GASS - STEALTHGAS INC. Reports Third Quarter and Nine Months 2022 Financial and Operating Results
ATHENS, Greece, Nov. 21, 2022 (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 third quarter and nine months ended September 30, 2022.
OPERATIONAL AND FINANCIAL HIGHLIGHTS 1
- Entered into a number of medium to long term charters increasing forward coverage. About 40% of fleet days are secured on period charters for 2023, with total fleet employment days for all subsequent periods generating approximately $90 million (excl. JV vessels) in contracted revenues ($100 million incl. JV vessels).
- Profitable quarter with $6.7 million in net income. Decrease in revenues at $34.9 million with 34 vessels at the end of Q3 22’ compared to 41 vessels for the same quarter of last year. Also decreases in operating expenses and depreciation.
- Decrease in revenues by $4.2 million (or 3.7%) for the 9M 22’ compared to the 9M 21’, counterbalanced by a decrease of $15.4 million (or 16.6%) in voyage expenses, operating expenses and depreciation in aggregate for the 9M 22’compared to 9M 21’.
- Net Income of $26.6 million for 9M 22’ corresponding to an EPS of $0.70 compared to Net Income of $3.6 million and an EPS of $0.10 for 9M 21’, an increase of 600% in EPS
- Total cash, including restricted cash, of $85.6 million as of September 30, 2022 compared to $45.7 million as of December 31, 2021, an increase of 87%.
_____________
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.
Third Quarter 2022 Results:
- Revenues for the three months ended September 30, 2022 amounted to $34.9 million compared to revenues of $37.5 million for the three months ended September 30, 2021 while the fleet over the corresponding periods was reduced from 41 vessels at the end of Q3 2021 to 34 vessels at the end of Q3 2022. The vessels remaining in the fleet earned higher revenues compared to the same period in the prior year due to better market conditions.
- Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2022 were $6.8 million and $14.1 million, respectively, compared to $4.5 million and $15.5 million, respectively, for the three months ended September 30, 2021. The $2.3 million increase in voyage expenses is attributed to the higher number of vessels in the spot market and particularly from increases in bunker expenses due to the rise in oil prices. The $1.4 million decrease in vessels’ operating expenses compared to the same period of 2021 is due to fewer vessels in the fleet.
- Drydocking costs for the three months ended September 30, 2022 and 2021, were $1.8 million and $1.8 million, respectively. Drydocking expenses during the third quarter of 2022 relate to the drydocking of four vessels similar to the same period of last year.
- Depreciation for the three months ended September 30, 2022 and 2021 was $6.9 million and $9.4 million, respectively, as the number of our vessels declined following the spin-off of four tanker vessels.
- Interest and finance costs for the three months ended September 30, 2022 and 2021, were $3.5 million and $3.4 million, respectively. The $0.1 million increase from the same period of last year is due to the increase in interest rates despite a reduction in the debt outstanding during the period.
- Equity earnings in joint ventures for the three months ended September 30, 2022 and 2021 was a gain of $6.1 million and $1.3 million, respectively. The $4.8 million increase from the same period of last year is mainly due to the gain from a sale of a vessel that was recorded in one of the joint ventures.
- As a result of the above, for the three months ended September 30, 2022, the Company reported net income of $6.7 million, compared to net income of $1.2 million for the three months ended September 30, 2021. The weighted average number of shares outstanding for the three months ended September 30, 2022 and 2021 was 37.9 million and 37.9 million, respectively.
- Earnings per share, basic and diluted, for the three months ended September 30, 2022 amounted to $0.18 compared to earnings per share of $0.03 for the same period of last year.
- Adjusted net income was $6.1 million corresponding to an Adjusted EPS of $0.16 for the three months ended September 30, 2022 compared to Adjusted net income of $1.8 million corresponding to an Adjusted EPS of $0.05 for the same period of last year.
- EBITDA for the three months ended September 30, 2022 amounted to $16.9 million. An average of 34.0 vessels were owned by the Company during the three months ended September 30, 2022 compared to 41.8 vessels for the same period of 2021.
