STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2020 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, February 25, 2021. 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, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS[1]

 

  • Fleet utilization of 98.5% with 60 days of technical off hire mainly as a result of two drydockings completed within Q4 2020.
  • Fleet operational utilization of 93.6% mainly due to a number of our ships having a presence in the spot market - equivalent to 28.7% of calendar days.
  • Fleet calendar days, down by 2% quarter over quarter to 3,873 – the decrease attributable mostly to our strategic fleet contraction.
  • About 50% of fleet days secured on period charters for the remainder of 2021 (74% for Q1 21’), with total fleet employment days for all subsequent periods (up until June 2024), generating approximately $81 million in contracted revenues. Including the JV time charters, total secured revenues amount to $92 million.
  • Delivery of a 11,000 cbm newbuilding LPG vessel, the Eco Blizzard, on February 5, 2021 - thus completing our capital expenditure schedule.
  • Sale of our oldest vessel the Gas Pasha (1995 built) on December 7, 2020 for further trading.
  • Following our recent S&P activity, our average LPG fleet age (including our JV vessels) is 9 years.
  • Voyage revenues of $37.3 million in Q4 ’20, an increase of $2.1 million compared to Q4 ’19 mostly due to a 50% reduction of bareboat activity where generated revenue is inherently lower and an increase of time charter revenues stemming from our larger LPG vessels.
  • Net loss of $0.7 million in Q4 20’ corresponding to a net loss per share of $0.02 compared to net income of $0.5 million in Q4 ’19 corresponding to an EPS of $0.01.
  • Adjusted EBITDA of $13.7 million in Q4 20’ compared to $15.1 million in Q4 ’19.
  • Low gearing, as debt to assets stands at 37.3%, and quarter- over- quarter reduction in finance costs by $1.4 million.
  • Total cash, including restricted cash, of $53.0 million as of December 31, 2020 – increased compared to the previous quarter end following the post-delivery financing of the LPG newbuilding Eco Alice.
  • Adjusted net income of $1.1 million for Q4 20’ corresponding to an Adjusted EPS of $0.03 while for the year 2020 our Adjusted net income was $16.9 million corresponding to an Adjusted EPS of $0.44 - a  good performance given difficult market conditions.

Fourth Quarter 2020 Results:

  • Revenues for the three months ended December 31, 2020 amounted to $37.3 million, an increase of $2.1 million, or 6.0%, compared to revenues of $35.2 million for the three months ended December 31, 2019, following an increase of our time charter revenue stemming from our 22,000 semi–refrigerated LPG vessels and our aframax tanker, an increase of our freight revenues, along with the 50% reduction of bareboat activity.
  • Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2020 were $5.3 million and $14.7 million, respectively, compared to $4.1 million and $12.6 million, respectively, for the three months ended December 31, 2019. The $1.2 million increase in voyage expenses is attributed to the 82.5% increase in spot days. Due to our increased spot activity we witnessed this quarter a sharp increase of both port expenses and bunker costs. The 16.7% increase in vessels’ operating expenses compared to the same period of 2019, is a result of six less vessels on bareboat, which vessels are now operating either on time charter or in the spot market along with an increase of crew costs due to the COVID-19 pandemic.
  • Drydocking costs for the three months ended December 31, 2020 and 2019 were $0.9 million and $0.4 million, respectively. Drydocking expenses during the fourth quarter of 2020 relate to the drydocking of two vessels compared to the drydocking of one vessel in the same period of last year.
  • Depreciation for the three months ended December 31, 2020 and 2019 was $9.5 million and $9.3 million, respectively.
  • Impairment loss for the three months ended December 31, 2020 was $0.7 million and related to one of our oldest vessels. The impairment loss for the three months ended December 31, 2019 was $1.0 million and related to two vessels.
  • Net loss on sale of vessels for the  three months ended December 31, 2020 was $1.1 million and relates to the sale of two of our oldest LPG vessels.
  • Interest and finance costs for the three months ended December 31, 2020 and 2019 were $3.1 million and $4.5 million, respectively. The $1.4 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 (loss)/gain in joint ventures for the three months ended December 31, 2020 and 2019 was a  loss of $0.5 million and a gain of $0.2 million, respectively. The $0.7 million decrease from the same period of last year, is mainly due to the operating losses stemming from the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ’20, as two of these vessels completed their drydocking within the fourth quarter of 2020.
  • As a result of the above, for the three months ended December 31, 2020, the Company reported a net loss of $0.7 million, compared to net income of $0.5 million for the three months ended December 31, 2019. The weighted average number of shares outstanding for the three months ended December 31, 2020 and 2019 was 37.9 million and 39.7 million, respectively. This decrease in the number of shares is a result of our share buyback program and the tender offer that was completed in April 2020.
  • Loss per share, basic and diluted, for the three months ended December 31, 2020 amounted to $0.02 compared to earnings per share of $0.01 for the same period of last year.
  • Adjusted net income was $1.1 million or $0.03 per share for the three months ended December 31, 2020 compared to adjusted net income of $1.5 million or $0.04 per share for the same period of last year.
  • EBITDA for the three months ended December 31, 2020 amounted to $11.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 42.1 vessels were owned by the Company during the three months ended December 31, 2020 compared to 41.0 vessels for the same period of 2019.

