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STEALTHGAS INC. Reports Third Quarter and Nine Months 2022 Financial and Operating Results

STEALTHGAS INC.
STEALTHGAS INC.

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 HIGHLIGHTS1

  • 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

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