STEALTHGAS INC. REPORTS SECOND QUARTER 2017 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, August 24, 2017. 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 second quarter ended June 30, 2017.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Operational utilization of 94.9% in Q2 17’ (91.2% in Q2 16’).
  • Commercial off hire days reduced in Q2 17’ by 41.7% compared to Q2 16’.
  • Approximately 83% of fleet days secured on period charters for the remainder of 2017, with a total of  approximately $180 million in contracted revenues
  • Sale of two of our oldest vessels, the Gas Icon (1994 built) and the Gas Emperor (1994 built), both for further trading.
  • Further delivery delay of two of the remaining 22,000 cbm LPG semi refrigerated vessels- at zero cost.
  • Record revenues of $39.3 million, increased compared to Q2 16’ by 10.1%.
  • Adjusted EBITDA of $15.5 million in Q2 17’ compared to $11.8 million in Q2 16’.
  • Moderate gearing as debt to assets stands at about 40%,
  • Cash at hand of $43.3 million with operating cashflow of $24.5 million.

Second Quarter 2017 Results:

  • Revenues for the three months ended June 30, 2017 amounted to $39.3 million, an increase of $3.6 million, or 10.1%, compared to revenues of $35.7 million for the three months ended June 30, 2016, mainly due to increased fleet utilization and a slight increase in market rates.
  • Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2017 were $4.5 million and $14.4 million respectively, compared to $3.7 million and $15.2 million respectively, for the three months ended June 30, 2016. The $0.8 million increase in voyage expenses is mainly attributed to higher bunker costs due to increased oil prices. The 5.3% decrease in vessels’ operating expenses compared to the same period of 2016 was mostly due to improved operating efficiency and a 10.6% decrease in store costs.
  • Drydocking costs for the three months ended June 30, 2017 and 2016 were $1.2 million and $1.5 million, respectively. The costs for the second quarter of 2017 corresponds to the drydocking of three vessels, while in the same period of 2016 the Company completed the drydocking of four vessels.
  • Depreciation for both the three months ended June 30, 2017 and 2016 was $9.7 million.
  • Included in the second quarter 2017 results were net losses from interest rate derivative instruments of $0.1 million. Interest paid on interest rate derivative instruments amounted to $0.1 million.
  • The Company recorded an impairment loss of $3.2 million for three of its oldest vessels, two of which have been classified as held for sale, as of June 30, 2017
  • As a result of the above, for the three months ended June 30, 2017, the Company reported a net loss of $1.7 million, compared to a net loss of $1.6 million for the three months ended June 30, 2016. The weighted average number of shares for the three months ended June 30, 2017 was 39.8 million. Loss per share, basic and diluted, for the three months ended June 30, 2017 and 2016 amounted to $0.04.
  • Adjusted net income was $1.5 million or $0.04 per share for the three months ended June 30, 2017 compared to adjusted net loss of $1.5 million or $0.04 per share for the same period of last year.
  • EBITDA for the three months ended June 30, 2017 amounted to $12.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 53.4 vessels were owned by the Company during the three months ended June 30, 2017, compared to 53.0 vessels for the same period of 2016.

Six Months 2017 Results:

  • Revenues for the six months ended June 30, 2017, amounted to $77.3 million, an increase of $5.1 million, or 7.1%, compared to revenues of $72.2 million for the six months ended June 30, 2016, primarily due to improved market conditions.
  • Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2017 were $8.1 million and $29.3 million, respectively, compared to $7.6 million and $29.8 million for the six months ended June 30, 2016. The $0.5 million increase in voyage expenses was mainly due to the higher bunker prices prevailing in the first six months of 2017 compared to the same period of 2016. The $0.5 million decrease in vessels’ operating expenses was mainly driven by improved operating efficiency and a decrease in store costs that led to the decline of daily average operating cost by 1.5% compared to the first six months of 2016.
  • Drydocking Costs for the six months ended June 30, 2017 and 2016 were $1.9 million and $2.2 million, respectively, representing the costs of 5 and 7 vessels drydocked in the respective perio
  • Depreciation for the six months ended June 30, 2017, was $19.4 million, a $0.1 million increase from $19.3 million for the same period of last year.
  • Included in the first six months of 2017 results are net losses from interest rate derivative instruments of $0.2 million. Interest paid on interest rate swap arrangements amounted to $0.2 million.
  • The Company recorded an impairment loss of $3.2 million in the first six months of 2017 for three of its oldest vessels, two of which have been classified as held for sale.
  • As a result of the above, the Company reported a net income for the six months ended June 30, 2017 of $0.3 million, compared to a net loss of $0.9 million for the six months ended June 30, 2016. The average number of shares outstanding as of June 30, 2017 was 39.8 million. Earnings per share for the six months ended June 30, 2017 amounted to $0.01 compared to loss per share of $0.02 for the same period of last year.
  • Adjusted net income was $3.6 million, or $0.09 per share, for the six months ended June 30, 2017 compared to adjusted net loss of $1.3 million, or $0.03 per share, for the same period of last year.
  • EBITDA for the six months ended June 30, 2017 amounted to $27.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 53.2 vessels were owned by the Company during the six months ended June 30, 2017, compared to 52.9 vessels for the same period of 2016.
  • As of June 30, 2017, cash and cash equivalents amounted to $43.3 million and total debt amounted to $408.2 million. During the six months ended June 30, 2017 debt repayments amounted to $22.2 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:  