Nine Months 2022 Results:
- Revenues for the nine months ended September 30, 2022, amounted to $110.0 million, a decrease of $4.2 million, or 3.7%, compared to revenues of $114.2 million for the nine months ended September 30, 2021, primarily due to reduction in the fleet size.
- Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2022 were $15.6 million and $40.3 million, respectively, compared to $17.4 million and $46.4 million for the nine months ended September 30, 2021. The $1.8 million decrease in voyage expenses was mainly due to the 38% (or 979 days) decrease of spot days. The $6.1 million decrease in vessels’ operating expenses is primarily due to the reduction in fleet size.
- Drydocking costs for the nine months ended September 30, 2022 and 2021 were $2.3 million and $4.4 million, respectively. The costs for the nine months ended September 30, 2022 mainly related to the drydocking of five vessels while the costs for the same period of last year related to the drydocking of six vessels.
- Depreciation for the nine months ended September 30, 2022, was $21.0 million, a $7.5 million decrease from $28.5 million for the same period of last year, due to the decrease in the average number of our vessels.
- Impairment loss for the nine months ended September 30, 2022 was $0.5 million relating to one vessel, for which the Company had entered into an agreement to sell and subsequently delivered to its new owner. Impairment loss for the nine months ended September 30, 2021 was $3.1 million relating to three vessels, one older vessel plus two vessels for which the Company had entered into separate agreements to sell to third parties.
- Loss on sale of vessels for the nine months ended September 30, 2022 was $0.4 million, which was primarily due to the sale of one of the Company’s vessels.
- Interest and finance costs for the nine months ended September 30, 2022 and 2021 were $8.7 million and $9.5 million, respectively. The $0.8 million decrease from the same period of last year, is mostly due to the decrease of our indebtedness.
- Equity earnings in joint ventures for the nine months ended September 30, 2022 and 2021 was a gain of $9.7 million and a gain of $6.6 million, respectively. The $3.1 million increase from the same period of last year is primarily due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures and the improved profitability resulting from the operation of both of our joint ventures.
- As a result of the above, the Company reported a net income for the nine months ended September 30, 2022 of $26.6 million, compared to a net income of $3.6 million for the nine months ended September 30, 2021. The weighted average number of shares outstanding as of September 30, 2022 and 2021 was 37.9 million and 37.9 million, respectively. Earnings per share for the nine months ended September 30, 2022 amounted to $0.70 compared to earnings per share of $0.10 for the same period of last year.
- Adjusted net income was $26.1 million, or $0.69 per share, for the nine months ended September 30, 2022 compared to adjusted net income of $7.2 million, or $0.19 per share, for the same period of last year.
- EBITDA for the nine months ended September 30, 2022 amounted to $55.8 million. An average of 35.0 vessels were owned by the Company during the nine months ended September 30, 2022 , compared to 41.8 vessels for the same period of 2021.
- As of September 30, 2022, cash and cash equivalents amounted to $72.7 million and total debt net of deferred finance charges amounted to $284.6 million.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
- A three years time charter for its 2014 built LPG carrier Eco Corsair, until Feb 2026.
- A twelve months time charter extension for its 2011 built LPG carrier Gas Myth, until Jan 2024.
- A twelve months time charter extension for its 2012 built LPG carrier Gas Husky, until Dec 2023.
- A twelve months time charter extension for its 2015 built LPG carrier Eco Galaxy, until Dec 2023.
- A twelve months time charter for its 2012 built LPG carrier Gas Esco, until Nov 2023.
- A twelve months time charter for its 2021 built LPG carrier Eco Blizzard, until Oct 2023.
- A twelve months time charter for its 2014 built LPG carrier Eco Chios, until Oct 2023 with a charterer’s option to extend a further twelve months.
- A twelve months time charter for its 2014 built LPG carrier Eco Invictus, until Nov 2023 with a charterer’s option to extend a further twelve months.
- A six months time charter for its 2016 built LPG carrier Eco Nical, until Apr 2023 with a charterer’s option to extend a further six months.
- A six months time charter for its 2020 built LPG carrier Eco Alice, until Mar 2023 with a charterer’s option to extend a further six months.
