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STEALTHGAS INC. Reports Second Quarter and Six Months 2024 Financial and Operating Results

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STEALTHGAS INC. (NASDAQ: GASS) reported record quarterly Net Income of $25.8 million for Q2 2024, a 145.8% increase year-over-year. Revenues rose 13.9% to $41.8 million. The company achieved:

- Basic EPS of $0.70
- 85% of fleet days secured on period charters for remainder of 2024
- Over $220 million in contracted revenues for subsequent periods
- $85.3 million in debt repayments during H1 2024
- Cash and cash equivalents of $76.6 million as of June 30, 2024

CEO Harry Vafias noted strong market conditions and successful vessel fixings at higher rates. The company continues its debt reduction strategy, with 24 unencumbered vessels and a net debt ratio below 5%.

STEALTHGAS INC. (NASDAQ: GASS) ha riportato un reddito netto trimestrale record di 25,8 milioni di dollari per il secondo trimestre del 2024, un aumento del 145,8% rispetto all'anno precedente. I ricavi sono aumentati del 13,9% raggiungendo 41,8 milioni di dollari. L'azienda ha ottenuto:

- Guadagni per azione (EPS) base di 0,70 dollari
- L'85% dei giorni della flotta assicurati con contratti per il resto del 2024
- Oltre 220 milioni di dollari in ricavi contrattati per i periodi successivi
- 85,3 milioni di dollari di rimborsi del debito durante il primo semestre del 2024
- Liquidità e equivalenti di cassa di 76,6 milioni di dollari al 30 giugno 2024

Il CEO Harry Vafias ha evidenziato le solide condizioni di mercato e il successo delle noleggi delle navi a tariffe superiori. L'azienda continua la sua strategia di riduzione del debito, con 24 navi libere da vincoli e un rapporto debito netto inferiore al 5%.

STEALTHGAS INC. (NASDAQ: GASS) reportó un ingreso neto trimestral récord de 25,8 millones de dólares para el segundo trimestre de 2024, un aumento del 145,8% en comparación con el año anterior. Los ingresos aumentaron un 13,9% alcanzando 41,8 millones de dólares. La compañía logró:

- EPS básico de 0,70 dólares
- 85% de los días de la flota asegurados en contratos de periodo para el resto de 2024
- Más de 220 millones de dólares en ingresos contratados para períodos posteriores
- 85,3 millones de dólares en pagos de deuda durante el primer semestre de 2024
- Efectivo y equivalentes de efectivo de 76,6 millones de dólares a 30 de junio de 2024

El CEO Harry Vafias destacó las fuertes condiciones del mercado y los exitosos arreglos de embarcaciones a tarifas más altas. La empresa continúa su estrategia de reducción de deuda, con 24 embarcaciones sin gravámenes y un ratio de deuda neta por debajo del 5%.

STEALTHGAS INC. (NASDAQ: GASS)는 2024년 2분기에 2580만 달러의 분기 순이익 기록을 보고했으며, 이는 전년 대비 145.8% 증가한 수치입니다. 수익은 13.9% 증가하여 4180만 달러에 달했습니다. 회사는 다음과 같은 성과를 달성했습니다:

- 기본 주당 순이익(EPS) 0.70달러
- 2024년 잔여 기간에 대해 크루즈 선대의 85%가 계약으로 확보됨
- 향후 기간에 대한 계약 수익 2억 2000만 달러 이상
- 2024년 상반기 동안 8530만 달러의 부채 상환
- 2024년 6월 30일 기준 현금 및 현금성 자산 7660만 달러

CEO인 해리 바피아스는 강력한 시장 상황과 더 높은 요금으로 성공적으로 선박을 임대했다고 언급했습니다. 회사는 24척의 비담보 선박과 5% 미만의 순부채 비율을 가진 부채 감축 전략을 계속 유지하고 있습니다.

