STEALTHGAS INC. REPORTS THIRD QUARTER AND NINE MONTHS 2013 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, November 22, 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 third quarter and nine months ended September 30, 2013.

Third Quarter 2013 Results:

 

§ Revenues for the three months ended September 30, 2013 amounted to $29.7 million, a decrease of $0.7 million, or 2.3%, compared to revenues of $30.4 million for the three months ended September 30, 2012, primarily due to the observed seasonal softness in the spot market, which coincided with the expiration of employment contracts relating to the older vessels in the fleet. In this environment, those vessels’ transition period to rehire entailed increased repositioning time and decreased overall utilization which was partly offset by the revenues earned by the additional vessels which commenced operation during 2013.

§ Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2013 were $2.9 million and $9.9 million, respectively, compared to $3.5 million and $7.7 million for the three months ended September 30, 2012. The $0.6 million decrease in voyage expenses was primarily due to the lower utilization for vessels under spot charters in the 2013 period. The $2.2 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 September 30, 2013 were $1.1 million compared to $0.3 million for the same period last year. During the three months ended September 30, 2013, one vessel entered and completed drydock and two more vessels that had entered drydock late in the second quarter completed their drydocking during the third quarter. In the same period in 2012 only one vessel was drydocked.

§ Depreciation for the three months ended September 30, 2013, was $7.8 million, a $0.5 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 September 30, 2013 were $1.9 million compared to $2.5 million for the same period last year. The reduction in interest and finance cost was due to a combination of lower interest rates and lower outstanding loan balances.

§ As a result of the above, the Company had net income for the three months ended September 30, 2013 of $4.2 million, compared to net income of $6.6 million for the three months ended September 30, 2012. The weighted average number of shares outstanding for the three months ended September 30, 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 September 30, 2013 amounted to $0.13 compared to $0.32 for the same period of last year.

§ Included in the third quarter 2013 results are net losses from interest rate derivative instruments of $0.2 million. Interest paid on interest rate swap arrangements amounted to $0.7 million, or $0.02 per share, and net gains from change in fair value of the same arrangements amounted to $0.5 million. Adjusted net income was $3.7 million or $0.12 per share for the three months ended September 30, 2013 compared to $5.8 million or $0.28 per share for the same period last year.

§ EBITDA for the three months ended September 30, 2013 amounted to $14.5 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 40.6 vessels were owned by the Company during the three months ended September 30, 2013, compared to 37.0 vessels for the same period of 2012. 

 

Nine months 2013 Results:

§ Revenues for the nine months ended September 30, 2013 amounted to $89.5 million, an increase of $0.9 million, or 1.0%, compared to revenues of $88.6 million for the nine months ended September 30, 2012, primarily due to the higher number of vessels in the 2013 period.

§ Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2013 were $11.0 million and $26.5 million, respectively, compared to $8.8 million and $22.9 million for the nine months ended September 30, 2012. The $2.2 million, increase in voyage expenses was primarily due to the higher number of vessels under spot charters in the 2013 period. The $3.6 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 nine months ended September 30, 2013 were $2.5 million as five vessels were drydocked during the period, compared to five vessels being drydocked during the same period last year at a cost of $2.1 million.

§ Depreciation for the nine months ended September 30, 2013 was $22.7 million, a $1.3 million increase from $21.4 million for the same period of 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 nine months ended September 30, 2013 were $5.9 million compared to $7.3 million for the same period last year. The reduction in interest and finance cost was due to a combination of lower interest rates and lower outstanding loan balances.

§ No vessel sales took place during the nine months ended September 30, 2013 while for the same period in 2012 a $1.4 million gain on sale of vessels was reported.

§ As a result of the above, the Company had net income for the nine months ended September 30, 2013 of $15.7 million, compared to net income of $21.2 million for the nine months ended September 30, 2012. The weighted average number of shares outstanding for the nine months ended September 30, 2013 increased to 27.0 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 nine months ended September 30, 2013 amounted to $0.58 compared to $1.03 for the same period of last year.

§ Included in the results for the nine-month period ended September 30, 2013 are net gains from interest rate derivative instruments of $0.1 million. Interest paid on interest rate swap arrangements amounted to $2.4 million, or $0.09 per share and net gains from change in fair value of the same arrangements amounted to $2.4 million. Adjusted net income was $13.5 million or $0.50 per share for the nine months ended September 30, 2013 compared to $17.5 million or $0.85 per share for the same period last year.

§ EBITDA for the nine months ended September 30, 2013 amounted to $46.5 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 38.6 vessels were owned by the Company during the nine months ended September 30, 2013, compared to 36.8 vessels for the same period of 2012.

 

As of September 30, 2013, cash and cash equivalents amounted to $96.5 million and total debt to $354.5 million. During the nine months ended September 30, 2013 debt repayments amounted to $27.6 million.