 

Twelve Months 2020 Results:

  • Revenues for the twelve months ended December 31, 2020 amounted to $145.0 million, an increase of $0.7 million, or 0.5%, compared to revenues of $144.3 million for the twelve months ended December 31, 2019, due to higher revenues stemming from our time charter contracts along with a reduction of our bareboat activity, partially offset by the reduction of our fleet calendar days by 6.3% and the significant reduction in the calendar days of our charter-in vessels.
  • Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2020 were $14.1 million and $53.3 million, respectively, compared to $17.0 million and $49.6 million for the twelve months ended December 31, 2019. The $2.9 million decrease in voyage expenses is mostly attributed to the 18.7% reduction in bunker costs due to low prevailing oil prices. The $3.7 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 twelve months ended December 31, 2020 and 2019 were $3.6 million and $1.1 million, respectively. The costs for the twelve months ended December 31, 2020 mainly related to the drydocking of seven vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of two LPG vessels.
  • General and Administrative expenses for the twelve months ended December 31, 2020 amounted to $2.3 million compared to $3.7 million for the same period of last year. This decrease is mainly attributed to the fact that for the twelve months ended December 31, 2019 share based compensation expense was incurred, which was not the case for the twelve months ended December 31, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for the twelve months ended December 31, 2020, was $37.5 million, a $0.2 million decrease from $37.7 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Impairment loss for the twelve months ended December 31, 2020 was $3.9 million and related to four of our oldest vessels. The impairment loss for the year ended December 31, 2019 was $1.0 million and related to two vessels.
  • Interest and finance costs for the twelve months ended December 31, 2020 and 2019 were $14.1 million and $21.0 million, respectively. The $6.9 million decrease from the same period of last year is mostly due to the decline of LIBOR rates in 2020, along with the decrease of our indebtedness.
  • Equity gain in joint ventures for the twelve months ended December 31, 2020 and 2019 was $2.7 million and $0.5 million, respectively. The $2.2 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 operated under a joint venture arrangement since Q1 ‘20.
  • As a result of the above, the Company reported net income for the twelve months ended December 31, 2020 of $12.0 million, compared to net income of $2.1 million for the twelve months ended December 31, 2019. The weighted average number of shares outstanding as of December 31, 2020 and 2019 was 38.4 million and 39.8 million, respectively. Earnings per share for the twelve months ended December 31, 2020 amounted to $0.31 compared to earnings per share of $0.05 for the same period of last year.
  • Adjusted net income was $16.9 million, or $0.44 per share, for the twelve months ended December 31, 2020 compared to adjusted net income of $4.3 million, or $0.11 per share, for the same period of last year.
  • EBITDA for the twelve months ended December 31, 2020 amounted to $63.4 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 41.6 vessels were owned by the Company during the twelve months ended December 31, 2020, compared to 42.6 vessels for the same period of 2019.
  • As of December 31, 2020, cash and cash equivalents amounted to $38.2 million and total debt amounted to $351.8 million. During the twelve months ended December 31, 2020 debt repayments amounted to $41.8 million.

