STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2019 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, August 22, 2019. 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 and six months ended June 30, 2019.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  • Operational utilization of 95.3% in Q2 ’19 (97.8% in Q2 ’18) mainly due to softer conditions prevailing in Asia.
  • About 79% of fleet days secured on period charters for the remainder of 2019, with total fleet employment days for all subsequent periods representing approximately $115.0 million in contracted revenues.
  • Entrance into a new LPG sub segment through the acquisition of a secondhand (2007 built) 38,000 cbm fully refrigerated vessel. This vessel was acquired with our JV partner.
  • Entrance into a second new LPG sub segment, through an acquisition - from a third party - of an 11,000 cbm pressurized newbuidling LPG vessel with delivery in 2021. This vessel is under construction in Japan.
  • Revenues of $34.1 million in Q2 ’19, a decrease of $9.3 million compared to Q2 ’18 following our strategic decision to divest mostly older LPG vessels that led to the net reduction of our average owned fleet by ten vessels.
  • Adjusted EBITDA of $14.9 million in Q2 ’19, compared to $20.0 million in Q2 ’18, due to fewer vessels and reduced spot market revenues.
  • Low gearing, as debt to assets stands at about 39.9% reflecting our sharp repayment schedule.
  • Cash on hand of $65.8 million, an increase of $1.3 million compared to December 31, 2018.
  • Repurchase of 170,914 GASS shares to date, for aggregate consideration of $600,573.

 

Second Quarter 2019 Results: 

  • Revenues for the three months ended June 30, 2019 amounted to $34.1 million, a decrease of $9.3 million, or 21.4%, compared to revenues of $43.4 million for the three months ended June 30, 2018, mainly as a result of the strategic reduction of our owned fleet by ten vessels, one less charter-in vessel and reduced revenue as a result of the weak Asian spot market. Our owned fleet reduction also includes the sale of a 49.9% interest in four of our vessel-owning companies to a third party investor, the results of which are no longer consolidated in our financial results with only the related profit share being reflected.
  • Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2019 were $4.1 million and $11.8 million respectively, compared to $4.3 million and $14.9 million respectively, for the three months ended June 30, 2018. The $0.2 million decrease in voyage expenses was mainly attributed to a 5.1% quarter on quarter reduction of spot days. The 20.8% decrease in vessels’ operating expenses compared to the same period of 2018, is mainly attributed to the net reduction of our owned fleet by ten vessels and the receipt of an insurance payment which improved our operating cost base.
  • Drydocking costs for the three months ended June 30, 2019 and 2018 were nil and $0.7 million, respectively. No drydocking was completed during the second quarter of 2019, while in the same period of 2018 the Company completed the drydocking of two LPG vessels.
  • Depreciation for the three months ended June 30, 2019 was $9.5 million, a $1.0 million decrease from $10.5 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 June 30, 2019 and 2018 were $5.4 million and $6.0 million, respectively. The $0.6 million decrease from the same period of last year is mostly due to the decrease of our leverage.
  • As a result of the above, for the three months ended June 30, 2019, the Company reported a net loss of $0.2 million, compared to a net loss of $0.4 million for the three months ended June 30, 2018. The weighted average number of shares for the three months ended June 30, 2019 and June 30, 2018 was 39.8 million and 39.9 million, respectively. Loss per share, basic and diluted, for the three months ended June 30, 2019 amounted to $0.00 compared to loss per share of $0.01 for the same period of last year.
  • Adjusted net income was $0.2 million or $0.01 earnings per share for the three months ended June 30, 2019 compared to adjusted net income of $3.6 million or $0.09 earnings per share for the same period of last year.
  • EBITDA for the three months ended June 30, 2019 amounted to $14.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Loss are set forth below.
  • An average of 42.0 vessels were owned by the Company during the three months ended June 30, 2019, compared to 52.2 vessels for the same period of 2018.

 

Six Months 2019 Results:

  • Revenues for the six months ended June 30, 2019, amounted to $72.5 million, a decrease of $10.6 million, or 12.8%, compared to revenues of $83.1 million for the six months ended June 30, 2018, primarily due to the strategic decision to sell mostly older small LPG vessels for further trading and the sale of a 49.9% interest in four of our vessel-owning companies to a third party investor, the results of which are no longer consolidated in our financial results with only the related profit share being reflected.
  • Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2019 were $7.9 million and $24.7 million, respectively, compared to $9.9 million and $30.3 million for the six months ended June 30, 2018. The $2.0 million decrease in voyage expenses was mainly due to the 26.7% (or 484 days) reduction of spot days. The $5.6 million decrease in vessels’ operating expenses, is due to the net reduction of the average number of vessels in our owned fleet by 8.3 vessels and the expiration of one bareboat charter-in contract.
  • Drydocking costs for the six months ended June 30, 2019 and 2018 were $0.2 million and $2.2 million, respectively. The costs for the six months ended June 30, 2019 mainly related to the survey of one small LPG vessel, while the costs for the same period of last year related to the drydocking of 5 vessels.
  • Depreciation for the six months ended June 30, 2019, was $18.9 million, a $2.1 million decrease from $21.0 million for the same period of last year, due to the net reduction of the average number of vessels in our owned fleet.
  • Interest and finance costs for the six months ended June 30, 2019 and 2018 were $11.4 million and $11.2 million, respectively. The $0.2 million increase from the same period of last year, in spite of the decrease of our leverage, is mostly due to the increase of LIBOR rates.
  • As a result of the above, the Company reported net income for the six months ended June 30, 2019 of $1.8 million, compared to a net loss of $6.2 million for the six months ended June 30, 2018. The average number of shares outstanding for the six months ended June 30, 2019 and June 30, 2018 was 39.9 million. Earnings per share for the six months ended June 30, 2019 amounted to $0.04 compared to loss per share of $0.15 for the same period of last year.
  • Adjusted net income was $2.3 million, or $0.06 per share, for the six months ended June 30, 2019 compared to adjusted net income of $1.6 million, or $0.04 per share, for the same period of last year.
  • EBITDA for the six months ended June 30, 2019 amounted to $31.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 43.7 vessels were owned by the Company during the six months ended June 30, 2019, compared to 52.0 vessels for the same period of 2018.
  • As of June 30, 2019, cash and cash equivalents amounted to $65.8 million and total debt amounted to $392.0 million. During the six months ended June 30, 2019 debt repayments amounted to $49.0 million.

 

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:  

  • A two year time charter for its 2006 built LPG carrier, the Gas Alice, to an international oil company up until August 2021.
  • A one year time charter for its 2008 built product tanker, the Clean Thrasher, to an international trading house up until June 2020.
  • A six months’ time charter for its 2001 built charter- in  LPG carrier, the Gas Cathar, to an international LPG trader until January 2020.
  • A six months’ time charter for its 2018  built LPG carrier, the Eco Freeze, to an international LPG trader until December 2019.
  • A six months’ time charter for its 2015 built LPG carrier, the Eco Universe, to an oil major until February 2020.
  • A three months’ time charter for its 2015  built LPG carrier, the Eco Enigma, to an international  trading house until October 2019.

With these charters, the Company has total contracted revenues of approximately $115 million. Total anticipated voyage days of our fleet is 79% covered for the remainder of 2019 and 35% for 2020.

 

Board Chairman Michael Jolliffe Commented 

Due to market uncertainty resulting from the US-China trade war, the pressurized market in Asia presented a relatively tough second quarter for ship owners. Charterers in the region were reluctant to conclude or renew period contracts, thus forcing vessels to operate in the spot market at low rates. This is the main reason that our revenue generation was less than expected, in spite of favorable operational utilization of close to 95% and an increase in daily revenue from our vessels on time charter contracts.

This quarter we had close to 19% of our fleet operating in the spot market, the majority of which were in the Asian region. Our vessels operating in the spot market during the second quarter of 19’ generated in total almost $1.5 million less TCE revenue than in the first quarter of the year.

From a strategic standpoint, we have been active, with StealthGas moving to enter, for the first time, the 11,000 cbm pressurized LPG segment. In addition, through our Joint Venture arrangement, we moved to enter in a second new LPG subsegment, as we recently acquired a 38,000 cbm fully refrigerated vessel. Relying on the technical and management expertise gained as leaders in the small LPG market, StealthGas is further expanding its presence in the broader LPG space, thus enhancing and diversifying its revenue stream.

Another important move is that we have actively commenced our stock repurchase program having bought more than 170,000 shares to date, supporting our stock and our investors.

We believe that the Asian market will soon correct itself. Our Company has a very strong balance sheet and diversified fleet, a free cash base that exceeds $65 million, and a debt to asset ratio of less than 40%, therefore we feel optimistic for the future as market conditions improve.

Conference Call details:

 

On August 22, 2019 at 10:00 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: +1 866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free Dial In).

Access Code: 7798421


In case of any problems with the above numbers, please dial +1 917 7200 178(US Toll Dial In), +44 (0) 8444933857 (Standard International Dial In).                                                          

Access Code: 7798421


A telephonic replay of the conference call will be available until August 29, 2019 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 8445718951 (UK Local Dial In).