- A three months time charter for its 1997 built LPG carrier the Gas Galaxy, until Jan 2023.
With these charters, the Company has total contracted revenues of approximately $90 million.
For the remainder of the year 2022, the Company has about 78% of fleet days secured under period contracts, while 40% of fleet days are secured under period contracts for 2023.
Board Chairman Michael Jolliffe Commented
Today we are pleased to announce yet another profitable quarter. For 2022 StealthGas has reported consecutive quarterly profits bringing the total net income year to date to $26.6 million or $0.70 per share. Looking more closely at the third quarter, the shipping market did experience a summer lull and activity was somewhat reduced, as a result there were more vessels on the spot market with reduced earnings. As the winter months closed in activity picked up and charterers started seeking forward coverage, taking advantage of the favourable conditions we recently entered into a substantial number of medium-term charters at healthy rates.
We believe that the fundamentals of our sector continue to be positive and demand for LPG will continue to grow, albeit in an environment of economic and geopolitical uncertainty and regulatory changes. StealthGas remains focused on utilising its ample liquidity to renew and grow the fleet for the benefit of its shareholders and its customers.
Conference Call details:
On November 21, 2022 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/BIf757cd4a8b8941b68d768eb93b19b4dd
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 40 LPG carriers, including six Joint Venture vessels in the water, and three 40,000 cbm newbuilding Medium Gas Carriers (one owned through Joint Venture) to be delivered by the end of 2023. These LPG vessels have a total capacity of 465,510 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, 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, the conflict in Ukraine and related sanctions, 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
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 September 30, 2021 and September 30, 2022 .
| FLEET DATA |
| Q3 2021 |
| Q3 2022 |
| 9M 2021 |
| 9M 2022 |
| Average number of vessels (1) |
| 41.83 |
| 34.00 |
| 41.81 |
| 35.01 |
| Period end number of owned vessels in fleet |
| 41 |
| 34 |
| 41 |
| 34 |
| Total calendar days for fleet (2) |
| 3,848 |
| 3,128 |
| 11,415 |
| 9,559 |
| Total voyage days for fleet (3) |
| 3,747 |
| 3,028 |
| 11,192 |
| 9,420 |
| Fleet utilization (4) |
| 97.4 |
| % |
| 96.8 |
| % |
| 98.0 |
| % |
| 98.5 |
| % |
| Total charter days for fleet (5) |
| 3,203 |
| 2,185 |
| 8,607 |
| 7,814 |
| Total spot market days for fleet (6) |
| 544 |
| 843 |
| 2,585 |
| 1,606 |
| Fleet operational utilization (7) |
| 94.1 |
| % |
| 87.9 |
| % |
| 94.5 |
| % |
| 92.5 |
| % |
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, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before loss/gain 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 loss/gain 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) |
| Third Quarter Ended September 30th, |
| Nine Months Period Ended September 30th, |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| Net Income - Adjusted Net Income |
| Net income |
| 1,227,081 |
| 6,733,657 |
| 3,609,145 |
| 26,552,524 |
