STEALTHGAS INC. Reports Fourth Quarter and Twelve Months Ended December 31, 2018 Financial and Operating Results
ATHENS, Greece, Feb. 21, 2019 (GLOBE NEWSWIRE) -- 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 results ended December 31, 2018.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 94.5% in Q4 18’ (97.2% in Q4 17’) resulted in a lower than expected performance, due to the deterioration of the Asian LPG spot market.
- Fleet calendar days down 4% quarter over quarter to 4,685 days attributed to our recent fleet contraction.
- Voyage revenues increased by about 4% quarter over quarter per vessel calendar day, in spite of fleet days reduction due to the improved rates of our period charters.
- About 67% of fleet days secured on period charters for the remainder of 2019 with approximately $124 million in contracted revenues for all subsequent periods.
- Conclusion of our recent vessel sale arrangements with the delivery of the Gas Sincerity and the Gas Texiana to their new owners in January 2019 and in mid - February 2019, respectively.
- Strategic decision to enter into a small scale Joint Venture as a means for further fleet growth.
- Revenues of $38.5 million in Q4 18’, an increase of about 0.3% compared to Q4 17’, while year over year revenues increased by $10.0 million (6.5%).
- Net loss of $5.3 milion in Q4 18’ compared to a net income of $0.7 million in the same period of last year.
- Adjusted EBITDA of $14.2 million in Q4 18’ a $0.7 million decrease compared to Q4 17’ while year over year Adjusted EBITDA increased by $3.0 million.
- Low gearing as debt to assets stood at 42.8%, while net debt ratio decreased to 36.5%.
- Successful conclusion of refinancing of approximately $60 million of loan balloon obligations that had been due in 2020.
- Cash in hand of $64.5 million, an increase of $12.7 million compared to year end 2017.
Fourth Quarter 2018 Results:
- Revenues for the three months ended December 31, 2018 amounted to $38.5 million, an increase of $0.1 million, or 0.3%, compared to revenues of $38.4 million for the three months ended December 31, 2017, in spite of decreased voyage days of 159 days and weaker than anticipated spot rates, due to the rise in rates of the majority of our period charters.
- Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2018 were $5.0 million and $14.6 million respectively, compared to $3.9 million and $15.0 million respectively, for the three months ended December 31, 2017. The $1.1 million increase in voyage expenses was attributed to a quarter on quarter increase of spot days of 52.5% and the increased voyage costs related to the ballasting of three small LPG vessels that took place in the fourth quarter of 2018. The 2.7% decrease in vessels’ operating expenses compared to the same period of 2017, is mainly due to the net reduction in the average number of our owned vessels by 2.8 but also due to a decline in our maintenance costs partially offset by the increased operational cost of our three new 22,000 cbm semi-refrigerated LPG vessels that had not yet been delivered in the same period of last year.
- Charter hire expenses for the three months ended December 31, 2018 and 2017 were $1.7 million and $0.9 million, respectively. The $0.8 million increase in charter hire expenses is due to the addition of two chartered in vessels, the first delivered in March 2018 while the second delivered in December 2018. This cost increase was partially offset by the redelivery of a chartered in vessel which took place in November 2018.
- Drydocking costs for the three months ended December 31, 2018 and 2017 were $0.6 million and $1.0 million, respectively. The costs for the fourth quarter of 2018 corresponded to the drydocking of one LPG vessel, while in the same period of 2017 the Company completed the drydocking of two LPG vessels.
- Depreciation for the three months ended December 31, 2018 was $10.1 million, a $0.4 million increase from $9.7 million for the same period of last year mostly due to the addition of the three new 22,000 cbm semi-refrigerated LPG vessels partially offset by sale and delivery of five vessels, and the classification of two additional vessels as held for sale in the third quarter of 2018.
- The Company recorded an impairment loss of $3.2 million for the three months ended December 31, 2018 for four of its vessels which have been classified as held for sale.
- Interest and finance costs for the three months ended December 31, 2018 were $6.0 million compared to $4.5 million in the same period of 2017. This increase of $1.5 million is attributed both to the increase in our bank debt, and also to an increase of LIBOR rates.