  • A three year bareboat charter for its 2009 built product tanker, the Stealth Bahla, with an international tanker operator until August 2020.
  • A thirty months’ time charter for its 2016 built LPG carrier, the Eco Nical, with an oil major until December 2019.
  • A one year time charter for its 2014 built LPG carrier, the Eco Invictus, with a major international LPG trader until October 2018.
  • A one year time charter for its 2011 built LPG carrier, the Gas Cerberus, with a major international LPG trader until July 2018.
  • A one year time charter for its 2003 built LPG carrier, the Gas Prodigy, with a major international LPG trader until September 2018.
  • A one year time charter extension for its 2015 built LPG carrier, the Eco Czar, with a major international trading house until August 2018.
  • A one year time charter for its 2006 built LPG carrier, the Gas Alice, with a national oil company until August 2018.
  • A one year time charter extension for its 2006 built LPG carrier, the Gas Inspiration, with a major international LPG trader until September 2018.
  • A one year time charter extension for its 2011 built LPG carrier, the Gas Elixir, with a major international LPG trader until March 2019.
  • A one year time charter extension for its 2015 built LPG carrier, the Eco Enigma, with a major international LPG trader until January 2019.
  • A four months’ time charter for its 1995 built LPG carrier, the Gas Texiana, with a major international trading house until November 2017.
  • A six months’ time charter for its 1997 built LPG carrier, the Gas Monarch, with an international energy trader until February 2018.
  • A three months’ time charter for its 1996 built LPG carrier, the Gas Nirvana, with a major international trading house until November 2017.
  • A three months’ time charter extension for its 1996 built LPG carrier, the Gas Evoluzione, with a major international trading house until November 2017.
  • A two months’ time charter for its 2006 built LPG carrier, the Gas Enchanted, with an international energy trader until September 2017.

With these charters, the Company has contracted revenues of approximately $180 million. Total anticipated voyage days of our fleet are about 83% covered for the remainder of 2017 and 44% covered for 2018.

Board Chairman Michael Jolliffe Commented

The second quarter of 2017 was quite encouraging for StealthGas.  In spite of the low seasonal demand, we managed to achieve close to 95% operational utilization, which is the second best, second quarter’s performance marked since the year 2012. Consequently, our revenues were higher than anticipated. In addition to this, we succeeded in decreasing our operating costs. So both these factors contributed to our profitability which, excluding the impairment charges of the quarter, was quite satisfactory and significantly improved compared to the second quarter of 2016. Going forward, we have secured more than 83% of our fleet days in period charters and our market shows positive signs of improvement such as increase in rates, low orderbook and acceleration of the scrapping activity. In addition we succeeded in pushing back the deliveries of our second and third 22,000 cbm semi-ref eco newbuildings to the first quarter of 2018. Last but not least, we sold two of our oldest ships at a hefty premium over scrap showing increased confidence from buyers even for overage ships. Based on all of the above, we remain confident for the quarters to come.

Conference Call details:

On August 24, 2017 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: 00 1877 280 1254 (US Toll Free Dial In) or 0800 279 4977 (UK Toll Free Dial In).

 Access Code: 3609155.                                                            . 