STEALTHGAS INC. (NASDAQ: GASS) a annoncé un bénéfice net trimestriel record de 25,8 millions de dollars pour le deuxième trimestre de 2024, soit une augmentation de 145,8 % par rapport à l'année précédente. Les revenus ont augmenté de 13,9 % pour atteindre 41,8 millions de dollars. L'entreprise a réalisé :

- Un BPA de 0,70 dollars
- 85 % des jours de flotte sécurisés par des charters pour le reste de 2024
- Plus de 220 millions de dollars de revenus contractés pour les périodes suivantes
- 85,3 millions de dollars de remboursement de dettes au cours du premier semestre 2024
- Liquidités et équivalents de liquidités de 76,6 millions de dollars au 30 juin 2024

Le PDG Harry Vafias a souligné les solides conditions du marché et la réussite des locations de navires à des tarifs plus élevés. L'entreprise poursuit sa stratégie de réduction de la dette, avec 24 navires non grevés et un ratio de dette nette inférieur à 5 %.

STEALTHGAS INC. (NASDAQ: GASS) berichtete von einem rekordhöhen Quartalsnettoergebnis von 25,8 Millionen US-Dollar für das 2. Quartal 2024, was einem Anstieg von 145,8 % im Vergleich zum Vorjahr entspricht. Die Einnahmen stiegen um 13,9 % auf 41,8 Millionen US-Dollar. Das Unternehmen erreichte:

- Basisgewinn je Aktie (EPS) von 0,70 US-Dollar
- 85 % der Flottentage sind für den Rest des Jahres 2024 durch Zeitcharter gesichert
- Über 220 Millionen US-Dollar an vertraglich gesicherten Einnahmen für die kommenden Perioden
- 85,3 Millionen US-Dollar an Schuldentilgung im ersten Halbjahr 2024
- Bargeld und Zahlungsmitteläquivalente in Höhe von 76,6 Millionen US-Dollar zum 30. Juni 2024

CEO Harry Vafias wies auf die starken Marktbedingungen und die erfolgreichen Schiffsmietverträge zu höheren Tarifen hin. Das Unternehmen setzt seine Strategie zur Schuldenreduzierung fort, mit 24 unbeschränkten Schiffen und einem Netto-Schuldenverhältnis von unter 5 %.

Positive
  • Record quarterly Net Income of $25.8 million, up 145.8% year-over-year
  • Revenues increased by 13.9% to $41.8 million
  • Basic EPS of $0.70, up from $0.27 in Q2 2023
  • 85% of fleet days secured on period charters for remainder of 2024
  • Over $220 million in contracted revenues for subsequent periods
  • $85.3 million in debt repayments during H1 2024
  • 24 unencumbered vessels and net debt ratio below 5%
  • Voyage and operating expenses decreased by 10%
  • Income from operations increased by 59.5% year-over-year
Negative
  • Decrease in average number of owned vessels from 30.5 to 27.0 year-over-year
  • Increase in general and administrative expenses from $1.2 million to $2.4 million
  • Slight increase in interest and finance costs from $2.5 million to $2.7 million

Insights

STEALTHGAS's Q2 2024 results are remarkably strong, with net income soaring 145.8% year-over-year to $25.8 million. This translates to a basic EPS of $0.70, a significant improvement from $0.27 in Q2 2023. The company's strategic focus on securing long-term charters has paid off, with 85% of fleet days for the remainder of 2024 secured on period charters.

The company's debt reduction strategy is noteworthy, with $85.3 million in debt repayments during H1 2024 and an additional $21.3 million in Q3. This has resulted in 24 unencumbered vessels and a net debt ratio below 5, significantly strengthening the company's balance sheet.

The LPG market outlook appears bullish, with increasing interest from charterers for longer-term contracts. This positions STEALTHGAS well for sustained profitability in the coming quarters.

STEALTHGAS's performance is particularly impressive given the reduction in fleet size from an average of 30.5 vessels in Q2 2023 to 27.0 in Q2 2024. Despite this, revenues increased by 13.9%, indicating significantly improved efficiency and market conditions in the LPG shipping sector.

The company's strategy of replacing older vessels with newer, larger ones is paying dividends. While this has led to a slight increase in depreciation costs, it's likely to result in improved operational efficiency and lower maintenance costs in the long run.

The contracted revenue of over $220 million provides excellent visibility for future earnings. With 55% of fleet days secured for 2025, STEALTHGAS is well-positioned to weather potential market volatility while capitalizing on the current strong market conditions.

