Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  StealthGas Inc.    GASS   MHY816691064

STEALTHGAS INC.

(GASS)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

STEALTHGAS INC. Reports First Quarter 2020 Financial And Operating Results

share with twitter share with LinkedIn share with facebook
05/26/2020 | 09:26am EDT

ATHENS, Greece, May 26, 2020 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Operational utilization of 97.8% mainly due to few of our ships being in the spot market - equivalent to 8.4% of voyage days.
  • Only 23 days of technical off hire of which 21 days related to a technical failure of one LPG vessel.
  • Fleet calendar days, down 11.9% quarter over quarter to 3,811, attributed to our strategic fleet contraction.
  • About 69% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $126 million in contracted revenues. Period coverage for 2021 is currently 31%.
  • Voyage revenues of $34.4 million in Q1 ’20, a decrease of $4.0 million compared to Q1 ’19 following the net reduction of our average owned fleet by four vessels, two fewer chartered-in vessels and one vessel- previously on time charter- which commenced a bareboat charter at the end of 2019.
  • Net Income of $3.0 million for the first quarter of 2020, corresponding to an EPS of $0.08.
  • EBITDA of $16.5 million in Q1 ’20 (48% EBITDA Margin), compared to $17.1 million in Q1 ’19 (45% EBITDA Margin).
  • Low gearing, as debt to assets stands at 37.6%, largely due to our intense repayment schedule.
  • Total cash of $42.6 million- expected to increase by about $25 million in Q2 ‘20 following the financing of the three Medium Gas Carriers owned by our newly established Joint Venture. This financing has already been concluded. The increase will be effected through a return of equity by the Joint Venture arrangement.
  • Purchased, through a tender offer, almost 1.4 million of GASS shares for a total consideration of $2.9 million during April 2020.

First Quarter 2020 Results:

  • Revenues for the three months ended March 31, 2020 amounted to $34.4 million, a decrease of $4.0 million, or 10.4%, compared to revenues of $38.4 million for the three months ended March 31, 2019, following the net reduction of our average owned fleet by four vessels, two fewer chartered-in vessels and one vessel- previously on time charter- which commenced a bareboat charter at the end of 2019.
  • Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2020 were $2.8 million and $13.2 million respectively, compared to $3.8 million and $12.9 million respectively, for the three months ended March 31, 2019. The $1.0 million decrease in voyage expenses was mainly attributed to a 43.2% quarter-on-quarter reduction of spot days. The 2.3% increase in vessels’ operating expenses compared to the same period of 2019, is a result of unexpected costs incurred- of about $1 million- relating to the technical damage of one LPG vessel. We expect that the majority of this amount will be covered by insurance and reimbursed in the upcoming quarters of this year.
  • Drydocking costs for the three months ended March 31, 2020 and 2019 were $0.2 million and $0.2 million, respectively. Drydocking expenses during the first quarter of 2020 relate to a drydocking in progress, while the drydocking survey of one small LPG vessel was completed in the same period of 2019.
  • General and Administrative expenses for the three months ended March 31, 2020 amounted to $0.6 million compared to $1.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended March 31, 2019 share based compensation expense was incurred, which was not the case for the three months ended March 31, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for the three months ended March 31, 2020 was $9.3 million, a $0.2 million decrease from $9.5 million for the same period of last year due to the decrease of the average number of our vessels.
  • Interest and finance costs for the three months ended March 31, 2020 and 2019 were $4.2 million and $6.0 million, respectively. The $1.8 million decrease from the same period of last year is mostly due to the decrease of our indebtedness and the decline of LIBOR rates.
  • As a result of the above, for the three months ended March 31, 2020, the Company reported Net income of $3.0 million, compared to a net income of $2.0 million for the three months ended March 31, 2019. The weighted average number of shares for the three months ended March 31, 2020 and March 31, 2019 was 39.4 million and 39.9 million, respectively.
  • Earnings per share, basic and diluted, for the three months ended March 31, 2020 amounted to $0.08 compared to earnings per share of $0.05 for the same period of last year.
  • Adjusted net income was $3.1 million or $0.08 earnings per share for the three months ended March 31, 2020 compared to adjusted net income of $2.1 million or $0.05 earnings per share for the same period of last year.
  • EBITDA for the three months ended March 31, 2020 amounted to $16.5 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 41.0 vessels were owned by the Company during the three months ended March 31, 2020, compared to 45.4 vessels for the same period of 2019.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following four chartering arrangements:

  • A two year time charter for its 2008 built product tanker, the Clean Thrasher, to a National Oil Company until June 2022.
  • A one year time charter for its 2010 built Aframax tanker, the Stealth Berana, to a National Oil Company until April 2021.
  • A six months time charter extension for its 2011 built LPG carrier, the Gas Elixir, to a Major Energy Trader until December 2020.
  • A four months time charter extension for its 1995 built LPG carrier, the Gas Pasha, to a Major Energy Trader until November 2020.

With these charters, the Company has total contracted revenues of approximately $126 million. Total anticipated voyage days of our fleet is 69% covered for the remainder of 2020 and currently, 31% for 2021.

Board Chairman Michael Jolliffe Commented

The first quarter of 2020 commenced quite promisingly as per our performance and profitability. Indeed, we are pleased that we generated net income of close to $3 million with a very strong operational utilization of 98%. However, the COVID-19 outbreak has startled not only the shipping markets but also the global economy. Future periods are governed by a question mark around LPG demand and period activity. In the short run, market has deteriorated and although StealthGas is quite protected due to high period coverage and low debt no prediction can be made as for how long the COVID-19 pandemic will be the major global concern- severely affecting the whole of the shipping industry. A second wave of this pandemic outbreak may hit this winter, and StealthGas is already taking a defensive position in order to ride this storm as smoothly as possible.

Conference Call details:

On May 26, 2020 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: +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).
Access Code: 5160967

In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In), +44 (0) 8444936766 (UK Toll Dial In).
Access Code: 5160967

A telephonic replay of the conference call will be available until June 2, 2020 by dialing +1 (917) 677-7532 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).
Access Code: 5160967

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 primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry.  StealthGas Inc. has a fleet of 50 vessels. The fleet is comprised of 46 LPG carriers, including eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in 2021. These LPG vessels have a total capacity of 431,527 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled 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, 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:
Fenia Sakellaris
STEALTHGAS INC.
011-30-210-6250-001
E-mail: info@stealthgas.com

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended March 31, 2019 and March 31, 2020.

 FLEET DATAQ1 2019Q1 2020  
 Average number of vessels (1)45.4 41.0  
 Period end number of owned vessels in fleet42 41  
 Total calendar days for fleet (2)4,327 3,811  
 Total voyage days for fleet (3)4,322 3,788  
 Fleet utilization (4)99.9%99.4% 
 Total charter days for fleet (5)3,759 3,468  
 Total spot market days for fleet (6)563 320  
 Fleet operational utilization (7)98.8%97.8% 
       

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 on derivatives excluding swap interest received, share based compensation, net gain on sale of vessels and gain on deconsolidation of subsidiaries. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss on derivatives, net gain on sale of vessels and gain on deconsolidation of subsidiaries. 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 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 to investors.

  
(Expressed in United States Dollars,
except number of shares)
Three Months Period Ended March 31st,
 2019 2020 
Net Income - Adjusted Net Income  
Net income1,968,866 3,012,718 
Plus loss on derivatives22,697 68,695 
Plus swap interest received50,852 5,623 
Less net gain on sale of vessels(7,473)-- 
Less gain on deconsolidation of subsidiaries(145,000)-- 
Plus share based compensation234,247 -- 
Adjusted Net Income2,124,189 3,087,036 
   
Net income – EBITDA  
Net income1,968,866 3,012,718 
Plus interest and finance costs5,982,871 4,233,197 
Less interest income(304,433)(112,960)
Plus depreciation9,474,186 9,321,961 
EBITDA17,121,490 16,454,916 
   
Net income - Adjusted EBITDA  
Net income1,968,866 3,012,718 
Plus loss on derivatives22,697 68,695 
Less net gain on sale of vessels(7,473)-- 
Less gain on deconsolidation of subsidiaries(145,000)-- 
Plus share based compensation234,247 -- 
Plus interest and finance costs5,982,871 4,233,197 
Less interest income(304,433)(112,960)
Plus depreciation9,474,186 9,321,961 
Adjusted EBITDA17,225,961 16,523,611 
   