 

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:  

  • A  three year time charter extension for its 2014 built LPG carrier, the Eco Elysium, to a Major Energy Conglomerate until June 2024.
  • § A  two year time charter for its 2011 built LPG carrier, the Gas Myth, to a Major International Chemical Producer until January 2023.
  • § A one year time charter for its 2014 built LPG carrier, the Eco Corsair, to an Oil Major until February 2022.
  • § A one year time charter for its 2015 built LPG carrier, the Eco Enigma, to a Major International Trading House until January 2022.
  • § A one year time charter for its 2014 built LPG carrier, the Eco Royalty, to an Oil Major until February 2022.
  • § A one year time charter for its 2014 built LPG carrier, the Eco Loyalty, to an Oil Major until February 2022.
  • § A six months time charter for its 2008 built Product Tanker, the Clean Thrasher, to an Energy Trader until August 2021.
  • § A four months time charter for its 2016 built LPG carrier, the Eco Nical, to an International LPG Trader until June 2021.
  • § A three months time charter for its 2015 built LPG carrier, the Eco Czar, to an International LPG Trader until May 2021.
  • § A two months time charter for its 2016 built LPG carrier, the Eco Dominator, to an International LPG Trader until March 2021.

With these charters, the Company has total contracted revenues of approximately $81 million.

Total anticipated fleet days of our fleet is approximately 50% covered for the remainder of 2021.

 

Board Chairman Michael Jolliffe Commented

The year 2020 will always be remembered globally for precarious reasons and the shipping world was not spared. With regards to the segment we operate in, LPG demand marked a decline and rates for the majority of the sub-segments we operate in were soft- particularly during the second half of 2020. The tanker market was affected as well as, currently, rates are at very low levels in the shipping cycle. On top of that, we were hit with the bankruptcy of one of our charterers which had to redeliver four of our ships earlier than was agreed.

Nevertheless, with an Adjusted Net Income of almost $17 million, corresponding to an Adjusted EPS of $0.44 generated in 2020, we feel positive for 2021.

Looking ahead, we recognize that market turbulence due to the COVID-19 pandemic might last – possibly even throughout the whole of 2021. However, we can leverage upon our strengths including our solid cash base and balance sheet, our low gearing and the significant operating leverage we have, as including our JV vessels we operate a fleet of 50 ships.

As our shares trade at low levels, we strongly believe that this is an opportunity for potential investors as we have a long standing record of a sturdy and prudent company with a strong position in the segment in which we operate in.

Conference Call details:

On February 25, 2021 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:  +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).

Access Code: 6988905


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: 6988905


A telephonic replay of the conference call will be available until March 4, 2021 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).

Access Code: 6988905

  

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 50 vessels. The fleet is comprised of 46 LPG carriers, including eight Joint Venture vessels. These LPG vessels have a total capacity of 436,692 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 year ended December 31, 2019 and December 31, 2020.

