STEALTHGAS INC. Reports Third Quarter and Nine Months 2019 Financial and Operating Results
ATHENS, Greece, Nov. 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 third quarter and nine months ended September 30, 2019.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 98.0% in Q3 ’19 (96.1% in Q3 ’18) due to more efficient presence in the spot market resulting in reduced idle time.
- Fleet calendar days down 19% quarter on quarter to 4,045 days attributed to our recent strategic fleet contraction.
- About 88% of fleet days secured on period charters for the remainder of 2019, with total fleet employment days for all subsequent periods generating approximately $138 million in contracted revenues.
- Sale of our 5,000 cbm LPG vessel, the Gas Ethereal (2006 built) on September 27, 2019, for further trading. With this sale the average age of the StealthGas fleet has been reduced to 8.7 years.
- Voyage revenues of $36.6 million in Q3 ’19, a decrease of $6.1 million compared to Q3 ’18 following our strategic decision to divest mostly older LPG units that led to the net reduction of our average owned fleet by nine vessels.
- Daily Adjusted Average Charter Rate in Q3 19’ increased by about 6.0% ($425) compared to the same period of last year, mostly due to improved revenues stemming from our time charter contracts as a result of higher market rates.
- About 21% quarter on quarter decrease in operating expenses; a sharper percentage decline than voyage revenue contraction for the same period, attributed to our fleet contraction.
- Adjusted EBITDA of $14.7 million in Q3 ’19, compared to $16.4 million in Q3 ’18, a lower than expected figure, mostly due to lower than anticipated revenue stemming from the Asian spot market.
- Low gearing, as debt to assets stands at about 39% mostly due to our intense repayment schedule while our net debt to assets ratio is as low as 32%.
- Cash on hand of $66.1 million, an increase of about $1.6 million compared to year end 2018.
- Purchase of 0.4 million of GASS shares up to date, for an aggregate consideration of $1.4 million, following the initiation of a further stock repurchase program.
Third Quarter 2019 Results:
- Revenues for the three months ended September 30, 2019 amounted to $36.6 million, a decrease of $6.1 million, or 14.3%, compared to revenues of $42.7 million for the three months ended September 30, 2018, mainly as a result of the strategic reduction of our average owned fleet by nine vessels, one less charter-in vessel and relatively low revenue stemming from the Asian spot market.
- Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2019 were $4.9 million and $12.3 million respectively, compared to $5.8 million and $15.6 million respectively, for the three months ended September 30, 2018. The $0.9 million decrease in voyage expenses was mainly attributed to a 21.3% quarter on quarter reduction of spot days. The 21.2% decrease in vessels’ operating expenses compared to the same period of 2018, is mainly attributed to the net reduction of our average owned fleet by nine vessels. It is noted however that the reduction in operating expenses was as a percentage far higher than the reduction of our revenues attributed to our fleet decline.
- Drydocking costs for the three months ended September 30, 2019 and 2018 were $0.5 and $0.8 million, respectively. One drydocking was completed during the third quarter of 2019, while in the same period of 2018 the Company completed the drydocking of two LPG vessels.
- General and Administrative expenses for the three months ended September 30, 2019 amounted to $1.1 million compared to $0.6 million in the same period of last year. This increase is mostly due to a $0.3 million one off charge pertaining to a legal case.
- Depreciation for the three months ended September 30, 2019 was $9.4 million, a $0.7 million decrease from $10.1 million for the same period of last year due to the decrease of the average number of our vessels.
- Impairment loss for the three months ended September 30, 2019 and 2018 were nil and $0.6 million, respectively.
- Interest and finance costs for the three months ended September 30, 2019 and 2018 were $5.1 million and $6.1 million respectively. The $1.0 million decrease from the same period of last year is mostly due to the decrease of our leverage and the decline of LIBOR rates.
- As a result of the above, for the three months ended September 30, 2019, the Company reported a net loss of $0.2 million, compared to a net loss of $0.8 million for the three months ended September 30, 2018. The weighted average number of shares for the three months ended September 30, 2019 and September 30, 2018 was 39.8 million and 39.9 million, respectively. Loss per share, basic and diluted, for the three months ended September 30, 2019 amounted to $0.01 compared to loss per share of $0.02 for the same period of last year.
- Adjusted net income was $0.4 million or $0.01 earnings per share for the three months ended September 30, 2019 compared to adjusted net income of $0.3 million or $0.01 earnings per share for the same period of last year.
- EBITDA for the three months ended September 30, 2019 amounted to $14.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Loss are set forth below.
