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STEALTHGAS INC. Reports First Quarter 2024 Financial and Operating Results

STEALTHGAS INC.
STEALTHGAS INC.

ATHENS, Greece, May 22, 2024 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • All-time record quarterly Net Income of $17.7 million for the first quarter of 2024, a 5.4% increase compared to last year’s first quarter, corresponding to a basic EPS of $0.49.

  • Revenues increased by 9.2% compared to the same period of last year to $41.6 million. Voyage and operating expenses decreased by 22.7% and Income from operations increased by 80.0% compared to the same period of last year.

  • Further increased period coverage. About 73% of fleet days for remainder of 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating over $180 million (excl. JV vessels) in contracted revenues.

  • Continued to repay debt, making $32.0 million in debt repayments during the first quarter and $53.3 million so far during the second quarter.

  • Maintaining ample cash and cash equivalents (incl. restricted cash) of $83.6 million as of March 31, 2024 enabling the Company to further reduce debt.

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First Quarter 2024 Results:

  • Revenues for the three months ended March 31, 2024 amounted to $41.6 million compared to revenues of $38.1 million for the three months ended March 31, 2023, an increase of $3.5 million, or 9.2%, while the number of vessels in our fleet declined to 27 vessels at the end of Q1 2024 from 32 vessels at the end of Q1 2023. The vessels remaining in the fleet earned higher revenues compared to the same period in the prior year mainly due to improved market conditions.

  • Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2024 were $2.9 million and $11.5 million, respectively, compared to $4.0 million and $14.5 million, respectively, for the three months ended March 31, 2023. The $1.1 million, or 28%, decrease in voyage expenses was the result of the reduction in spot market days, while the $3.0 million, or 21%, decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.

  • Drydocking costs for the three months ended March 31, 2024 and 2023 were nil and $1.1 million, respectively. No vessels were drydocked during the first quarter of 2024, while drydocking expenses during the first quarter of 2023 mainly relate to the drydocking of one vessel and preparation of others.

  • Management fees for the three months ended March 31, 2024 and 2023 were $1.1 million and $1.2 million, respectively. The change is attributed to the decrease in the average number of owned vessels in our fleet.

  • General and administrative expenses for the three months ended March 31, 2024 and 2023 were $2.2 million and $0.8 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.

  • Depreciation for the three months ended March 31, 2024 and 2023 was $6.5 million and $6.6 million, respectively, slightly decreased due to the lower average number of vessels owned compared to the same period in 2023, partly offset by the depreciation attributable to the two new 40,000 cbm LPG carriers acquired in the first quarter of 2024.

  • Interest and finance costs for the three months ended March 31, 2024 and 2023 were $3.2 million and $2.6 million, respectively. The $0.6 million, or 23%, increase from the same period of last year is mostly due to the reduction of income from closing of interest rate swap positions as a result of debt prepayments and due to the increase in variable interest rates.

  • Interest income for the three months ended March 31, 2024 and 2023 was $0.8 million and $1.0 million, respectively. The decrease is mainly attributed to decreases in time deposits over the corresponding period.

  • Equity earnings in joint ventures for the three months ended March 31, 2024 and 2023 was a gain of $2.6 million and $8.8 million, respectively. The $6.2 million decrease from the same period of last year is mainly due to the profitable sale of a vessel during the first quarter of 2023 by one of the joint ventures.

  • As a result of the above, for the three months ended March 31, 2024 the Company reported net income of $17.7 million, compared to net income of $16.8 million for the three months ended March 31, 2023, an increase of $0.9 million, or 5%. The weighted average number of shares outstanding, basic, for the three months ended March 31, 2024 and 2023 was 35.1 million and 38.0 million, respectively.

  • Earnings per share, basic, for the three months ended March 31, 2024 amounted to $0.49 compared to earnings per share of $0.44 for the same period of last year.

  • Adjusted net income1 was $19.1 million corresponding to an Adjusted EPS1 of $0.53 for the three months ended March 31, 2024 compared to Adjusted net income of $17.3 million corresponding to an Adjusted EPS of $0.45 for the same period of last year.

  • EBITDA1 for the three months ended March 31, 2024 amounted to $26.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA1 to Net Income are set forth below.

  • An average of 27.04 vessels were owned by the Company during the three months ended March 31, 2024 compared to 32.26 vessels for the same period of 2023.

________________________
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.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements (of three or more months duration):

  • A three years time charter extension for its 2014 built LPG carrier Eco Elysium, until May 2027.