In case of any problems with the above numbers, please dial +1212 444 0896 (US Toll Dial In), +44(0)20 3427 1914 (Standard International Dial In).                                                         

Access Code: 3609155.                                                          

A telephonic replay of the conference call will be available until August 30, 2017 by dialing +1 719-457-0820 (US Local Dial In), +44 (0) 207 660 0134 (UK Local Dial In).

Access Code: 3609155.                                                           

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. currently has a fleet of 54 vessels. The fleet comprises of 50 LPG carriers, including two chartered in LPG vessels, with a total capacity of 269,647 cubic meters (cbm) and  three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has agreed to acquire a further 3 LPG carriers with expected deliveries in 2018. Giving effect to the delivery of these acquisitions, StealthGas Inc.’s fleet will be composed of 53 operating LPG carriers with a total capacity of 335,647 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, 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: 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 second quarters and six month periods ended June 30, 2016 and June 30, 2017.

FLEET DATA

Q2 2016

Q2 2017

6M 2016

6M 2017

Average number of vessels (1)

53.0

53.4

52.9

53.2

Period end number of owned vessels in fleet

54

54

54

54

Total calendar days for fleet (2)

5,009

5,045

10,000

9,995

Total voyage days for fleet (3)

4,890

5,018

9,828

9,911

Fleet utilization (4)

97.6%

99.5%

98.3%

99.2%

Total charter days for fleet (5)

3,821

4,080

7,647

8,318

Total spot market days for fleet (6)

1,069

938

2,181

1,593

Fleet operational utilization (7)

91.2%

94.9%

91.2%

96.1%

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/(Loss), EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income/(loss) represents net income/(loss) before loss on derivatives excluding net swap interest paid, share based compensation, impairment loss and gain on sale of vessels. EBITDA represents net income before interest and finance costs including net swap interest paid, interest income and other income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss on derivatives, excluding net swap interest paid, impairment loss and gain on sale of vessels. 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/(loss) 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/(loss), 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/(loss) 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 believe that EBITDA 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)

Second Quarter Ended June 30th,

Six Months Periods Ended June 30th,

 

2016

2017

2016

2017

Net Income - Adjusted Net Income

       

Net (loss)/income

(1,550,038)

(1,708,871)

(914,191)

294,833

Loss on derivatives

201,063

101,249

419,291

228,380

Less swap interest paid

(203,195)

(108,585)

(737,050)

(244,960)

Gain on sale of vessel, net

--

--

(293,791)

--

Impairment loss

--

3,225,890

--

3,225,890

Share based compensation

90,726

36,300

181,452

72,202

Adjusted Net (loss)/income

(1,461,444)

1,545,983

(1,344,289)

3,576,345

         

Net (loss)/income – EBITDA

       

Net (loss)/income

(1,550,038)

(1,708,871)

(914,191)

294,833

Plus interest and finance costs  and  swap interest paid

3,697,720

4,252,266

7,587,555

8,000,134

Less interest income and other income/(expenses)

(149,989)

(72,446)

(272,729)

(150,025)

Plus depreciation

9,694,694

9,743,366

19,334,074

19,447,820

EBITDA

11,692,387

12,214,315

25,734,709

27,592,762

         

Net (loss)/income - Adjusted  EBITDA

       

Net (loss)/income

(1,550,038)

(1,708,871)

(914,191)

294,833

Loss on derivatives

201,063

101,249

419,291

228,380

Gain on sale of vessel, net

--

--

(293,791)

--

Impairment loss

--

3,225,890

--

3,225,890

Share based compensation

90,726

36,300

181,452

72,202

Plus interest and finance costs

3,494,525

4,143,681

6,850,505

7,755,174

Less interest income and other income/(expenses)

(149,989)

(72,446)

(272,729)

(150,025)

Plus depreciation

9,694,694

9,743,366

19,334,074

19,447,820

Adjusted EBITDA

11,780,981

15,469,169

25,304,611

30,874,274

         

EPS - Adjusted EPS

       

Net (loss)/income

(1,550,038)

(1,708,871)

(914,191)

294,833

Adjusted net (loss)/income

(1,461,444)

1,545,983

(1,344,289)

3,576,345

Weighted average number of shares – Basic and Diluted

39,746,051

39,802,885

39,890,741

39,802,885

EPS - Basic and Diluted

(0.04)

(0.04)

(0.02)

0.01

Adjusted EPS

(0.04)

0.04

(0.03)

0.09

StealthGas Inc.