- An average of 42.0 vessels were owned by the Company during the three months ended September 30, 2019, compared to 51.3 vessels for the same period of 2018.
Nine months 2019 Results:
- Revenues for the nine months ended September 30, 2019, amounted to $109.1 million, a decrease of $16.7 million, or 13.3%, compared to revenues of $125.8 million for the nine months ended September 30, 2018, primarily due to the strategic decision to sell mostly older small LPG vessels for further trading.
- Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2019 were $12.9 million and $37.0 million, respectively, compared to $15.7 million and $45.8 million for the nine months ended September 30, 2018. The $2.8 million decrease in voyage expenses was mainly due to the 25% (or 687 days) reduction of spot days. The $8.8 million decrease in vessels’ operating expenses, is due to the net reduction of the average number of our owned fleet by 8.7 vessels.
- Drydocking costs for the nine months ended September 30, 2019 and 2018 were $0.7 million and $3.0 million, respectively. The costs for the nine months ended September 30, 2019 mainly related to the docking survey of one small LPG vessel and one drydocking of a second LPG vessel, while the costs for the same period of last year related to the drydocking of 6 vessels.
- Depreciation for the nine months ended September 30, 2019, was $28.4 million, a $2.7 million decrease from $31.1 million for the same period of last year, due to the net reduction of the average number of our owned fleet.
- Impairment loss for the nine months months ended September 30, 2019 and 2018 were nil and $8.2 million, respectively.
- Interest and finance costs for the nine months ended September 30, 2019 and 2018 were $16.5 million and $17.3 million respectively. The $0.8 million decrease from the same period of last year, is mostly attributed to the decrease of our leverage.
- As a result of the above, the Company reported a net income for the nine months ended September 30, 2019 of $1.6 million, compared to a net loss of $7.0 million for the nine months ended September 30, 2018. The weighted average number of shares for the nine months ended September 30, 2019 and September 30, 2018 was 39.8 million and 39.9 million, respectively. Earnings per share for the nine months ended September 30, 2019 amounted to $0.04 compared to loss per share of $0.17 for the same period of last year.
- Adjusted net income was $2.8 million, or $0.07 per share, for the nine months ended September 30, 2019 compared to adjusted net income of $1.9 million, or $0.05 per share, for the same period of last year.
- EBITDA for the nine months ended September 30, 2019 amounted to $45.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
- An average of 43.1 vessels were owned by the Company during the nine months ended September 30, 2019, compared to 51.8 vessels for the same period of 2018.
- As of September 30, 2019, cash and cash equivalents amounted to $66.1 million and total debt amounted to $375.9 million. During the nine months ended September 30, 2019 debt repayments amounted to $87.3 million.
Fleet Update Since Previous AnnouncementThe Company announced the conclusion of the following thirteen chartering arrangements:
- A two year time charter extension for its 2017 built LPG carrier, the Eco Frost, to an International Trading House until February 2022.
- A two year time charter extension for its 2018 built LPG carrier, the Eco Ice, to an International Trading House until February 2022.
- A one year time charter extension for its 2014 built LPG carrier, the Eco Invictus, to an Oil Major until November 2020.
- A one year time charter for its 2001 built LPG carrier, the Gas Spirit, to an International LPG Trader until November 2020.
- A one year time charter extension for its 2015 built LPG carrier, the Eco Galaxy, to an International LPG Trader until December 2020.
- A nine months time charter extension for its 2015 built LPG carrier, the Eco Enigma, to an International Trading House until July 2020.
- A six months time charter for its 2015 built LPG carrier, the Eco Nemesis, to an Oil Major until March 2020.
- A six months time charter extension for its 2016 built LPG carrier, the Eco Dominator, to an International Trading House until May 2020.
- A six months time charter extension for its 2016 built LPG carrier, the Eco Nical, to an Oil Major until June 2020.
- A six months time charter for its 2011 built LPG carrier, the Gas Cerberus, to an Oil Major until June 2020.
- A six months time charter for its 2011 built LPG carrier, the Gas Elixir, to an International Trading House until June 2020.
- A four months time charter for its 2003 built LPG carrier, the Gas Prodigy, to an International LPG Trader until December 2019.
- A three months bareboat charter extension for its 2012 built LPG carrier, the Gas Esco, to a State Owned Shipping Company until March 2020.
With these charters, the Company has total contracted revenues of approximately $138 million. Total anticipated voyage days of our fleet is 88% covered for the remainder of 2019 and 53% for 2020.
