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 third quarter and nine months ended September 30,
2022.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS1
- Entered into a number of medium to long term charters
increasing forward coverage. About 40% of fleet days are secured on
period charters for 2023, with total fleet employment days for all
subsequent periods generating approximately $90 million (excl. JV
vessels) in contracted revenues ($100 million incl. JV vessels).
- Profitable quarter with $6.7 million in net income. Decrease in
revenues at $34.9 million with 34 vessels at the end of Q3 22’
compared to 41 vessels for the same quarter of last year. Also
decreases in operating expenses and depreciation.
- Decrease in revenues by $4.2 million (or 3.7%) for the 9M 22’
compared to the 9M 21’, counterbalanced by a decrease of $15.4
million (or 16.6%) in voyage expenses, operating expenses and
depreciation in aggregate for the 9M 22’compared to 9M 21’.
- Net Income of $26.6 million for 9M 22’ corresponding to an EPS
of $0.70 compared to Net Income of $3.6 million and an EPS of $0.10
for 9M 21’, an increase of 600% in EPS
- Total cash, including restricted cash, of $85.6 million as of
September 30, 2022 compared to $45.7 million as of December 31,
2021, an increase of 87%.
_____________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.
Third Quarter 2022 Results:
- Revenues for the three months ended September 30, 2022 amounted
to $34.9 million compared to revenues of $37.5 million for the
three months ended September 30, 2021 while the fleet over the
corresponding periods was reduced from 41 vessels at the end of Q3
2021 to 34 vessels at the end of Q3 2022. The vessels remaining in
the fleet earned higher revenues compared to the same period in the
prior year due to better market conditions.
- Voyage expenses and vessels’ operating expenses for the three
months ended September 30, 2022 were $6.8 million and $14.1
million, respectively, compared to $4.5 million and $15.5 million,
respectively, for the three months ended September 30, 2021. The
$2.3 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
$1.4 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 September 30, 2022
and 2021, were $1.8 million and $1.8 million, respectively.
Drydocking expenses during the third quarter of 2022 relate to the
drydocking of four vessels similar to the same period of last
year.
- Depreciation for the three months ended September 30, 2022 and
2021 was $6.9 million and $9.4 million, respectively, as the number
of our vessels declined following the spin-off of four tanker
vessels.
- Interest and finance costs for the three months ended September
30, 2022 and 2021, were $3.5 million and $3.4 million,
respectively. The $0.1 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.
- Equity earnings in joint ventures for the three months ended
September 30, 2022 and 2021 was a gain of $6.1 million and $1.3
million, respectively. The $4.8 million increase 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.
- As a result of the above, for the three months ended September
30, 2022, the Company reported net income of $6.7 million, compared
to net income of $1.2 million for the three months ended September
30, 2021. The weighted average number of shares outstanding for the
three months ended September 30, 2022 and 2021 was 37.9 million and
37.9 million, respectively.
- Earnings per share, basic and diluted, for the three months
ended September 30, 2022 amounted to $0.18 compared to earnings per
share of $0.03 for the same period of last year.
- Adjusted net income was $6.1 million corresponding to an
Adjusted EPS of $0.16 for the three months ended September 30, 2022
compared to Adjusted net income of $1.8 million corresponding to an
Adjusted EPS of $0.05 for the same period of last year.
- EBITDA for the three months ended September 30, 2022 amounted
to $16.9 million. An average of 34.0 vessels were owned by the
Company during the three months ended September 30, 2022 compared
to 41.8 vessels for the same period of 2021.
Nine Months 2022 Results:
- Revenues for the nine months ended September 30, 2022, amounted
to $110.0 million, a decrease of $4.2 million, or 3.7%, compared to
revenues of $114.2 million for the nine months ended September 30,
2021, primarily due to reduction in the fleet size.
- Voyage expenses and vessels’ operating expenses for the nine
months ended September 30, 2022 were $15.6 million and $40.3
million, respectively, compared to $17.4 million and $46.4 million
for the nine months ended September 30, 2021. The $1.8 million
decrease in voyage expenses was mainly due to the 38% (or 979 days)
decrease of spot days. The $6.1 million decrease in vessels’
operating expenses is primarily due to the reduction in fleet
size.