STEALTHGAS's Q2 results significantly outperformed market expectations. The company's ability to more than double its profits year-over-year in a challenging global economic environment is noteworthy. The adjusted EPS of $0.75 for Q2 2024 represents a substantial increase from $0.28 in Q2 2023.

The company's joint venture investments are proving lucrative, with equity earnings jumping from $1.7 million to $11.5 million year-over-year. This diversification strategy is paying off, providing an additional revenue stream beyond core operations.

Investors should note the positive market outlook highlighted by CEO Harry Vafias, particularly the strengthening market as we enter the winter months. This, combined with STEALTHGAS's high contract coverage, suggests potential for continued strong performance in the coming quarters.

ATHENS, Greece, Sept. 05, 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 second quarter and six months ended June 30, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • All-time record quarterly Net Income of $25.8 million for the second quarter of 2024, a 145.8% increase compared to last year’s second quarter, corresponding to a basic EPS of $0.70.
  • Revenues increased by 13.9% compared to the same period of last year to $41.8 million. Voyage and operating expenses decreased by 10% and Income from operations increased by 59.5% compared to the same period of last year.
  • Further increased period coverage. About 85% of fleet days for remainder of 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating over $220 million (excl. JV vessels) in contracted revenues.
  • Continued to repay debt, making $85.3 million in debt repayments during the first six months and $21.3 million so far during the third quarter.
  • Maintaining ample cash and cash equivalents (incl. restricted cash) of $76.6 million as of June 30, 2024 enabling the Company to further reduce debt.

Second Quarter 2024 Results1:

  • Revenues for the three months ended June 30, 2024 amounted to $41.8 million compared to revenues of $36.7 million for the three months ended June 30, 2023, based on an average of 27.0 vessels and 30.5 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.
  • Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2024 were $2.7 million and $12.5 million, respectively, compared to $3.5 million and $13.4 million, respectively, for the three months ended June 30, 2023. The $0.8 million decrease in voyage expenses was the result of lower spot days, while the $0.9 million, or 6.7%, 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 June 30, 2024 and 2023 were $0.6 million and $1.5 million, respectively. Drydocking expenses during the second quarter of 2024 mainly relate to the completed drydocking of one vessel, while the drydocking of one vessel was still in progress, compared to the completed drydocking of two of the larger handysize vessels in the fleet in the same period of last year.
  • General and administrative expenses for the three months ended June 30, 2024 and 2023 were $2.4 million and $1.2 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.
  • Depreciation for the three months ended June 30, 2024 and 2023 was $6.5 million and $6.0 million, respectively, a $0.5 million increase despite the decrease in average vessels owned by the Company, as the Company partly replaced some of the older vessels with newer and bigger ones which have a higher cost.
  • Impairment loss for the three months ended June 30, 2024 was nil compared to $2.8 million for the same period of last year, which related to two vessels for which the Company had entered into separate agreements to sell them to third parties.
  • Gain on sale of vessels for the three months ended June 30, 2024 was nil compared to $2.9 million for the same period last year, which was primarily due to the sale of two of the Company’s vessels.
  • Interest and finance costs for the three months ended June 30, 2024 and 2023, were $2.7 million and $2.5 million, respectively. The $0.2 million 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.
  • Equity earnings in joint ventures for the three months ended June 30, 2024 and 2023 was a gain of $11.5 million and $1.7 million, respectively. The $9.8 million increase was mainly due to the gain derived from the sale of one vessel owned by one of our joint ventures.
  • As a result of the above, for the three months ended June 30, 2024, the Company reported net income of $25.8 million, compared to net income of $10.5 million for the three months ended June 30, 2023. The weighted average number of shares outstanding, basic, for the three months ended June 30, 2024 and 2023 was 35.2 million and 38.1 million, respectively.
  • Earnings per share, basic and diluted, for the three months ended June 30, 2024 amounted to $0.70 compared to earnings per share of $0.27 for the same period of last year.
  • Adjusted net income was $27.5 million corresponding to an Adjusted EPS, basic, of $0.75 for the three months ended June 30, 2024 compared to Adjusted net income of $10.7 million corresponding to an Adjusted EPS of $0.28 for the same period of last year.
  • EBITDA for the three months ended June 30, 2024 amounted to $34.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 27.0 vessels were owned by the Company during the three months ended June 30, 2024 compared to 30.5 vessels for the same period of 2023.

