STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS 2013 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, February 20, 2014.  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, 2013.

 

Fourth Quarter 2013 Results:

 

§ Revenues for the three months ended December 31, 2013 amounted to $32.0 million, an increase of $1.4 million, or 4.58%, compared to revenues of $30.6 million for the three months ended December 31, 2012, primarily due to the revenues earned by the additional vessels which commenced operation during 2013 and partly offset by the relative weakness in the spot market compared to the same period in 2012. While the quarter was off to a slow start, coming out of a seasonal pressure by the end of the quarter the charter market had considerably improved and all  vessels were operating at full capacity.

§ Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2013 were $3.3 million and $10.0 million, respectively, compared to $3.9 million and $7.7 million for the three months ended December 31, 2012. The $0.6 million decrease in voyage expenses was primarily due to the lower utilization of vessels under spot charters in the 2013 period. The $2.3 million increase in operating expenses was primarily the result of the increase in the number of vessels operated under time charters in the 2013 period, including both the vessels that were added to the fleet and two vessels that came off bareboat charters.

§ Drydocking Costs for the three months ended December 31, 2013 were $0.7 million compared to $0.02 million for the same period last year. During the three months ended December 31, 2013, two vessels entered and completed drydock. One of these vessels was originally scheduled for a drydock during 2014 but the drydock was completed earlier before the vessel entered into a new period charter. In the same period in 2012 there were no vessels in drydock.

§ Depreciation for the three months ended December 31, 2013 was $8.1 million, a $0.8 million increase from $7.3 million for the same period of last year. This increase was due to the additional depreciation for five vessels that joined the fleet during 2013.

§ Interest and finance costs for the three months ended December 31, 2013 were $2.3 million compared to $2.2 million for the same period last year.

§ As a result of the above, net income for the three months ended December 31, 2013 amounted to $5.5 million, compared to net income of $7.8 million for the three months ended December 31, 2012. The weighted average number of shares outstanding for the three months ended December 31, 2013 increased to 32.1 million compared to 20.6 million for the same period of last year, due to the public offering of 11.5 million shares completed on April 30, 2013. Earnings per share on a basic and diluted basis for the three months ended December 31, 2013 amounted to $0.17 compared to $0.38 for the same period of last year.

§ Included in the fourth quarter 2013 results are net losses from interest rate derivative instruments of $0.09 million. Interest paid on interest rate swap arrangements amounted to $0.4 million, or $0.01 per share, compared to $1.0 million for the same period of last year. Adjusted net income was $5.2 million or $0.16 per share for the three months ended December 31, 2013 compared to $6.7 million or $0.33 per share for the same period last year.

§ EBITDA for the three months ended December 31, 2013 amounted to $16.2 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income and Adjusted EBITDA to Adjusted Net Income are set forth below.

 

Twelve Months 2013 Results:

§ Revenues for the twelve months ended December 31, 2013 amounted to $121.5 million, an increase of $2.3 million, or 1.9%, compared to revenues of $119.2 million for the twelve months ended December 31, 2012, primarily due to the higher number of vessels in the 2013 period.

§ Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2013 were $14.3 million and $36.5 million, respectively, compared to $12.7 million and $30.6 million for the twelve months ended December 31, 2012. The $1.6 million increase in voyage expenses was primarily due to the higher number of vessels operating under spot charters in the 2013 period. The $5.9 million increase in operating expenses was primarily due to the higher number of vessels in the fleet, as five new vessels were added and two more vessels came off bareboat charters, that were operated under time charters during 2013.

§ Drydocking Costs for the twelve months ended December 31, 2013 were $3.2 million as seven vessels were drydocked during the period, compared to five vessels being drydocked last year at a cost of $2.1 million.

§ Depreciation for the twelve months ended December 31, 2013 was $30.8 million, a $2.0 million increase from $28.8 million  last year. This increase was due to the higher average number of vessels in our fleet in the 2013 period.

§ Interest and finance costs for the twelve months ended December 31, 2013 were $8.2 million compared to $9.4 million  last year. The reduction in interest and finance cost was due to lower interest rates and due to the capitalization of borrowing costs as part of the cost of the vessels under construction.

§ No vessel sales took place during the twelve months ended December 31, 2013 while  in 2012 a $1.4 million gain on sale of vessels was recognized.

§ As a result of the above, net income for the twelve months ended December 31, 2013 amounted to $21.2 million, compared to net income of $29.0 million for the twelve months ended December 31, 2012. The weighted average number of shares outstanding for the twelve months ended December 31, 2013 increased to 28.3 million compared to 20.6 million last year, due to the public offering of 11.5 million shares completed on April 30, 2013. Earnings per share on a basic and diluted basis for the twelve months ended December 31, 2013 amounted to $0.75 compared to $1.41 last year.