- As a result of the above, for the three months ended December 31, 2018, the Company reported a net loss of $5.3 million, compared to a net income of $0.7 million for the three months ended December 31, 2017. The weighted average number of shares for the three months ended December 31, 2018 was 39.9 million compared to 39.8 million for the same period of 2017. Loss per share, basic and diluted, for the three months ended December 31, 2018 amounted to $0.13 compared to earnings per share of $0.02 for the same period of last year.
- Adjusted net loss was $1.8 million or $0.04 loss per share for the three months ended December 31, 2018 compared to adjusted net income of $0.8 million or $0.02 earnings per share for the same period of last year.
- EBITDA for the three months ended December 31, 2018 amounted to $10.6 million. Reconciliations of Adjusted Net Loss, EBITDA and Adjusted EBITDA to Net Loss are set forth below.
- An average of 48.1 vessels were owned by the Company during the three months ended December 31, 2018, compared to 50.9 vessels for the same period of 2017.
Twelve Months 2018 Results:
- Revenues for the twelve months ended December 31, 2018, amounted to $164.3 million, an increase of $10.0 million, or 6.5%, compared to revenues of $154.3 million for the twelve months ended December 31, 2017, primarily due to improved market conditions.
- Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2018 were $20.7 million and $60.4 million, respectively, compared to $15.7 million and $59.4 million for the twelve months ended December 31, 2017. The $5.0 million increase in voyage expenses was mainly due to the increased number of spot days and the higher bunker prices prevailing in the twelve months of 2018 compared to the same period of 2017. The $1.0 million increase in vessels’ operating expenses, in spite of the net reduction of the average number of our owned vessels by two, was mainly driven by the operation of three additional new 22,000 cbm semi-refrigerated LPG vessels not yet delivered in the same period of last year which are more expensive to operate compared to smaller LPG vessels.
- Charter hire expenses for the twelve months ended December 31, 2018 and 2017 were $6.2 million and $3.5 million, respectively. The $2.7 million increase in charter hire expenses was mainly due to the addition of one chartered in vessel in the first quarter of 2018.
- Drydocking Costs for the twelve months ended December 31, 2018 and 2017 were $3.6 million and $3.5 million, respectively, representing the costs of 7 vessels drydocked, in both periods.
- Depreciation for the twelve months ended December 31, 2018, was $41.3 million, a $2.4 million increase from $38.9 million for the same period of last year, in spite of the net reduction of the average number of our owned vessels by two, mainly due to the addition of three 22,000 cbm semi-refrigerated vessels which have significantly higher average cost compared to the cost of a smaller LPG vessel.
- Included in the twelve months of 2018 results were net losses from interest rate derivative instruments of $0.01 million compared to net losses of $0.4 million incurred in the same period of last year. Interest paid on interest rate swap arrangements amounted to $0.04 million compared to interest of $0.4 million paid in the same period of last year. The reduction of net losses from interest rate derivative instruments, including the reduction of interest paid on derivatives, are an outcome of the increase in LIBOR rates.
- The Company recorded an impairment loss of $11.4 million in the twelve months of 2018 for eleven of its vessels, six of which have been classified as held for sale as of December 31, 2018. With regards to the remaining five vessels for which we incurred impairment charges, one was delivered to her new owners in the second quarter of 2018, three were delivered to their new owners in the third quarter of 2018 while the remaining one was delivered to their new owners in the fourth quarter of 2018.
- Interest and finance costs for the twelve months ended December 31, 2018 were $23.3 million compared to $16.7 million in the same period of 2017. This increase of $6.6 million is attributed to the increase in our bank debt and to an increase in LIBOR rates.
- As a result of the above, the Company reported a net loss for the twelve months ended December 31, 2018 of $12.3 million, compared to a net loss of $1.2 million for the twelve months ended December 31, 2017. The average number of shares outstanding as of December 31, 2018 was 39.9 million compared to 39.8 million, for the same period of last year. Loss per share for the twelve months ended December 31, 2018 amounted to $0.31 compared to loss per share of $0.03 for the same period of last year.
- Adjusted net income was $0.1 million, or $0.00 per share, for the twelve months ended December 31, 2018 compared to adjusted net income of $5.4 million, or $0.14 per share, for the same period of last year.
- EBITDA for the twelve months ended December 31, 2018 amounted to $51.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Loss are set forth below.