  • A twelve months time charter extension for its 2014 built LPG carrier Eco Stream, until Jun 2025 with a charterer’s option to extend for a further twelve months.

  • A twelve months time charter extension for its 2016 built LPG carrier Eco Nical, until Apr 2025.

  • A six months time charter for its 2011 built LPG carrier Gas Elixir, until Oct 2024.

  • A three months time charter for its 2018 built LPG carrier Eco Arctic, until Jul 2024 with a charterer’s option to extend for a further three months.

As of May 2024, the Company has total contracted revenues of approximately $180 million.

For the remainder of the year 2024 the Company has circa 73% of fleet days secured under period contracts, and 30% for the year 2025.

In addition, the following charter arrangements were concluded for the joint venture vessels:

  • A twelve months time charter extension for the 2015 built LPG carrier Eco Lucidity, until Apr 2025.

  • A six months time charter for the 2008 built LPG carrier Gas Defiance, until Dec 2024.

The previously announced sale of the joint venture vessel Eco Ethereal was concluded in late April 2024 and the Company received a $24 million interim distribution from the joint venture.

CEO Harry Vafias Commented

Today we announce yet another record breaking quarter. Profits of $17.7 million for the first quarter of 2024 are an all time high for our company in the 20 years since its inception.  These exceptional results were mainly driven by higher revenues and reduced expenses, and the two MGC vessels that were added to the fleet immediately started producing results.  The reduced share count as a result of the share buybacks further enhances the bottom line on an earnings per share basis. In the current quarter we have so far repaid over $53 million of debt and now have 23 unencumbered vessels and a debt ratio below 15%. We continue to benefit from the positive market backdrop and we look forward to continue rewarding our shareholders’ trust with more positive quarters.

Conference Call details:

On May 22, 2024 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.

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

Online Registration:
https://register.vevent.com/register/BIfef0702d7f65423ca8c51fdafd4f6556

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 serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 32 LPG carriers, including five Joint Venture vessels in the water. These LPG vessels have a total capacity of 354,188 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Visit our website at www.stealthgas.com

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, including those related to future revenues and profitability, 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, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or 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        
For information on our fleet and further information:
Visit our website at www.stealthgas.com

Fleet Data:

The following key indicators highlight the Company’s operating performance during the periods ended March 31, 2023 and March 31, 2024.

FLEET DATA

Q1 2023

Q1 2024

Average number of vessels (1)

32.26

 

27.04

 

Period end number of owned vessels in fleet

32

 

27

 

Total calendar days for fleet (2)

2,903

 

2,461

 

Total voyage days for fleet (3)

2,871

 

2,439

 

Fleet utilization (4)

98.9

%

99.1

%

Total charter days for fleet (5)

2,625

 

2,232

 

Total spot market days for fleet (6)

246

 

207

 

Fleet operational utilization (7)

97.3

%

97.7

%

 

 

 

 

 

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

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 and our investors 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)

Three Months Period Ended March 31,

 

2023

2024

Net Income - Adjusted Net Income

 

 

Net income

16,816,191

 

17,729,716

 

Plus/(Less) loss/(gain) on derivatives

62,314

 

(99,286

)

Plus swap interest received

193,318

 

208,127

 

Plus/(Less) net loss/(gain) on sale of vessels, net

23,354

 

(46,384

)

Plus impairment loss

57,319

 

-

 

Plus share based compensation

175,569

 

1,345,409

 

Adjusted Net Income

17,328,065

 

19,137,582

 

 

 

 

Net income - EBITDA

 

 

Net income

16,816,191

 

17,729,716

 

Plus interest and finance costs

2,622,686

 

3,169,061

 

Less interest income

(1,040,944

)

(753,396

)

Plus depreciation

6,578,366

 

6,492,376

 

EBITDA

24,976,299

 

26,637,757

 

 

 

 

Net income - Adjusted EBITDA

 

 

Net income

16,816,191

 

17,729,716

 

Plus/(Less) loss/(gain) on derivatives

62,314

 

(99,286

)

Plus/(Less) net loss/(gain) on sale of vessels, net

23,354

 

(46,384

)

Plus impairment loss

57,319

 

-

 

Plus share based compensation

175,569

 

1,345,409

 

Plus interest and finance costs

2,622,686

 

3,169,061

 

Less interest income

(1,040,944

)

(753,396

)

Plus depreciation

6,578,366

 

6,492,376

 