§ Included in the results for the twelve-month period ended December 31, 2013 are net losses from interest rate derivative instruments of $0.03 million. Interest paid on interest rate swap arrangements amounted to $2.8 million, or $0.01 per share, compared to $4.6 million and net gains from change in fair value of the same arrangements amounted to $2.8 million compared to $3.5 million last year.

§ EBITDA for the twelve months ended December 31, 2013 amounted to $62.6 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income and Adjusted EBITDA to Adjusted Net Income are set forth below.

 

An average of 39.4 vessels were owned by the Company in the twelve months ended December 31, 2013, compared to 36.9 vessels for the same period of 2012. 

 

As previously announced, on February 11, 2014 the Company sold 3,398,558 shares of its common stock to an institutional investor at an offering price of $9.71. The net proceeds of approximately $32 million the Company received will be used for vessel acquisitions, capital expenditures and other general corporate purchases. 

 

CEO Harry Vafias commented

 This is the tenth consecutive quarter our company reports solid gains, and while our net income may not have been as strong as last year’s, we have seen as expected a considerable improvement of 33% compared to the previous quarter. Increasing product availability coupled with seasonal factors has led to the market strengthening in the latter part of the fourth quarter and into the first quarter of this year. At the moment, all our vessels are fully operational on period charter or spot employment.  We are focused on finding future profitable charters for the existing vessels while at the same time expanding our fleet with the addition of 17 new eco LPG carriers over the next year and half. We expect to see continuously increasing product available for shipment over the next two years and we want to take full advantage of our leading position. While we are concluding the financing arrangements for all the vessels scheduled to enter the fleet, we still have our sights at opportunistic growth and as a result we intend to use the proceeds of the placement we concluded last week, not for vessel acquisitions already announced but for further growth.

 

Conference Call details:

On February 20, 2014 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: 75956950.

 
A telephonic replay of the conference call will be available until February 27, 2014 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: 75956950#

 

 

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 38 LPG carriers with a total capacity of 182,322 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 contracted for seventeen newbuilding LPG carriers with expected delivery by the end of 2015. Once the delivery of these acquisitions is completed, STEALTHGAS INC’s fleet will be composed of 55 LPG carriers with a total capacity of 266,422 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 drydockings, 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:

Stavros Papantonopoulos

Finance Manager

STEALTHGAS INC.

011-30-210-6250-001
E-mail:
This email address is being protected from spambots. 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, 2012 and December 31, 2013.

 

FLEET DATA

Q4 2012

Q4 2013

12M 2012

12M 2013

Average number of vessels (1)

37.0

42.0

36.9

39.4

Period end number of vessels in fleet

37

42

37

42

Total calendar days for fleet (2)

3,404

3,864

13,494

14,399

Total voyage days for fleet (3)

3,401

3,820

13,342

14,196

Fleet utilization (4)

99.9%

98.9%

98.9%

98.6%

Total charter days for fleet (5)

2,817

3,365

11,531

11,896

Total spot market days for fleet (6)

584

455

1,811

2,300

Fleet operational utilization (7)

95.5%

94.9%

95.4%

92.3%

 

 

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:

 

Adjusted Net Income represents Net Income before (gain)/loss on sale of assets, loss on derivatives, excluding swap interest paid, share based compensation and unrealized exchange differences. EBITDA represents net income before interest and swap interest paid, income tax expense, depreciation and amortization. Adjusted EBITDA represents adjusted net income before interest and swap interest paid, income tax expense, depreciation and amortization. Adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA, are not recognized measurements under U.S. GAAP. Our calculation of adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA, 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 performance 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,

 

2012

2013

2012

2013

Net Income - Adjusted Net Income

 

 

 

 

Net income

7,759,078

5,532,096

28,958,487

21,217,193

(Gain)/Loss on derivatives

(67,051)

92,081

1,086,258

27,470

Less swap interest paid

(989,614)

(445,128)

(4,593,155)

(2,811,593)

Gain on sale of vessels, net

--

--

(1,372,409)

--

Unrealized exchange loss/(gain)

6,157

(47,226)

98,294

(57,920)

Share based compensation

31,268

73,758

31,268

292,628

Adjusted Net Income

6,739,838

5,205,581

24,208,743

18,667,778

 

 

 

 

 

Net Income - EBITDA

 

 

 

 

Net income

7,759,078

5,532,096

28,958,487

21,217,193

Plus interest and finance costs incl. Swap interest paid

3,147,448

2,701,979

14,001,385

11,001,068

Less interest income

(51,179)