| Less gain on derivatives |
| (11,471 |
| ) |
| (713,507 |
| ) |
| (17,788 |
| ) |
| (1,779,309 |
| ) |
| Less swap interest paid |
| -- |
| (8,844 |
| ) |
| (141,446 |
| ) |
| (90,425 |
| ) |
| Plus loss on sale of vessels, net |
| 304,210 |
| -- |
| 304,210 |
| 408,637 |
| Plus impairment loss |
| -- |
| -- |
| 3,096,391 |
| 529,532 |
| Plus share based compensation |
| 280,284 |
| 85,529 |
| 354,202 |
| 525,260 |
| Adjusted Net Income |
| 1,800,104 |
| 6,096,835 |
| 7,204,714 |
| 26,146,219 |
| Net income – EBITDA |
| Net income |
| 1,227,081 |
| 6,733,657 |
| 3,609,145 |
| 26,552,524 |
| Plus interest and finance costs |
| 3,411,631 |
| 3,549,687 |
| 9,528,134 |
| 8,668,720 |
| Less interest income |
| (202 |
| ) |
| (306,815 |
| ) |
| (2,979 |
| ) |
| (378,193 |
| ) |
| Plus depreciation |
| 9,357,522 |
| 6,929,887 |
| 28,487,574 |
| 20,982,015 |
| EBITDA |
| 13,996,032 |
| 16,906,416 |
| 41,621,874 |
| 55,825,066 |
| Net income - Adjusted EBITDA |
| Net income |
| 1,227,081 |
| 6,733,657 |
| 3,609,145 |
| 26,552,524 |
| Less gain on derivatives |
| (11,471 |
| ) |
| (713,507 |
| ) |
| (17,788 |
| ) |
| (1,779,309 |
| ) |
| Plus loss on sale of vessels, net |
| 304,210 |
| -- |
| 304,210 |
| 408,637 |
| Plus impairment loss |
| -- |
| -- |
| 3,096,391 |
| 529,532 |
| Plus share based compensation |
| 280,284 |
| 85,529 |
| 354,202 |
| 525,260 |
| Plus interest and finance costs |
| 3,411,631 |
| 3,549,687 |
| 9,528,134 |
| 8,668,720 |
| Less interest income |
| (202 |
| ) |
| (306,815 |
| ) |
| (2,979 |
| ) |
| (378,193 |
| ) |
| Plus depreciation |
| 9,357,522 |
| 6,929,887 |
| 28,487,574 |
| 20,982,015 |
| Adjusted EBITDA |
| 14,569,055 |
| 16,278,438 |
| 45,358,889 |
| 55,509,186 |
| EPS - Adjusted EPS |
| Net income |
| 1,227,081 |
| 6,733,657 |
| 3,609,145 |
| 26,552,524 |
| Adjusted net income |
| 1,800,104 |
| 6,096,835 |
| 7,204,714 |
| 26,146,219 |
| Weighted average number of shares |
| 37,858,437 |
| 37,924,542 |
| 37,858,437 |
| 37,891,672 |
| EPS - Basic and Diluted |
| 0.03 |
| 0.18 |
| 0.10 |
| 0.70 |
| Adjusted EPS |
| 0.05 |
| 0.16 |
| 0.19 |
| 0.69 |
StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
| Quarters Ended September 30, |
| Nine Month Periods Ended September 30, |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| Revenues |
| Revenues |
| 37,485,600 |
| 34,885,398 |
| 114,151,131 |
| 110,031,503 |
| Expenses |
| Voyage expenses |
| 4,060,113 |
| 6,342,084 |
| 15,993,168 |
| 14,295,103 |
| Voyage expenses - related party |
| 463,123 |
| 431,035 |
| 1,418,297 |
| 1,354,552 |
| Vessels' operating expenses |
| 15,219,195 |
| 13,862,097 |
| 45,609,845 |
| 39,560,293 |
| Vessels' operating expenses - related party |
| 287,750 |
| 259,500 |
| 809,250 |
| 774,450 |
| Drydocking costs |
| 1,793,763 |
| 1,770,727 |
| 4,431,944 |
| 2,347,352 |
| Management fees - related party |
| 1,489,338 |
| 1,338,145 |
| 4,417,904 |
| 3,910,830 |
| General and administrative expenses |
| 1,209,098 |
| 820,599 |
| 3,050,282 |
| 2,588,510 |
| Depreciation |
| 9,357,522 |
| 6,929,887 |
| 28,487,574 |
| 20,982,015 |
| Impairment loss |
| -- |
| -- |
| 3,096,391 |
| 529,532 |
| Net loss on sale of vessels |
| 304,210 |
| -- |
| 304,210 |
| 408,637 |
| Total expenses |
| 34,184,112 |
| 31,754,074 |
| 107,618,865 |
| 86,751,274 |
| Income from operations |
| 3,301,488 |