Board Chairman Michael Jolliffe Commented
Our performance in the third quarter of the year improved to an optimal level in terms of fleet efficiency, as reflected in our operational utilization of 98%. Although we managed to contain our operating costs at moderate levels, the persistently weak earnings stemming from the Asian spot market did not allow us to enjoy a profitable quarter.
We feel, however, that should market conditions improve as they seem to have based on the thirteen period charters and charter extensions we managed to conclude during the past couple of months, our profitability will be enhanced. Indeed, rates for all of our newly concluded charters in each of our operating segments are at higher levels. We have 53% of our fleet days secured for 2020 with $138 million of secured revenues for all subsequent periods; therefore, there is plenty of upside potential.
The intensification of period charter activity during the past couple of months may be a positive sign that the market situation is in fact turning, including in Asia, and we are eager and well positioned to take advantage of this opportunity.
Conference Call details:
On November 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: 5268989
In case of any problems with the above numbers, please dial +1 646 7871 022 (US Toll Dial In), +44 (0) 2038 214342 (Standard International Dial In). Access Code: 5268989
A telephonic replay of the conference call will be available until November 28, 2019 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 8445718951 (UK Local Dial In). Access Code: 5268989
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 two chartered in LPG vessels, five Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in 2021. These LPG vessels have a total capacity of 342,099 cubic meters (cbm).The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Fleet List and Fleet Deployment For information on our fleet and further information:Visit our website at www.stealthgas.com
Company Contact:Fenia Sakellaris STEALTHGAS INC.011-30-210-6250-001 E-mail: [email protected]
| Fleet Data: | ||||||||
| The following key indicators highlight the Company’s operating performance during the periods ended September 30, 2018 and September 30, 2019. | ||||||||
| FLEET DATA | Q3 2018 | Q3 2019 | 9M 2018 | 9M 2019 | ||||
| Average number of vessels (1) | 51.3 | 42.0 | 51.8 | 43.1 | ||||
| Period end number of owned vessels in fleet | 49 | 41 | 49 | 41 | ||||
| Total calendar days for fleet (2) | 4,994 | 4,045 | 14,859 | 12,376 | ||||
| Total voyage days for fleet (3) | 4,944 | 4,005 | 14,700 | 12,321 | ||||
| Fleet utilization (4) | 99.0 | % | 99.0 | % | 98.9 | % | 99.6 | % |
| Total charter days for fleet (5) | 3,993 | 3,257 | 11,934 | 10,242 | ||||
| Total spot market days for fleet (6) | 951 | 748 | 2,766 | 2,079 | ||||
| Fleet operational utilization (7) | 96.1 | % | 98.0 | % | 95.8 | % | 97.4 | % |
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net (loss)/income before (gain)/loss on derivatives excluding swap interest received/(paid), share based compensation, net loss on sale of vessels, gain on deconsolidation of subsidiaries and impairment loss. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, (gain)/loss on derivatives, net loss on sale of vessels, gain on deconsolidation of subsidiaries and impairment loss. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide additional information on fleet operational results to investors.
| (Expressed in United States Dollars, except number of shares) | Third Quarter Ended September 30th, | Nine Months Period Ended September 30th, | ||||||
| 2018 | 2019 | 2018 | 2019 | |||||
| Net (Loss)/Income - Adjusted Net Income | ||||||||
| Net (loss)/income | (787,292 | ) | (227,767 | ) | (6,958,345 | ) | 1,561,843 | |
| Plus (gain)/loss on derivatives | (19,684 | ) | (14,389 | ) | 18,102 | 126,402 | ||
| Less swap interest received/(paid) | 20,311 | 52,100 | (61,428 | ) | 132,052 | |||
