STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2019 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, February 21, 2020. 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, 2019.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  • Operational utilization of 97.9% in Q4 ’19 (94.5 % in Q4 ’18)  due to the reduced presence in the spot market (15.6% of voyage days) in conjunction with minimal commercial off-hire, of as low as 1.9 days per vessel.
  • Fleet calendar days down 16% quarter over quarter to 3,952, attributed to our strategic fleet contraction.
  • 66% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods generating approximately $135 million in contracted revenues. Average period coverage for the remainder of Q1 ‘20 is 92%.
  • Further expansion in the Medium Gas Carrier (MGC) segment in Q1 ‘20 through the decision to acquire –under a new JV arrangement – three secondhand (2010 built) 35,000 cbm MGC carriers.
  • Voyage revenues of $35.2 million in Q4 ’19, a decrease of $3.3 million compared to Q4 ’18 following our strategic decision to divest mostly older LPG units that led to the net reduction of our average owned fleet by seven vessels.
  • Daily TCE in Q4 ‘19 increased by 6% ($470) compared to the same period of last year, mostly due to improved revenues stemming from our time charter contracts.
  • Net Income of $2.1 million for the 12M 2019 corresponding to an EPS of $0.05 cents. On an Adjusted basis our Net Income for the year 2019 amounted to $4.3 million corresponding to an Adjusted EPS of $0.11 cents.
  • Adjusted EBITDA of $15.1 million in Q4 ’19 compared to $14.2 million in Q4 ’18.For the 12M 2019 our Adjusted EBITDA came in at $62 million.
  • Low gearing, as debt to assets stands at 38%, mostly due to our intense repayment schedule, while our net debt to assets ratio is as low as 31%.
  • Cash on hand of $68.5 million- an increase of $4.0 million compared to year end 2018.
  • Purchase of 732k GASS shares to date, for an aggregate consideration of $2.5 million, following the initiation of a further stock repurchase program in May 2019. In Q4 ‘19 we purchased a total of 230K shares for a total consideration of $791K.

 

 

 

 

 

Fourth Quarter 2019 Results:

  • Revenues for the three months ended December 31, 2019 amounted to $35.2 million, a decrease of $3.3 million, or 8.6%, compared to revenues of $38.5 million for the three months ended December 31, 2018, mainly as a result of the strategic reduction of our average owned fleet by seven vessels, one less charter-in vessel and relatively low revenue stemming from the Asian spot market.
  • Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2019 were $4.1 million and $12.6 million respectively, compared to $5.0 million and $14.6 million respectively, for the three months ended December 31, 2018. The $0.9 million decrease in voyage expenses was mainly attributed to a 32.3% quarter-on-quarter reduction of spot days. The 13.7% decrease in vessels’ operating expenses compared to the same period of 2018, is mainly attributed to the net reduction of our average owned fleet by seven vessels. The reduction in operating expenses however was as a percentage far higher than the reduction in our revenues attributed to the decrease in the size of our fleet.
  • Drydocking costs for the three months ended December 31, 2019 and 2018 were $0.4 million and $0.6 million, respectively. One drydocking was completed during the fourth quarter of 2019 and one drydocking was completed in the same period of 2018.
  • General and Administrative expenses for the three months ended December 31, 2019 amounted to $0.6 million compared to $1.0 million in the same period of last year. This decrease is attributed to the fact that for the three months ended December 31, 2018 stock compensation costs were incurred, which was not the case for the three months ended December 31, 2019.
  • Depreciation for the three months ended December 31, 2019 was $9.3 million, a $0.8 million decrease from $10.1 million for the same period of last year due to the decrease in the average number of our vessels.
  • The Company recorded an impairment loss of $1.0 million for two of its oldest vessels.
  • Interest and finance costs for the three months ended December 31, 2019 and 2018 were $4.5 million and $6.0 million respectively. The $1.5 million decrease from the same period of last year was mostly due to the decrease of our leverage and the decline of LIBOR rates.
  • As a result of the above, for the three months ended December 31, 2019, the Company reported net income of $0.5 million, compared to a net loss of $5.3 million for the three months ended December 31, 2018. The weighted average number of shares for the three months ended December 31, 2019 and December 31, 2018 was 39.7 million and 39.9 million, respectively.
  • Earnings per share, basic and diluted, for the three months ended December 31, 2019 amounted to $0.01 compared to loss per share of $0.13 for the same period of last year.
  • Adjusted net income was $1.5 million or $0.04 earnings per share for the three months ended December 31, 2019 compared to adjusted net loss of $1.8 million or $0.04 loss per share for the same period of last year.
  • EBITDA for the three months ended December 31, 2019 amounted to $14.2 million. Reconciliations of Adjusted Net (Loss)/Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 41.0 vessels were owned by the Company during the three months ended December 31, 2019, compared to 48.1 vessels for the same period of 2018.