 

Chartering Update

The Company has concluded the following chartering arrangements:

  • A three year time charter for its 7,200cbm, 2001 built, LPG carrier, Gas Premiership, until October 2016.
  • A six month time charter extension for its 3,211cbm, 1990 built, LPG carrier, Gas Crystal, until April 2014.  
  • A one year time charter extension for its 3,434cbm, 1991 built, LPG carrier, Gas Ice, until January 2015.  
  • A one year time charter for its 4,109cbm, 1991 built, LPG carrier, Gas Kaizen, starting upon the expiration of its current charter April 2014.  
  • A three month time charter extension for its 3,434cbm, 1992 built, LPG carrier, Gas Arctic, until April 2014.  
  • A one year time charter for its 5,000cbm, 1994 built, LPG carrier, Gas Emperor, starting upon the expiration of its current charter January 2014.  

Four vessels are currently operating in the spot market.  As of today, charter coverage for the fleet is 90% through the end of 2013 and 64% for 2014.

CEO Harry Vafias commented

As expected, during the third quarter we faced the same seasonal variations that we did during the second quarter. Although we found new charters for some of the vessels that had come off their charters we were left with five of our older vessels operating in a seasonally weak summer spot market thus reducing our overall utilization. In addition, there were increased costs for the vessels that were drydocked during this summer due to their trading areas and the technical issues involved. With the summer now behind us we have started seeing the market strengthening. As a result we have fixed some of our oldest vessels on time charters like the Gas Kaizen initially on a six month charter then back to back on another charter for one more year, the Gas Crystal that we extended for six months, the Gas Ice that we also extended for one year, the Gas Arctic that we extended for three months and the Gas Emperor that we chartered for one year. This increased interest for the chartering of the older vessels should be viewed as a positive sign for the fifteen modern vessels that will be joining our fleet over the next twenty one months. Modern vessels are in higher demand and can command higher day rates than their older counterparts  We remain optimistic about the core strategy of the company that is investing in modern vessels to grow and renew the fleet. The industry fundamentals remain positive and depict an increase in LPG trade over the next two years. The interest we have seen so far from international lenders to finance the acquisitions of these LPG vessels lead us to believe that we will soon have reached agreements for all fifteen vessels. We are now focusing on concluding these finance arrangements that will enable us to prudently allocate more funds for the further growth of our fleet.

 

Conference Call details:

On November 22, 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: 11494350.

A telephonic replay of the conference call will be available until November 29, 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: 11494350#

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 38 LPG carriers with a total capacity of 182,322 cubic meters, three medium range product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons. The Company has agreed to acquire fifteen LPG carriers, with expected deliveries in 2014 and 2015. Once the acquisition of the fifteen LPG carriers is completed and the vessels are delivered, StealthGas Inc.’s LPG carrier fleet will be composed of 53 LPG carriers with a total capacity of 257,922 cubic meters. 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. Assumptions, expectations, projections, intentions and beliefs about future events may, and often do, vary from actual results and these differences can be material.  There are a variety of factors, many of which are beyond our control, which affect our operations, performance, business strategy and results and could cause actual reported results and performance to differ materially from the performance and expectations expressed in these forward-looking statements. 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:

Harry Charogiannis

Chief Financial Officer

STEALTHGAS INC.

011-30-210-6250-001
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..com


 

Fleet Data:

The following key indicators highlight the Company’s operating performance during the third quarters and nine months ended September 30, 2012 and September 30, 2013.

 

FLEET DATA

Q3 2012

Q3 2013

9M 2012

9M 2013

Average number of vessels (1)

37.0

40.6

36.8

38.6

Period end number of vessels in fleet

37

42

37

42

Total calendar days for fleet (2)

3,404

3,735

10,090

10,535

Total voyage days for fleet (3)

3,388

3,665

9,941

10,376

Fleet utilization (4)

99.5%

98.1%

98.5%

98.5%

Total charter days for fleet (5)

2,883

3,025

8,714

8,531

Total spot market days for fleet (6)

505

640

1,227

1,845

Fleet operational utilization (7)

95.7%

87.0%

95.3%

91.4%

 

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:

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.


