|
(1,463,766 |
) |
|
(534,600 |
) |
Advances from joint ventures |
|
-- |
|
|
4,428,713 |
|
Advances to joint ventures |
|
-- |
|
|
(5,565,396 |
) |
Customer deposits paid |
|
(600,000 |
) |
|
-- |
|
Loan repayments |
|
(173,012,428 |
) |
|
(83,579,825 |
) |
Proceeds from long-term debt |
|
150,650,000 |
|
|
59,400,000 |
|
Cash retained by Imperial Petroleum Inc. at spin-off |
|
(4,704,521 |
) |
|
-- |
|
Net cash used in financing activities |
|
(29,130,715 |
) |
|
(25,851,108 |
) |
|
|
|
|
|
Net (decrease)/increase in cash, cash equivalents and restricted
cash |
|
(7,339,665 |
) |
|
23,454,407 |
|
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
year |
|
45,700,537 |
|
|
69,154,944 |
|
Cash breakdown |
|
|
|
|
Cash and cash equivalents |
|
31,304,151 |
|
|
55,770,823 |
|
Restricted cash, current |
|
2,198,775 |
|
|
2,519,601 |
|
Restricted cash, non current |
|
12,197,611 |
|
|
10,864,520 |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
45,700,537 |
|
|
69,154,944 |
|
Company Contact:
Konstantinos Sistovaris
STEALTHGAS INC.
00-30-210-6250-001
E-mail: info@stealthgas.com
StealthGas (NASDAQ:GASS)
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De Ene 2025 a Feb 2025
StealthGas (NASDAQ:GASS)
Gráfica de Acción Histórica
De Feb 2024 a Feb 2025