Adjusted EBITDA

25,294,855

 

27,837,496

 

 

 

 

EPS - Adjusted EPS

 

 

Net income

16,816,191

 

17,729,716

 

Adjusted net income

17,328,065

 

19,137,582

 

Weighted average number of shares, basic

38,030,309

 

35,119,500

 

EPS - Basic

0.44

 

0.49

 

Adjusted EPS - Basic

0.45

 

0.53

 


 

StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)

 

 

For The Three Months Ended March 31,

 

 

2023

 

2024

 

 

 

Revenues

 

 

 

 

Revenues

 

38,062,170

 

 

41,563,908

 

 

 

 

 

 

Expenses

 

 

 

 

Voyage expenses

 

3,518,691

 

 

2,345,200

 

Voyage expenses - related party

 

473,682

 

 

513,247

 

Vessels' operating expenses

 

14,288,781

 

 

11,235,359

 

Vessels' operating expenses - related party

 

257,500

 

 

241,500

 

Drydocking costs

 

1,090,042

 

 

-

 

Management fees - related party

 

1,234,120

 

 

1,053,719

 

General and administrative expenses

 

808,929

 

 

2,213,853

 

Depreciation

 

6,578,366

 

 

6,492,376

 

Impairment loss

 

57,319

 

 

-

 

Net loss/(gain) on sale of vessels

 

23,354

 

 

(46,384

)

Total expenses

 

28,330,784

 

 

24,048,870

 

 

 

 

 

 

Income from operations

 

9,731,386

 

 

17,515,038

 

 

 

 

 

 

Other (expenses)/income

 

 

 

 

Interest and finance costs

 

(2,622,686

)

 

(3,169,061

)

(Loss)/gain on derivatives

 

(62,314

)

 

99,286

 

Interest income

 

1,040,944

 

 

753,396

 

Foreign exchange loss

 

(104,326

)

 

(49,044

)

Other expenses, net

 

(1,748,382

)

 

(2,365,423

)

 

 

 

 

 

Income before equity in earnings of investees

 

7,983,004

 

 

15,149,615

 

Equity earnings in joint ventures

 

8,833,187

 

 

2,580,101

 

Net Income

 

16,816,191

 

 

17,729,716

 

 

 

 

 

 

Earnings per share

 

 

 

 

- Basic

 

0.44

 

 

0.49

 

-Diluted

 

0.44

 

 

0.49

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

- Basic

 

38,030,309

 

 

35,119,500

 

- Diluted

 

38,030,309

 

 

35,247,529

 


 

StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)

 

 

December 31,

 

March 31,

 

 

2023

 

2024

 

 

 

 

 

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

77,202,843

 

 

77,085,417

 

Receivable from related parties

 

-

 

 

448,610

 

Trade and other receivables

 

4,506,741

 

 

4,484,464

 

Other current assets

 

130,589

 

 

1,396

 

Claims receivable

 

55,475

 

 

55,475

 

Inventories

 

1,979,683

 

 

1,872,655

 

Advances and prepayments

 

1,409,418

 

 

1,569,161

 

Restricted cash

 

659,137

 

 

-

 

Assets held for sale

 

34,879,925

 

 

-

 

Total current assets

 

120,823,811

 

 

85,517,178

 

 

 

 

 

 

Non current assets

 

 

 

 

Advances for vessel acquisitions

 

23,414,570

 

 

-

 

Operating lease right-of-use assets

 

99,379

 

 

74,634

 

Vessels, net

 

504,295,083

 

 

617,632,086

 

Other receivables

 

48,040

 

 

105,460

 

Restricted cash

 

5,893,721

 

 

6,550,540

 

Investments in joint ventures

 

39,671,603

 

 

42,251,704

 

Deferred finance charges

 

1,105,790

 

 

-

 

Fair value of derivatives

 

1,858,677

 

 

804,150

 

Total non current assets

 

576,386,863

 

 

667,418,574

 

Total assets

 

697,210,674

 

 

752,935,752

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities

 

 

 

 

Payable to related parties

 

955,567

 

 

-

 

Trade accounts payable

 

9,953,137

 

 

9,479,109

 

Accrued liabilities

 

5,681,144

 

 

5,921,347

 

Operating lease liabilities

 

71,173

 

 

74,634

 

Deferred income

 

5,386,126

 

 

7,339,669

 

Current portion of long-term debt

 

16,624,473

 

 

15,185,485

 

Total current liabilities

 