| Less net loss on sale of vessels | 544,446 | 492,989 | 763,925 | 485,516 | ||||
| Less gain on deconsolidation of subsidiaries | -- | -- | -- | (145,000 | ) | |||
| Plus impairment loss | 567,587 | -- | 8,161,964 | -- | ||||
| Plus share based compensation | -- | 140,548 | -- | 611,644 | ||||
| Adjusted Net Income | 325,368 | 443,481 | 1,924,218 | 2,772,457 | ||||
| Net (loss)/income - EBITDA | ||||||||
| Net (loss)/income | (787,292 | ) | (227,767 | ) | (6,958,345 | ) | 1,561,843 | |
| Plus interest and finance costs | 6,099,122 | 5,123,454 | 17,277,218 | 16,506,372 | ||||
| Less interest income | (180,270 | ) | (226,577 | ) | (408,893 | ) | (675,156 | ) |
| Plus depreciation | 10,139,858 | 9,423,444 | 31,123,799 | 28,371,811 | ||||
| EBITDA | 15,271,418 | 14,092,554 | 41,033,779 | 45,764,870 | ||||
| Net (loss)/income - Adjusted EBITDA | ||||||||
| Net (loss)/income | (787,292 | ) | (227,767 | ) | (6,958,345 | ) | 1,561,843 | |
| Plus (gain)/loss on derivatives | (19,684 | ) | (14,389 | ) | 18,102 | 126,402 | ||
| Plus net loss on sale of vessels | 544,446 | 492,989 | 763,925 | 485,516 | ||||
| Less gain on deconsolidation of subsidiaries | -- | -- | -- | (145,000 | ) | |||
| Plus impairment loss | 567,587 | -- | 8,161,964 | -- | ||||
| Plus share based compensation | -- | 140,548 | -- | 611,644 | ||||
| Plus interest and finance costs | 6,099,122 | 5,123,454 | 17,277,218 | 16,506,372 | ||||
| Less interest income | (180,270 | ) | (226,577 | ) | (408,893 | ) | (675,156 | ) |
| Plus depreciation | 10,139,858 | 9,423,444 | 31,123,799 | 28,371,811 | ||||
| Adjusted EBITDA | 16,363,767 | 14,711,702 | 49,977,770 | 46,843,432 | ||||
| EPS - Adjusted EPS | ||||||||
| Net (loss)/income | (787,292 | ) | (227,767 | ) | (6,958,345 | ) | 1,561,843 | |
| Adjusted net income | 325,368 | 443,481 | 1,924,218 | 2,772,457 | ||||
| Weighted average number of shares | 39,860,563 | 39,792,047 | 39,860,563 | 39,830,876 | ||||
| EPS - Basic and Diluted | (0.02 | ) | (0.01 | ) | (0.17 | ) | 0.04 | |
| Adjusted EPS | 0.01 | 0.01 | 0.05 | 0.07 | ||||
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, | ||||||||||||
| 2018 | 2019 | 2018 | 2019 | ||||||||||
| Revenues | |||||||||||||
| Revenues | 42,724,098 | 36,568,295 | 125,800,443 | 109,094,614 | |||||||||
| Expenses | |||||||||||||
| Voyage expenses | 5,263,514 | 4,475,319 | 14,141,821 | 11,524,998 | |||||||||
| Voyage expenses - related party | 530,458 | 454,950 | 1,550,958 | 1,355,178 | |||||||||
| Charter hire expenses | 1,765,756 | 1,469,915 | 4,411,162 | 5,034,969 | |||||||||
| Vessels' operating expenses | 15,419,010 | 12,083,979 | 45,564,128 | 36,271,225 | |||||||||
| Vessels' operating expenses - related party | 143,500 | 238,000 | 265,500 | 726,500 | |||||||||
| Drydocking costs | 818,634 | 548,393 | 2,975,682 | 734,017 | |||||||||
| Management fees - related party | 1,796,365 | 1,432,040 | 5,349,465 | 4,346,720 | |||||||||
| General and administrative expenses | 587,513 | 1,079,027 | 2,005,353 | 3,103,635 | |||||||||
| Depreciation | 10,139,858 | 9,423,444 | 31,123,799 | 28,371,811 | |||||||||
| Impairment loss | 567,587 | -- | 8,161,964 | -- | |||||||||
| Net loss on sale of vessels | 544,446 | 492,989 | 763,925 | 485,516 | |||||||||
| Other operating income | -- | -- | (549,804 | ) | -- | ||||||||
| Total expenses | 37,576,641 | 31,698,056 | 115,763,953 | 91,954,569 | |||||||||
| Income from operations | 5,147,457 | 4,870,239 | 10,036,490 | 17,140,045 | |||||||||
| Other (expenses)/income | |||||||||||||
| Interest and finance costs | (6,099,122 | ) | (5,123,454 | ) | (17,277,218 | ) | (16,506,372 | ) | |||||
| Gain on deconsolidation of subsidiaries | -- | -- | -- | 145,000 | |||||||||
| Gain/(loss) on derivatives | 19,684 | 14,389 | (18,102 | ) | (126,402 | ) | |||||||
| Interest income | 180,270 | 226,577 | 408,893 | 675,156 | |||||||||
| Foreign exchange loss | (35,581 | ) | (9,500 | ) | (108,408 | ) | (19,057 | ) | |||||