- Drydocking costs for the nine months ended September 30, 2022
and 2021 were $2.3 million and $4.4 million, respectively. The
costs for the nine months ended September 30, 2022 mainly related
to the drydocking of five vessels while the costs for the same
period of last year related to the drydocking of six vessels.
- Depreciation for the nine months ended September 30, 2022, was
$21.0 million, a $7.5 million decrease from $28.5 million for the
same period of last year, due to the decrease in the average number
of our vessels.
- Impairment loss for the nine months ended September 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 nine months ended September 30,
2021 was $3.1 million relating to three vessels, one older vessel
plus two vessels for which the Company had entered into separate
agreements to sell to third parties.
- Loss on sale of vessels for the nine months ended September 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 nine months ended September
30, 2022 and 2021 were $8.7 million and $9.5 million, respectively.
The $0.8 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 nine months ended
September 30, 2022 and 2021 was a gain of $9.7 million and a gain
of $6.6 million, respectively. The $3.1 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 a net income for
the nine months ended September 30, 2022 of $26.6 million, compared
to a net income of $3.6 million for the nine months ended September
30, 2021. The weighted average number of shares outstanding as of
September 30, 2022 and 2021 was 37.9 million and 37.9 million,
respectively. Earnings per share for the nine months ended
September 30, 2022 amounted to $0.70 compared to earnings per share
of $0.10 for the same period of last year.
- Adjusted net income was $26.1 million, or $0.69 per share, for
the nine months ended September 30, 2022 compared to adjusted net
income of $7.2 million, or $0.19 per share, for the same period of
last year.
- EBITDA for the nine months ended September 30, 2022 amounted to
$55.8 million. An average of 35.0 vessels were owned by the Company
during the nine months ended September 30, 2022 , compared to 41.8
vessels for the same period of 2021.
- As of September 30, 2022, cash and cash equivalents amounted to
$72.7 million and total debt net of deferred finance charges
amounted to $284.6 million.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A three years time charter for its 2014 built LPG carrier Eco
Corsair, until Feb 2026.
- A twelve months time charter extension for its 2011 built LPG
carrier Gas Myth, until Jan 2024.
- A twelve months time charter extension for its 2012 built LPG
carrier Gas Husky, until Dec 2023.
- A twelve months time charter extension for its 2015 built LPG
carrier Eco Galaxy, until Dec 2023.
- A twelve months time charter for its 2012 built LPG carrier Gas
Esco, until Nov 2023.
- A twelve months time charter for its 2021 built LPG carrier Eco
Blizzard, until Oct 2023.
- A twelve months time charter for its 2014 built LPG carrier Eco
Chios, until Oct 2023 with a charterer’s option to extend a further
twelve months.
- A twelve months time charter for its 2014 built LPG carrier Eco
Invictus, until Nov 2023 with a charterer’s option to extend a
further twelve months.
- A six months time charter for its 2016 built LPG carrier Eco
Nical, until Apr 2023 with a charterer’s option to extend a further
six months.
- A six months time charter for its 2020 built LPG carrier Eco
Alice, until Mar 2023 with a charterer’s option to extend a further
six months.
- A three months time charter for its 1997 built LPG carrier the
Gas Galaxy, until Jan 2023.
With these charters, the Company has total
contracted revenues of approximately $90 million.
For the remainder of the year 2022, the Company
has about 78% of fleet days secured under period contracts, while
40% of fleet days are secured under period contracts for 2023.
Board Chairman Michael Jolliffe
Commented
Today we are pleased to announce yet another
profitable quarter. For 2022 StealthGas has reported consecutive
quarterly profits bringing the total net income year to date to
$26.6 million or $0.70 per share. Looking more closely at the third
quarter, the shipping market did experience a summer lull and
activity was somewhat reduced, as a result there were more vessels
on the spot market with reduced earnings. As the winter months
closed in activity picked up and charterers started seeking forward
coverage, taking advantage of the favourable conditions we recently
entered into a substantial number of medium-term charters at
healthy rates.