| 3,131,324 |
| 6,532,266 |
| 23,280,229 |
| Other (expenses)/income |
| Interest and finance costs |
| (3,411,631 |
| ) |
| (3,549,687 |
| ) |
| (9,528,134 |
| ) |
| (8,668,720 |
| ) |
| Gain on derivatives |
| 11,471 |
| 713,507 |
| 17,788 |
| 1,779,309 |
| Interest income |
| 202 |
| 306,815 |
| 2,979 |
| 378,193 |
| Foreign exchange (loss)/gain |
| (12,575 |
| ) |
| 38,352 |
| (53,892 |
| ) |
| 83,057 |
| Other expenses, net |
| (3,412,533 |
| ) |
| (2,491,013 |
| ) |
| (9,561,259 |
| ) |
| (6,428,161 |
| ) |
| (Loss)/Income before equity in earnings of investees |
| (111,045 |
| ) |
| 640,311 |
| (3,028,993 |
| ) |
| 16,852,068 |
| Equity earnings in joint ventures |
| 1,338,126 |
| 6,093,346 |
| 6,638,138 |
| 9,700,456 |
| Net Income |
| 1,227,081 |
| 6,733,657 |
| 3,609,145 |
| 26,552,524 |
| Earnings per share |
| - Basic & Diluted |
| 0.03 |
| 0.18 |
| 0.10 |
| 0.70 |
| Weighted average number of shares |
| -Basic & Diluted |
| 37,858,437 |
| 37,924,542 |
| 37,858,437 |
| 37,891,672 |
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
| December 31, |
| September 30, |
| 2021 |
| 2022 |
| Assets |
| Current assets |
| Cash and cash equivalents |
| 31,304,151 |
| 72,660,000 |
| Receivables from related party |
| 63,767 |
| -- |
| Trade and other receivables |
| 2,117,636 |
| 3,430,068 |
| Other current assets |
| 298,984 |
| 437,545 |
| Claims receivable |
| 62,652 |
| 280,114 |
| Inventories |
| 2,772,532 |
| 5,558,898 |
| Advances and prepayments |
| 637,881 |
| 1,269,825 |
| Restricted cash |
| 2,198,775 |
| 2,335,892 |
| Vessel held for sale |
| 12,250,000 |
| -- |
| Total current assets |
| 51,706,378 |
| 85,972,342 |
| Non current assets |
| Advances for vessels acquisitions |
| -- |
| 23,400,000 |
| Operating lease right-of-use assets |
| 104,168 |
| 41,142 |
| Vessels, net |
| 681,337,153 |
| 648,500,103 |
| Restricted cash |
| 12,197,611 |
| 10,574,902 |
| Investments in joint ventures |
| 53,323,032 |
| 45,470,489 |
| Fair value of derivatives |
| -- |
| 3,322,310 |
| Total non current assets |
| 746,961,964 |
| 731,308,946 |
| Total assets |
| 798,668,342 |
| 817,281,288 |
| Liabilities and Stockholders' Equity |
| Current liabilities |
| Payable to related parties |
| 1,491,705 |
| 3,908,937 |
| Trade accounts payable |
| 8,592,124 |
| 11,981,701 |
| Accrued and other liabilities |
| 3,842,879 |
| 5,195,954 |
| Operating lease liabilities |
| 104,168 |
| 41,142 |
| Deferred income |
| 5,666,285 |
| 5,040,703 |
| Current portion of long-term debt |
| 31,836,619 |
| 30,066,431 |
| Current portion of long-term debt associated with vessel held for sale |
| 7,173,988 |
| -- |
| Total current liabilities |
| 58,707,768 |
| 56,234,868 |
| Non current liabilities |
| Fair value of derivatives |
| 3,151,880 |
| 3,701,938 |
| Deferred income |
| 76,949 |
| 37,121 |
| Long-term debt |
| 261,960,975 |
| 254,556,289 |
| Total non current liabilities |
| 265,189,804 |
| 258,295,348 |
| Total liabilities |
| 323,897,572 |
| 314,530,216 |
| Commitments and contingencies |
| -- |
| -- |
| Stockholders' equity |
| Capital stock |
| 435,274 |
| 435,274 |
| Treasury stock |
| (25,373,380 |
| ) |
| (25,373,380 |
| ) |
| Additional paid-in capital |
| 443,009,334 |
| 443,534,594 |
| Retained earnings |
| 59,803,487 |
| 86,356,011 |
| Accumulated other comprehensive loss |
| (3,103,945 |