38,671,620

 

 

38,000,244

 

 

 

 

 

 

Non current liabilities

 

 

 

 

Operating lease liabilities

 

28,206

 

 

-

 

Deferred income

 

1,928,712

 

 

663,769

 

Long-term debt

 

106,918,176

 

 

145,442,266

 

Total non current liabilities

 

108,875,094

 

 

146,106,035

 

Total liabilities

 

147,546,713

 

 

184,106,279

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

Capital stock

 

453,434

 

 

454,684

 

Treasury stock

 

(44,453,836

)

 

(44,792,012

)

Additional paid-in capital

 

446,938,868

 

 

448,639,277

 

Retained earnings

 

145,993,681

 

 

163,723,397

 

Accumulated other comprehensive income

 

731,814

 

 

804,127

 

Total stockholders' equity

 

549,663,961

 

 

568,829,473

 

Total liabilities and stockholders' equity

 

697,210,674

 

 

752,935,752

 


 

StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

 

 

For The Three Months Ended March 31,

 

 

2023

 

2024

Cash flows from operating activities

 

 

 

 

Net income for the period

 

16,816,191

 

 

17,729,716

 

 

 

 

 

 

Adjustments to reconcile net income to net cash

 

 

 

 

  provided by operating activities:

 

 

 

 

Depreciation

 

6,578,366

 

 

6,492,376

 

Amortization of deferred finance charges

 

329,383

 

 

258,295

 

Non-cash lease expense

 

23,189

 

 

24,745

 

Share based compensation

 

175,569

 

 

1,345,409

 

Change in fair value of derivatives

 

385,655

 

 

108,840

 

Proceeds from disposal of interest rate swaps

 

-

 

 

1,018,000

 

Equity earnings in joint ventures

 

(8,833,187

)

 

(2,580,101

)

Impairment loss

 

57,319

 

 

-

 

Loss/(Gain) on sale of vessels

 

23,354

 

 

(46,384

)

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

(Increase)/decrease in

 

 

 

 

Trade and other receivables

 

1,799,807

 

 

(35,143

)

Other current assets

 

183,299

 

 

129,193

 

Inventories

 

762,634

 

 

353,756

 

Changes in operating lease liabilities

 

(23,189

)

 

(24,745

)

Advances and prepayments

 

(19,504

)

 

(159,743

)

Increase/(decrease) in

 

 

 

 

Balances with related parties

 

(214,731

)

 

(1,390,625

)

Trade accounts payable

 

2,060,374

 

 

(475,368

)

Accrued liabilities

 

118,849

 

 

240,202

 

Deferred income

 

(545,247

)

 

688,600

 

Net cash provided by operating activities

 

19,678,131

 

 

23,677,023

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Insurance proceeds

 

126,666

 

 

-

 

Proceeds from sale of vessels, net

 

9,416,242

 

 

34,679,584

 

Acquisition and improvement of vessels

 

(71,729

)

 

(96,413,470

)

Advances to joint ventures

 

-

 

 

(1,705

)

Maturity in short term investments

 

15,000,000

 

 

-

 

Net cash provided by/(used in) investing activities

 

24,471,179

 

 

(61,735,591

)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds from exercise of stock options

 

-

 

 

356,250

 

Stock repurchase

 

-

 

 

(338,176

)

Deferred finance charges paid

 

(215,833

)

 

(22,167

)

Advances from/(to) joint ventures

 

2,698

 

 

(11,848

)

Loan repayments

 

(32,021,772

)

 

(32,045,235

)

Proceeds from long-term debt

 

-

 

 

70,000,000

 

Net cash (used in)/provided by financing activities

 

(32,234,907

)

 

37,938,824

 

 

 

 

 

 

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

 

11,914,403

 

 

(119,744

)

Cash, cash equivalents and restricted cash at beginning of period

 

69,154,944

 

 

83,755,701

 

Cash, cash equivalents and restricted cash at end of period

 

81,069,347

 

 

83,635,957

 

Cash breakdown

 

 

 

 

Cash and cash equivalents

 

69,827,552

 

 

77,085,417

 

Restricted cash, current

 

1,802,116

 

 

-

 

Restricted cash, non current

 

9,439,679

 

 

6,550,540

 

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

81,069,347

 

 

83,635,957

 


CONTACT: Company Contact: Konstantinos Sistovaris Investor Relations STEALTHGAS INC. 00-30-210-6250-001 E-mail: info@stealthgas.com