EPS - Adjusted EPS  
Net income1,968,866 3,012,718 
Adjusted net income2,124,189 3,087,036 
Weighted average number of shares39,860,563 39,401,882 
EPS - Basic and Diluted0.05 0.08 
Adjusted EPS0.05 0.08 


 
StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
  For The Three Months Ended March 31,
  2019 2020
Revenues    
Revenues 38,442,818  34,376,758 
Expenses    
Voyage expenses 3,328,519  2,391,269 
Voyage expenses - related party 476,637  425,684 
Charter hire expenses 2,097,549  322,363 
Vessels' operating expenses 12,667,370  13,005,546 
Vessels' operating expenses - related party 249,000  225,500 
Drydocking costs 185,624  168,796 
Management fees - related party 1,515,485  1,336,010 
General and administrative expenses 1,122,087  567,676 
Depreciation 9,474,186  9,321,961 
Net gain on sale of vessels (7,473) -- 
Total expenses 31,108,984  27,764,805 
     
Income from operations 7,333,834  6,611,953 
     
Other (expenses)/income    
Interest and finance costs (5,982,871) (4,233,197)
Gain on deconsolidation of subsidiaries 145,000  -- 
Loss on derivatives (22,697) (68,695)
Interest income 304,433  112,960 
Foreign exchange (loss)/gain (16,788) 952 
Other expenses, net (5,572,923) (4,187,980)
     
Income before equity in income of investees 1,760,911  2,423,973 
Equity income in joint ventures 207,955  588,745 
Net Income 1,968,866  3,012,718 
     
Earnings per share     
- Basic & Diluted 0.05  0.08 
Weighted average number of shares     
-Basic & Diluted 39,860,563  39,401,882 


 
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
  December 31, March 31,
  2019 2020
Assets    
Current assets    
Cash and cash equivalents 68,465,342  28,034,255 
Trade and other receivables 4,217,101  4,150,307 
Other current assets 118,246  52,385 
Claims receivable 314,217  175,747 
Inventories 2,447,703  1,786,855 
Advances and prepayments 749,681  840,391 
Restricted cash 1,589,768  1,168,117 
Fair value of derivatives 30,381  -- 
Total current assets 77,932,439  36,208,057 
     
Non current assets    
Advances for vessel under construction2,988,903  3,022,114 
Operating lease right-of-use assets 473,132  66,055 
Vessels, net 835,152,403  825,830,442 
Other receivables 286,915  221,474 
Restricted cash 12,065,222  13,377,543 
Investments in joint ventures25,250,173  67,837,418 
Fair value of derivatives 39,744  -- 
Total non current assets 876,256,492  910,355,046 
Total assets 954,188,931  946,563,103 
Liabilities and Stockholders' Equity    
Current liabilities    
Payable to related parties 7,043,121  6,024,537 
Trade accounts payable 9,032,690  9,451,048 
Accrued and other liabilities 6,002,079  5,603,364 
Operating lease liabilities 473,132  66,055 
Customer deposits 968,000  968,000 
Deferred income 2,843,994  5,061,918 
Fair value of derivatives 37,567  50,215 
Current portion of long-term debt 40,735,556  48,083,126 
Total current liabilities 67,136,139  75,308,263 
Non current liabilities    
Fair value of derivatives 2,618,250  5,784,177 
Long-term debt 325,247,902  307,457,922 
Total non current liabilities 327,866,152  313,242,099 
Total liabilities 395,002,291  388,550,362 
     
Commitments and contingencies    
Stockholders' equity    
Capital stock 445,496  445,496 
Treasury stock (24,361,145) (25,373,380)
Additional paid-in capital 502,419,122  502,419,122 
Retained earnings 82,942,210  85,954,928 
Accumulated other comprehensive loss(2,259,043) (5,433,425)
Total stockholders' equity 559,186,640  558,012,741 
Total liabilities and stockholders' equity954,188,931  946,563,103 


