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Home arrow Investor Relations arrow STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS 2012 FINANCIAL AND OPERATING RESULTS
STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS 2012 FINANCIAL AND OPERATING RESULTS Print E-mail
ATHENS, GREECE, February 21, 2013.  STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2012

 

Fourth Quarter 2012 Results:

§ Net income for the three months ended December 31, 2012 was $7.8 million, or $0.38 per share, compared to net income of $4.4 million, or $0.22 per share, for the three months ended December 31, 2011. The $3.4 million or 77.3%, increase in net income was mainly due to lower voyage, operating and drydocking costs and higher revenues.

§ Revenues for the three months ended December 31, 2012, amounted to $30.6 million, an increase of $1.7 million, or 5.9%, compared to revenues of $28.9 million for the three months ended December 31, 2011, as a result of improving freight markets and higher utilization.

§ Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2012 were $3.9 million and $7.7 million, respectively, compared to $4.7 million and $7.8 million for the three months ended December 31, 2011. The $0.8 million, or 17.0%, decrease in voyage expenses was primarily due to the lower number of vessels under spot charters in the 2012 period.

§ Drydocking Costs for the three months ended December 31, 2012 were $0.02 million as no vessels were drydocked during the period, compared to two vessels being drydocked at the same period of last year at a cost of $0.9 million.

§ Included in the fourth quarter 2012 results are net gains from interest rate derivative instruments of $0.07 million. This amount includes $1.0 million, or $0.05 per share, of interest paid on interest rate swap arrangements. Adjusted net income was $6.7 million or $0.33 per share for the three months ended December 31, 2012 compared to $3.4 million or $0.17 per share for the same period last year.

§ EBITDA for the three months ended December 31, 2012 amounted to $17.2 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income are set forth below.

 

An average of 37.0 vessels were owned by the Company during the three months ended December 31, 2012, as well as during the same period of 2011.  As of today, charter coverage for the fleet is 75% through the end of 2013 and 42% for 2014.

 

Twelve Months 2012 Results:

§ Net income for the twelve months ended December 31, 2012 was $29.0 million, or $1.41 per share, compared to a net income of $8.5 million, or $0.41 per share, for the twelve months ended December 31, 2011.  The $20.5 million, or 241.2%, increase in net income was mainly due to the following factors:

§ Revenues for the twelve months ended December 31, 2012, amounted to $119.2 million, an increase of $0.9 million, or 0.8%, compared to revenues of $118.3 million for the twelve months ended December 31, 2011. The increase in revenues, despite the lower average number of vessels in our fleet, was firstly due to the higher chartering rates achieved due to improving freight markets and secondly due to higher earnings of the new vessels added to our fleet versus the older vessels that were sold.

§ Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2012 were $12.7 million and $30.6 million, respectively, compared to $17.8 million and $36.6 million, respectively, for the twelve months ended December 31, 2011. The $5.1 million, or 28.6%, decrease in voyage expenses was due primarily to the lower number of vessels under spot charters in 2012. The $6.0 million, or 16.4%, decrease in vessels’ operating expenses was due primarily to the higher number of vessels operating under bareboat charters in the 2012 period.

§ Drydocking Costs for the twelve months ended December 31, 2012 were $2.1 million compared to $3.4 million for the twelve months ended December 31, 2011. During 2012 five vessels were drydocked compared to nine vessels during 2011.

§ Included in the twelve months 2012 results are net losses from interest rate derivative instruments of $1.1 million. This amount includes $4.6 million, or $0.22 per share, of interest paid on interest rate swap arrangements. The Company also realized a $1.4 million gain on sale of vessels compared to a $5.7 million loss for the same period last year. Adjusted net income was $24.2 million or $1.18 per share for the twelve months ended December 31, 2012 compared to $11.6 million or $0.56 per share for the same period last year.

§ EBITDA for the twelve months ended December 31, 2012 amounted to $66.9 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income are set forth below.

 

An average of 36.9 vessels were owned by the Company in the twelve months ended December 31, 2012, compared to 37.6 vessels for the same period of 2011. 