- An average of 50.8 vessels were owned by the Company during the twelve months ended December 31, 2018, compared to 52.6 vessels for the same period of 2017.
- As of December 31, 2018, cash and cash equivalents amounted to $64.5 million and total debt amounted to $443.3 million. During the twelve months ended December 31, 2018 debt repayments amounted to $56.7 million.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
- A one year time charter for its 2015 built LPG carrier, the Eco Czar, to an oil major until January 2020.
- A one year time charter for its 2001 built LPG carrier, the Gas Spirit, to an oil major until November 2019.
- A three months’ time charter for its 2016 built LPG carrier, the Eco Dominator, to an oil major until May 2019.
- A three months’ time charter for its 2006 built LPG carrier, the Gas Inspiration, to an international trading house until April 2019.
- A one month time charter for its 2015 built LPG carrier, the Eco Enigma, to an international trading house until March 2019.
With these charters, the Company has currently total contracted revenues of approximately $124 million. Total anticipated voyage days of our fleet is 67% covered for the remainder of 2019.
As an opportunity to further expand our fleet while at the same time sharing all related financial and operational risks, StealthGas has entered into a joint venture agreement with a third party investor that has longstanding experience in shipping investments.
The first step of this new collaboration was the third party investor acquiring a 49.9% interest in two of our vessel owning companies and therefore gaining co-ownership and joint control of the Gas Defiance and the Gas Shuriken. Pursuant to the objectives for this arrangement, some additional co-investments in acquisitions of small LPG vessels from the second-hand market or our fleet may be expected.
These agreements will be accounted for in the StealthGas financial statements as an equity investment since we and the third party investor will have joint control over these entities, with only the related profit share reflected. Therefore, the entities owning the two identified vessels from our fleet, including associated debt, will no longer be consolidated in our financial results.
This agreement provides us with access to liquidity and additional capital for growth at a time when capital markets funding is not an attractive alternative, especially when our shares trade at a significant discount to NAV.
Board Chairman Michael Jolliffe Commented
Our performance in the fourth quarter of 2018 did not reflect the strength typically associated with the fourth quarter of the year, which usually benefits from the seasonal factor of winter in the Northern Hemisphere. This year, unfortunately, although the European market was strong, the Asian market followed the opposite course with low rates and subdued time charter activity. These elements impacted our revenues and prevented us from enjoying a profitable quarter. We anticipate, however, that the market sentiment in Asia will gradually turn favorably and our Company is well positioned to take advantage of this opportunity. Demand for LPG is strong, the orderbook is very low and time charter rates for those contracts being fixed have remained at high levels notwithstanding the Asian market slow down. This leads us to conclude that the solid market fundamentals will eventually lead to a market correction.
As for our strategy and plans for this year, we recently completed the seven vessel sales we had announced in 2018, thus considerably strengthening our liquidity and lowering our fleet’s average age. In addition, our recently agreed small scale joint venture with a third party investor not only enhances our liquidity further but most importantly provides an opportunity for further Company growth at a time when our segment’s basic fundamentals look promising.
Conference Call details:
On February 21, 2019 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: 9887988.
In case of any problems with the above numbers, please dial +1 917 7200 178(US Toll Dial In), +44 (0) 8444933857 (Standard International Dial In). Access Code: 9887988.
A telephonic replay of the conference call will be available until February 28, 2019 by +1 (866) 331-1332 (US Local Dial In), +44 (0) 8445718951 (UK Local Dial In). Access Code: 9887988.
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 49 vessels. The fleet comprises of 45 LPG carriers, including three chartered in LPG vessels, with a total capacity of 304,549 cubic meters (cbm),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: [email protected]
Fleet Data: The following key indicators highlight the Company’s operating performance during the quarters ended December 31, 2017 and December 31, 2018.