 
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
  For The Three Months Ended March 31,
  2019 2020
Cash flows from operating activities    
Net income for the period 1,968,866  3,012,718 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 9,474,186  9,321,961 
Amortization of deferred finance charges 278,044  184,177 
Amortization of operating lease right-of-use assets 385,213  407,077 
Share based compensation 234,247  -- 
Change in fair value of derivatives 73,549  74,318 
Equity income in joint ventures (207,955) (588,745)
Net gain on sale of vessels (7,473) -- 
Gain on deconsolidation of subsidiaries (145,000) -- 
Changes in operating assets and liabilities:    
(Increase)/decrease in    
Trade and other receivables (421,367) 132,235 
Other current assets 9,566  65,861 
Claims receivable --  138,470 
Inventories 439,177  660,848 
Changes in operating lease liabilities (385,213) (407,077)
Advances and prepayments 94,211  (90,710)
Increase/(decrease) in    
Balances with related parties (4,263,783) 584,166 
Trade accounts payable 633,331  418,358 
Accrued liabilities 342,180  (398,715)
Deferred income (1,265,697) 2,217,924 
Net cash provided by operating activities 7,236,082  15,732,866 
     
Cash flows from investing activities    
Proceeds from sale of interests in subsidiaries 20,720,975  -- 
Advances for vessel under construction --  (33,211)
Proceeds from sale of vessels, net 8,302,458  -- 
Investment in joint ventures --  (41,051,530)
Advances to joint ventures (456,610) (29,245)
Net cash provided by / (used in) investing activities 28,566,823  (41,113,986)
Cash flows from financing activities    
Stock repurchase --  (1,012,235)
Deferred finance charges paid (152,751) -- 
Advances from joint ventures   1,655,198 
Advances to joint ventures --  (4,175,673)
Loan repayments (38,690,114) (10,626,587)
Proceeds from long-term debt 11,250,000  -- 
Net cash used in financing activities (27,592,865) (14,159,297)
Net increase/(decrease) in cash, cash equivalents and restricted cash 8,210,040  (39,540,417)
Cash, cash equivalents and restricted cash at beginning of year 79,430,991  82,120,332 
Cash, cash equivalents and restricted cash at end of period 87,641,031  42,579,915 
Cash breakdown    
Cash and cash equivalents 74,797,178  28,034,255 
Restricted cash, current 980,416  1,168,117 
Restricted cash, non current 11,863,437  13,377,543 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows87,641,031  42,579,915 


Primary Logo

© GlobeNewswire 2020

share with twitter share with LinkedIn share with facebook
All news about STEALTHGAS INC.
08/21STEALTHGAS INC. Reports Second Quarter and Six Months 2020 Financial and Oper..
GL
08/18STEALTHGAS INC. Announces the Date for the Release of the Second Quarter and ..
GL
05/26STEALTHGAS INC. Reports First Quarter 2020 Financial And Operating Results
GL
05/23STEALTHGAS : Announces the date for the release of the first quarter 2020 financ..
PU
05/22STEALTHGAS INC. Announces the Date for the Release of the First Quarter 2020 ..
GL
05/05STEALTHGAS INC. Announces Final Results of Self Tender Offer for Shares of Co..
GL
04/29STEALTHGAS INC. Announces Preliminary Results of Self Tender Offer for Shares..
GL
02/21STEALTHGAS INC. Reports Fourth Quarter and Twelve Months Ended December 31, 2..
GL
02/19STEALTHGAS INC. Announces the Date for the Release of the Fourth Quarter and ..
GL
2019STEALTHGAS INC. Reports Third Quarter and Nine Months 2019 Financial and Oper..
GL
More news
Financials (USD)
Sales 2020 134 M - -
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 103 M 103 M -
Capi. / Sales 2020 0,77x
Capi. / Sales 2021 0,65x
Nbr of Employees 0
Free-Float 70,1%
Chart STEALTHGAS INC.
Duration : Period :
StealthGas Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 4,00 $
Last Close Price 2,73 $
Spread / Highest target 46,5%
Spread / Average Target 46,5%
Spread / Lowest Target 46,5%
Managers
NameTitle
Harry N. Vafias President, CEO, CFO & Executive Director
Michael Gordon Jolliffe Chairman
Markos Drakos Independent Director
John G. Kostoyannis Independent Director
Sector and Competitors