We believe that the fundamentals of our sector
continue to be positive and demand for LPG will continue to grow,
albeit in an environment of economic and geopolitical uncertainty
and regulatory changes. StealthGas remains focused on utilising its
ample liquidity to renew and grow the fleet for the benefit of its
shareholders and its customers.
Conference Call details:
On November 21, 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.
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/BIf757cd4a8b8941b68d768eb93b19b4dd
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 40 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 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 September 30, 2021 and September 30, 2022 .
FLEET DATA |
Q3 2021 |
Q3 2022 |
9M 2021 |
9M 2022 |
Average number of vessels (1) |
41.83 |
|
34.00 |
|
41.81 |
|
35.01 |
|
Period end
number of owned vessels in fleet |
41 |
|
34 |
|
41 |
|
34 |
|
Total
calendar days for fleet (2) |
3,848 |
|
3,128 |
|
11,415 |
|
9,559 |
|
Total voyage
days for fleet (3) |
3,747 |
|
3,028 |
|
11,192 |
|
9,420 |
|
Fleet
utilization (4) |
97.4 |
% |
96.8 |
% |
98.0 |
% |
98.5 |
% |
Total
charter days for fleet (5) |
3,203 |
|
2,185 |
|
8,607 |
|
7,814 |
|
Total spot
market days for fleet (6) |
544 |
|
843 |
|
2,585 |
|
1,606 |
|
Fleet
operational utilization (7) |
94.1 |
% |
87.9 |
% |
94.5 |
% |
92.5 |
% |
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) |
Third Quarter EndedSeptember 30th, |
|
Nine Months Period EndedSeptember 30th, |
|
2021 |
|
2022 |
|
|
2021 |
|
2022 |
Net Income - Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
|
Net income |
1,227,081 |
|
|
6,733,657 |
|
|
3,609,145 |
|
|
26,552,524 |
|
Less gain on derivatives |
(11,471 |
) |
|
(713,507 |
) |
|
(17,788 |
) |
|
(1,779,309 |
) |
Less swap interest paid |
-- |
|
|
(8,844 |
) |
|
(141,446 |
) |
|
(90,425 |
) |
Plus loss on sale of vessels, net |
304,210 |
|
|
-- |
|
|
304,210 |
|
|
408,637 |
|
Plus impairment loss |
-- |
|
|
-- |
|
|
3,096,391 |
|
|
529,532 |
|
Plus share based compensation |
280,284 |
|
|
85,529 |
|
|
354,202 |
|
|
525,260 |
|
Adjusted Net Income |
1,800,104 |
|
|
6,096,835 |
|
|
7,204,714 |
|
|
26,146,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income – EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Net income |
1,227,081 |
|
|
6,733,657 |
|
|
3,609,145 |
|
|
26,552,524 |
|
Plus interest and finance costs |
3,411,631 |
|
|
3,549,687 |
|
|
9,528,134 |
|
|
8,668,720 |
|
Less interest income |
(202 |
) |
|
(306,815 |
) |
|
(2,979 |
) |
|
(378,193 |
) |
Plus depreciation |
9,357,522 |
|
|
6,929,887 |
|
|
28,487,574 |
|
|
20,982,015 |
|
EBITDA |
13,996,032 |
|
|
16,906,416 |
|
|
41,621,874 |
|
|
55,825,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
Net income |
1,227,081 |
|
|
6,733,657 |
|
|
3,609,145 |
|
|
26,552,524 |
|
Less gain on derivatives |
(11,471 |
) |
|
(713,507 |
) |
|
(17,788 |
) |
|
(1,779,309 |
) |
Plus loss on sale of vessels, net |
304,210 |
|
|
-- |
|
|
304,210 |
|
|
408,637 |
|
Plus impairment loss |
-- |
|
|
-- |
|
|
3,096,391 |
|
|
529,532 |
|