| FLEET DATA | Q4 2017 | Q4 2018 | 12M 2017 | 12M 2018 |
| Average number of vessels (1) | 50.9 | 48.1 | 52.6 | 50.8 |
| Period end number of owned vessels in fleet | 50 | 48 | 50 | 48 |
| Total calendar days for fleet (2) | 4,870 | 4,685 | 19,917 | 19,544 |
| Total voyage days for fleet (3) | 4,822 | 4,663 | 19,717 | 19,363 |
| Fleet utilization (4) | 99.0% | 99.5% | 99.0% | 99.1% |
| Total charter days for fleet (5) | 4,231 | 3,762 | 16,772 | 15,696 |
| Total spot market days for fleet (6) | 591 | 901 | 2,945 | 3,667 |
| Fleet operational utilization (7) | 97.2% | 94.5% | 96.2% | 95.5% |
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/(Loss), EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income/(loss) represents net income/(loss) before loss/(gain) on derivatives excluding net swap interest paid, share based compensation, loss on sale of vessels and impairment. EBITDA represents net income/(loss) before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss/(gain) on derivatives, loss on sale of vessels and impairment loss. EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income/(loss) 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/(loss) 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/(loss) 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, | ||
| 2017 | 2018 | 2017 | 2018 | |
| Net income/(loss) - Adjusted Net income/(loss) | ||||
| Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
| Plus loss/(gain) on derivatives | 98,332 | (6,120) | 403,943 | 11,982 |
| Less swap interest (paid)/received | (101,922) | 21,194 | (431,315) | (40,234) |
| Plus loss on sale of vessels, net | 4,521 | -- | 77,314 | 763,925 |
| Plus impairment loss | -- | 3,189,857 | 6,461,273 | 11,351,821 |
| Plus share based compensation | 20,344 | 338,356 | 129,245 | 338,356 |
| Adjusted Net Income/(loss) | 769,580 | (1,774,888) | 5,422,223 | 149,330 |
| Net income/(loss) – EBITDA | ||||
| Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
| Plus interest and finance costs | 4,486,326 | 6,009,329 | 16,661,464 | 23,286,547 |
| Less interest income and other income | (88,189) | (178,584) | (322,868) | (587,477) |
| Plus depreciation | 9,661,797 | 10,134,343 | 38,921,672 | 41,258,142 |
| EBITDA | 14,808,239 | 10,646,913 | 54,042,031 | 51,680,692 |
| Net income/(loss) - Adjusted EBITDA | ||||
| Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
| Plus loss/(gain) on derivatives | 98,332 | (6,120) | 403,943 | 11,982 |
| Plus loss on sale of vessels, net | 4,521 | -- | 77,314 | 763,925 |
| Plus impairment loss | -- | 3,189,857 | 6,461,273 | 11,351,821 |
| Plus share based compensation | 20,344 | 338,356 | 129,245 | 338,356 |
| Plus interest and finance costs | 4,486,326 | 6,009,329 | 16,661,464 | 23,286,547 |
| Less interest income and other income | (88,189) | (178,584) | (322,868) | (587,477) |
| Plus depreciation | 9,661,797 | 10,134,343 | 38,921,672 | 41,258,142 |
| Adjusted EBITDA | 14,931,436 | 14,169,006 | 61,113,806 | 64,146,776 |
| EPS - Adjusted EPS | ||||
| Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) |
| Adjusted net income/(loss) | 769,580 | (1,774,888) | 5,422,223 | 149,330 |
| Weighted average number of shares | 39,828,589 | 39,860,563 | 39,809,364 | 39,860,563 |
| EPS - Basic and Diluted | 0.02 | (0.13) | (0.03) | (0.31) |
| Adjusted EPS-Basic and Diluted | 0.02 | (0.04) | 0.14 | 0.00 |
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, | |||||||
| 2017* | 2018 | 2017* | 2018 | |||||
| Revenues | ||||||||
| Revenues | 38,428,090 | 38,529,759 | 152,338,278 | 164,330,202 | ||||
| Revenues - related party | -- | -- | 1,973,643 | -- | ||||
| Total revenues | 38,428,090 | 38,529,759 | 154,311,921 | 164,330,202 | ||||
| Expenses | ||||||||
| Voyage expenses | 3,444,751 | 4,507,437 | 13,804,032 | 18,649,258 | ||||
