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STEALTHGAS INC. Reports Third Quarter 2015 Financial and Operating Results

ATHENS, Greece, Nov. 24, 2015 (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 ended September 30, 2015.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Successful delivery of five eco-modern LPG carriers (Eco Galaxy, Eco Czar, Eco Dream, Eco Nemesis, Eco Green) in Q3 2015 - capital investment plan according to schedule.
  • 8 days of technical off-hire in Q3 2015 excluding the dry-docking of one vessel.
  • Operational utilization of 94.4% in Q3 2015 from 89.2% in Q2 2015.
  • Continuous reduction of daily opex costs and breakeven – an outcome of successful management and operations.
  • 77% of vessels on period charters for the remaining of 2015, thus securing steady cash flows in a very soft market environment.
  • Revenues in 9M 2015 of $ 103.9 million, increased by $6.9 million compared to 9M 2014.
  • Adjusted EBITDA for 9M 2015 at $43.5 million ($46.3 million in 9M 2014).
  • Asset base surpassed $1 billion driven by the addition of our eco modern LPG vessels.
  • Moderate increase in gearing from 34.5% in 6M 2015 to about 39% in 9M 2015 as a result of new debt for our new deliveries.
  • Stock repurchase of 3.1million shares for a total $17.7 million at an average price of $5.8, from the beginning of the program in December 2014 to date.

Third quarter 2015 Results:

  • Revenues for the three months ended September 30, 2015 amounted to $35.8 million, an increase of $4.6 million, or 14.7%, compared to revenues of $31.2 million for the three months ended September 30, 2014, primarily due to the net addition of 8 vessels which increased the number of operating vessels to 55 as of the end of September 2015.
  • Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2015 were $5.2 million and $13.4 million, respectively, compared to $4.0 million and $12.3 million, respectively, for the three months ended September 30, 2014. The $1.2 million increase in voyage expenses was primarily due to the higher number of vessels under spot charters in the 2015 period. As of the end of September 2015, the Company had 12 vessels operating in the spot market compared to 7 at the end of the 2014 period. During the third quarter of 2015 the Company had a 49.1% increase of spot days compared to the same period of 2014. In addition, voyage expenses were burdened this quarter by the ballasting of two new vessel deliveries from Asia to Europe. With regards to operating expenses, the 8.4% increase compared to the same period of 2014, is due to the net fleet expansion by 8 vessels. Regarding the operating expenses, the Company had an increase in crew and store costs attributed to the manning and initial supply needs of this quarter’s 5 LPG vessel deliveries. It is noted that for yet another quarter, our daily operating costs decreased as a result of our fleet expansion with eco new LPG vessels, which generally are less expensive to operate, and the continued implementation of efficient management policies.
  • Drydocking costs for the three months ended September 30, 2015 and 2014 were $0.5 million and nil, respectively. The cost for the third quarter of 2015 corresponds to the drydocking of one vessel. Overall, in the fourth quarter of 2015, the Company has scheduled for a remaining two vessels to be drydocked, however this number may increase as some vessels scheduled to be drydocked in the beginning of 2016 could potentially be accommodated at the end of 2015.
  • Depreciation for the three months ended September 30, 2015, was $9.2 million, a $0.7 million increase from $8.5 million for the same period of last year. This increase was due to the additional depreciation for ten vessels joining the fleet from the third quarter of 2014 until the third quarter of 2015 which was partly offset by the decrease in depreciation caused by our Company’s decision to sell and lease back in Q4 2014 two of our LPG vessels, the Gas Cathar and the Gas Premiership, as well as our strategic decision to scrap, in April 2015, two of our oldest LPG carriers, the Gas Kaizen and the Gas Crystal. In addition, depreciation charges were also affected by the impairment loss recorded for one of the Company’s oldest vessels in the second quarter of 2015.
  • Included in the third quarter 2015 results are net gains from interest rate derivative instruments and foreign currency forward arrangements of $0.06 million. Interest paid on interest rate swap arrangements amounted to $0.37 million and net gains from change in fair value of the same interest rate derivative instruments and foreign currency forward arrangements amounted to $0.43 million.
  • As a result of the above, the Company reported net income for the three months ended September 30, 2015 of $1.0 million, compared to net income of $1.6 million for the three months ended September 30, 2014. The weighted average number of shares for the three months ended September 30, 2015 decreased to 41.2 million compared to 41.8 million for the same period of last year, mainly due to the repurchase of 2.8 million shares since December 2014, which offset the impact of share offerings in the 2014 period. Earnings per share for the three months ended September 30, 2015 amounted to $0.03 compared to earnings per share of $0.04 for the same period of last year.
  • Adjusted net income was $0.9 million or $0.02 per share for the three months ended September 30, 2015 compared to $1.5 million or $0.04 per share for the same period of last year.
  • EBITDA for the three months ended September 30, 2015 amounted to $13.4 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income and Adjusted EBITDA to Adjusted Net Income are set forth below.
  • An average of 50.2 vessels were owned by the Company during the three months ended September 30, 2015, compared to 44.4 vessels for the same period of 2014.