Plus share based compensation |
280,284 |
|
|
85,529 |
|
|
354,202 |
|
|
525,260 |
|
Plus interest and finance costs |
3,411,631 |
|
|
3,549,687 |
|
|
9,528,134 |
|
|
8,668,720 |
|
Less interest income |
(202 |
) |
|
(306,815 |
) |
|
(2,979 |
) |
|
(378,193 |
) |
Plus depreciation |
9,357,522 |
|
|
6,929,887 |
|
|
28,487,574 |
|
|
20,982,015 |
|
Adjusted EBITDA |
14,569,055 |
|
|
16,278,438 |
|
|
45,358,889 |
|
|
55,509,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - Adjusted EPS |
|
|
|
|
|
|
|
|
|
|
|
Net income |
1,227,081 |
|
|
6,733,657 |
|
|
3,609,145 |
|
|
26,552,524 |
|
Adjusted net income |
1,800,104 |
|
|
6,096,835 |
|
|
7,204,714 |
|
|
26,146,219 |
|
Weighted average number of shares |
37,858,437 |
|
|
37,924,542 |
|
|
37,858,437 |
|
|
37,891,672 |
|
EPS - Basic and Diluted |
0.03 |
|
|
0.18 |
|
|
0.10 |
|
|
0.70 |
|
Adjusted EPS |
0.05 |
|
|
0.16 |
|
|
0.19 |
|
|
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc. Unaudited
Consolidated Statements of Income (Expressed in
United States Dollars, except for number of shares)
|
|
|
Quarters EndedSeptember 30, |
|
Nine Month Periods EndedSeptember 30, |
|
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
Revenues |
|
37,485,600 |
|
|
34,885,398 |
|
|
114,151,131 |
|
|
110,031,503 |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
4,060,113 |
|
|
6,342,084 |
|
|
15,993,168 |
|
|
14,295,103 |
|
|
Voyage expenses - related party |
|
463,123 |
|
|
431,035 |
|
|
1,418,297 |
|
|
1,354,552 |
|
|
Vessels' operating expenses |
|
15,219,195 |
|
|
13,862,097 |
|
|
45,609,845 |
|
|
39,560,293 |
|
|
Vessels' operating expenses - related party |
287,750 |
|
|
259,500 |
|
|
809,250 |
|
|
774,450 |
|
|
Drydocking costs |
|
1,793,763 |
|
|
1,770,727 |
|
|
4,431,944 |
|
|
2,347,352 |
|
|
Management fees - related party |
|
1,489,338 |
|
|
1,338,145 |
|
|
4,417,904 |
|
|
3,910,830 |
|
|
General and administrative expenses |
|
1,209,098 |
|
|
820,599 |
|
|
3,050,282 |
|
|
2,588,510 |
|
|
Depreciation |
|
9,357,522 |
|
|
6,929,887 |
|
|
28,487,574 |
|
|
20,982,015 |
|
|
Impairment loss |
|
-- |
|
|
-- |
|
|
3,096,391 |
|
|
529,532 |
|
|
Net loss on sale of vessels |
|
304,210 |
|
|
-- |
|
|
304,210 |
|
|
408,637 |
|
Total expenses |
|
34,184,112 |
|
|
31,754,074 |
|
|
107,618,865 |
|
|
86,751,274 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
3,301,488 |
|
|
3,131,324 |
|
|
6,532,266 |
|
|
23,280,229 |
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(3,411,631 |
) |
|
(3,549,687 |
) |
|
(9,528,134 |
) |
|
(8,668,720 |
) |
|
Gain on derivatives |
|
11,471 |
|
|
713,507 |
|
|
17,788 |
|
|
1,779,309 |
|
|
Interest income |
202 |
|
|
306,815 |
|
|
2,979 |
|
|
378,193 |
|
|
Foreign exchange (loss)/gain |
|
(12,575 |
) |
|
38,352 |
|
|
(53,892 |
) |
|
83,057 |
|
Other expenses, net |
|
(3,412,533 |
) |
|
(2,491,013 |
) |
|
(9,561,259 |
) |
|
(6,428,161 |
) |
|
|
|
|
|
|
|
|
|
|
(Loss)/Income before equity in earnings of
investees |
(111,045 |
) |
|
640,311 |
|
|
(3,028,993 |
) |
|
16,852,068 |
|
Equity earnings in joint ventures |
|
1,338,126 |
|
|
6,093,346 |
|
|
6,638,138 |
|
|