Unaudited Consolidated Statements of Operations

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

         

Quarters Ended June 30,

 

Six Month Periods Ended June 30,

         

2016

 

2017

 

2016

 

2017

               

 

Revenues

                   
 

Revenues

   

33,303,089

 

38,311,480

 

67,327,621

 

75,363,821

 

Revenues - related party

 

2,441,791

 

961,893

 

4,891,341

 

1,973,643

Total revenues

   

35,744,880

 

39,273,373

 

72,218,962

 

77,337,464

                       

Expenses

                   
 

Voyage expenses

   

3,230,841

 

4,054,249

 

6,747,136

 

7,141,963

 

Voyage expenses - related party

 

430,259

 

486,522

 

889,988

 

961,655

 

Charter hire expenses

 

1,024,348

 

875,005

 

2,055,722

 

1,756,942

 

Vessels' operating expenses

 

14,195,501

 

14,017,188

 

27,716,880

 

28,537,294

 

Vessels' operating expenses - related party

1,018,592

 

350,973

 

2,043,964

 

752,404

 

Drydocking costs

   

1,495,286

 

1,233,368

 

2,172,475

 

1,925,113

 

Management fees - related party

 

1,822,870

 

1,844,635

 

3,615,595

 

3,654,085

 

General and administrative expenses

 

791,097

 

645,844

 

1,544,893

 

1,361,803

 

Depreciation

   

9,694,694

 

9,743,366

 

19,334,074

 

19,447,820

 

Impairment loss

   

  --

 

3,225,890

 

  --

 

3,225,890

 

Net gain on sale of vessels

 

  --

 

  --

 

(293,791)

 

  --

 

Other operating costs

   

  --

 

395,990

 

  --

 

545,990

Total expenses

   

33,703,488

 

36,873,030

 

65,826,936

 

69,310,959

 

       

 

 

 

 

 

 

 

Income from operations

 

2,041,392

 

2,400,343

 

6,392,026

 

8,026,505

                       

Other (expenses)/income

               
 

Interest and finance costs

 

(3,494,525)

 

(4,143,681)

 

(6,850,505)

 

(7,755,174)

 

Loss on derivatives

   

(201,063)

 

(101,249)

 

(419,291)

 

(228,380)

 

Interest income and other income/(expenses)

149,989

 

72,446

 

272,729

 

150,025

 

Foreign exchange (loss)/gain

 

(45,831)

 

63,270

 

(309,150)

 

101,857

Other expenses, net

   

(3,591,430)

 

(4,109,214)

 

(7,306,217)

 

(7,731,672)

                       

Net (loss)/income

   

(1,550,038)

 

(1,708,871)

 

(914,191)

 

294,833

                       

(Loss)/Earnings per share

                 

- Basic and diluted

     

(0.04)

 

(0.04)

 

(0.02)

 

0.01

                       

Weighted average number of shares

             

-Basic and diluted

     

39,746,051

 

39,802,885

 

39,890,741

 

39,802,885

  

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

           

December 31,

 

June 30,

         

 

2016

 

2017

                 

Assets

             

Current assets

           
 

Cash and cash equivalents

   

64,993,923

 

43,349,049

 

Receivables from related party

   

115,599

 

--

 

Trade and other receivables

   

3,918,031

 

6,327,051

 

Claims receivable

     

  --

 

54,466

 

Inventories

     

2,809,123

 

3,541,175

 

Advances and prepayments

   

1,278,357

 

1,448,002

 

Restricted cash

     

3,363,012

 

3,236,011

 

Vessels held for sale

     

  --

 

5,801,867

Total current assets

   

 

76,478,045

 

63,757,621

                 

Non current assets

           
 

Advances for vessels under construction

 

55,785,801

 

55,775,156

 

Vessels, net

     

863,699,739

 

890,600,011

 

Other receivables

     

--

 

269,947

 

Restricted cash

     

5,174,710

 

6,760,212

 

Deferred finance charges

 

540,414

 

851,760

 

Fair value of derivatives

       

263,635

 

194,951

Total non current assets

 

 

925,464,299

 

954,452,037

Total assets

   

 

1,001,942,344

 

1,018,209,658

                 

Liabilities and Stockholders' Equity

         

Current liabilities

           
 

Payable to related parties

   

7,890,933

 

13,177,367

 

Trade accounts payable

   