(158,154)

(221,023)

(361,820)

Plus depreciation

7,334,223

8,090,654

28,776,688

30,761,673

EBITDA

18,189,570

16,166,575

71,515,537

62,618,114

 

 

 

 

 

Adjusted Net Income - Adjusted EBITDA

 

 

 

 

Adjusted Net Income

6,739,838

5,205,581

24,208,743

18,667,778

Plus interest and finance costs incl. Swap interest paid

3,147,448

2,701,979

14,001,385

11,001,068

Less interest income

(51,179)

(158,154)

(221,023)

(361,820)

Plus depreciation

7,334,223

8,090,654

28,776,688

30,761,673

Adjusted EBITDA

17,170,330

15,840,060

66,765,793

60,068,699

 

 

 

 

 

EPS - Adjusted EPS

 

 

 

 

Net income

7,759,078

5,532,096

28,958,487

21,217,193

Adjusted net income

6,739,838

5,205,581

24,208,743

18,667,778

Weighted average number of shares

20,552,568

32,052,568

20,552,568

28,271,746

EPS – Basic and Diluted

0.38

0.17

1.41

0.75

Adjusted EPS

0.33

0.16

1.18

0.66

 

 

 

 

 

 

 

StealthGas Inc.

Unaudited Consolidated Statements of Income

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

 

 

 

 

 

Quarters Ended December 31,

 

Twelve Months Ended December 31,

 

 

 

 

 

2012

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

28,112,564

 

29,559,421

 

114,848,079

 

111,667,565

 

Revenues - related party

 

2,473,108

 

2,473,109

 

4,364,992

 

9,814,000

Total revenues

 

 

30,585,672

 

32,032,530

 

119,213,071

 

121,481,565

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Voyage expenses

 

 

3,478,338

 

2,925,721

 

11,231,340

 

12,819,866

 

Voyage expenses - related party

 

377,680

 

393,113

 

1,472,410

 

1,482,764

 

Vessels' operating expenses

 

6,702,318

 

8,991,987

 

28,674,675

 

32,439,404

 

Vessels' operating expenses - related party

1,032,041

 

1,017,833

 

1,917,302

 

4,084,149

 

Drydocking costs

 

 

21,737

 

703,637

 

2,067,393

 

3,160,251

 

Management fees - related party

 

1,107,835

 

1,304,560

 

4,315,720

 

4,807,010

 

General and administrative expenses

 

686,893

 

923,650

 

2,838,759

 

2,816,397

 

Depreciation

 

 

7,334,223

 

8,090,654

 

28,776,688

 

30,761,673

 

Net gain on sale of vessels

 

  --

 

  --

 

(1,372,409)

 

  --

Total expenses

 

 

20,741,065

 

24,351,155

 

79,921,878

 

92,371,514

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

9,844,607

 

7,681,375

 

39,291,193

 

29,110,051

 

 

 

 

 

 

 

 

 

 

 

 

Other (expenses)/income

 

 

 

 

 

 

 

 

 

Interest and finance costs

 

(2,157,834)

 

(2,256,851)

 

(9,408,230)

 

(8,189,475)

 

Gain/(Loss) on derivatives

 

67,051

 

(92,081)

 

(1,086,258)

 

(27,470)

 

Interest income

 

 

51,179

 

158,154

 

221,023

 

361,820

 

Foreign exchange loss/(gain)

 

(45,925)

 

41,499

 

(59,241)

 

(37,733)

Other expenses, net

 

 

(2,085,529)

 

(2,149,279)

 

(10,332,706)

 

(7,892,858)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

7,759,078

 

5,532,096

 

28,958,487

 

21,217,193

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

- Basic

 

 

 

0.38

 

0.17

 

1.41

 

0.75

- Diluted

 

 

 

0.38

 

0.17

 

1.41

 

0.75

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

-Basic

 

 

 

20,552,568

 

32,052,568

 

20,552,568

 

28,271,746

-Diluted

 

 

 

20,552,568

 

32,052,568

 

20,552,568

 

28,271,746

 

 

 

 

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

 

 

 

 

 

December 31,

 

December 31,

 

 

 

 

 

2012

 

2013

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

42,273,000

 

86,218,517

 

Receivable from related party

 

--

 

104,476

 

Trade and other receivables

 

3,029,284

 

4,726,758

 

Claims receivable

 

 

32,835

 

136,867

 

Inventories

 

 

3,152,407

 

2,461,093

 

Advances and prepayments

 

435,226

 

715,444

 

Restricted cash

 

 

7,340,655

 

3,521,902

Total current assets

 

 

56,263,407

 

97,885,057

 

 

 

 

 

 

 