 

Twelve months 2019 Results:

  • Revenues for the twelve months ended December 31, 2019, amounted to $144.3 million, a decrease of $20.0 million, or 12.2%, compared to revenues of $164.3 million for the twelve months ended December 31, 2018, primarily due to the strategic decision to sell mostly older small LPG vessels for further trading.
  • Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2019 were $17.0 million and $49.6 million, respectively, compared to $20.7 million and $60.4 million for the twelve months ended December 31, 2018. The $3.7 million decrease in voyage expenses was mainly due to the 26.7% (or 978 days) reduction of spot days. The $10.8 million decrease in vessels’ operating expenses, was due to the net reduction of the average number of our owned fleet by 8.2 vessels.
  • Drydocking costs for the twelve months ended December 31, 2019 and 2018 were $1.1 million and $3.6 million, respectively. The costs for the twelve months ended December 31, 2019 mainly related to the drydocking of two small LPG vessels and the docking survey of one small LPG vessel while the costs for the same period of last year related to the drydocking of seven vessels.
  • Depreciation for the twelve months ended December 31, 2019, was $37.7 million, a $3.6 million decrease from $41.3 million for the same period of last year, due to the net reduction of the average number of vessels in our owned fleet.
  • The Company recorded an impairment loss of $1.0 million for two of its oldest vessels in 2019. The impairment loss for the year ended December 31, 2018 was $11.4 million.
  • Interest and finance costs for the twelve months ended December 31, 2019 and 2018 were $21.0 million and $23.3 million respectively. The $2.3 million decrease from the same period of last year, is mostly attributed to the decrease of our leverage.
  • As a result of the above, the Company reported a net income for the twelve months ended December 31, 2019 of $2.1 million, compared to a net loss of $12.3 million for the twelve months ended December 31, 2018. The weighted average number of shares for the twelve months ended December 31, 2019 and December 31, 2018 was 39.8 million and 39.9 million, respectively.
  • Earnings per share for the twelve months ended December 31, 2019 amounted to $0.05 compared to a loss per share of $0.31 for the same period of last year.
  • Adjusted net income was $4.3 million, or $0.11 per share, for the twelve months ended December 31, 2019 compared to adjusted net income of $0.1 million, or $0.00 per share, for the same period of last year.
  • EBITDA for the twelve months ended December 31, 2019 amounted to $59.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 42.6 vessels were owned by the Company during the twelve months ended December 31, 2019, compared to 50.8 vessels for the same period of 2018.
  • As of December 31, 2019, cash and cash equivalents amounted to $68.5 million and total debt amounted to $366.0 million. During the twelve months ended December 31, 2019 debt repayments amounted to $97.4 million.

