STEALTHGAS INC. REPORTS THIRD QUARTER AND NINE MONTHS 2020 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, November 25, 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 third quarter and nine months ended September 30, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS[1]

 

  • Fleet utilization of 96.9% - with 114 days of technical off hire, as a result of five drydockings – all completed within Q3 ‘20.
  • Fleet operational utilization of 96.0%, mainly due to 10 of our ships being in the spot market - equivalent to 21.4% of voyage days.
  • Fleet calendar days down by 4.4% year over year to 3,865 - attributed mostly to the decrease in the number of operating vessels.
  • About 68% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $80 million in contracted revenues. Period coverage for 2021 is currently 33%.
  • Delivery of a 7,500 cbm newbuilding LPG vessel, the Eco Alice, on September 30, 2020.
  • Sale of our LPG vessel the Gas Nemesis II (2001 built), on November 2, 2020 for further trading.
  • Voyage revenues of $37.1 million in Q3 ’20, an increase of $0.5 million compared to Q3 ’19 mostly due to increased revenues from our LPG and Aframax time charters.
  • Net Income of $0.8 million for Q3 ‘20 corresponding to an EPS of $0.02.
  • EBITDA of $13.3 million for Q3 ‘20 compared to $14.1 million in Q3 ’19.
  • Adjusted EBITDA of $15.8 million in Q3 ‘20 compared to $14.7 million in Q3 ’19.
  • Low gearing, as debt to assets stands at 36.5% and year over year reduction in finance costs by $2.0 million.
  • Total cash of $42.0 million as of September 30, 2020 – following the all cash delivery payment for the Eco Alice. Related loan drawdown took place in the beginning of October 2020 thus increasing our cash base.
  • Adjusted Net Income of $3.2 million for Q3 ‘20 corresponding to an Adjusted EPS of $0.08.

Third Quarter 2020 Results:

  • Revenues for the three months ended September 30, 2020 amounted to $37.1 million, an increase of $0.5 million, or 1.4%, compared to revenues of $36.6 million for the three months ended September 30, 2019, following an increase of our time charter revenue stemming from small LPGs, our 22,000 semi–refrigerated LPG vessels and our aframax tanker.
  • Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2020 were $3.8 million and $13.8 million, respectively, compared to $4.9 million and $12.3 million, respectively, for the three months ended September 30, 2019. The $1.1 million decrease in voyage expenses, in spite of our higher exposure in the spot market, was mainly attributed to the decline of bunker costs by 20%. The 12.2% increase in vessels’ operating expenses compared to the same period of 2019, is a result of two of our vessels, a small LPG and our aframax tanker, coming off bareboat as well as increased crew costs faced due to the COVID-19 pandemic.
  • Drydocking costs for the three months ended September 30, 2020 and 2019 were $2.3 million and $0.5 million, respectively. Drydocking expenses during the third quarter of 2020 relate to the drydocking of five vessels compared to the drydocking of one vessel in the same period of last year.
  • General and Administrative expenses for the three months ended September 30, 2020 amounted to $0.6 million compared to $1.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the three months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for each of the three months ended September 30, 2020 and 2019 was $9.4 million.
  • Impairment loss for the three months ended September 30, 2020 was $2.5 million relating to the LPG vessel Gas Nemesis II for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year.
  • Interest and finance costs for the three months ended September 30, 2020 and 2019 were $3.1 million and $5.1 million, respectively. The $2.0 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness.
  • Equity income/(loss) in joint ventures for the three months ended September 30, 2020 and 2019 was income of $0.6 million and loss of $0.2 million, respectively. The $0.8 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
  • As a result of the above, for the three months ended September 30, 2020, the Company reported Net income of $0.8 million, compared to a net loss of $0.2 million for the three months ended September 30, 2019. The weighted average number of shares for the three months ended September 30, 2020 and 2019 was 37.9 million and 39.8 million, respectively. This decrease in the number of shares is as a result of our share buyback program and the tender offer during April 2020.
  • Earnings per share, basic and diluted, for the three months ended September 30, 2020 amounted to $0.02 compared to loss per share of $0.01 for the same period of last year.
  • Adjusted net income was $3.2 million or $0.08 per share for the three months ended September 30, 2020 compared to adjusted net income of $0.4 million or $0.01 per share for the same period of last year.
  • EBITDA for the three months ended September 30, 2020 amounted to $13.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 42 vessels were owned by the Company during the three months ended September 30, 2020 and 2019.