Access Code: 7798421 

 

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 50 vessels. The fleet comprises of 46 LPG carriers, including two chartered in LPG vessels, five 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 347,099 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: 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 periods ended June 30, 2018 and June 30, 2019.

 

FLEET DATA

Q2 2018

Q2 2019

6M 2018

6M 2019

Average number of vessels (1)

52.2

42.0

52.0

43.7

Period end number of owned vessels in fleet

52

42

52

42

Total calendar days for fleet (2)

5,026

4,004

9,865

8,331

Total voyage days for fleet (3)

4,969

3,994

9,756

8,316

Fleet utilization (4)

98.9%

99.8%

98.9%

99.8%

Total charter days for fleet (5)

4,160

3,226

7,941

6,985

Total spot market days for fleet (6)

809

768

1,815

1,331

Fleet operational utilization (7)

97.8%

95.3%

95.6%

97.1%

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, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net (loss)/income before (gain)/loss on derivatives excluding swap interest (paid)/received, share based compensation, loss/(gain) on sale of vessel, gain on deconsolidation of subsidiaries and impairment loss. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, (gain)/loss on derivatives, excluding swap interest (paid)/received, loss/(gain) on sale of vessel, gain on deconsolidation of subsidiaries and impairment loss. 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)

Second Quarter Ended June 30th,

Six Months Period Ended June 30th,

 

2018

2019

2018

2019

Net (loss)/Income - Adjusted Net Income

       

Net (loss)/income

(397,816)

(179,256)

(6,171,053)

1,789,610

Plus (gain)/loss on derivatives

(8,969)

118,094

37,786

140,791

Less swap interest (paid)/received

(16,470)

29,100

(81,738)

79,952

Less loss/(gain) on sale of vessel, net

219,479

--

219,479

(7,473)

Less gain on deconsolidation of subsidiaries

--

--

--

(145,000)

Plus impairment loss

3,776,109

--

7,594,377

--

Plus share based compensation

--

236,849

--

471,096

Adjusted Net Income

3,572,333

204,787

1,598,851

2,328,976

         

Net (loss)/income – EBITDA

       

Net (loss)/income

(397,816)

(179,256)

(6,171,053)

1,789,610

Plus interest and finance costs

6,038,529

5,400,047

11,178,096

11,382,918

Less interest income

(129,227)

(144,146)

(228,623)

(448,579)

Plus depreciation

10,453,582

9,474,181

20,983,941

18,948,367

EBITDA

15,965,068

14,550,826

25,762,361

31,672,316

         

Net (loss)/income - Adjusted  EBITDA

       

Net (loss)/income

(397,816)

(179,256)

(6,171,053)

1,789,610

Plus (gain)/loss on derivatives

(8,969)

118,094

37,786

140,791

Less gain on sale of vessel, net

219,479

--

219,479

(7,473)

Less gain on deconsolidation of subsidiaries

--

--

--

(145,000)

Plus impairment loss

3,776,109

--

7,594,377

--

Plus share based compensation

--

236,849

--

471,096

Plus interest and finance costs

6,038,529

5,400,047

11,178,096

11,382,918

Less interest income

(129,227)

(144,146)

(228,623)

(448,579)

Plus depreciation

10,453,582

9,474,181

20,983,941

18,948,367

Adjusted EBITDA

19,951,687

14,905,769

33,614,003

32,131,730

         

EPS - Adjusted EPS

       

Net (loss)/income

(397,816)

(179,256)

(6,171,053)

1,789,610

Adjusted net income

3,572,333

204,787

1,598,851

2,328,976

Weighted average number of shares

39,860,563

39,840,783

39,860,563

39,850,618

EPS - Basic and Diluted

(0.01)

(0.00)

(0.15)

0.04

Adjusted EPS-Basic and Diluted

0.09

0.01

0.04

0.06

 

 

StealthGas Inc.*

Unaudited Consolidated Statements of Operations

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

 

         

Quarters Ended June 30,

 

For The Six Months Ended June 30,

         

2018

 

2019

 

2018

 

2019

Revenues

                   
 

Revenues

   

43,380,863

 

34,083,501

 

83,076,345

 

72,526,319

 

 

Expenses

                   
 

Voyage expenses

   

3,727,056

 

3,721,160

 

8,878,307

 

7,049,679

 

Voyage expenses - related party

 

536,601

 

423,591

 

1,020,500

 

900,228

 

Charter hire expenses

 

1,676,259

 

1,467,505

 

2,645,406

 

3,565,054

 