Six Months 2024 Results:

  • Revenues for the six months ended June 30, 2024, amounted to $83.4 million, an increase of $8.7 million, or 11.6%, compared to revenues of $74.7 million for the six months ended June 30, 2023, based on an average of 27.0 vessels and 31.4 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.
  • Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2024 were $5.5 million and $24.0 million, respectively, compared to $7.5 million and $27.9 million for the six months ended June 30, 2023. The $2.0 million decrease in voyage expenses was mainly due to the decrease in spot days, while the $3.9 million 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 six months ended June 30, 2024 and 2023 were $0.6 million and $2.6 million, respectively. The costs for the six months ended June 30, 2024 mainly related to the completed drydocking of one vessel while one vessel was still in progress, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize of vessels.
  • General and administrative expenses for the six months ended June 30, 2024 and 2023 were $4.6 million and $2.0 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.
  • Depreciation for the six months ended June 30, 2024, was $13.0 million, a $0.4 million increase from $12.6 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and bigger ones which have a higher cost.
  • Impairment loss for the six months ended June 30, 2024 and 2023 were nil and $2.8 million relating to two vessels, for which the Company had entered into separate agreements to sell them to third parties.
  • Gain on sale of vessels for the six months ended June 30, 2024 was $0.04 million compared to $2.9 million for the same period last year. The decrease is attributed to the higher gain from the sale of two vessels during the six months ended June 30, 2023 compared to the gain from the sale of two vessels during the six months ended June 30, 2024 which had been classified as held for sale as of December 31, 2023.
  • Interest and finance costs for the six months ended June 30, 2024 and 2023 were $5.9 million and $5.1 million respectively. The $0.8 million, or 15.7%, 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.
  • Equity earnings in joint ventures for the six months ended June 30, 2024 and 2023 was a gain of $14.1 million and a gain of $10.5 million, respectively. The $3.6 million increase from the same period of last year is mainly due to a profitable sale of one of the Medium Gas carriers owned by one of our joint ventures.
  • As a result of the above, the Company reported a net income for the six months ended June 30, 2024 of $43.5 million, compared to a net income of $27.3 million for the six months ended June 30, 2023. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2024 and 2023 was 35.2 million and 38.1 million, respectively. Earnings per share, basic and diluted, for the six months ended June 30, 2024 amounted to $1.20 and $1.19, respectively, compared to earnings per share, basic and diluted, of $0.71 and $0.71, respectively, for the same period of last year.
  • Adjusted net income was $46.7 million, corresponding to an Adjusted EPS, basic, of $1.28 per share, for the six months ended June 30, 2024 compared to adjusted net income of $28.0 million, or $0.73 per share, for the same period of last year.
  • EBITDA for the six months ended June 30, 2024 amounted to $60.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 27.0 vessels were owned by the Company during the six months ended June 30, 2024, compared to 31.4 vessels for the same period of 2023.
  • As of June 30, 2024, cash and cash equivalents (including restricted cash) amounted to $76.6 million and total debt amounted to $107.6 million.

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 2024 built LPG carrier Eco Oracle, until Jan 2028.
  • A three years time charter extension for its 2006 built LPG carrier Gas Alice, until Jul 2027.
  • A two years time charter extension for its 2014 built LPG carrier Eco Invictus, until Oct 2026.
  • A two years time charter for its 2011 built LPG carrier Gas Cerberus, until Dec 2026.
  • A two years time charter for its 2011 built LPG carrier Gas Elixir, until Oct 2026.
  • A twelve months time charter extension for its 2021 built LPG carrier Eco Blizzard, until Oct 2025.
  • A twelve months time charter extension for its 2015 built LPG carrier Eco Royalty, until Aug 2025.
  • A three months time charter extension for its 2020 built LPG carrier Eco Alice, until Sep 2024 and subsequently a four months time charter until Jan 2025.