FLEET DATA

Q4 2019

Q4 2020

12M 2019

12M 2020

Average number of vessels (1)

41.00

42.10

42.57

41.56

Period end number of owned vessels in fleet

41

41

41

41

Total calendar days for fleet (2)

3,952

3,873

16,328

15,292

Total voyage days for fleet (3)

3,909

3,813

16,230

15,079

Fleet utilization (4)

98.9%

98.5%

99.4%

98.6%

Total charter days for fleet (5)

3,299

2,700

13,541

12,442

Total spot market days for fleet (6)

610

1,113

2,689

2,637

Fleet operational utilization (7)

97.9%

93.6%

97.5%

96.1%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income/(loss) before (gain)/loss 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 income/(loss) before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income/(loss) before interest and finance costs, interest income, depreciation, share based compensation, impairment loss, (gain)/loss 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)

Fourth Quarter Ended December 31,

Twelve Months Period Ended December 31,

 

2019

2020

2019

2020

Net income/(loss) - Adjusted Net Income

       

Net income/(loss)

531,281

(740,037)

2,093,124

11,984,485

Less/Plus (gain)/loss on derivatives

(18,852)

29,565

107,550

50,976

Plus/Less swap interest received/(paid)

16,048

(24,847)

148,100

(89,537)

Plus net loss on sale of vessels

--

1,134,854

485,516

1,134,854

Less gain on deconsolidation of subsidiaries

--

--

(145,000)

--

Plus impairment loss

993,916

714,895

993,916

3,857,307

Plus share based compensation

--

--

611,644

--

Adjusted Net Income

1,522,393

1,114,430

4,294,850

16,938,085

         

Net income/(loss) – EBITDA

       

Net income/(loss)

531,281

(740,037)

2,093,124

11,984,485

Plus interest and finance costs

4,471,693

3,136,666

20,978,065

14,129,893

Less interest income

(171,115)

(14,715)

(846,271)

(167,794)

Plus depreciation

9,321,922

9,456,606

37,693,733

37,455,093

EBITDA

14,153,781

11,838,520

59,918,651

63,401,677

         

Net income/(loss) - Adjusted  EBITDA

       

Net income/(loss)

531,281

(740,037)

2,093,124

11,984,485

Less/Plus (gain)/loss on derivatives

(18,852)

29,565

107,550

50,976

Plus net loss on sale of vessels

--

1,134,854

485,516

1,134,854

Less gain on deconsolidation of subsidiaries

--

--

(145,000)

--

Plus impairment loss

993,916

714,895

993,916

3,857,307

Plus share based compensation

--

--

611,644

--

Plus interest and finance costs

4,471,693

3,136,666

20,978,065

14,129,893

Less interest income

(171,115)

(14,715)

(846,271)

(167,794)

Plus depreciation

9,321,922

9,456,606

37,693,733

37,455,093

Adjusted EBITDA

15,128,845

13,717,834

61,972,277

68,444,814

         

EPS - Adjusted EPS

       

Net income/(loss)

531,281

(740,037)

2,093,124

11,984,485

Adjusted net income

1,522,393

1,114,430

4,294,850

16,938,085

Weighted average number of shares

39,710,103

37,858,437

39,800,434

38,357,893

EPS - Basic and Diluted

0.01

(0.02)

0.05

0.31

Adjusted EPS

0.04

0.03

0.11

0.44

StealthGas Inc.

Unaudited Consolidated Statements of Operations

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

 

 

       

Quarters Ended December 31,

 

Twelve Month Periods Ended December 31,

       

2019

 

2020

 

2019

 

2020

             

 

 

 

 

Revenues

                 
 

Revenues

   

35,164,698

 

37,294,459

 

144,259,312

 

145,003,021

                     

Expenses

                 
 

Voyage expenses

 

3,676,980

 

4,850,659

 

15,201,978

 

12,259,795

 

Voyage expenses - related party

433,365

 

467,176

 

1,788,543

 

1,799,209

 

Charter hire expenses

 

1,234,019

 

  --

 

6,268,988

 

318,606

 

Vessels' operating expenses

12,348,369

 

14,407,053

 

48,619,594

 

52,344,721

 

Vessels' operating expenses - related party

240,000

 

253,500

 

966,500

 

950,500

 

Drydocking costs

 