 

 

 

 

 

 

Nine Months 2020 Results:

  • Revenues for the nine months ended September 30, 2020 amounted to $107.7 million, a decrease of $1.4 million, or 1.3%, compared to revenues of $109.1 million for the nine months ended September 30, 2019, primarily due to the reduction of our calendar days by 7.7% as a result of the decrease in the average number of our owned vessels by 1.7 vessels, along with a 86.9% reduction in the calendar days of our charter-in vessels.
  • Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2020 were $8.7 million and $38.6 million, respectively, compared to $12.9 million and $37.0 million for the nine months ended September 30, 2019. The $4.2 million decrease in voyage expenses was mainly due to the 26.7% (or 555 days) reduction of spot days and the 10% reduction in bunker costs. The $1.6 million increase in vessels’ operating expenses is mostly due to fewer vessels on bareboat and increased crew costs faced due to the COVID-19 pandemic.
  • Drydocking costs for the nine months ended September 30, 2020 and 2019 were $2.7 million and $0.7 million, respectively. The costs for the nine months ended September 30, 2020 mainly related to the drydocking of five vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of a second LPG vessel.
  • General and Administrative expenses for the nine months ended September 30, 2020 amounted to $1.6 million compared to $3.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the nine months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the nine months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for the nine months ended September 30, 2020, was $28.0 million, a $0.4 million decrease from $28.4 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Impairment loss for the nine months ended September 30, 2020 and 2019 was $3.1 million relating to two of its oldest vessels and one vessel for which the Company entered into an agreement to sell subsequent to September 30, 2020.  No such loss was recorded in the same period of last year.
  • Interest and finance costs for the nine months ended September 30, 2020 and 2019 were $11.0 million and $16.5 million respectively. The $5.5 million decrease from the same period of last year is mostly due to the decline of LIBOR rates particularly in the second quarter of 2020, along with the decrease of our indebtedness.
  • Equity income in joint ventures for the nine months ended September 30, 2020 and 2019 was $3.2 million and $0.3 million, respectively. The $2.9 million increase from the same period of last year is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
  • As a result of the above, the Company reported net income for the nine months ended September 30, 2020 of $12.7 million, compared to net income of $1.6 million for the nine months ended September 30, 2019. The weighted average number of shares outstanding as of September 30, 2020 and 2019 was 38.5 million and 39.8 million, respectively. Earnings per share for the nine months ended September 30, 2020 amounted to $0.33 compared to earnings per share of $0.04 for the same period of last year.
  • Adjusted net income was $15.8 million, or $0.41 per share, for the nine months ended September 30, 2020 compared to adjusted net income of $2.8 million, or $0.07 per share, for the same period of last year.
  • EBITDA for the nine months ended September 30, 2020 amounted to $51.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 41.4 vessels were owned by the Company during the nine months ended September 30, 2020, compared to 43.1 vessels for the same period of 2019.
  • As of September 30, 2020, cash and cash equivalents amounted to $27.6 million and total debt amounted to $346.8 million. During the nine months ended September 30, 2020 debt repayments amounted to $31.2 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:  

  • § A  two year time charter for its 1997 built LPG carrier, the Gas Galaxy, to a Major International Chemical Producer until September 2022.
  • § A one year time charter extension for its 2001 built LPG carrier, the Gas Spirit, to an International LPG Trader until November 2021.
  • § A six month  time charter extension for its 2020 built LPG carrier, the Eco Texiana, to an International LPG Trader until June 2021.
  • § A six month  time charter extension for its 2018 built LPG carrier, the Eco Freeze, to an International LPG Trader until April 2021.
  • § A two month  time charter for its 2008 built LPG carrier, the Gas Imperiale, to a Major International Trading House until November 2020.

With these charters, the Company has total contracted revenues of approximately $80 million. Total anticipated voyage days of our fleet is 68% covered for the remainder of 2020 and currently, 33% for 2021.

 

Board Chairman Michael Jolliffe Commented

In the third quarter of 2020, StealthGas marked a quite satisfactory performance given that we operated in a rather difficult market. With the COVID-19 pandemic still persisting our market has been heavily affected. Due to imposed lockdowns we witnessed a decline in demand for LPG, and charterers sentiment has been affected thus making them reluctant to take forward positions on period contracts. Adding to this, regulations pertaining to crew safety and crew changes have added to our costs- and will continue to do so up until the COVID-19 pandemic subsides. Nevertheless our Company not only achieved strong revenues but managed to end the quarter with  profitable results. We feel confident that we can successfully navigate in our market even during testing times. In addition, we further acknowledge that had our market not been hit by the COVID-19 pandemic, it seems we would have had a far better run this year.