Nine Months 2015 Results:

  • Revenues for the nine months ended September 30, 2015, amounted to $103.9 million, an increase of $6.9 million, or 7.1%, compared to revenues of $97.0 million for the nine months ended September 30, 2014, primarily due to the higher number of vessels in our fleet in the 2015 period.
  • Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2015 were $13.4 million and $36.5 million, respectively, compared to $10.6 million and $33.7 million for the nine months ended September 30, 2014. The $5.6 million increase in voyage and operating expenses was primarily due to the higher number of vessels that operated in the 2015.
  • Drydocking Costs for the nine months ended September 30, 2015 and 2014 were $1.0 million and $0.5 million, respectively, representing the costs of two vessels drydocked in the nine-month period of 2015 and one vessel drydocked the same period of 2014.
  • Depreciation for the nine months ended September 30, 2015, was $26.2 million, a $1.2 million increase from $25.0 million for the same period of last year. This increase was due to the higher number of vessels in our fleet in the 2015 period.
  • Included in the first nine months of 2015 results are net losses from interest rate derivative instruments and foreign currency forward arrangements of $0.10 million. Interest paid on interest rate swap arrangements amounted to $1.03 million and gains from change in fair value of the same interest rate derivative instruments and foreign currency forward arrangements amounted to $0.93 million.
  • The Company realized a $0.03 million gain on sale of vessels in the first nine months of 2015. The Company also recorded an impairment loss of $3.6 million in the first nine months of 2015, as a result of accounting for the possibility of scrapping one of our oldest vessels by the end of 2015.
  • As a result of the above, the Company reported net income for the nine months ended September 30, 2015 of $5.6 million, compared to net income of $13.9 million for the nine months ended September 30, 2014. The weighted average number of shares for the nine months ended September 30, 2015 increased to 41.6 million compared to 38.0 million for the same period of last year, mainly due to the offering of a total of 11.4 million shares in February, May and August of 2014, the effect of which was partly offset by the repurchase of 2.8 million shares since December 2014. Earnings per share for the nine months ended September 30, 2015 amounted to $0.13 compared to $0.37 for the same period of last year.
  • Adjusted net income was $9.1 million or $0.22 per share for the nine months ended September 30, 2015 compared to $13.0 million or $0.34 per share for the same period last year.
  • EBITDA for the nine months ended September 30, 2015 amounted to $39.9 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income and Adjusted EBITDA to Adjusted Net Income are set forth below. An average of 47.4 vessels were owned by the Company during the nine months ended September 30, 2015, compared to 43.3 vessels for the same period of 2014.
  • As of September 30, 2015, cash and cash equivalents amounted to $76.8 million and total debt amounted to $413.7 million. During the nine months ended September 30, 2015 debt repayments amounted to $44.5 million.

Share Repurchase Program

Since December 1, 2014 to date, the Company has repurchased a total of 3,062,339 shares at an average price of $5.8 per share for a total consideration of $17.7 million.

Fleet Update Since Previous Announcement

On September 4, 2015, the Company took delivery of a 5,000 cbm, 2015 built, eco LPG carrier - Eco Nemesis, from a Japanese shipyard.

On September 25, 2015, the Company took delivery of a 5,000 cbm, 2015 built eco LPG carrier- Eco Green, from a Korean shipyard.