| ) |
| (2,201,427 |
| ) |
| Total stockholders' equity |
| 474,770,770 |
| 502,751,072 |
| Total liabilities and stockholders' equity |
| 798,668,342 |
| 817,281,288 |
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
| Nine Month Periods Ended September 30, |
| 2021 |
| 2022 |
| Cash flows from operating activities |
| Net income for the period |
| 3,609,145 |
| 26,552,524 |
| Adjustments to reconcile net income to net cash |
| provided by operating activities: |
| Depreciation |
| 28,487,574 |
| 20,982,015 |
| Amortization of deferred finance charges |
| 914,717 |
| 698,877 |
| Amortization of operating lease right-of-use assets |
| 67,386 |
| 63,026 |
| Share based compensation |
| 354,202 |
| 525,260 |
| Change in fair value of derivatives |
| (159,234) |
| (1,869,734) |
| Equity earnings in joint ventures |
| (6,638,138) |
| (9,700,456) |
| Dividends received from joint ventures |
| -- |
| 9,486,900 |
| Impairment loss |
| 3,096,391 |
| 529,532 |
| Loss on sale of vessels |
| 304,210 |
| 408,637 |
| Changes in operating assets and liabilities: |
| (Increase)/decrease in |
| Trade and other receivables |
| (168,447) |
| (1,312,432) |
| Other current assets |
| 178,538 |
| (138,561) |
| Claims receivable |
| 57,895 |
| (500,249) |
| Inventories |
| (555,895) |
| (2,786,366) |
| Changes in operating lease liabilities |
| (67,386) |
| (63,026) |
| Advances and prepayments |
| (473,605) |
| (631,944) |
| Increase/(decrease) in |
| Balances with related parties |
| (1,542,564) |
| 3,617,682 |
| Trade accounts payable |
| 2,364,066 |
| 3,449,280 |
| Accrued liabilities |
| 166,577 |
| 1,353,075 |
| Deferred income |
| 1,544,627 |
| (665,410) |
| Net cash provided by operating activities |
| 31,540,059 |
| 49,998,630 |
| Cash flows from investing activities |
| Insurance proceeds |
| -- |
| 282,787 |
| Proceeds from sale of vessels, net |
| 7,795,790 |
| 23,887,379 |
| Advances for vessels acquisition and improvement of vessels |
| (24,941,957) |
| (24,180,217) |
| Investment in joint ventures |
| (3,348,675) |
| -- |
| Return of investments from joint ventures |
| 1,530,000 |
| 8,066,100 |
| Net cash (used in)/provided by investing activities |
| (18,964,842) |
| 8,056,049 |
| Cash flows from financing activities |
| Deferred finance charges paid |
| (1,267,766) |
| (534,600) |
| Advances from joint ventures |
| -- |
| 3,129,801 |
| Advances to joint ventures |
| -- |
| (4,266,484) |
| Customer deposits paid |
| (600,000) |
| -- |
| Loan repayments |
| (114,855,610) |
| (75,913,139) |
| Proceeds from long-term debt |
| 108,431,250 |
| 59,400,000 |
| Net cash used in financing activities |
| (8,292,126) |
| (18,184,422) |
| Net increase in cash, cash equivalents and restricted cash |
| 4,283,091 |
| 39,870,257 |
| Cash, cash equivalents and restricted cash at beginning of year |
| 53,040,202 |
| 45,700,537 |
| Cash, cash equivalents and restricted cash at end of period |
| 57,323,293 |
| 85,570,794 |
| Cash breakdown |
| Cash and cash equivalents |
| 43,077,098 |
| 72,660,000 |
| Restricted cash, current |
| 1,441,481 |
| 2,335,892 |
| Restricted cash, non current |
| 12,804,714 |
| 10,574,902 |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows |
| 57,323,293 |
| 85,570,794 |
Company Contact:Konstantinos SistovarisSTEALTHGAS INC.00-30-210-6250-001E-mail: info@stealthgas.com