 

 

 

 

 

 

 

 

 

 

 

 

 

Conference Call details:

 

Participants should dial into the call 10 minutes before the scheduled time using the following numbers:  +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).

Access Code: 8289180


In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In),   +44 (0) 203 0095709 (Standard International Dial In).                                                          

Access Code: 8289180


A telephonic replay of the conference call will be available until December 2, 2020 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).

Access Code: 8289180

 

 

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. has a fleet of 51 vessels. The fleet is comprised of 47 LPG carriers, including eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in the first quarter of 2021. These LPG vessels have a total capacity of 439,989 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, or impact or duration of the COVID-19 pandemic 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 impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, 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 September 30, 2019 and September 30, 2020.

FLEET DATA

Q3 2019

Q3 2020

9M 2019

9M 2020

Average number of vessels (1)

41.97

42.01

43.10

41.38

Period end number of owned vessels in fleet

41

43

41

43

Total calendar days for fleet (2)

4,045

3,865

12,376

11,419

Total voyage days for fleet (3)

4,005

3,746

12,321

11,266

Fleet utilization (4)

99.0%

96.9%

99.6%

98.7%

Total charter days for fleet (5)

3,257

2,945

10,242

9,742

Total spot market days for fleet (6)

748

801

2,079

1,524

Fleet operational utilization (7)

98.0%

96.0%

97.4%

97.0%

 

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

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 investors with a means of better evaluating and understanding our operating performance.

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

Third Quarter Ended September 30th,

Nine Months Period Ended September 30th,

 

2019

2020

2019

2020

Net (Loss)/Income - Adjusted Net Income

       

Net (loss)/income

(227,767)

788,496

1,561,843

12,724,522

Less/Plus (gain)/loss on derivatives

(14,389)

(18,899)

126,402

21,411

Plus/Less swap interest received/(paid)

52,100

(54,047)

132,052

(64,690)

Plus net loss on sale of vessels

492,989

--

485,516

--

Less gain on deconsolidation of subsidiaries

--

--

(145,000)

--

Plus impairment loss

--

2,489,333

--

3,142,412

Plus share based compensation

140,548

--

611,644

--

Adjusted Net Income

443,481

3,204,883

2,772,457

15,823,655

         

Net (loss)/income – EBITDA

       

Net (loss)/income

(227,767)

788,496

1,561,843

12,724,522

Plus interest and finance costs

5,123,454

3,069,385

16,506,372

10,993,227

Less interest income  

(226,577)

(1,591)

(675,156)

(153,079)

Plus depreciation

9,423,444

9,430,419

28,371,811

27,998,487

EBITDA

14,092,554

13,286,709

45,764,870

51,563,157

         

Net (loss)/income - Adjusted  EBITDA

       

Net (loss)/income

(227,767)

788,496

1,561,843

12,724,522

Less/Plus (gain)/loss on derivatives

(14,389)

(18,899)

126,402

21,411

Plus net loss on sale of vessels

492,989

--

485,516

--

Less gain on deconsolidation of subsidiaries

--

--

(145,000)

--

Plus impairment loss

--

2,489,333

--

3,142,412

Plus share based compensation

140,548

--

611,644

--

Plus interest and finance costs

5,123,454

3,069,385

16,506,372

10,993,227

Less interest income

(226,577)

(1,591)

(675,156)

(153,079)

Plus depreciation

9,423,444

9,430,419

28,371,811

27,998,487

Adjusted EBITDA

14,711,702

15,757,143

46,843,432

54,726,980

         

EPS - Adjusted EPS

       

Net (loss)/income

(227,767)

788,496

1,561,843

12,724,522

Adjusted net income

443,481

3,204,883

2,772,457

15,823,655

Weighted average number of shares

39,792,047

37,858,437

39,830,876

38,525,594

EPS - Basic and Diluted

(0.01)

0.02

0.04

0.33

Adjusted EPS

0.01

0.08

0.07

0.41

StealthGas Inc.