As of September 2024, the Company has total contracted revenues of approximately $220 million.

For the remainder of the year 2024 the Company has circa 85% of fleet days secured under period contracts and 55% for the year 2025.

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 that were more than double compared to last year of $25.8 million for the second quarter of 2024 are an all time high for our company in the 20 years since its inception.  While we managed to contain our operating costs we took full advantage of a strong chartering market fixing vessels at higher rates during that and previous quarters whose benefits we are enjoying now. The bottom line was furthered bolstered by the return from our investments related to the sale of a vessel by one of our joint ventures. We continue with the strategy of debt reduction and in the current quarter we have so far repaid over $21 million of debt and now have 24 unencumbered vessels, the vast majority of the fleet, and a net debt ratio below 5%. Market sentiment continues to be bullish and as we leave the seasonally weaker third quarter and enter into the winter months we are starting to see a strengthening in the market and, as a positive sign, interest from charterers to fix for longer than one year periods. As such we have recently fixed a number of longer charters that we announced today, bringing the contract coverage to 55% for next year, while all of our 27 fully owned vessels are currently fixed under period charters.

Conference Call details:

On September 5, 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/BI25c34f509b4240f9bdb0dfde53c8fd42

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, 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

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

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2023 and June 30, 2024.

     
FLEET DATAQ2 2023Q2 20246M 20236M 2024
Average number of vessels (1)30.5 27.0 31.4 27.0 
Period end number of owned vessels in fleet29 27 29 27 
Total calendar days for fleet (2)2,774 2,457 5,677 4,918 
Total voyage days for fleet (3)2,725 2,411 5,596 4,850 
Fleet utilization (4)98.2% 98.1% 98.6% 98.6% 
Total charter days for fleet (5)2,361 2,173 4,986 4,405 
Total spot market days for fleet (6)364 238 610 445 
Fleet operational utilization (7)95.6% 96.3% 96.4% 97.0% 
         

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)
Second Quarter Ended
June 30th,
Six Months Periods Ended
June 30th,
 2023
2024
2023
2024
Net Income - Adjusted Net Income    
Net income10,490,976 25,788,509 27,307,167 43,518,225 
Less gain on derivatives(358,422)-- (296,108)(99,286)
Plus swap interest received195,969 -- 389,287 208,127 
Less gain on sale of vessels, net(2,949,339)-- (2,925,985)(46,384)
Plus impairment loss2,759,554 -- 2,816,873 -- 
Plus share based compensation552,932 1,758,054 728,501 3,103,463 
Adjusted Net Income10,691,670 27,546,563 28,019,735 46,684,145 
     
Net income - EBITDA    
Net income10,490,976 25,788,509 27,307,167 43,518,225 
Plus interest and finance costs2,508,108 2,684,548 5,130,794 5,853,609 
Less interest income(884,209)(914,817)(1,925,153)(1,668,213)
Plus depreciation6,013,651 6,493,048 12,592,017 12,985,424 
EBITDA18,128,526 34,051,288 43,104,825 60,689,045 
     
Net income - Adjusted EBITDA    
Net income10,490,976 25,788,509 27,307,167 43,518,225 
Less gain on derivatives(358,422)-- (296,108)(99,286)
Less gain on sale of vessels, net(2,949,339)-- (2,925,985)(46,384)
Plus impairment loss2,759,554 -- 2,816,873 -- 
Plus share based compensation552,932 1,758,054 728,501 3,103,463 
Plus interest and finance costs2,508,108 2,684,548 5,130,794 5,853,609 
Less interest income(884,209)(914,817)(1,925,153)(1,668,213)
Plus depreciation6,013,651 6,493,048 12,592,017 12,985,424 
Adjusted EBITDA18,133,251 35,809,342 43,428,106 63,646,838 
     
EPS - Adjusted EPS    
Net income10,490,976 25,788,509 27,307,167 43,518,225 
Adjusted net income10,691,670 27,546,563 28,019,735 46,684,145 
Weighted average number of shares, basic38,096,414 35,241,126 38,063,544 35,180,313 
EPS - Basic0.27 0.70 0.71 1.20 
Adjusted EPS - Basic0.28 0.75 0.73 1.28 
         