| Voyage expenses - related party | 474,805 | 486,959 | 1,912,505 | 2,037,917 | ||||
| Charter hire expenses | 886,988 | 1,739,618 | 3,524,770 | 6,150,780 | ||||
| Vessels' operating expenses | 15,003,464 | 14,356,150 | 58,618,526 | 59,920,278 | ||||
| Vessels' operating expenses - related party | 17,216 | 249,000 | 800,908 | 514,500 | ||||
| Drydocking costs | 989,258 | 641,895 | 3,529,047 | 3,617,577 | ||||
| Management fees - related party | 1,737,080 | 1,677,730 | 7,205,490 | 7,027,195 | ||||
| General and administrative expenses | 666,348 | 1,041,609 | 2,898,958 | 3,046,962 | ||||
| Depreciation | 9,661,797 | 10,134,343 | 38,921,672 | 41,258,142 | ||||
| Impairment loss | -- | 3,189,857 | 6,461,273 | 11,351,821 | ||||
| Loss on sale of vessels, net | 4,521 | -- | 77,314 | 763,925 | ||||
| Other operating costs/(income) | 275,000 | -- | 1,058,863 | (549,804) | ||||
| Total expenses | 33,161,228 | 38,024,598 | 138,813,358 | 153,788,551 | ||||
| Income from operations | 5,266,862 | 505,161 | 15,498,563 | 10,541,651 | ||||
| Other (expenses)/income | ||||||||
| Interest and finance costs | (4,486,326) | (6,009,329) | (16,661,464) | (23,286,547) | ||||
| (Loss)/gain on derivatives, net | (98,332) | 6,120 | (403,943) | (11,982) | ||||
| Interest income and other income/(expenses) | 88,189 | 178,584 | 322,868 | 587,477 | ||||
| Foreign exchange (loss)/gain | (22,088) | 1,289 | 25,739 | (107,119) | ||||
| Other expenses, net | (4,518,557) | (5,823,336) | (16,716,800) | (22,818,171) | ||||
| Net income/(loss) | 748,305 | (5,318,175) | (1,218,237) | (12,276,520) | ||||
| Earnings/(Loss) per share | ||||||||
| - Basic & Diluted | 0.02 | (0.13) | (0.03) | (0.31) | ||||
| Weighted average number of shares | ||||||||
| -Basic & Diluted | 39,828,589 | 39,860,563 | 39,809,364 | 39,860,563 | ||||
*We adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09" or "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of transition. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, the Company recognized the cumulative effect of adopting this standard as an adjustment amounting to $0.3 million to decrease the opening balance of Retained Earnings as of January 1, 2018 which consists of $0.6 million of voyage revenue representing performance obligations satisfied in 2018 partly offset by $0.3 million of deferred costs representing costs such as bunker expenses and port expenses, incurred prior to commencement of loading that were recognized in 2018.
StealthGas Inc.Unaudited Consolidated Balance Sheets(Expressed in United States Dollars)
| December 31, | December 31, | |||
| 2017 | 2018 | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 51,754,131 | 64,498,442 | ||
| Trade and other receivables | 3,853,992 | 2,888,496 | ||
| Other current assets | -- | 134,301 | ||
| Claims receivable | 15,951 | -- | ||
| Inventories | 2,762,299 | 2,346,723 | ||
| Advances and prepayments | 1,221,029 | 1,089,539 | ||
| Restricted cash | 3,231,323 | 3,002,490 | ||
| Vessels held for sale | -- | 64,906,448 | ||
| Total current assets | 62,838,725 | 138,866,439 | ||
| Non-current assets | ||||
| Advances for vessels under construction | 61,577,818 | -- | ||
| Vessels, net | 862,061,906 | 884,748,691 | ||
| Other receivables | 243,075 | 108,930 | ||
| Restricted cash | 7,917,738 | 11,930,059 | ||
| Deferred finance charges | 941,760 | -- | ||
| Fair value of derivatives | 645,169 | 1,068,369 | ||
| Total non-current assets | 933,387,466 | 897,856,049 | ||
| Total assets | 996,226,191 | 1,036,722,488 | ||
| Liabilities and Stockholders' Equity | ||||
| Current liabilities | ||||
| Payable to related parties | 14,209,624 | 7,930,642 | ||
| Trade accounts payable | 10,509,465 | 10,349,358 | ||
| Accrued and other liabilities | 5,880,479 | 6,879,488 | ||
| Customer deposits | 1,820,700 | 1,336,000 | ||