Unaudited Consolidated Statements of Operations

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

         

Quarters Ended September 30,

 

Nine Month Periods Ended September 30,

         

2019

 

2020

 

2019

 

2020

               

 

Revenues

                   
 

Revenues

   

36,568,295

 

37,079,960

 

109,094,614

 

107,708,562

                       

Expenses

                   
 

Voyage expenses

   

4,475,319

 

3,350,502

 

11,524,998

 

7,409,136

 

Voyage expenses - related party

 

454,950

 

458,863

 

1,355,178

 

1,332,033

 

Charter hire expenses

 

1,469,915

 

  --

 

5,034,969

 

318,606

 

Vessels' operating expenses

 

12,083,979

 

13,588,561

 

36,271,225

 

37,937,668

 

Vessels' operating expenses - related party

238,000

 

247,000

 

726,500

 

697,000

 

Drydocking costs

   

548,393

 

2,302,754

 

734,017

 

2,703,931

 

Management fees - related party

 

1,432,040

 

1,434,930

 

4,346,720

 

4,106,010

 

General and administrative expenses

 

1,079,027

 

573,200

 

3,103,635

 

1,643,825

 

Depreciation

   

9,423,444

 

9,430,419

 

28,371,811

 

27,998,487

 

Impairment loss

   

  --

 

2,489,333

 

  --

 

3,142,412

 

Net loss on sale of vessels

 

492,989

 

  --

 

485,516

 

  --

Total expenses

   

31,698,056

 

33,875,562

 

91,954,569

 

87,289,108

 

       

 

 

 

 

 

 

 

Income from operations

 

4,870,239

 

3,204,398

 

17,140,045

 

20,419,454

                       

Other (expenses) / income

               
 

Interest and finance costs

 

(5,123,454)

 

(3,069,385)

 

(16,506,372)

 

(10,993,227)

 

Gain on deconsolidation of subsidiaries

  --

 

  --

 

145,000

 

--

 

Gain/(Loss) on derivatives

 

14,389

 

18,899

 

(126,402)

 

(21,411)

 

Interest income

226,577

 

1,591

 

675,156

 

153,079

 

Foreign exchange loss

 

(9,500)

 

(5,762)

 

(19,057)

 

(2,392)

Other expenses, net

   

(4,891,988)

 

(3,054,657)

 

(15,831,675)

 

(10,863,951)

                       

Income before equity in income of investees

(21,749)

 

149,741

 

1,308,370

 

9,555,503

Equity (loss)/income in joint ventures

 

(206,018)

 

638,755

 

253,473

 

3,169,019

Net (Loss)/Income

   

(227,767)

 

788,496

 

1,561,843

 

12,724,522

                       

(Loss)/Earnings per share

               

- Basic & Diluted

   

(0.01)

 

0.02

 

0.04

 

0.33

                       

Weighted average number of shares

             

- Basic & Diluted

   

39,792,047

 

37,858,437

 

39,830,876

 

38,525,594

 

 

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

           

December 31,

 

September 30,

         

 

2019

 

2020

                 

Assets

             

Current assets

           
 

Cash and cash equivalents

   

68,465,342

 

27,585,637

 

Trade and other receivables

   

4,217,101

 

3,555,893

 

Other current assets

     

118,246

 

298,594

 

Claims receivable

     

314,217

 

154,652

 

Inventories

     

2,447,703

 

3,172,426

 

Advances and prepayments

   

749,681

 

698,019

 

Restricted cash

     

1,589,768

 

976,785

 

Fair value of derivatives

       

30,381

 

--

Total current assets

   

 

77,932,439

 

36,442,006

                 

Non-current assets

           
 

Advances for vessel under construction

 

2,988,903

 

6,275,970

 

Operating lease right-of-use assets

   

473,132

 

22,627

 

Vessels, net

     

835,152,403

 

848,855,175

 

Other receivables

     

286,915

 

89,873

 

Restricted cash

     

12,065,222

 

13,397,078

 

Investments in joint ventures

 

25,250,173

 

43,636,692

 

Deferred finance charges

 

  --

 

491,869

 

Fair value of derivatives

       

39,744

 

--

Total non current assets

 

 

876,256,492

 

912,769,284

Total assets

   

 

954,188,931

 

949,211,290

                 

Liabilities and Stockholders' Equity

         

Current liabilities

           
 

Payable to related parties

   

7,043,121

 

11,953,765

 

Trade accounts payable

   

9,032,690

 

11,004,310

 

Accrued and other liabilities

   

6,002,079

 

4,421,585

 

Operating lease liabilities

   

473,132

 

22,627

 

Customer deposits

     

968,000

 

968,000

 

Deferred income

     

2,843,994

 

3,434,370

 

Fair value of derivatives

   

37,567

 

211,564

 

Current portion of long-term debt

   

40,735,556

 

68,973,364

Total current liabilities

   

 

67,136,139

 

100,989,585

                 

Non current liabilities

           
 

Fair value of derivatives

   