 
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
  Quarters Ended June 30, Six Month Periods Ended June 30,
  2023 2024 2023 2024
       
Revenues       
 Revenues36,672,505  41,786,154  74,734,675  83,350,062 
         
Expenses       
 Voyage expenses3,081,142  2,148,758  6,599,833  4,493,958 
 Voyage expenses - related party453,270  514,624  926,952  1,027,871 
 Vessels' operating expenses13,124,829  12,262,936  27,413,610  23,498,295 
 Vessels' operating expenses - related party246,500  212,002  504,000  453,502 
 Drydocking costs1,461,559  575,535  2,551,601  575,535 
 Management fees - related party1,176,881  1,051,962  2,411,001  2,105,681 
 General and administrative expenses1,211,471  2,427,411  2,020,400  4,641,264 
 Depreciation6,013,651  6,493,048  12,592,017  12,985,424 
 Impairment loss2,759,554  --  2,816,873  -- 
 Net gain on sale of vessels(2,949,339) --  (2,925,985) (46,384)
Total expenses26,579,518  25,686,276  54,910,302  49,735,146 
         
Income from operations10,092,987  16,099,878  19,824,373  33,614,916 
         
Other (expenses)/income       
 Interest and finance costs(2,508,108) (2,684,548) (5,130,794) (5,853,609)
 Gain on derivatives358,422  --  296,108  99,286 
 Interest income884,209  914,817  1,925,153  1,668,213 
 Foreign exchange loss(28,673) (13,727) (132,999) (62,771)
Other expenses, net(1,294,150) (1,783,458) (3,042,532) (4,148,881)
         
Income before equity in earnings of investees8,798,837  14,316,420  16,781,841  29,466,035 
Equity earnings in joint ventures1,692,139  11,472,089  10,525,326  14,052,190 
Net Income10,490,976  25,788,509  27,307,167  43,518,225 
         
Earnings per share       
- Basic0.27  0.70  0.71  1.20 
- Diluted0.27  0.70  0.71  1.19 
         
Weighted average number of shares       
- Basic38,096,414  35,241,126  38,063,544  35,180,313 
- Diluted38,114,257  35,355,879  38,072,466  35,318,308 
            


 
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
  December 31, June 30,
  2023 2024
     
Assets   
Current assets   
 Cash and cash equivalents77,202,843  71,375,229 
 Trade and other receivables4,506,741  4,540,268 
 Other current assets130,589  26,951 
 Claims receivable55,475  55,475 
 Inventories1,979,683  2,214,758 
 Advances and prepayments1,409,418  2,303,243 
 Restricted cash659,137  -- 
 Assets held for sale34,879,925  -- 
Total current assets120,823,811  80,515,924 
     
Non current assets   
 Advances for vessel acquisitions23,414,570  -- 
 Operating lease right-of-use assets99,379  49,909 
 Vessels, net504,295,083  611,313,831 
 Other receivables48,040  112,638 
 Restricted cash5,893,721  5,274,067 
 Investments in joint ventures39,671,603  29,753,793 
 Deferred finance charges1,105,790  -- 
 Fair value of derivatives1,858,677  732,550 
Total non current assets576,386,863  647,236,788 
Total assets697,210,674  727,752,712 
     
Liabilities and Stockholders' Equity   
Current liabilities   
 Payable to related parties955,567  2,019,249 
 Trade accounts payable9,953,137  9,866,735 
 Accrued liabilities5,681,144  5,832,950 
 Operating lease liabilities71,173  49,909 
 Deferred income5,386,126  5,708,485 
 Current portion of long-term debt16,624,473  8,750,157 
Total current liabilities38,671,620  32,227,485 
     
Non current liabilities   
 Operating lease liabilities28,206  -- 
 Deferred income1,928,712  339,903 
 Long-term debt106,918,176  98,880,886 
Total non current liabilities108,875,094  99,220,789 
Total liabilities147,546,713  131,448,274 
     