| Other expenses, net | (5,934,749 | ) | (4,891,988 | ) | (16,994,835 | ) | (15,831,675 | ) | |||||
| (Loss)/Income before equity in income of investees | (787,292 | ) | (21,749 | ) | (6,958,345 | ) | 1,308,370 | ||||||
| Equity (loss)/gain in unconsolidated joint ventures | -- | (206,018 | ) | -- | 253,473 | ||||||||
| Net (Loss)/Income | (787,292 | ) | (227,767 | ) | (6,958,345 | ) | 1,561,843 | ||||||
| (Loss)/Earnings per share | |||||||||||||
| - Basic & Diluted | (0.02 | ) | (0.01 | ) | (0.17 | ) | 0.04 | ||||||
| Weighted average number of shares | |||||||||||||
| - Basic & Diluted | 39,860,563 | 39,792,047 | 39,860,563 | 39,830,876 | |||||||||
* As of January 1, 2019, we adopted ASU No. 2016-02, "Leases," as amended ("ASC 842") using the modified retrospective transition method of adoption. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As a result, prior periods as reported by the Company have not been impacted by the adoption. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets of $1.9 million and related lease liabilities for operating leases of $1.9 million as of January 1, 2019 and operating lease right-of-use assets of $0.9 million and lease liabilities for operating leases of $0.9 million as of September 30, 2019, in Total Assets and Total Liabilities, respectively, on our Consolidated Balance Sheets.
| StealthGas Inc. | |||||||
| Unaudited Consolidated Balance Sheets | |||||||
| (Expressed in United States Dollars) | |||||||
| December 31, | September 30, | ||||||
| 2018 | 2019 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 64,498,442 | 66,147,291 | |||||
| Receivables from related parties | -- | 1,821,120 | |||||
| Trade and other receivables | 2,888,496 | 3,191,553 | |||||
| Other current assets | 134,301 | 56,630 | |||||
| Claims receivable | -- | 624,539 | |||||
| Inventories | 2,346,723 | 1,982,819 | |||||
| Advances and prepayments | 1,089,539 | 866,814 | |||||
| Restricted cash | 3,002,490 | 1,218,712 | |||||
| Assets held for sale | 64,906,448 | -- | |||||
| Fair value of derivatives | -- | 9,221 | |||||
| Total current assets | 138,866,439 | 75,918,699 | |||||
| Non current assets | |||||||
| Advances for vessel under construction | -- | 2,948,303 | |||||
| Operating lease right-of-use assets | -- | 874,632 | |||||
| Vessels, net | 884,748,691 | 845,468,240 | |||||
| Other receivables | 108,930 | 14,977 | |||||
| Restricted cash | 11,930,059 | 12,193,439 | |||||
| Investments in unconsolidated joint ventures | -- | 24,265,451 | |||||
| Fair value of derivatives | 1,068,369 | 84,623 | |||||
| Total non current assets | 897,856,049 | 885,849,665 | |||||
| Total assets | 1,036,722,488 | 961,768,364 | |||||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Payable to related parties | 7,930,642 | 2,604,223 | |||||
| Trade accounts payable | 10,349,358 | 9,649,636 | |||||
| Accrued and other liabilities | 6,879,488 | 6,077,092 | |||||
| Operating lease liabilities | -- | 849,057 | |||||
| Customer deposits | 1,336,000 | 968,000 | |||||
| Deferred income | 5,191,654 | 3,579,700 | |||||
| Fair value of derivatives | -- | 50,166 | |||||
| Current portion of long-term debt | 41,726,837 | 40,713,898 | |||||
| Current portion of long-term debt associated with vessels held for sale | 30,076,356 | -- | |||||
| Total current liabilities | 103,490,335 | 64,491,772 | |||||
| Non current liabilities | |||||||
| Fair value of derivatives | 465,389 | 3,232,902 | |||||
| Operating lease liabilities | -- | 25,575 | |||||
| Long-term debt | 371,514,253 | 335,172,721 | |||||
| Total non current liabilities | 371,979,642 | 338,431,198 | |||||
| Total liabilities | 475,469,977 | 402,922,970 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Capital stock | 445,496 | 445,496 | |||||
| Treasury stock | (22,523,528 | ) | (23,570,382 | ) | |||
| Additional paid-in capital | 501,807,478 | 502,419,122 | |||||
| Retained earnings | 80,849,086 | 82,410,929 | |||||