| Deferred income | 4,362,056 | 5,191,654 | ||
| Current portion of long-term debt | 41,966,607 | 42,768,733 | ||
| Current portion of long-term debt associated with vessels held for sale | -- | 30,076,356 | ||
| Total current liabilities | 78,748,931 | 104,532,231 | ||
| Non-current liabilities | ||||
| Fair value of derivatives | 126,525 | 465,389 | ||
| Customer deposits | 736,000 | -- | ||
| Deferred gain on sale and leaseback of vessels | 190,087 | -- | ||
| Deferred income | 4,035 | -- | ||
| Long-term debt | 342,941,841 | 370,472,357 | ||
| Total non-current liabilities | 343,998,488 | 370,937,746 | ||
| Total liabilities | 422,747,419 | 475,469,977 | ||
| Commitments and contingencies | ||||
| Stockholders' equity | ||||
| Capital stock | 442,850 | 445,496 | ||
| Treasury stock | (22,523,528) | (22,523,528) | ||
| Additional paid-in capital | 501,471,768 | 501,807,478 | ||
| Retained earnings | 93,469,787 | 80,849,086 | ||
| Accumulated other comprehensive income | 617,895 | 673,979 | ||
| Total stockholders' equity | 573,478,772 | 561,252,511 | ||
| Total liabilities and stockholders' equity | 996,226,191 | 1,036,722,488 | ||
StealthGas Inc.Unaudited Consolidated Statements of Cash Flows(Expressed in United States Dollars)
| December 31, | |||||
| 2017 | 2018 | ||||
| Cash flows from operating activities | |||||
| Net loss for the year | (1,218,237) | (12,276,520) | |||
| Adjustments to reconcile net loss to net cash | |||||
| provided by operating activities: | |||||
| Depreciation | 38,921,672 | 41,258,142 | |||
| Amortization of deferred finance charges | 690,842 | 858,582 | |||
| Amortization of deferred gain on sale and leaseback of vessels | (195,040) | (190,087) | |||
| Share based compensation | 129,245 | 338,356 | |||
| Change in fair value of derivatives | (27,372) | (28,252) | |||
| Impairment loss | 6,461,273 | 11,351,821 | |||
| Loss on sale of vessels, net | 77,314 | 763,925 | |||
| Changes in operating assets and liabilities: | |||||
| (Increase)/decrease in | |||||
| Trade and other receivables | (179,036) | 531,796 | |||
| Other current assets | -- | 159,363 | |||
| Claims receivable | (235,705) | 15,951 | |||
| Inventories | 46,824 | (302,873) | |||
| Advances and prepayments | 57,328 | 131,490 | |||
| Increase/(decrease) in | |||||
| Balances with related parties | 6,434,290 | (6,278,982) | |||
| Trade accounts payable | 1,299,686 | 381,941 | |||
| Accrued liabilities | 581,000 | 339,009 | |||
| Deferred income | (490,031) | 755,563 | |||
| Net cash provided by operating activities | 52,354,053 | 37,809,225 | |||
| Cash flows from investing activities | |||||
| Insurance proceeds | 219,754 | -- | |||
| Vessels’ acquisitions and advances for vessels under construction | (60,612,867) | (108,295,690) | |||
| Proceeds from sale of vessels, net | 11,479,936 | 29,742,788 | |||
| Net cash used in investing activities | (48,913,177) | (78,552,902) | |||
| Cash flows from financing activities | |||||
| Deferred finance charges | (815,256) | (503,265) | |||
| Customer deposits paid | -- | (1,220,700) | |||
| Loan repayments | (56,254,073) | (56,717,059) | |||
| Proceeds from long-term debt | 43,000,000 | 115,712,500 | |||
| Net cash (used in)/provided by financing activities | (14,069,329) | 57,271,476 | |||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (10,628,453) | 16,527,799 | |||
| Cash, cash equivalents and restricted cash at beginning of year | 73,531,645 | 62,903,192 | |||
| Cash, cash equivalents and restricted cash at end of year | 62,903,192 | 79,430,991 | |||
| Cash breakdown | |||||
| Cash and cash equivalents | 51,754,131 | 64,498,442 | |||
| Restricted cash, current | 3,231,323 | 3,002,490 | |||
| Restricted cash, non-current | 7,917,738 | 11,930,059 | |||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 62,903,192 | 79,430,991 | |||