8,728,267

 

9,610,016

 

Accrued and other liabilities

   

5,299,479

 

5,176,892

 

Customer deposits

   

--

 

1,820,700

 

Deferred income

     

4,621,438

 

4,530,189

 

Deferred income - related party

   

232,774

 

--

 

Current portion of long-term debt

   

54,593,715

 

71,911,083

Total current liabilities

   

 

81,366,606

 

106,226,247

                 

Non current liabilities

           
 

Fair value of derivatives

   

364,823

 

337,021

 

Customer deposits

     

2,556,700

 

736,000

 

Deferred gain on sale and leaseback of vessels

 

385,127

 

288,408

 

Deferred income

 

1,910

 

  4,507

 

Long-term debt

     

343,291,874

 

336,332,598

Total non current liabilities

 

 

346,600,434

 

337,698,534

Total liabilities

   

 

427,967,040

 

443,924,781

                 

Commitments and contingencies

         
                 

Stockholders' equity

           
 

Capital stock

     

442,850

 

442,850

 

Treasury stock

     

(22,523,528)

 

(22,523,528)

 

Additional paid-in capital

   

501,342,523

 

501,414,725

 

Retained earnings

     

94,688,024

 

94,982,857

 

Accumulated other comprehensive income/(loss)

 

25,435

 

(32,027)

Total stockholders' equity

 

 

573,975,304

 

574,284,877

Total liabilities and stockholders' equity

 

1,001,942,344

 

1,018,209,658

 

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

               

Six Month Periods Ended June 30,

         

 

   

2016

 

2017

Cash flows from operating activities

             
 

Net (loss)/income for the period

       

(914,191)

 

294,833

Adjustments to reconcile net (loss)/income to net cash

           

  provided by operating activities:

             
 

Depreciation

         

19,334,074

 

19,447,820

 

Amortization of deferred finance charges

     

352,979

 

346,663

 

Amortization of deferred gain on sale and leaseback of vessels

     

(97,253)

 

(96,719)

 

Share based compensation

       

181,452

 

72,202

 

Change in fair value of derivatives

       

(317,759)

 

(16,580)

 

Impairment loss

         

  --

 

3,225,890

 

Gain on sale of vessels

       

(293,791)

 

  --

Changes in operating assets and liabilities:

           
 

(Increase)/decrease in

             
 

Trade and other receivables

       

922,102

 

(2,678,967)

 

Claims receivable

         

  --

 

(220,084)

 

Inventories

         

(235,552)

 

(953,919)

 

Advances and prepayments

       

(332,564)

 

(169,645)

 

Increase/(decrease) in

             
 

Balances with related parties

       

(2,622,132)

 

4,866,169

 

Trade accounts payable

       

1,056,210

 

810,510

 

Accrued liabilities

         

678,237

 

(122,587)

 

Deferred income

         

(746,724)

 

(321,426)

Net cash provided by operating activities

   

 

16,965,088

 

24,484,160

Cash flows from investing activities

             
 

Insurance proceeds

         

--

 

165,618

 

Vessels’ acquisitions and advances for vessels under construction

     

(43,937,806)

 

(54,536,234)

 

Proceeds from sale of vessels, net

       

1,114,400

 

--

Net cash used in investing activities

   

 

(42,823,406)

 

(54,370,616)

Cash flows from financing activities

             
 

Stock repurchase

         

(2,070,306)

 

--

 

Deferred finance charges

       

(540,414)

 

(646,506)

 

Loan repayments

         

(31,181,667)

 

(22,153,411)

 

Proceeds from long-term debt

       

31,200,000

 

32,500,000

Net cash (used in)/provided by financing activities

   

 

(2,592,387)

 

9,700,083

                     

Net decrease in cash, cash equivalents and restricted cash

     

(28,450,705)

 

(20,186,373)

Cash, cash equivalents and restricted cash at beginning of year

     

118,665,600

 

73,531,645

Cash, cash equivalents and restricted cash at end of period

   

 

90,214,895

 

53,345,272

Cash breakdown

                 
 

Cash and cash equivalents

       

71,575,753

 

43,349,049

 

Restricted cash, current

       

13,466,850

 

3,236,011

 

Restricted cash, non current

       

5,172,292

 

6,760,212

Total cash, cash equivalents and restricted cash shown in the statements of cash flows

 

90,214,895

 

53,345,272

 

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