 

Fleet Update Since Previous Announcement

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

  • § A one year time charter extension for its 2011 built LPG carrier, the Gas Myth, to an Oil Major until January 2021.
  • § A one year time charter extension for its 2015 built LPG carrier, the Eco Czar, to an Oil Major until January 2021.
  • § A one year time charter extension for its 2015 built LPG carrier, the Eco Universe, to an Oil Major until February 2021.
  • § A six months time charter for its 2006 built LPG carrier, the Gas Inspiration, to an Oil Major until June 2020.
  • § A six months time charter for its 2018 built 22,000 cbm semi-refrigerated LPG carrier, the Eco Arctic, to an International Trading House until September 2020.
  • § A six months time charter for its 2018 built 22,000 cbm  semi-refrigerated LPG carrier, the Eco Freeze, to an International LPG Trader until June 2020.
  • § A three months bareboat charter extension for its 2012 built LPG carrier, the Gas Esco, to a State Owned Shipping Company until June 2020.
  • § A four months bareboat charter extension for its 2012 built LPG carrier, the Gas Husky, to a State Owned Shipping Company until July 2020.
  • § A one month charter extension for its  charter in LPG carrier, the Gas Cathar, to an International LPG Trader until March 2020.
  • § A one month charter extension for its 2003 built LPG carrier, the Gas Prodigy, to an International Petchem Trader until February 2020.

With these charters, the Company has total contracted revenues of approximately $135 million. Total anticipated voyage days of our fleet is 66% covered for the remainder of 2020.

 

Board Chairman Michael Jolliffe Commented

2019 was a successful and profitable year for StealthGas. Indeed in 2019 and in spite of the persistently difficult spot market in Asia, we achieved an operational utilization of 98%, increased our daily time charter equivalent earnings and managed to significantly reduce our finance costs; all these added towards our improved profitability-, which excluding non-cash items- amounted to $4.3 million corresponding to an EPS of $0.11.

In terms of our new projects, in an initiative to expand further across the LPG sector and accretively invest our cash-on-hand, while sharing the operational risk, we took the strategic decision to form a second Joint Venture arrangement with an unaffiliated third party to jointly acquire three secondhand (2010-built) MGC vessels of an aggregate capacity of 105,641 cbm for a total of $80 million.

Going forward we feel confident for 2020. Our period coverage of 66% along with $135 million in contracted revenues, coupled with improved market rates particularly for our larger LPG vessels, signify good times ahead. We are trading close to our all time low share price and that might be an excellent entry point. In addition, the recent push into green investing might also benefit our Company operating modern Japanese built ships with minimal carbon footprint.

We do recognize however that the recent coronavirus outbreak may negatively affect seaborne trade should this situation deteriorate and positive market fundamentals might be afflicted. We hope that this issue will soon be resolved thus allowing the market to flourish.

Conference Call details:

 

On February 21, 2020 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

 

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free Dial In).

Access Code: 5681269

 

 

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

Access Code: 5681269

 

 

A telephonic replay of the conference call will be available until February 28, 2019 by dialing +1 (917) 677-7532  (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).

Access Code: 5681269

 

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., within Q1 20’, will have a fleet of 51 vessels. The fleet will be comprised of 47 LPG carriers, including one chartered in LPG vessel, eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in 2021.These LPG vessels have a total capacity of 439,035 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 December 31, 2018 and December 31, 2019.

 

FLEET DATA

Q4 2018

Q4 2019

12M 2018

12M 2019

Average number of vessels (1)

48.1

41.0

50.8

42.6

Period end number of owned vessels in fleet

48

41

48

41

Total calendar days for fleet (2)

4,685

3,952

19,544

16,328

Total voyage days for fleet (3)

4,663

3,909

19,363

16,230

Fleet utilization (4)

99.5%

98.9%

99.1%

99.4%

Total charter days for fleet (5)

3,762

3,299

15,696

13,541

Total spot market days for fleet (6)

901

610

3,667

2,689

Fleet operational utilization (7)

94.5%

97.9%

95.5%

97.5%

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 (loss)/income represents net (loss)/income before (gain)/loss on derivatives excluding swap interest received/(paid), share based compensation, net loss on sale of vessels, 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, net loss on sale of vessels, gain on deconsolidation of subsidiaries and impairment loss. Adjusted EPS represents Adjusted net (loss)/income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net (loss)/income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net (loss)/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 (loss)/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 (loss)/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)