 

CEO Harry Vafias commented

The fourth quarter of 2012 was our best quarter over the last four years. Our sound sale and purchase and chartering strategies combined with stronger freight markets during the winter months resulted in net income for the quarter of $7.8 million, improving on our previous quarter, but more importantly up 77.3% compared to the same quarter of last year. We have recently time chartered the Gas Monarch for six months and extended the charters on the Sir Ivor and Lyne for nine months, while we continue to have six vessels trading in the spot market where there is strong activity.

For 2012 as a whole we have witnessed every quarter our results being stronger than each respective quarter of 2011. While 2011 was a turning point for the LPG market, 2012 was a year of steady improvements. Preliminary figures suggest LPG export growth of 8% for 2012 and continuing growth over the medium term. While trade growth is the distinctive factor for improvements in seaborne trade, it is equally important that there is a balance in the supply of new ships. This is what has differentiated us from most shipping sectors, since in the LPG sector we have not witnessed over the last couple of years the relentless growth in supply of vessels that has plagued other sectors. Indeed, we believe the fundamentals for LPG continue to be favorable. As a result, we believe it is an opportune time to grow the company further and consolidate our leadership position. Moreover, we are still trading at a discount to NAV and at a small earnings multiple.

 

Conference Call details:

On February 21, 2013 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.

Participants should dial into the call 10 minutes before the scheduled time using the following

numbers: 1866 682 8490 (US Toll Free Dial In) or 0844 571 8957 (UK Toll Free Dial In). 


In case of any problems with the above numbers, please dial +1 631 621 5256 (US Toll Dial In), or +44 (0)1452 555 131 (Standard International Dial In). Access Code: 7181868.


A telephonic replay of the conference call will be available until February 28, 2013 by dialing 1866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 5500 00 (Standard International Dial In). Access Code: 7181868#

 

 

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.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry.  STEALTHGAS INC. currently has a fleet of 33 LPG carriers with a total capacity of 161,822 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has purchased four newbuilding LPG carriers with expected delivery in 2014. Once the delivery of these acquisitions is completed, STEALTHGAS INC’s fleet will be composed of 37 LPG carriers with a total capacity of 184,822 cubic meters (cbm). STEALTHGAS INC’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.

 

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry dockings, changes in STEALTHGAS INC’s operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment

For information on our fleet  and further information:

Visit our website at www.stealthgas.com

Company Contact:

Konstantinos Sistovaris

Chief Financial Officer

STEALTHGAS INC.

011-30-210-6250-001
E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

 

 

 

 

Fleet Data:

The following key indicators highlight the Company’s operating performance during the fourth quarters and twelve months ended December 31, 2011 and December 31, 2012.

 

FLEET DATA

Q4 2011

Q4 2012

12M 2011

12M 2012

Average number of vessels (1)

37.0

37.0

37.6

36.9

Period end number of vessels in fleet

37

37

37

37

Total calendar days for fleet (2)

3,404

3,404

13,716

13,494

Total voyage days for fleet (3)

3,262

3,401

13,368

13,342

Fleet utilization (4)

95.8%

99.9%

97.5%

98.9%

Total charter days for fleet (5)

2,647

2,817

10,455

11,531

Total spot market days for fleet (6)

615

584

2,913

1,811

Fleet operational utilization (7)

90.5%

95.5%

89.7%

95.4%

 

1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days are the total days the vessels were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total charter days for fleet are the number of voyage days the vessels in our fleet 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 in our fleet operated on spot market charters for the relevant period.

7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

 

 

 

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

EBITDA represents net income before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before (gain)/loss on sale of assets, impairment loss, loss on derivatives, excluding swap interest paid, and non-cash foreign exchange difference. 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 and Adjusted Net Income, 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 assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide additional information on fleet operational results. We also use EBITDA to assess our liquidity position and believe it represents useful information for investors regarding a company's ability to service and/or incur indebtedness. 