360,289

 

936,396

 

1,094,306

 

3,640,327

 

Management fees - related party

1,384,190

 

1,493,341

 

5,730,910

 

5,599,351

 

General and administrative expenses

602,685

 

657,483

 

3,706,320

 

2,301,308

 

Depreciation

   

9,321,922

 

9,456,606

 

37,693,733

 

37,455,093

 

Impairment loss

 

993,916

 

714,895

 

993,916

 

3,857,307

 

Net loss on sale of vessels

  --

 

1,134,854

 

485,516

 

1,134,854

Total expenses

   

30,595,735

 

34,371,963

 

122,550,304

 

121,661,071

 

     

 

 

 

 

 

 

 

Income from operations

 

4,568,963

 

2,922,496

 

21,709,008

 

23,341,950

                     

Other (expenses)/income

               
 

Interest and finance costs

 

(4,471,693)

 

(3,136,666)

 

(20,978,065)

 

(14,129,893)

 

Gain on deconsolidation of subsidiaries

  --

 

  --

 

145,000

 

  --

 

Gain/(loss) on derivatives

 

18,852

 

(29,565)

 

(107,550)

 

(50,976)

 

Interest income

171,115

 

14,715

 

846,271

 

167,794

 

Foreign exchange gain/(loss)

10,822

 

(51,982)

 

(8,235)

 

(54,374)

Other expenses, net

   

(4,270,904)

 

(3,203,498)

 

(20,102,579)

 

(14,067,449)

                     

Income/(Loss) before equity in income of investees

298,059

 

(281,002)

 

1,606,429

 

9,274,501

Equity gain/(loss) in joint ventures

 

233,222

 

(459,035)

 

486,695

 

2,709,984

Net Income/(Loss)

   

531,281

 

(740,037)

 

2,093,124

 

11,984,485

                     

Earnings/(Loss) per share

                 

- Basic & Diluted

   

0.01

 

(0.02)

 

0.05

 

0.31

                     

Weighted average number of shares

             

-Basic & Diluted

   

39,710,103

 

37,858,437

 

39,800,434

 

38,357,893

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

         

December 31,

 

December 31,

         

2019

 

2020

               

Assets

           

Current assets

         
 

Cash and cash equivalents

 

68,465,342

 

38,242,411

 

Trade and other receivables

 

4,217,101

 

3,602,764

 

Other current assets

   

118,246

 

309,608

 

Claims receivable

   

314,217

 

120,547

 

Inventories

   

2,447,703

 

3,687,098

 

Advances and prepayments

 

749,681

 

782,125

 

Restricted cash

   

1,589,768

 

1,308,971

 

Fair value of derivatives

     

30,381

 

--

Total current assets

   

77,932,439

 

48,053,524

               

Non current assets

         
 

Advances for vessel under construction

2,988,903

 

6,539,115

 

Operating lease right-of-use assets

 

473,132

 

  --

 

Vessels, net

   

835,152,403

 

832,335,059

 

Other receivables

   

286,915

 

26,427

 

Restricted cash

   

12,065,222

 

13,488,820

 

Investments in joint ventures

25,250,173

 

43,177,657

 

Deferred finance charges

  --

 

385,705

 

Fair value of derivatives

     

39,744

 

  --

Total non current assets

 

876,256,492

 

895,952,783

Total assets

   

954,188,931

 

944,006,307

               

Current liabilities

         
 

Payable to related parties

 

7,043,121

 

4,659,861

 

Trade accounts payable

 

9,032,690

 

9,974,751

 

Accrued and other liabilities

 

6,002,079

 

3,773,499

 

Operating lease liabilities

 

473,132

 

--

 

Customer deposits

   

968,000

 

968,000

 

Deferred income

   

2,843,994

 

2,995,657

 

Fair value of derivatives

 

37,567

 

141,447

 

Current portion of long-term debt

 

40,735,556

 