9,700,456 |
|
Net Income |
|
1,227,081 |
|
|
6,733,657 |
|
|
3,609,145 |
|
|
26,552,524 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
- Basic & Diluted |
|
0.03 |
|
|
0.18 |
|
|
0.10 |
|
|
0.70 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
|
-Basic & Diluted |
|
37,858,437 |
|
|
37,924,542 |
|
|
37,858,437 |
|
|
37,891,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc. Unaudited
Consolidated Balance Sheets (Expressed in United
States Dollars)
|
|
|
December 31, |
|
September 30, |
|
|
|
2021 |
|
2022 |
|
|
|
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
31,304,151 |
|
|
72,660,000 |
|
|
Receivables
from related party |
|
63,767 |
|
|
-- |
|
|
Trade and
other receivables |
|
2,117,636 |
|
|
3,430,068 |
|
|
Other
current assets |
|
298,984 |
|
|
437,545 |
|
|
Claims
receivable |
|
62,652 |
|
|
280,114 |
|
|
Inventories |
|
2,772,532 |
|
|
5,558,898 |
|
|
Advances and
prepayments |
|
637,881 |
|
|
1,269,825 |
|
|
Restricted
cash |
|
2,198,775 |
|
|
2,335,892 |
|
|
Vessel held for sale |
|
12,250,000 |
|
|
-- |
|
Total current assets |
|
51,706,378 |
|
|
85,972,342 |
|
|
|
|
|
|
|
Non current assets |
|
|
|
|
|
Advances for
vessels acquisitions |
|
-- |
|
|
23,400,000 |
|
|
Operating
lease right-of-use assets |
|
104,168 |
|
|
41,142 |
|
|
Vessels,
net |
|
681,337,153 |
|
|
648,500,103 |
|
|
Restricted
cash |
|
12,197,611 |
|
|
10,574,902 |
|
|
Investments
in joint ventures |
|
53,323,032 |
|
|
45,470,489 |
|
|
Fair value of derivatives |
|
-- |
|
|
3,322,310 |
|
Total non current assets |
|
746,961,964 |
|
|
731,308,946 |
|
Total assets |
|
798,668,342 |
|
|
817,281,288 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
|
|
Payable to
related parties |
|
1,491,705 |
|
|
3,908,937 |
|
|
Trade
accounts payable |
|
8,592,124 |
|
|
11,981,701 |
|
|
Accrued and
other liabilities |
|
3,842,879 |
|
|
5,195,954 |
|
|
Operating
lease liabilities |
|
104,168 |
|
|
41,142 |
|
|
Deferred
income |
|
5,666,285 |
|
|
5,040,703 |
|
|
Current
portion of long-term debt |
|
31,836,619 |
|
|
30,066,431 |
|
|
Current portion of long-term debt associated with vessel held for
sale |
7,173,988 |
|
|
-- |
|
Total current liabilities |
|
58,707,768 |
|
|
56,234,868 |
|
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
Fair value
of derivatives |
|
3,151,880 |
|
|
3,701,938 |
|
|
Deferred income |
76,949 |
|
|
37,121 |
|
|
Long-term
debt |
|
261,960,975 |
|
|
254,556,289 |
|
Total non current liabilities |
|
265,189,804 |
|
|
258,295,348 |
|
Total liabilities |
|
323,897,572 |
|
|
314,530,216 |
|
|
|
|
|
|
|
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 |
|
|
443,534,594 |
|
|
Retained
earnings |
|
59,803,487 |
|
|
86,356,011 |
|
|
Accumulated other comprehensive loss |
(3,103,945 |
) |
|
(2,201,427 |
) |
Total stockholders' equity |
|
474,770,770 |
|
|
502,751,072 |
|
Total liabilities and stockholders' equity |
|
798,668,342 |
|
|
817,281,288 |
|
StealthGas Inc. Unaudited
Consolidated Statements of Cash Flows (Expressed
in United States Dollars)
|
|
Nine Month Periods Ended September 30, |
|
|
2021 |
|
2022 |