 

Non current assets

 

 

 

 

 

 

Advances for vessels under construction

19,321,045

 

70,577,435

 

Vessels, net

 

 

634,634,671

 

677,022,902

 

Other receivables

 

 

224,422

 

582,765

 

Restricted cash

 

 

1,300,000

 

2,300,000

 

Deferred finance charges, net of accumulated

 

 

 

 

   amortization of $1,786,158 and $2,212,091

1,295,486

 

2,616,584

Total non current assets

 

656,775,624

 

753,099,686

Total assets

 

 

713,039,031

 

850,984,743

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities

 

 

 

 

 

 

Payable to related party

 

7,288,899

 

5,941,043

 

Trade accounts payable

 

5,927,526

 

7,973,097

 

Accrued liabilities

 

 

2,855,170

 

2,880,377

 

Customer deposits

 

 

280,000

 

  --

 

Deferred income

 

 

3,129,671

 

4,735,350

 

Fair value of derivatives

 

539,904

 

277,212

 

Current portion of long-term debt

 

35,787,544

 

72,874,472

Total current liabilities

 

 

55,808,714

 

94,681,551

 

 

 

 

 

 

 

 

Non current liabilities

 

 

 

 

 

 

Fair value of derivatives

 

5,409,337

 

2,955,755

 

Other non current liabilities

 

222,770

 

758,844

 

Long-term debt

 

 

309,564,768

 

279,994,150

Total non current liabilities

 

315,196,875

 

283,708,749

Total liabilities

 

 

371,005,589

 

378,390,300

 

 

 

 

 

 

 

 

Commitments and contingencies

 

  --

 

  --

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Capital stock

206,273

 

321,273

 

Additional paid-in capital

 

275,792,164

 

385,088,821

 

Retained earnings

 

 

66,016,627

 

87,233,820

 

Accumulated other comprehensive income/(loss)

18,378

 

(49,471)

Total stockholders' equity

 

342,033,442

 

472,594,443

Total liabilities and stockholders' equity

713,039,031

 

850,984,743

 

 

 

StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

 

December 31,

 

 

2012

 

2013

 

 

 

Cash flows from operating activities

 

 

 

 

Net income for the year

28,958,487

 

21,217,193

 

 

 

 

 

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

 

 

 

 

Depreciation

28,776,688

 

30,761,673

 

Amortization of deferred finance charges

412,138

 

425,933

 

Unrealized exchange differences

98,294

 

3,745

 

Share based compensation

31,268

 

292,628

 

Change in fair value of derivatives

(3,506,897)

 

(2,784,123)

 

Gain on sale of vessels

(1,372,409)

 

--

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

(Increase)/decrease in

 

 

 

 

Trade and other receivables

(1,708,048)

 

(2,055,817)

 

Claims receivable

(502,534)

 

(1,905,152)

 

Inventories

(736,299)

 

691,314

 

Advances and prepayments

193,397

 

(280,218)

 

Increase/(decrease) in

 

 

 

 

Balances with related parties

(586,091)

 

(1,452,332)

 

Trade accounts payable

(526,281)

 

2,045,571

 

Accrued liabilities

(1,653,992)

 

25,207

 

Other non current liabilities

222,770

 

536,074

 

Deferred income

340,485

 

1,605,679

Net cash provided by operating activities

48,440,976

 

49,127,375

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Insurance proceeds

986,102

 

1,801,120

 

Vessels’ acquisitions and advances for vessels under construction

(62,634,833)

 

(124,406,294)

 

Proceeds from sale of vessels, net

18,136,907

 

--

 

(Increase)/Decrease in restricted cash account

  (386,292)

 

2,818,753

Net cash used in investing activities

(43,898,116)

 

(119,786,421)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Net proceeds from common stock issuance

  --

 

109,119,029

 

Deferred finance charges paid

  --

 

(1,747,031)

 

Customer deposits received

5,000

 

--

 

Customer deposits paid

--

 

(280,000)

 

Loan repayments

(48,965,869)

 

(37,696,190)

 

Proceeds from long-term debt

43,250,000

 

45,212,500

Net cash (used in)/ provided by financing activities

(5,710,869)

 

114,608,308

 

 

 

 

 

Effect of exchange rate changes on cash

(98,294)

 

(3,745)

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

(1,266,303)

 

43,945,517

Cash and cash equivalents at beginning of year

43,539,303

 

42,273,000

Cash and cash equivalents at end of year

42,273,000

 

86,218,517

 

 

StealthGas Inc.
2nd Quarter 2017 Results
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The webcast is scheduled for:
Thursday, August 24, 2017,
5:00 pm CEST / 11:00 am EDT