Fourth Quarter Ended December 31st,

Twelve Months Period Ended December 31st,

 

2018

2019

2018

2019

Net (Loss)/Income - Adjusted Net Income

       

Net (loss)/income

(5,318,175)

531,281

(12,276,520)

2,093,124

Plus (gain)/loss on derivatives

(6,120)

(18,852)

11,982

107,550

Less swap interest received/(paid)

21,194

16,048

(40,234)

148,100

Plus net loss on sale of vessels

--

--

763,925

485,516

Less gain on deconsolidation of subsidiaries

--

--

--

(145,000)

Plus impairment loss

3,189,857

993,916

11,351,821

993,916

Plus share based compensation

338,356

--

338,356

611,644

Adjusted Net (Loss)/Income

(1,774,888)

1,522,393

149,330

4,294,850

         

Net (loss)/income – EBITDA

       

Net (loss)/income

(5,318,175)

531,281

(12,276,520)

2,093,124

Plus interest and finance costs

6,009,329

4,471,693

23,286,547

20,978,065

Less interest income

(178,584)

(171,115)

(587,477)

(846,271)

Plus depreciation

10,134,343

9,321,922

41,258,142

37,693,733

EBITDA

10,646,913

14,153,781

51,680,692

59,918,651

         

Net (loss)/income - Adjusted  EBITDA

       

Net (loss)/income

(5,318,175)

531,281

(12,276,520)

2,093,124

Plus (gain)/loss on derivatives

(6,120)

(18,852)

11,982

107,550

Plus net loss on sale of vessels

--

--

763,925

485,516

Less gain on deconsolidation of subsidiaries

--

--

--

(145,000)

Plus impairment loss

3,189,857

993,916

11,351,821

993,916

Plus share based compensation

338,356

--

338,356

611,644

Plus interest and finance costs

6,009,329

4,471,693

23,286,547

20,978,065

Less interest income

(178,584)

(171,115)

(587,477)

(846,271)

Plus depreciation

10,134,343

9,321,922

41,258,142

37,693,733

Adjusted EBITDA

14,169,006

15,128,845

64,146,776

61,972,277

         

EPS - Adjusted EPS

       

Net (loss)/income

(5,318,175)

531,281

(12,276,520)

2,093,124

Adjusted net (loss)/income

(1,774,888)

1,522,393

149,330

4,294,850

Weighted average number of shares

39,860,563

39,710,103

39,860,563

39,800,434

EPS - Basic and Diluted

(0.13)

0.01

(0.31)

0.05

Adjusted EPS

(0.04)

0.04

0.00

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StealthGas Inc.*

Unaudited Consolidated Statements of Operations

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

   

Fourth Quarter Ended
December 31,

 

Twelve Month Periods Ended December 31,

   

2018

 

2019

 

2018

 

2019

         

 

Revenues

             
 

Revenues

38,529,759

 

35,164,698

 

164,330,202

 

144,259,312

 

 

Expenses

             
 

Voyage expenses

4,507,437

 

3,676,980

 

18,649,258

 

15,201,978

 

Voyage expenses - related party

486,959

 

433,365

 

2,037,917

 

1,788,543

 

Charter hire expenses

1,739,618

 

1,234,019

 

6,150,780

 

6,268,988

 

Vessels' operating expenses

14,356,150

 

12,348,369

 

59,920,278

 

48,619,594

 

Vessels' operating expenses - related party

249,000

 

240,000

 

514,500

 

966,500

 

Drydocking costs

641,895

 

360,289

 

3,617,577

 

1,094,306

 

Management fees - related party

1,677,730

 

1,384,190

 

7,027,195

 

5,730,910

 

General and administrative expenses

1,041,609

 

602,685

 

3,046,962

 

3,706,320

 

Depreciation

10,134,343

 

9,321,922

 

41,258,142

 

37,693,733

 

Impairment loss

3,189,857

 

993,916

 

11,351,821

 

993,916

 

Net loss on sale of vessels

  --

 