Commitments and contingencies   
     
Stockholders' equity   
 Capital stock453,434  459,937 
 Treasury stock(44,453,836) (44,792,012)
 Additional paid-in capital446,938,868  450,392,079 
 Retained earnings145,993,681  189,511,906 
 Accumulated other comprehensive income731,814  732,528 
Total stockholders' equity549,663,961  596,304,438 
Total liabilities and stockholders' equity697,210,674  727,752,712 
      


 
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
  Six Month Periods Ended June 30,
  2023 2024
   
Cash flows from operating activities   
 Net income for the period27,307,167  43,518,225 
     
Adjustments to reconcile net income to net cash   
provided by operating activities:   
 Depreciation12,592,017  12,985,424 
 Amortization of deferred finance charges1,138,934  563,469 
 Non-cash lease expense52,226  49,470 
 Share based compensation728,501  3,103,463 
 Change in fair value of derivatives312,149  108,841 
 Proceeds from disposal of interest rate swaps--  1,018,000 
 Equity earnings in joint ventures(10,525,326) (14,052,190)
 Dividends received from joint ventures14,589,215  21,930,000 
 Impairment loss2,816,873  -- 
 Gain on sale of vessels(2,925,985) (46,384)
Changes in operating assets and liabilities:   
 (Increase)/decrease in   
 Trade and other receivables350,185  (98,125)
 Other current assets92,444  103,638 
 Inventories1,073,527  11,653 
 Changes in operating lease liabilities(52,226) (49,470)
 Advances and prepayments(1,531,095) (893,825)
 Increase/(decrease) in   
 Balances with related parties3,461,488  1,077,234 
 Trade accounts payable(248,382) (263,880)
 Accrued liabilities(1,271,144) 151,806 
 Deferred income(1,207,151) (1,266,451)
Net cash provided by operating activities46,753,417  67,950,898 
     
Cash flows from investing activities   
 Insurance proceeds126,666  -- 
 Proceeds from sale of vessels, net47,187,215  34,679,584 
 Acquisition and improvements of vessels(71,729) (96,412,124)
 Maturity of short term investments26,500,000  -- 
 Return of investments from joint ventures4,688,785  2,040,000 
 Advances to joint ventures--  (1,705)
Net cash provided by/(used in) investing activities78,430,937  (59,694,245)
     
Cash flows from financing activities   
 Proceeds from exercise of stock options--  356,250 
 Stock repurchase(638,975) (338,176)
 Deferred finance charges paid(775,833) (22,167)
 Advances from/(to) joint ventures2,598  (11,848)
 Loan repayments(137,753,317) (85,347,117)
 Proceeds from long-term debt--  70,000,000 
Net cash used in financing activities(139,165,527) (15,363,058)
     
Net decrease in cash, cash equivalents and restricted cash(13,981,173) (7,106,405)
Cash, cash equivalents and restricted cash at beginning of period69,154,944  83,755,701 
Cash, cash equivalents and restricted cash at end of period55,173,771  76,649,296 
Cash breakdown   
 Cash and cash equivalents48,105,094  71,375,229 
 Restricted cash, current866,942  -- 
 Restricted cash, non current6,201,735  5,274,067 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows55,173,771  76,649,296 
      

FAQ

What was STEALTHGAS INC.'s (GASS) Net Income for Q2 2024?

STEALTHGAS INC. reported a record quarterly Net Income of $25.8 million for Q2 2024, representing a 145.8% increase compared to the same quarter last year.

How much did STEALTHGAS INC.'s (GASS) revenues increase in Q2 2024?

STEALTHGAS INC.'s revenues increased by 13.9% to $41.8 million in Q2 2024 compared to the same period last year.

What was STEALTHGAS INC.'s (GASS) basic EPS for Q2 2024?

STEALTHGAS INC.'s basic EPS for Q2 2024 was $0.70, up from $0.27 in Q2 2023.

How much debt did STEALTHGAS INC. (GASS) repay in the first half of 2024?

STEALTHGAS INC. repaid $85.3 million in debt during the first six months of 2024.

What percentage of STEALTHGAS INC.'s (GASS) fleet days are secured on period charters for the remainder of 2024?

About 85% of STEALTHGAS INC.'s fleet days for the remainder of 2024 are secured on period charters.

StealthGas, Inc.

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