| Accumulated other comprehensive income/(loss) | 673,979 | (2,859,771 | ) | ||||
| Total stockholders' equity | 561,252,511 | 558,845,394 | |||||
| Total liabilities and stockholders' equity | 1,036,722,488 | 961,768,364 | |||||
StealthGas Inc.Unaudited Consolidated Statements of Cash Flows(Expressed in United States Dollars)
| Nine Month Periods Ended September 30, | |||||||
| 2018 | 2019 | ||||||
| Cash flows from operating activities | |||||||
| Net (loss)/income for the period | (6,958,345 | ) | 1,561,843 | ||||
| Adjustments to reconcile net (loss)/income to net cash | |||||||
| provided by operating activities: | |||||||
| Depreciation | 31,123,799 | 28,371,811 | |||||
| Amortization of deferred finance charges | 659,472 | 704,265 | |||||
| Amortization of deferred gain on sale and leaseback of vessels | (145,880 | ) | -- | ||||
| Amortization of operating lease right-of-use assets | -- | 1,171,221 | |||||
| Share based compensation | -- | 611,644 | |||||
| Change in fair value of derivatives | (43,326 | ) | 258,454 | ||||
| Equity earnings in unconsolidated joint ventures | -- | (253,473 | ) | ||||
| Impairment loss | 8,161,964 | -- | |||||
| Loss on sale of vessels | 763,925 | 485,516 | |||||
| Gain on deconsolidation of subsidiaries | -- | (145,000 | ) | ||||
| Changes in operating assets and liabilities: | |||||||
| (Increase)/decrease in | |||||||
| Trade and other receivables | (1,037,553 | ) | (209,104 | ) | |||
| Other current assets | 159,363 | 77,671 | |||||
| Claims receivable | 15,951 | (1,307,764 | ) | ||||
| Inventories | (1,905,970 | ) | 1,082,352 | ||||
| Changes in operating lease liabilities | -- | (1,171,221 | ) | ||||
| Advances and prepayments | (263,499 | ) | 222,725 | ||||
| Increase/(decrease) in | |||||||
| Balances with related parties | (5,333,993 | ) | (8,909,006 | ) | |||
| Trade accounts payable | 3,659,191 | (699,722 | ) | ||||
| Accrued liabilities | 541,728 | (142,396 | ) | ||||
| Deferred income | 543,667 | (1,611,954 | ) | ||||
| Net cash provided by operating activities | 29,940,494 | 20,097,862 | |||||
| Cash flows from investing activities | |||||||
| Insurance proceeds | -- | 683,225 | |||||
| Proceeds from sale of interests in subsidiaries | -- | 20,720,975 | |||||
| Vessels’ acquisitions and advances for vessels under construction | (108,185,418 | ) | (2,948,303 | ) | |||
| Proceeds from sale of vessels, net | 26,568,375 | 18,721,124 | |||||
| Investment in unconsolidated joint ventures | -- | (10,220,400 | ) | ||||
| Dividends received from unconsolidated joint ventures | -- | 7,363,147 | |||||
| Cash paid to unconsolidated joint ventures | -- | (2,908,354 | ) | ||||
| Cash received from unconsolidated joint ventures | -- | 1,714,898 | |||||
| Net cash (used in)/provided by investing activities | (81,617,043 | ) | 33,126,312 | ||||
| Cash flows from financing activities | |||||||
| Stock repurchase | -- | (1,046,854 | ) | ||||
| Deferred finance charges | (444,330 | ) | (477,201 | ) | |||
| Cash received from unconsolidated joint ventures | -- | 2,604,223 | |||||
| Customer deposits paid | (1,220,700 | ) | (368,000 | ) | |||
| Loan repayments | (45,159,945 | ) | (87,287,891 | ) | |||
| Proceeds from long-term debt | 115,712,500 | 33,480,000 | |||||
| Net cash provided by/(used in) financing activities | 68,887,525 | (53,095,723 | ) | ||||
| Net increase in cash, cash equivalents and restricted cash | 17,210,976 | 128,451 | |||||
| Cash, cash equivalents and restricted cash at beginning of year | 62,903,192 | 79,430,991 | |||||
| Cash, cash equivalents and restricted cash at end of year | 80,114,168 | 79,559,442 | |||||
| Cash breakdown | |||||||
| Cash and cash equivalents | 64,792,513 | 66,147,291 | |||||
| Restricted cash, current | 2,901,924 | 1,218,712 | |||||
| Restricted cash, non current | 12,419,731 | 12,193,439 | |||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 80,114,168 | 79,559,442 | |||||