  --

 

763,925

 

485,516

 

Other operating income

  --

 

  --

 

(549,804)

 

  --

Total expenses

38,024,598

 

30,595,735

 

153,788,551

 

122,550,304

 

 

 

 

 

 

 

 

 

Income from operations

505,161

 

4,568,963

 

10,541,651

 

21,709,008

                 

Other (expenses)/income

             
 

Interest and finance costs

(6,009,329)

 

(4,471,693)

 

(23,286,547)

 

(20,978,065)

 

Gain on deconsolidation of subsidiaries

  --

 

  --

 

  --

 

145,000

 

Gain/(loss) on derivatives

6,120

 

18,852

 

(11,982)

 

(107,550)

 

Interest income

178,584

 

171,115

 

587,477

 

846,271

 

Foreign exchange gain/(loss)

1,289

 

10,822

 

(107,119)

 

(8,235)

Other expenses, net

(5,823,336)

 

(4,270,904)

 

(22,818,171)

 

(20,102,579)

                 

(Loss)/Income before equity in income of investees

(5,318,175)

 

298,059

 

(12,276,520)

 

1,606,429

 

Equity gain in unconsolidated joint ventures

  --

 

233,222

 

  --

 

486,695

Net (Loss)/Income

(5,318,175)

 

531,281

 

(12,276,520)

 

2,093,124

                 

(Loss)/Earnings per share

             

- Basic & Diluted

(0.13)

 

0.01

 

(0.31)

 

0.05

Weighted average number of shares

             

- Basic & Diluted

39,860,563

 

39,710,103

 

39,860,563

 

39,800,434

 

 

* 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 as of January 1, 2019 and operating lease right-of-use assets of $0.5 million and lease liabilities for operating leases of $0.5 million as of December 31, 2019, in Total Assets and Total Liabilities, respectively, on our Consolidated Balance Sheets.

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

         

December 31,

 

December 31,

         

2018

 

2019

Assets

           

Current assets

         
 

Cash and cash equivalents

 

64,498,442

 

68,465,342

           
 

Trade and other receivables

 

2,888,496

 

4,217,101

 

Other current assets

   

134,301

 

118,246

 

Claims receivable

   

  --

 

314,217

 

Inventories

   

2,346,723

 

2,447,703

 

Advances and prepayments

 

1,089,539

 

749,681

 

Restricted cash

   

3,002,490

 

1,589,768

 

Assets held for sale

   

64,906,448

 

  --

 

Fair value of derivatives

     

--

 

30,381

Total current assets

   

138,866,439

 

77,932,439

Non current assets

         
 

Advances for vessels under construction

  --

 

2,988,903

 

Operating lease right-of-use assets

 

--

 

473,132

 

Vessels, net

   

884,748,691

 

835,152,403

 

Other receivables

   

108,930

 

286,915

 

Restricted cash

   

11,930,059

 

12,065,222

 

Investments in unconsolidated joint ventures

--

 

24,498,673

 

Fair value of derivatives

     

1,068,369

 

39,744

Total non current assets

 

897,856,049

 

875,504,992

Total assets

   

1,036,722,488

 

953,437,431

Liabilities and Stockholders' Equity

       

Current liabilities

         
 

Payable to related parties

 

7,930,642

 

6,291,621

 

Trade accounts payable

 

10,349,358

 

9,032,690

 

Accrued and other liabilities

 

6,879,488

 

6,002,079

 

Operating lease liabilities

 

--

 

473,132

 

Customer deposits

   

1,336,000

 

968,000

 

Deferred income

   

5,191,654

 

2,843,994

 

Fair value of derivatives

 

  --

 

37,567

 

Current portion of long-term debt

 

41,726,837

 

40,735,556

 

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

30,076,356

 

  --

Total current liabilities

   

103,490,335

 

66,384,639

Non current liabilities

         
 

Fair value of derivatives

 

465,389

 

2,618,250

 

Long-term debt

   

371,514,253

 

325,247,902

Total non current liabilities

 