Vessels' operating expenses

 

14,786,705

 

11,519,876

 

30,145,118

 

24,187,246

 

Vessels' operating expenses - related party

95,000

 

239,500

 

122,000

 

488,500

 

Drydocking costs

   

653,968

 

--

 

2,157,048

 

185,624

 

Management fees - related party

 

1,809,500

 

1,399,195

 

3,553,100

 

2,914,680

 

General and administrative expenses

 

845,313

 

902,521

 

1,417,840

 

2,024,608

 

Depreciation

   

10,453,582

 

9,474,181

 

20,983,941

 

18,948,367

 

Impairment loss

   

3,776,109

 

  --

 

7,594,377

 

  --

 

Net loss/(gain) on sale of vessels

 

219,479

 

  --

 

219,479

 

(7,473)

 

Other operating income

 

(696,471)

 

  --

 

(549,804)

 

  --

Total expenses

   

37,883,101

 

29,147,529

 

78,187,312

 

60,256,513

 

       

 

 

 

 

 

 

 

Income from operations

 

5,497,762

 

4,935,972

 

4,889,033

 

12,269,806

                       

Other (expenses)/income

               
 

Interest and finance costs

 

(6,038,529)

 

(5,400,047)

 

(11,178,096)

 

(11,382,918)

 

Gain on deconsolidation of subsidiaries

  --

 

  --

 

  --

 

145,000

 

Loss on derivatives

   

8,969

 

(118,094)

 

(37,786)

 

(140,791)

 

Interest income

129,227

 

144,146

 

228,623

 

448,579

 

Foreign exchange income/(loss)

 

4,755

 

7,231

 

(72,827)

 

(9,557)

Other expenses, net

   

(5,895,578)

 

(5,366,764)

 

(11,060,086)

 

(10,939,687)

                       

Income before equity in income of investees

(397,816)

 

(430,792)

 

(6,171,053)

 

1,330,119

Equity earnings in unconsolidated joint ventures

               --

 

251,536

 

   --

 

459,491

Net (Loss)/Income

   

(397,816)

 

(179,256)

 

(6,171,053)

 

1,789,610

                       

Earnings per share

                 

- Basic & Diluted

     

(0.01)

 

(0.00)

 

(0.15)

 

0.04

                       

Weighted average number of shares

             

- Basic & Diluted

     

39,860,563

 

39,840,783

 

39,860,563

 

39,850,618

 

* As of January 1, 2019, we adopted ASU No. 2016-02, "Leases," as amended ("ASC 842") using the modified retrospective transition method of adoption. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As a result, prior periods as reported by the Company have not been impacted by the adoption. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets of $1.9 million and related lease liabilities for operating leases of $1.9 million in Total Assets and Total Liabilities, respectively, on our Consolidated Balance Sheet on January 1, 2019.

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

         

December 31,

 

June 30,

         

2018

 

2019

Assets

           

Current assets

         
 

Cash and cash equivalents

 

64,498,442

 

65,836,973

 

Receivables from related parties

 

  --

 

1,420,678

 

Trade and other receivables

 

2,888,496

 

2,110,763

 

Other current assets

   

134,301

 

330,935

 

Claims receivable

   

  --

 

648,782

 

Inventories

   

2,346,723

 

3,120,121

 

Advances and prepayments

 

1,089,539

 

1,004,311

 

Restricted cash

   

3,002,490

 

1,673,587

 

Assets held for sale

   

64,906,448

 

  --

Total current assets

   

138,866,439

 

76,146,150

Non-current assets

         
 

Advances for vessel under construction

  --

 

2,908,064

 

Operating lease right-of-use assets

 

--

 

1,270,087

 

Vessels, net

   

884,748,691

 

865,803,340

 

Other receivables

   

108,930

 

113,036

 

Restricted cash

   

11,930,059

 

12,545,858

 

Investments in unconsolidated joint ventures

--

 

22,285,516

 

Fair value of derivatives

     

1,068,369

 

202,097

Total non current assets

 

897,856,049

 

905,127,998

Total assets

   

1,036,722,488

 

981,274,148

Liabilities and Stockholders' Equity

       

Current liabilities

         
 

Payable to related parties

 

7,930,642

 

1,679,590

 

Trade accounts payable

 

10,349,358

 

11,705,775

 

Accrued and other liabilities

 

6,879,488

 

6,036,180

 

Operating lease liabilities

 

--

 

1,226,814

 

Customer deposits

   

1,336,000

 

600,000

 

Deferred income

   

5,191,654

 

4,562,575

 

Current portion of long-term debt

 