Cash flows from operating activities |
|
|
|
|
|
Net income for the period |
|
3,609,145 |
|
26,552,524 |
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
provided by operating activities: |
|
|
|
|
|
Depreciation |
|
28,487,574 |
|
20,982,015 |
|
Amortization of deferred finance charges |
|
914,717 |
|
698,877 |
|
Amortization of operating lease right-of-use assets |
|
67,386 |
|
63,026 |
|
Share based compensation |
|
354,202 |
|
525,260 |
|
Change in fair value of derivatives |
|
(159,234) |
|
(1,869,734) |
|
Equity earnings in joint ventures |
|
(6,638,138) |
|
(9,700,456) |
|
Dividends received from joint ventures |
|
-- |
|
9,486,900 |
|
Impairment loss |
|
3,096,391 |
|
529,532 |
|
Loss on sale of vessels |
|
304,210 |
|
408,637 |
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
Trade and other receivables |
|
(168,447) |
|
(1,312,432) |
|
Other current assets |
|
178,538 |
|
(138,561) |
|
Claims receivable |
|
57,895 |
|
(500,249) |
|
Inventories |
|
(555,895) |
|
(2,786,366) |
|
Changes in operating lease liabilities |
|
(67,386) |
|
(63,026) |
|
Advances and prepayments |
|
(473,605) |
|
(631,944) |
|
Increase/(decrease) in |
|
|
|
|
|
Balances with related parties |
|
(1,542,564) |
|
3,617,682 |
|
Trade accounts payable |
|
2,364,066 |
|
3,449,280 |
|
Accrued liabilities |
|
166,577 |
|
1,353,075 |
|
Deferred income |
|
1,544,627 |
|
(665,410) |
Net cash provided by operating activities |
|
31,540,059 |
|
49,998,630 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Insurance proceeds |
|
-- |
|
282,787 |
|
Proceeds from sale of vessels, net |
|
7,795,790 |
|
23,887,379 |
|
Advances for vessels acquisition and improvement of vessels |
|
(24,941,957) |
|
(24,180,217) |
|
Investment in joint ventures |
|
(3,348,675) |
|
-- |
|
Return of investments from joint ventures |
|
1,530,000 |
|
8,066,100 |
Net cash (used in)/provided by investing
activities |
|
(18,964,842) |
|
8,056,049 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Deferred finance charges paid |
|
(1,267,766) |
|
(534,600) |
|
Advances from joint ventures |
|
-- |
|
3,129,801 |
|
Advances to joint ventures |
|
-- |
|
(4,266,484) |
|
Customer deposits paid |
|
(600,000) |
|
-- |
|
Loan repayments |
|
(114,855,610) |
|
(75,913,139) |
|
Proceeds from long-term debt |
|
108,431,250 |
|
59,400,000 |
Net cash used in financing activities |
|
(8,292,126) |
|
(18,184,422) |
Net increase in cash, cash equivalents and restricted cash |
|
4,283,091 |
|
39,870,257 |
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 |
|
57,323,293 |
|
85,570,794 |
Cash breakdown |
|
|
|
|
|
Cash and cash equivalents |
|
43,077,098 |
|
72,660,000 |
|
Restricted cash, current |
|
1,441,481 |
|
2,335,892 |
|
Restricted cash, non current |
|
12,804,714 |
|
10,574,902 |
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
57,323,293 |
|
85,570,794 |
Company Contact:
Konstantinos Sistovaris
STEALTHGAS INC.
00-30-210-6250-001
E-mail: info@stealthgas.com
Grafico Azioni StealthGas (NASDAQ:GASS)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni StealthGas (NASDAQ:GASS)
Storico
Da Giu 2023 a Giu 2024