The Company also announced the conclusion of the following chartering arrangements:

  • A two month time charter for its 3,500 cbm, 2006 built, LPG carrier, Gas Alice, to an international LPG operator until December 2015.
  • A five month time charter extension for its 3,500 cbm, 1991 built, LPG carrier, Gas Ice, to an international chemical producer until June 2016.
  • An eight month time charter extension for its 5,000 cbm, 2015 built, LPG carrier, Eco Czar, to an international trading house until August 2016.
  • A twelve month time charter extension for its 5,000 cbm, 1994 built, LPG carrier, Gas Emperor to an international trading house until December 2016.
  • A twelve month time charter for its 5,000 cbm, 2015 built, LPG carrier, Eco Nemesis, to an international trading house until January 2017.
  • A twelve month time charter for its 5,000 cbm, 2003 built, LPG carrier, Gas Prodigy, to an international trading house until November 2016.
  • A twenty month time charter for its 3,500 cbm, 1997 built, LPG carrier, Gas Galaxy to an international chemical producer until January 2018.
  • A twelve month time charter for its 7,000 cbm, new building to be delivered in 2016, LPG carrier, Eco Nical to an international trading house until January 2017.
  • An amendment to the bareboat charter for its product tanker Spike reducing the charter duration from five to three years and accompanied by an increase in the daily rate of 8%.

With these charters the Company has increased the contracted revenues to $215 million. Total voyage days of our fleet are 77% covered for the remainder of 2015 and 52% covered for 2016.

CEO Harry Vafias commented

During the third quarter of 2015 our market remained weak. Since June 2015 to date, the price of oil declined from $60 to around $40 dollars per barrel, a fact which did not help our segment, particularly the spot market activity. Nevertheless, StealthGas continued to implement and refine its strategy. Our performance was strong in terms of operations, but did not produce the desired results in terms of profitability. In more detail, we managed to achieve a 94.4% operational utilization, increased in terms of the previous quarter by 5 percentage points. All vessels in our fleet were utilized to the maximum capacity that the market permitted, regardless of age. We concluded with success our expansion plan of 2015 taking on the delivery of 5 eco modern LPG vessels within the third quarter, reaching a total of 10 new deliveries for the year. In spite of weak times, based on our experienced chartering policy we managed to fix 90% of our new deliveries on period charters. We continued the implementation of technical and operational management policies being for yet one more quarter efficient, as we had only 8 days of technical off-hire in a fleet of 55 operating vessels while our daily operational expenses decreased. Our asset base surpassed $1 billion and we maintained a moderate leverage of about 39% in spite of being in a capital intensive phase. Although we managed to increase our revenues, it is due to the weak rates particularly in the spot segment that we did not see our potential growth in our bottom line. Rates have decreased on an annual basis by more than 20% narrowing profitability margins. We strongly believe that our Company is well managed and well positioned such that should rates mark even the slightest improvement this will be automatically reflected in our earnings. In terms of our stock performance as we trade close to 1/3 of our NAV, we strongly see that all energy related stocks are driven by oil price fluctuation rather than Company fundamentals. In this market environment we continue at a dynamic pace our stock repurchase program having spent about $18million from December 1, 2014 to date. Our sentiment for the year to come is that as scrapping in our segment has increased and as we feel we have reached the bottom of the market, we might see a slight improvement in rates and we are confident and well positioned to grasp this opportunity to the fullest.

Conference Call details:

On November 24th, 2015 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: 1877 280 2296 (US Toll Free Dial In) or: 0800 279 5004 (UK Toll Free Dial In) Access Code: 2787342

In case of any problems with the above numbers, please dial +1212 444 0412 (US Toll Dial In), or + 44(0)20 3427 1911 (Standard International Dial In). Access Code: 2787342

A telephonic replay of the conference call will be available until December 1st, 2015 by dialing +1347 366 9565 (US Local Dial In), +44(0)20 3427 0598 (UK Local Dial In). Access Code: 2787342

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 LPG carriers, excluding two chartered in vessels, with a total capacity of 235,121 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has agreed to acquire a further 6 LPG carriers within the period 2016-2017. Giving effect to the delivery of these acquisitions, StealthGas Inc.’s fleet will include 55 owned LPG carriers with a total capacity of 337,821 cubic meters (cbm) and the 4 tankers. 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 dry dockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, dry-docking 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

Fleet Data:

The following key indicators highlight the Company’s operating performance during the third quarters ended September 30, 2014 and September 30, 2015.

