Dorian LPG Ltd. Announces Fourth Quarter and Full Fiscal Year 2022 Financial Results
Dorian LPG Ltd. (NYSE: LPG) reported Q4 and full-year financial results for the fiscal year ended March 31, 2022. Revenues in Q4 were $79.6 million, down 20.1% year-over-year, with net income at $35.4 million ($0.88 EPS). For the fiscal year, total revenues reached $274.2 million (down 13.2%), with net income of $71.9 million ($1.78 EPS). The company declared an irregular dividend of $2.50 per share totaling $100.3 million. Fleet utilization decreased from 95.3% to 89.3%, and adjusted EBITDA for the year was $161.1 million. The company repurchased $20.4 million in shares and completed several refinancings.
- Declared an irregular dividend of $2.50 per share, totaling $100.3 million.
- Adjusted EBITDA for the year reached $161.1 million.
- Repurchased over $20.4 million of common stock.
- Q4 revenues decreased by $20.0 million, or 20.1% year-over-year.
- Fiscal year revenues fell by $41.7 million, or 13.2% compared to the previous year.
- Net income for Q4 declined from $44.0 million to $35.4 million year-over-year.
STAMFORD, Conn., May 26, 2022 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," and "our"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months and fiscal year ended March 31, 2022.
- Revenues of
$79.6 million . - Time charter equivalent ("TCE")(1) per operating day rate for our fleet of
$43,372 . - Net income of
$35.4 million , or$0.88 earnings per diluted share ("EPS"), and adjusted net income(1) of$24.7 million , or$0.62 adjusted diluted earnings per share ("adjusted EPS")(1). - Adjusted EBITDA(1) of
$54.1 million . - Declared and paid an irregular dividend totaling
$40.1 million . - Completed refinancing of Cratis, Copernicus, Chaparral, and Caravelle under separate Japanese financings, resulting in net cash proceeds of over
$115 million .
- Revenues of
$274.2 million . - TCE(1) per operating day rate for our fleet of
$34,669 . - Net income of
$71.9 million , or$1.78 EPS, and adjusted net income(1) of$53.6 million , or$1.33 adjusted EPS(1). - Adjusted EBITDA(1) of
$161.1 million . - Declared and paid two irregular dividends totaling
$80.5 million . - Completed refinancing of Constellation and Commander under BALCAP Facility, resulting in net cash proceeds of
$34.9 million . - Completed the sale of the VLGs Captain Markos NL and Captain Nicholas ML. resulting in cash proceeds, net of fees and commission, of
$90.5 million . - ESG commitment – average efficiency ratio ahead of trajectory levels, crew rotations largely returned to pre-pandemic levels, and completed publication of first ESG report.
- Repurchased over
$20.4 million of our common stock, or approximately 1.5 million shares pursuant to our common share repurchase authorities.
(1) | TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included later in this press release. |
- Declared an irregular dividend of
$2.50 per share, totaling$100.3 million and expected to be paid on or about June 2, 2022. - Prepaid
$25 million of the 2015 AR Facility in April 2022. - Completed refinancing of Cougar under a Japanese financing, resulting in net cash proceeds of
$29.9 million .
John Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, "Supported by good market conditions and access to attractive capital, we generated solid results for the quarter and are pleased to pay an additional
Our net income amounted to
Our adjusted net income amounted to
The
The TCE rate for our fleet was
Vessel operating expenses per day decreased to
Revenues, which represent net pool revenues—related party, time charters and other revenues earned by our vessels, were
Charter hire expenses for vessels time chartered-in from third parties were
Vessel operating expenses were
General and administrative expenses were
Interest and finance costs amounted to
Unrealized gain on derivatives amounted to approximately
Gain on disposal of vessels amounted to
Our net income amounted to
Our adjusted net income amounted to
The unfavorable change of
The TCE rate for our fleet was
Vessel operating expenses per day decreased to
Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were
Charter hire expenses for the vessels chartered in from third parties were
Vessel operating expenses were
General and administrative expenses were
Interest and finance costs amounted to
Unrealized gain on derivatives amounted to
Realized loss on derivatives was
Gain on disposal of vessels amounted to
The following table sets forth certain information regarding our fleet as of May 23, 2022. We classify vessel employment as either Time Charter, Pool or Pool-TCO.