41,726,837

 

40,685,828

 

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

30,076,356

 

  --

Total current liabilities

   

103,490,335

 

66,496,762

Non-current liabilities

         
 

Fair value of derivatives

 

465,389

 

2,714,452

 

Customer deposits

   

  --

 

368,000

 

Operating lease liabilities

 

--

 

43,273

 

Long-term debt

   

371,514,253

 

351,292,536

Total non-current liabilities

 

371,979,642

 

354,418,261

Total liabilities

   

475,469,977

 

420,915,023

               

Commitments and contingencies

       

Stockholders' equity

         
 

Capital stock

445,496

 

445,496

 

Treasury stock

   

(22,523,528)

 

(22,783,028)

 

Additional paid-in capital

 

501,807,478

 

502,278,574

 

Retained earnings

   

80,849,086

 

82,638,696

 

Accumulated other comprehensive income/(loss)

673,979

 

(2,220,613)

Total stockholders' equity

 

561,252,511

 

560,359,125

Total liabilities and stockholders' equity

1,036,722,488

 

981,274,148

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

               

For the Six Months Ended June 30,

         

 

   

2018

 

2019

Cash flows from operating activities

             
 

Net (loss)/income for the period

       

(6,171,053)

 

1,789,610

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

           

  provided by operating activities:

             
 

Depreciation

         

20,983,941

 

18,948,367

 

Amortization of deferred finance charges

     

438,716

 

476,249

 

Amortization of deferred gain on sale and leaseback of vessels

     

(96,719)

 

  --

 

Amortization of operating lease right-of-use assets

     

--

 

775,770

 

Share based compensation

       

--

 

471,096

 

Change in fair value of derivatives

       

(43,952)

 

220,743

 

Equity earnings in unconsolidated joint ventures

     

--

 

(459,491)

 

Impairment loss

         

7,594,377

 

  --

 

Gain on sale of vessels, net

       

219,479

 

(7,473)

 

Gain on deconsolidated of subsidiaries

     

--

 

(145,000)

Changes in operating assets and liabilities:

           
 

(Increase)/decrease in

             
 

Trade and other receivables

       

(1,762,222)

 

773,627

 

Other current assets

         

23,257

 

(196,634)

 

Claims receivable

         

15,951

 

(966,718)

 

Inventories

         

(615,881)

 

(54,950)

 

Changes in operating lease liabilities

       

--

 

(775,770)

 

Advances and prepayments

       

(357,725)

 

85,228

 

Increase/(decrease) in

             
 

Balances with related parties

       

(2,758,369)

 

(9,683,892)

 

Trade accounts payable

       

880,010

 

1,356,417

 

Accrued liabilities

         

318,288

 

(183,308)

 

Deferred income

         

1,735,826

 

(629,079)

Net cash provided by operating activities

     

20,403,924

 

11,794,792

Cash flows from investing activities

             
 

Insurance proceeds

         

--

 

317,936

 

Proceeds from sale of interests in subsidiaries

     

--

 

20,720,975

 

Vessels’ acquisitions and advances for vessels under construction

     

(108,012,906)

 

(2,908,064)

 

Proceeds from sale of vessels, net

       

8,730,520

 

8,302,457

 

Investment in unconsolidated joint ventures

     

  --

 

(1,022,000)

 

Cash paid to unconsolidated joint ventures

     

  --

 

(1,268,223)

 

Cash received from unconsolidated joint ventures

     

  --

 

3,280,385

Net cash (used in)/provided by investing activities

     

(99,282,386)

 

27,423,466

Cash flows from financing activities

             
 

Stock repurchase

         

--

 

(259,500)

 

Deferred finance charges

       

(444,330)

 

(254,901)

 

Customer deposits paid

       

(1,220,700)

 

(368,000)

 

Loan repayments

         

(27,103,104)

 

(48,960,430)

 

Proceeds from long-term debt

       

115,712,500

 

11,250,000

Net cash provided by/(used in) financing activities

     

86,944,366

 

(38,592,831)

Net increase in cash, cash equivalents and restricted cash

     

8,065,904

 

625,427

Cash, cash equivalents and restricted cash at beginning of year

     

62,903,192

 

79,430,991

Cash, cash equivalents and restricted cash at end of period

     

70,969,096

 

80,056,418

 

Cash breakdown

                 
 

Cash and cash equivalents

       

55,669,369

 

65,836,973

 

Restricted cash, current

       

2,888,222

 

1,673,587

 

Restricted cash, non-current

       

12,411,505

 

12,545,858

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

 

70,969,096

 

80,056,418