2,618,250

 

5,526,367

 

Long-term debt

     

325,247,902

 

277,860,624

Total non current liabilities

 

 

327,866,152

 

283,386,991

Total liabilities

   

 

395,002,291

 

384,376,576

                 

Commitments and contingencies

       

 

                 

Stockholders' equity

           
 

Capital stock

 

445,496

 

431,836

 

Treasury stock

     

(24,361,145)

 

(25,373,380)

 

Additional paid-in capital

   

502,419,122

 

499,564,087

 

Retained earnings

     

82,942,210

 

95,666,732

 

Accumulated other comprehensive loss

 

(2,259,043)

 

(5,454,561)

Total stockholders' equity

 

 

559,186,640

 

564,834,714

Total liabilities and stockholders' equity

 

954,188,931

 

949,211,290

 

 

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

           

Nine Month Periods Ended September 30,

           

2019

 

2020

Cash flows from operating activities

         
 

Net income for the period

   

1,561,843

 

12,724,522

                 

Adjustments to reconcile net income to net cash

       

  provided by operating activities:

         
 

Depreciation

     

28,371,811

 

27,998,487

 

Amortization of deferred finance charges

 

704,265

 

529,971

 

Amortization of operating lease right-of-use assets

 

1,171,221

 

450,505

 

Share based compensation

   

611,644

 

  --

 

Change in fair value of derivatives

   

258,454

 

(43,279)

 

Equity income in joint ventures

 

(253,473)

 

(3,169,019)

 

Impairment loss

     

  --

 

3,142,412

 

Net loss on sale of vessels

   

485,516

 

  --

 

Gain on deconsolidation of subsidiaries

 

(145,000)

 

  --

                 

Changes in operating assets and liabilities:

       
 

(Increase)/decrease in

         
 

Trade and other receivables

   

(209,104)

 

858,250

 

Other current assets

     

77,671

 

(180,348)

 

Claims receivable

     

(1,307,764)

 

159,565

 

Inventories

     

1,082,352

 

(724,723)

 

Changes in operating lease liabilities

   

(1,171,221)

 

(450,505)

 

Advances and prepayments

   

222,725

 

51,662

 

Increase/(decrease) in

         
 

Balances with related parties

   

(8,909,006)

 

8,915,017

 

Trade accounts payable

   

(699,722)

 

1,898,448

 

Accrued liabilities

     

(142,396)

 

(1,781,467)

 

Deferred income

     

(1,611,954)

 

590,376

Net cash provided by operating activities

 

20,097,862

 

50,969,874

                 

Cash flows from investing activities

         
 

Insurance proceeds

     

683,225

 

--

 

Proceeds from sale of interests in subsidiaries

 

20,720,975

 

--

 

Proceeds from sale of vessels, net

   

18,721,124

 

--

 

Vessels’ acquisitions and advances for vessels under construction

     

(2,948,303)

 

(47,914,966)

 

Investment in joint ventures

   

(10,220,400)

 

(41,998,500)

 

Return of investments by joint ventures

 

7,363,147

 

26,781,000

 

Advances to joint ventures

   

(2,908,354)

 

(29,245)

 

Advances from joint ventures

 

1,714,898

 

29,245

Net cash provided by/(used in) investing activities

 

33,126,312

 

(63,132,466)

                 

Cash flows from financing activities

         
 

Stock repurchase

     

(1,046,854)

 

(3,880,930)

 

Deferred finance charges paid

   

(477,201)

 

(462,259)

 

Advances from joint ventures

   

2,604,223

 

1,837,299

 

Advances to joint ventures

   

--

 

(5,841,672)

 

Customer deposits paid

   

(368,000)

 

--

 

Loan repayments

     

(87,287,891)

 

(31,155,678)

 

Proceeds from long-term debt

   

33,480,000

 

11,505,000

Net cash used in financing activities

 

(53,095,723)

 

(27,998,240)

Net increase/(decrease) in cash, cash equivalents and restricted cash

 

128,451

 

(40,160,832)

Cash, cash equivalents and restricted cash at beginning of year

 

79,430,991

 

82,120,332

Cash, cash equivalents and restricted cash at end of period

 

79,559,442

 

41,959,500

 

Cash breakdown

             
 

Cash and cash equivalents

   

66,147,291

 

27,585,637

 

Restricted cash, current

   

1,218,712

 

976,785

 

Restricted cash, non current

   

12,193,439

 

13,397,078

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

 

 

79,559,442

 

41,959,500

                   

 

 

[1] EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.