40,547,892

Total current liabilities

 

67,136,139

 

63,061,107

               

Non current liabilities

       
 

Fair value of derivatives

 

2,618,250

 

5,099,464

 

Long-term debt

   

325,247,902

 

311,249,321

Total non current liabilities

 

327,866,152

 

316,348,785

Total liabilities

   

395,002,291

 

379,409,892

               

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

 

94,926,695

 

Accumulated other comprehensive loss

(2,259,043)

 

(4,952,823)

Total stockholders' equity

 

559,186,640

 

564,596,415

Total liabilities and stockholders' equity

954,188,931

 

944,006,307

 

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

   

Twelve Month Periods Ended December 31,

   

2019

 

2020

Cash flows from operating activities

     
 

Net income for the year

2,093,124

 

11,984,485

         

Adjustments to reconcile net income to net cash

     

  provided by operating activities:

     
 

Depreciation

37,693,733

 

37,455,093

 

Amortization of deferred finance charges

885,191

 

698,364

 

Amortization of operating lease right-of-use assets

1,572,943

 

473,132

 

Share based compensation

611,644

 

  --

 

Change in fair value of derivatives

255,650

 

(38,561)

 

Equity gain in joint ventures

(486,695)

 

(2,709,984)

 

Impairment loss

993,916

 

3,857,307

 

Net loss on sale of vessels

485,516

 

1,134,854

 

Gain on deconsolidation of subsidiaries

(145,000)

 

  --

         

Changes in operating assets and liabilities:

     
 

(Increase)/decrease in

     
 

Trade and other receivables

(1,506,590)

 

874,825

 

Other current assets

16,055

 

(191,362)

 

Claims receivable

(1,307,763)

 

193,670

 

Inventories

617,468

 

(1,239,395)

 

Changes in operating lease liabilities

(1,572,943)

 

(473,132)

 

Advances and prepayments

339,858

 

(32,444)

 

Increase/(decrease) in

     
 

Balances with related parties

(5,845,771)

 

1,617,032

 

Trade accounts payable

(1,316,668)

 

761,193

 

Accrued liabilities

(217,409)

 

(2,403,644)

 

Deferred income

(2,347,660)

 

151,663

Net cash provided by operating activities

30,818,599

 

52,113,096

         

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

(2,988,903)

 

(48,121,422)

 

Proceeds from sale of vessels, net

18,721,123

 

5,264,768

 

Investment in joint ventures

(11,322,600)

 

(41,998,500)

 

Return of investments by joint ventures

7,363,147

 

26,781,000

 

Advances to joint ventures

(5,083,919)

 

(29,245)

 

Advances from joint ventures

5,083,919

 

29,245

Net cash provided by/(used in) investing activities

33,487,288

 

(58,074,154)

Cash flows from financing activities

     
 

Stock repurchase

(1,837,617)

 

(3,880,930)

 

Deferred finance charges paid

(477,201)

 

(538,004)

 

Advances from joint ventures

4,958,250

 

1,841,380

 

Advances to joint ventures

--

 

(5,841,672)

 

Customer deposits paid

(368,000)

 

  --

 

Loan repayments

(97,371,978)

 

(41,804,846)

 

Proceeds from long-term debt

33,480,000

 

27,105,000

Net cash used in financing activities

(61,616,546)

 

(23,119,072)

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

2,689,341

 

(29,080,130)

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 year

82,120,332

 

53,040,202

Cash breakdown

     
 

Cash and cash equivalents

68,465,342

 

38,242,411

 

Restricted cash, current

1,589,768

 

1,308,971

 

Restricted cash, non current

12,065,222

 

13,488,820

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

82,120,332

 

53,040,202


 

[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.

StealthGas Inc.
4th Quarter & 12 months 2020 Results
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The webcast is scheduled for:
Thursday, February 25, 2021,
5:00 pm CET / 11:00 am EDT