371,979,642

 

327,866,152

Total liabilities

   

475,469,977

 

394,250,791

               

Commitments and contingencies

       

Stockholders' equity

         
 

Capital stock

   

445,496

 

445,496

 

Treasury stock

   

(22,523,528)

 

(24,361,145)

 

Additional paid-in capital

 

501,807,478

 

502,419,122

 

Retained earnings

   

80,849,086

 

82,942,210

 

Accumulated other comprehensive income/(loss)

673,979

 

(2,259,043)

Total stockholders' equity

 

561,252,511

 

559,186,640

Total liabilities and stockholders' equity

1,036,722,488

 

953,437,431

 

 

 

 

 

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

   

            December 31,

   

2018

 

2019

Cash flows from operating activities

     
 

Net (loss)/income for the year

(12,276,520)

 

2,093,124

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

     

  provided by operating activities:

     
 

Depreciation

41,258,142

 

37,693,733

 

Amortization of deferred finance charges

858,582

 

885,191

 

Amortization of deferred gain on sale and leaseback of vessels

(190,087)

 

  --

 

Amortization of operating lease right-of-use assets

  --

 

1,572,943

 

Share based compensation

338,356

 

611,644

 

Change in fair value of derivatives

(28,252)

 

255,650

 

Equity gain in unconsolidated joint ventures

  --

 

(486,695)

 

Impairment loss

11,351,821

 

993,916

 

Net loss on sale of vessels

763,925

 

485,516

 

Gain on deconsolidation of subsidiaries

  --

 

(145,000)

         

Changes in operating assets and liabilities:

     
 

(Increase)/decrease in

     
 

Trade and other receivables

531,796

 

(1,506,590)

 

Other current assets

159,363

 

16,055

 

Claims receivable

15,951

 

(1,307,763)

 

Inventories

(302,873)

 

617,468

 

Changes in operating lease liabilities

  --

 

(1,572,943)

 

Advances and prepayments

131,490

 

339,858

 

Increase/(decrease) in

     
 

Balances with related parties

(6,278,982)

 

(5,845,771)

 

Trade accounts payable

381,941

 

(1,316,668)

 

Accrued liabilities

339,009

 

(217,409)

 

Deferred income

755,563

 

(2,347,660)

Net cash provided by operating activities

37,809,225

 

30,818,599

Cash flows from investing activities

     
 

Insurance proceeds

  --

 

993,546

 

Proceeds from sale of interests in subsidiaries

  --

 

20,720,975

 

Vessels’ acquisitions and advances for vessels under construction

(108,295,690)

 

(2,988,903)

 

Proceeds from sale of vessels, net

29,742,788

 

18,721,123

 

Investment in unconsolidated joint ventures

  --

 

(10,571,100)

 

Return of investments by unconsolidated joint ventures

  --

 

7,363,147

 

Cash paid to unconsolidated joint ventures

  --

 

(5,835,419)

 

Cash received from unconsolidated joint ventures

  --

 

5,835,419

Net cash (used in)/provided by investing activities

(78,552,902)

 

34,238,788

Cash flows from financing activities

     
 

Stock repurchase

  --

 

(1,837,617)

 

Deferred finance charges

(503,265)

 

(477,201)

 

Cash received from unconsolidated joint ventures

  --

 

4,206,750

 

Customer deposits paid

(1,220,700)

 

(368,000)

 

Loan repayments

(56,717,059)

 

(97,371,978)

 

Proceeds from long-term debt

115,712,500

 

33,480,000

Net cash provided by/(used in) financing activities

57,271,476

 

(62,368,046)

         

   Net increase in cash, cash equivalents and restricted cash

16,527,799

 

2,689,341

   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 year

79,430,991

 

82,120,332

Cash breakdown

     
 

Cash and cash equivalents

64,498,442

 

68,465,342

 

Restricted cash, current

3,002,490

 

1,589,768

 

Restricted cash, non current

11,930,059

 

12,065,222

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

79,430,991

 

82,120,332