 

(Expressed in United States Dollars,
except number of shares)

Fourth Quarter Ended December 31,

Twelve Months Period Ended December 31,

 

2011

2012

2011

2012

Net Income - Adjusted Net Income

 

 

 

 

Net income

4,445,791

7,759,078

8,549,791

28,958,487

Loss on derivatives

170,568

(67,051)

2,931,404

1,086,258

Less swap interest paid

(1,178,630)

(989,614)

(5,497,478)

(4,593,155)

Loss/(Gain) on sale of vessels, net

--

--

5,654,178

(1,372,409)

Unrealized exchange loss/(gain)

308

6,157

(6,868)

98,294

Adjusted Net Income

3,438,037

6,708,570

11,631,027

24,177,475

 

 

 

 

 

Net Income - EBITDA

 

 

 

 

Net income

4,445,791

7,759,078

8,549,791

28,958,487

Plus interest and finance costs

2,239,728

2,157,834

8,510,516

9,408,230

Less interest income

(44,327)

(51,179)

(83,059)

(221,023)

Plus depreciation

6,973,119

7,334,223

27,562,120

28,776,688

EBITDA

13,614,311

17,199,956

44,539,368

66,922,382

 

 

 

 

 

Adjusted Net Income - Adjusted EBITDA

 

 

 

 

Adjusted Net Income

3,438,037

6,708,570

11,631,027

24,177,475

Plus interest and finance costs

2,239,728

2,157,834

8,510,516

9,408,230

Less interest income

(44,327)

(51,179)

(83,059)

(221,023)

Plus depreciation

6,973,119

7,334,223

27,562,120

28,776,688

Adjusted EBITDA

12,606,557

16,149,448

47,620,604

62,141,370

 

 

 

 

 

EPS - Adjusted EPS

 

 

 

 

Net income

4,445,791

7,759,078

8,549,791

28,958,487

Adjusted net income

3,438,037

6,708,570

11,631,027

24,177,475

Weighted average number of shares

20,552,568

20,552,568

20,909,154

20,552,568

EPS – Basic and Diluted

0.22

0.38

0.41

1.41

Adjusted EPS

0.17

0.33

0.56

1.18

 

StealthGas Inc.

Unaudited Consolidated Statements of Income

(Expressed in United States Dollars, except number of shares)




Quarters Ended

December 31,

 

Twelve Month Periods Ended December 31,




2011


2012

 

2011


2012








 

Revenues

28,884,313


30,585,672


118,280,752


119,213,071











Expenses









Voyage expenses

4,733,157


3,856,018


17,829,220


12,703,750


Vessels' operating expenses

7,766,222


7,734,359


36,558,153


30,591,977


Dry-docking costs

867,692


21,737


3,443,491


2,067,393


Management fees

1,087,000


1,107,835


4,760,865


4,315,720


General and administrative expenses

673,153


686,893


2,646,418


2,838,759


Depreciation

6,973,119


7,334,223


27,562,120


28,776,688


Net loss/(gain) on sale of vessels

--


--


5,654,178


(1,372,409)

Total expenses

22,100,343


20,741,065

 

98,454,445

 

79,921,878

 



 


 

 

 

 

 

Income from operations

6,783,970


9,844,607

 

19,826,307

 

39,291,193











Other (expenses)/income








 

Interest and finance costs

(2,239,728)


(2,157,834)


(8,510,516)


(9,408,230)

 

(Loss)/Gain on derivatives

(170,568)


67,051


(2,931,404)


(1,086,258)


Interest income

44,327


51,179


83,059


221,023


Foreign exchange gain/(loss)

27,790


(45,925)


82,345


(59,241)

Other income, net

(2,338,179)


(2,085,529)

 

(11,276,516)

 

(10,332,706)











Net income

 

4,445,791


7,759,078

 

8,549,791

 

28,958,487











Earnings per share








- Basic


0.22


0.38


0.41


1.41

- Diluted

0.22


0.38


0.41


1.41

Weighted average number of shares








-Basic


20,552,568


20,552,568


20,909,154


20,552,568

-Diluted

20,552,568


20,552,568


20,909,154


20,552,568

 

 

 


StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)



December 31,



2011


2012



 


 