FLEET DATAQ3 2014Q3 20159M 20149M 2015
Average number of vessels (1) 44.4 50.2 43.3 47.4
Period end number of owned vessels in fleet 47 53 47 53
Total calendar days for fleet (2) 4,088 4,800 11,812 13,481
Total voyage days for fleet (3) 4,062 4,765 11,714 13,429
Fleet utilization (4) 99.4% 99.3% 99.2% 99.6%
Total charter days for fleet (5) 3,297 3,624 10,068 10,574
Total spot market days for fleet (6) 765 1,141 1,646 2,855
Fleet operational utilization (7) 88.6% 94.4% 92.9% 93.1%

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, impairment loss, share based compensation and gain on sale of vessels. EBITDA represents net income before interest, depreciation and amortization. Adjusted EBITDA represents EBITDA before impairment loss, share based compensation, loss on derivatives, excluding swap interest paid, and gain on sale of vessels. 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 and Adjusted Net Income, 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. We also use EBITDA to assess our liquidity position and believe it represents useful information for investors regarding a company's ability to service and/or incur indebtedness.

(Expressed in United States Dollars,
except number of shares)
Third Quarter Ended September 30th,Nine Months Period Ended September 30th,
2014 2015 2014 2015
Net Income - Adjusted Net Income
Net income 1,570,937 1,046,397 13,873,453 5,618,175
Loss / (Gain) on derivatives 381,990 (63,286) 524,595 98,165
Less swap interest paid (557,940) (363,382) (1,571,893) (1,027,014)
Gain on sale of vessels, net------ (33,251)
Impairment loss------ 3,566,693
Share based compensation 73,758 312,121 218,870 926,184
Adjusted Net Income 1,468,745 931,850 13,045,025 9,148,952
Net income - EBITDA
Net income 1,570,937 1,046,397 13,873,453 5,618,175
Plus interest and finance costs incl. swap interest paid 2,971,491 3,117,444 8,620,268 8,336,266
Less interest income and other income/(expenses) (90,923) 34,934 (343,330) (173,481)
Plus depreciation 8,535,915 9,166,414 24,985,115 26,152,606
EBITDA 12,987,420 13,365,189 47,135,506 39,933,566
Adjusted Net income -Adjusted EBITDA
Adjusted Net Income 1,468,745 931,850 13,045,025 9,148,952
Plus interest and finance costs incl. swap interest paid 2,971,491 3,117,444 8,620,268 8,336,266
Less interest income and other income/(expenses) (90,923) 34,934 (343,330) (173,481)
Plus depreciation 8,535,915 9,166,414 24,985,115 26,152,606
Adjusted EBITDA 12,885,228 13,250,642 46,307,078 43,464,343
EPS - Adjusted EPS
Net income 1,570,937 1,046,397 13,873,453 5,618,175
Adjusted net income 1,468,745 931,850 13,045,525 9,148,952
Weighted average number of shares 41,830,308 41,160,920 37,971,328 41,578,036
EPS - Basic and Diluted 0.04 0.03 0.37 0.13
Adjusted EPS 0.04 0.02 0.34 0.22


StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except number of shares)
Quarters Ended
September 30,
Nine Month Periods Ended
September 30,
2014 2015 2014 2015
Revenues
Revenues 28,766,481 33,327,882 89,640,880 96,565,395
Revenues - related party 2,465,350 2,465,350 7,340,891 7,340,891
Total revenues 31,231,831 35,793,232 96,981,771 103,906,286
Expenses
Voyage expenses 3,626,015 4,771,780 9,392,495 12,083,872
Voyage expenses - related party 385,075 437,826 1,190,922 1,267,135
Charter hire expenses -- 1,030,839 -- 3,086,980
Vessels' operating expenses 11,301,387 12,330,577 30,614,508 33,377,005
Vessels' operating expenses - related party 1,044,890 1,051,714 3,061,344 3,126,965
Drydocking costs -- 527,770 465,681 960,790
Management fees - related party 1,394,930 1,658,440 3,995,345 4,675,840
General and administrative expenses 692,797 1,032,148 2,186,217 2,872,380
Depreciation 8,535,915 9,166,414 24,985,115 26,152,606
Impairment loss -- -- -- 3,566,693
Net gain on sale of vessels -- -- -- (33,251)
Total expenses 26,981,009 32,007,508 75,891,627 91,137,015
Income from operations 4,250,822 3,785,724 21,090,144 12,769,271
Other (expenses)/income
Interest and finance costs (2,413,551) (2,754,062) (7,048,375) (7,309,252)
(Loss)/gain on derivatives (381,990) 63,286 (524,595) (98,165)
Interest income and other income/(expenses) 90,923 (34,934) 343,330 173,481
Foreign exchange gain /(loss) 24,733 (13,617) 12,949 82,840
Other expenses, net (2,679,885) (2,739,327) (7,216,691) (7,151,096)
Net income 1,570,937 1,046,397 13,873,453 5,618,175
Earnings per share
- Basic and diluted 0.04 0.03 0.37 0.13
Weighted average number of shares
- Basic and diluted 41,830,308 41,160,920 37,971,328 41,578,036


StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
December 31, September 30,
2014 2015
Assets
Current assets
Cash and cash equivalents 129,114,803 76,820,449
Receivables from related party 104,476 112,895
Trade and other receivables 3,211,563 5,586,870
Claims receivable 70,273 58,557
Inventories 2,958,666 3,039,299
Advances and prepayments 1,386,003 1,108,561
Restricted cash 2,896,677 14,261,168
Total current assets 139,742,461 100,987,799,
Non current assets
Advances for vessels under construction and acquisitions 88,965,085 40,770,174
Vessels, net 711,352,845 879,787,722
Other receivables 228,494 515,599
Restricted cash 2,500,000 4,749,104
Deferred finance charges, net of accumulated
amortization of $2,868,432 and $3,288,645 3,090,918 2,875,455
Total non current assets 806,137,342 928,698,054
Total assets 945,879,803 1,029,685,853
Liabilities and Stockholders' Equity
Current liabilities
Payable to related party 4,941,896 5,020,253
Trade accounts payable 8,843,593 8,990,058
Accrued and other liabilities 3,903,027 5,255,386
Deferred income 6,892,328 4,902,902
Fair value of derivatives 583,368 1,143,224
Current portion of long-term debt 42,614,213 75,140,177
Total current liabilities 67,778,425 100,452,000
Non current liabilities
Fair value of derivatives 1,873,295 1,231,509
Customer deposits -- 1,820,700
Deferred gain on sale and leaseback of vessels 775,741 629,862
Deferred income 172,428 72,639
Long-term debt 282,889,640 338,592,740
Total non current liabilities 285,711,104 342,347,450
Total liabilities 353,489,529 442,799,450
Stockholders' equity
Capital stock 442,850 442,850
Treasury stock (7,541,264) (18,742,576)
Additional paid-in capital 499,862,062 500,788,247
Retained earnings 99,919,646 105,537,821
Accumulated other comprehensive loss (293,020) (1,139,939)
Total stockholders' equity 592,390,274 586,886,403
Total liabilities and stockholders' equity 945,879,803 1,029,685,853


StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
Nine Month Periods Ended September 30,
2014 2015
Cash flows from operating activities
Net income for the period 13,873,453 5,618,175
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 24,985,115 26,152,606
Amortization of deferred finance charges 452,145 420,213
Amortization of deferred gain on sale and leaseback of vessels -- (145,879)
Unrealized exchange differences 7,864 --
Share based compensation 218,870 926,184
Change in fair value of derivatives (1,047,298) (928,849)
Impairment loss -- 3,566,693
Gain on sale of vessels -- (33,251)
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables 1,368,512 (2,662,412)
Claims receivable (116,761) (1,199,629)
Inventories (446,339) (80,633)
Advances and prepayments 75,370 277,442
Increase/(decrease) in
Balances with related parties (840,591) 69,938
Trade accounts payable 1,739,399 664,398
Accrued liabilities 1,207,214 1,352,359
Deferred income 94,930 (2,089,215)
Net cash provided by operating activities 41,571,883 31,908,140
Cash flows from investing activities
Insurance proceeds 198,411 1,211,345
Vessels acquisitions and advances for vessels under construction (126,953,873) (151,936,316)
Proceeds from sale of vessels, net 10,044,799 2,010,302
Increase in restricted cash account (1,638,228) (13,613,595)
Net cash used in investing activities (118,348,891) (162,328,264)
Cash flows from financing activities
Net proceeds from common stock issuance 112,302,678 --
Stock repurchase -- (11,719,244)
Deferred finance charges (1,130,675) (204,750)
Customer deposits received -- 1,820,700
Loan repayments (31,498,388) (44,470,936)
Proceeds from long-term debt 34,903,693 132,700,000
Net cash provided by financing activities 114,577,308 78,125,770
Effect of exchange rate changes on cash (7,864) --
Net increase/(decrease) in cash and cash equivalents 37,792,436 (52,294,354)
Cash and cash equivalents at beginning of year 86,218,517 129,114,803
Cash and cash equivalents at end of period 124,010,953 76,820,449


Company Contact: Harry Vafias Chief Executive Officer STEALTHGAS INC. 011-30-210-6250-001 E-mail: info@stealthgas.com

Source:STEALTHGAS INC.