 

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

Third Quarter Ended September 30,

Nine Months Ended September 30,

 

2012

2013

2012

2013

Net Income - Adjusted Net Income

 

 

 

 

Net income

6,633,988

4,146,514

21,199,409

15,685,097

Loss/(gain) on derivatives

389,859

153,989

1,153,309

(64,611)

Less swap interest paid

(1,229,354)

(655,066)

(3,603,540)

(2,366,466)

Gain on sale of vessels, net

--

--

(1,372,409)

--

Unrealized exchange (gain)/loss

(1,712)

(18,722)

92,138

(10,694)

Share based compensation

--

73,758

--

218,870

Adjusted Net Income

5,792,781

3,700,473

17,468,907

13,462,196

 

 

 

 

 

Net income - EBITDA

 

 

 

 

Net income

6,633,988

4,146,514

21,199,409

15,685,097

Plus interest and finance costs incl. Swap interest paid

3,689,284

2,534,304

10,853,936

8,299,090

Less interest income

(63,603)

(83,059)

(169,844)

(203,666)

Plus depreciation

7,334,240

7,848,186

21,442,465

22,671,019

EBITDA

17,593,909

14,445,945

53,325,966

46,451,540

 

 

 

 

 

Adjusted Net income -Adjusted  EBITDA

 

 

 

 

Adjusted Net Income

5,792,781

3,700,473

17,468,907

13,462,196

Plus interest and finance costs incl. Swap interest paid

3,689,284

2,534,304

10,853,936

8,299,090

Less interest income

(63,603)

(83,059)

(169,844)

(203,666)

Plus depreciation

7,334,240

7,848,186

21,442,465

22,671,019

Adjusted EBITDA

16,752,702

13,999,904

49,595,464

44,228,639

 

 

 

 

 

EPS - Adjusted EPS

 

 

 

 

Net income

6,633,988

4,146,514

21,199,409

15,685,097

Adjusted net income

5,792,781

3,700,473

17,468,907

13,462,196

Weighted average number of shares

20,552,568

32,052,568

20,552,568

26,997,623

EPS - Basic and Diluted

0.32

0.13

1.03

0.58

Adjusted EPS

0.28

0.12

0.85

0.50

 

 

 

StealthGas Inc.

Unaudited Consolidated Statements of Income

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

 

 

 

 

 

Quarters Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

 

2012

 

2013

 

2012

 

2013

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Voyage revenues

 

 

28,561,538

 

27,272,345

 

86,735,515

 

82,108,144

 

Voyage revenues - related party

 

1,795,167

 

2,465,350

 

1,891,884

 

7,340,891

Total revenues

 

 

30,356,705

 

29,737,695

 

88,627,399

 

89,449,035

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Voyage expenses

 

 

3,170,914

 

2,544,920

 

7,753,002

 

9,894,145

 

Voyage expenses - related party

 

376,435

 

350,564

 

1,094,730

 

1,089,651

 

Vessels' operating expenses

 

7,083,383

 

8,826,188

 

21,972,357

 

23,447,417

 

Vessels' operating expenses - related party

615,677

 

1,025,556

 

885,261

 

3,066,316

 

Dry-docking costs

 

 

262,752

 

1,086,398

 

2,045,656

 

2,456,614

 

Management fees - related party

 

1,079,182

 

1,272,055

 

3,207,885

 

3,502,450

 

General and administrative expenses

 

986,483

 

651,346

 

2,151,866

 

1,892,747

 

Depreciation

 

 

7,334,240

 

7,848,186

 

21,442,465

 

22,671,019

 

Net gain on sale of vessels

 

--

 

  --

 

(1,372,409)

 

  --

Total expenses

 

 

20,909,066

 

23,605,213

 

59,180,813

 

68,020,359

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

9,447,639

 

6,132,482

 

29,446,586

 

21,428,676

 

 

 

 

 

 

 

 

 

 

 

 

Other (expenses)/income

 

 

 

 

 

 

 

 

 

Interest and finance costs

 

(2,459,930)

 

(1,879,238)

 

(7,250,396)

 

(5,932,624)

 

Gain/(Loss) on derivatives

 

(389,859)

 

(153,989)

 

(1,153,309)

 

64,611

 

Interest income

 

 

63,603

 

83,059

 

169,844

 

203,666

 

Foreign exchange loss

 

(27,465)

 

(35,800)

 

(13,316)

 

(79,232)

Other expenses, net

 

 

(2,813,651)

 

(1,985,968)

 

(8,247,177)

 

(5,743,579)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

6,633,988

 

4,146,514

 

21,199,409

 

15,685,097

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

- Basic

 

 

 

0.32

 

0.13

 

1.03

 

0.58

- Diluted

 

 

 

0.32

 

0.13

 

1.03

 

0.58

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

-Basic

 

 

 

20,552,568

 

32,052,568

 

20,552,568

 

26,997,623

-Diluted

 

 

 

20,552,568

 

32,052,568

 

20,552,568

 

26,997,623

 

 

 

 

 

 

 

 

 

 

 

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

 

 

 

 

 

December 31,

 

September 30,

 

 

 

 

 

2012

 

2013

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

42,273,000

 

95,856,697

 

Receivable from related party

 

--

 

96,717

 

Trade and other receivables

 

3,029,284

 

3,391,637

 

Claims receivable

 

 

32,835

 

1,748,496

 

Inventories

 

 

3,152,407

 

3,341,831

 

Advances and prepayments

 

435,226

 

702,705

 

Restricted cash

 

 