Assets




Current assets





Cash and cash equivalents

43,539,303


42,273,000


Trade and other receivables

1,545,658


3,029,284


Claims receivable

516,403


32,835


Inventories

2,416,108


3,152,407


Advances and prepayments

628,623


435,226


Restricted cash

6,954,363


7,340,655


Vessel held for sale

921,285


--

Total current assets

56,521,743

 

56,263,407






Non current assets





Advances for vessels under construction

22,347,811


19,321,045


Vessels, net

613,832,973


634,634,671


Other receivables

--


224,422


Restricted cash

1,300,000


1,300,000


Deferred finance charges, net of accumulated





amortization of $1,374,020 and $1,786,158

1,707,624


1,295,486

Total non current assets

639,188,408


656,775,624

Total assets

695,710,151


713,039,031






Liabilities and Stockholders' Equity




Current liabilities




 

Payable to related party

7,874,990


7,288,899


Trade accounts payable

6,453,807


5,927,526


Accrued liabilities

4,749,162


2,855,170


Customer deposits

275,000


280,000


Deferred income

2,789,186


3,129,671


Fair value of derivatives

--


539,904


Current portion of long-term debt

33,166,887


35,787,544


Current portion of long-term debt associated with vessel held for sale

791,823


--

Total current liabilities

56,100,855


55,808,714






Non current liabilities




 

Fair value of derivatives

9,401,798


5,409,337

 

Other non current liabilities

--


222,770


Long-term debt

317,109,471


309,564,768

Total non current liabilities

326,511,269

 

315,196,875

Total liabilities

382,612,124


371,005,589






Commitments and contingencies

--


--






Stockholders' equity





Capital stock

205,526


206,273


Additional paid-in capital

275,761,643


275,792,164


Retained earnings

37,058,140


66,016,627


Accumulated other comprehensive income

72,718


18,378

Total stockholders' equity

313,098,027

 

342,033,442

Total liabilities and stockholders' equity

695,710,151

 

713,039,031

 

StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)



December 31,



2011


2012



 

Cash flows from operating activities





Net income for the year

8,549,791


28,958,487






Adjustments to reconcile net income to net cash provided by    operating activities:





Depreciation

27,562,120


28,776,688


Amortization of deferred finance charges

395,446


412,138


Unrealized exchange (gain)/loss

(6,868)


98,294


Share based compensation

4,071


31,268


Change in fair value of derivatives

3,734,845


(3,506,897)


Loss/(gain) on sale of vessels

5,654,178


(1,372,409)






Changes in operating assets and liabilities:




 

(Increase)/decrease in





Trade and other receivables

910,922


(1,708,048)


Claims receivable

(715,934)


(502,534)


Inventories

(576,016)


(736,299)


Advances and prepayments

148,503


193,397


Increase/(decrease) in





Payable to related party

(1,640,382)


(586,091)


Trade accounts payable

1,692,418


(526,281)


Accrued liabilities

(684,432)


(1,653,992)


Other current liability

(2,687,500)


--


Other non current liabilities

--


222,770


Deferred income

34,556


340,485

Net cash provided by operating activities

42,375,718

 

48,440,976






Cash flows from investing activities




 

Insurance proceeds

595,926


986,102

 

Acquisitions and advances for vessel under construction

(54,981,190)


(62,634,833)


Proceeds from sale of vessels, net

25,001,033


18,136,907


Decrease in restricted cash account

250,000


--


Increase in restricted cash account

(2,459,165)


(386,292)

Net cash used in investing activities

(31,593,396)

 

(43,898,116)






Cash flows from financing activities





Stock repurchase

(2,234,214)


--


Deferred finance charges

(785,000)


--


Customer deposits received

275,000


5,000


Customer deposits paid

(285,000)


--


Loan repayment

(43,417,768)


(48,965,869)


Proceeds from long-term debt

49,400,000


43,250,000

Net cash provided by/(used in) financing activities

2,953,018

 

(5,710,869)

 


 

 

 

Effect of exchange rate changes on cash

6,868


(98,294)






Net increase / (decrease) in cash and cash equivalents

13,742,208


(1,266,303)

Cash and cash equivalents at beginning of year

29,797,095


43,539,303

Cash and cash equivalents at end of year

43,539,303

 

42,273,000

 

 

             

 
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