7,340,655

 

6,865,568

Total current assets

 

 

56,263,407

 

112,003,651

 

 

 

 

 

 

 

 

Non current assets

 

 

 

 

 

 

Advances for vessels under construction

19,321,045

 

46,283,936

 

Vessels, net

 

 

634,634,671

 

685,112,848

 

Other receivables

 

 

224,422

 

578,173

 

Restricted cash

 

 

1,300,000

 

2,100,000

 

Deferred finance charges, net of accumulated

 

 

 

 

amortization of $1,786,158 and $2,107,682

1,295,486

 

1,415,992

Total non current assets

 

656,775,624

 

735,490,949

Total assets

 

 

713,039,031

 

847,494,600

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities

 

 

 

 

 

 

Payable to related party

 

7,288,899

 

7,944,631

 

Trade accounts payable

 

5,927,526

 

7,293,704

 

Accrued liabilities

 

 

2,855,170

 

3,459,375

 

Customer deposits

 

 

280,000

 

  --

 

Deferred income

 

 

3,129,671

 

3,058,374

 

Fair value of derivatives

 

539,904

 

370,702

 

Current portion of long-term debt

 

35,787,544

 

72,873,605

Total current liabilities

 

 

55,808,714

 

95,000,391

 

 

 

 

 

 

 

 

Non current liabilities

 

 

 

 

 

 

Fair value of derivatives

 

5,409,337

 

3,240,319

 

Other non current liabilities

 

222,770

 

552,131

 

Long-term debt

 

 

309,564,768

 

281,673,584

Total non current liabilities

 

315,196,875

 

285,466,034

Total liabilities

 

 

371,005,589

 

380,466,425

 

 

 

 

 

 

 

 

Commitments and contingencies

 

  --

 

  --

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Capital stock

206,273

 

321,273

 

Additional paid-in capital

 

275,792,164

 

385,079,657

 

Retained earnings

 

 

66,016,627

 

81,701,724

 

Accumulated other comprehensive income/(loss)

18,378

 

(74,479)

Total stockholders' equity

 

342,033,442

 

467,028,175

Total liabilities and stockholders' equity

713,039,031

 

847,494,600

 

 

StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

2012

 

2013

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Net income for the period

 

 

21,199,409

 

15,685,097

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to net cash

 

 

 

 

  provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

 

21,442,465

 

22,671,019

 

Amortization of deferred finance charges

 

325,577

 

321,524

 

Unrealized exchange loss/(gain)

 

 

92,138

 

(10,694)

 

Share based compensation

 

 

--

 

218,870

 

Change in fair value of derivatives

 

 

(2,450,232)

 

(2,431,077)

 

Net gain on sale of vessels

 

 

(1,372,409)

 

  --

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

(Increase)/decrease in

 

 

 

 

 

 

Trade and other receivables

 

 

(1,038,642)

 

(716,104)

 

Claims receivable

 

 

 

(275,734)

 

(1,922,975)

 

Inventories

 

 

 

(198,666)

 

(189,424)

 

Advances and prepayments

 

 

119,337

 

(267,479)

 

Increase/(decrease) in

 

 

 

 

 

 

Balances with related parties

 

 

107,632

 

559,015

 

Trade accounts payable

 

 

464,668

 

1,366,178

 

Accrued liabilities

 

 

 

(1,128,920)

 

604,205

 

Other non current liabilities

 

 

--

 

329,361

 

Deferred income

 

 

 

(257,320)

 

(71,297)

Net cash provided by operating activities

 

37,029,303

 

36,146,219

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Insurance proceeds

 

 

 

792,137

 

207,314

 

Acquisitions and advances for vessels under construction

 

 

(62,513,765)

 

(100,112,087)

 

Proceeds from sale of vessels, net

 

 

18,136,907

 

-- 

 

Decrease/(Increase) in restricted cash account

 

 

2,141,047

 

(324,913)

Net cash used in investing activities

 

(41,443,674)

 

(100,229,686)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net proceeds from common stock issuance

 

 

 

--

 

109,183,623

 

Deferred finance charges

 

 

--

 

(442,030)

 

Customer deposits paid

 

 

--

 

(280,000)

 

Loan repayment

 

 

 

(41,048,198)

 

(27,567,623)

 

Proceeds from long-term debt

 

 

43,250,000

 

36,762,500

Net cash provided by financing activities

 

2,201,802

 

117,656,470

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

(92,138)

 

10,694

 

 

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(2,304,707)

 

53,583,697

Cash and cash equivalents at beginning of year

 

43,539,303

 

42,273,000

Cash and cash equivalents at end of period

 

41,234,596

 

95,856,697

 

StealthGas Inc.
3rd Quarter 2017 Results
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The webcast is scheduled for:
Wednesday, November 22, 2017,
5:00 pm CEST / 11:00 am EDT