Capacity | Sister | ECO | Scrubber | Charter | |||||||||||||
(Cbm) | Shipyard | Ships | Year Built | Vessel(1) | Equipped | Employment | Expiration(2) | ||||||||||
Dorian VLGCs | |||||||||||||||||
Captain John NP | 82,000 | Hyundai | A | 2007 | — | — | Pool(4) | — | |||||||||
Comet | 84,000 | Hyundai | B | 2014 | X | X | Pool(4) | — | |||||||||
Corsair(3) | 84,000 | Hyundai | B | 2014 | X | X | Time Charter(6) | Q4 2022 | |||||||||
Corvette(3) | 84,000 | Hyundai | B | 2015 | X | X | Pool(4) | — | |||||||||
Cougar(3) | 84,000 | Hyundai | B | 2015 | X | — | Pool(4) | — | |||||||||
Concorde(3) | 84,000 | Hyundai | B | 2015 | X | X | Time Charter(7) | Q1 2023 | |||||||||
Cobra | 84,000 | Hyundai | B | 2015 | X | — | Pool(4) | — | |||||||||
Continental | 84,000 | Hyundai | B | 2015 | X | — | Pool(4) | — | |||||||||
Constitution | 84,000 | Hyundai | B | 2015 | X | X | Pool(4) | — | |||||||||
Commodore | 84,000 | Hyundai | B | 2015 | X | — | Pool-TCO(5) | Q1 2023 | |||||||||
Cresques(3) | 84,000 | Daewoo | C | 2015 | X | X | Pool(4) | — | |||||||||
Constellation | 84,000 | Hyundai | B | 2015 | X | X | Pool(4) | — | |||||||||
Cheyenne | 84,000 | Hyundai | B | 2015 | X | X | Pool(4) | — | |||||||||
Clermont | 84,000 | Hyundai | B | 2015 | X | X | Pool-TCO(5) | Q1 2023 | |||||||||
Cratis(3) | 84,000 | Daewoo | C | 2015 | X | X | Pool(4) | — | |||||||||
Chaparral(3) | 84,000 | Hyundai | B | 2015 | X | — | Pool(4) | — | |||||||||
Copernicus(3) | 84,000 | Daewoo | C | 2015 | X | X | Pool(4) | — | |||||||||
Commander | 84,000 | Hyundai | B | 2015 | X | X | Pool(4) | — | |||||||||
Challenger | 84,000 | Hyundai | B | 2015 | X | — | Pool-TCO(5) | Q4 2022 | |||||||||
Caravelle(3) | 84,000 | Hyundai | B | 2016 | X | — | Pool(4) | — | |||||||||
Total | 1,678,000 | ||||||||||||||||
Time chartered-in VLGCs | |||||||||||||||||
Future Diamond(8) | 80,876 | Hyundai | 2020 | X | X | Pool(4) | — | ||||||||||
Astomos Venus(9) | 77,367 | Mitsubishi | 2016 | X | — | Pool(4) | — |
____________________ | |
(1) | Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint. |
(2) | Represents calendar year quarters. |
(3) | Operated pursuant to a bareboat chartering agreement. |
(4) | "Pool" indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel's pro rata performance in the pool. |
(5) | "Pool-TCO" indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel's pro rata performance in the pool. |
(6) | Currently on a time charter with an oil major that began in November 2019. |
(7) | Currently on time charter with a major oil company that began in March 2019. |
(8) | Currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2023. |
(9) | Currently time chartered-in to our fleet with an expiration during the fourth calendar quarter of 2022. |
A major influence on the LPG market during the first calendar quarter of 2022 was the ramifications from the conflict between Russia and Ukraine. The Brent crude oil price rose throughout the quarter reaching, on average,
In NW Europe, propane fell from
Naphtha prices continued to rise during the quarter, resulting in the propane-naphtha spread in NW Europe widening from negative
With widening propane-naphtha spreads, propane was advantageous compared to naphtha for the production of ethylene via steam crackers in the Far East and NW Europe. However, margins continued to remain under pressure. Naphtha was showing negative margins by the end of the quarter in NW Europe and consistently negative margins in the Far East. For propane as a feedstock, margins in NW Europe fell throughout the quarter from
In the East, on average, margins were around negative
The Baltic VLGC index averaged around
Currently the VLGC orderbook stands at approximately
The above market outlook update is based on information, data and estimates derived from industry sources, and there can be no assurances that such trends will continue or that anticipated developments in freight rates, export volumes, the VLGC orderbook or other market indicators will materialize. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors. You are cautioned not to give undue weight to such information, data and estimates. We have not independently verified any third-party information or verified that more recent information is not available.
Liquefied gases are primarily used for industrial and domestic heating, as a chemical and refinery feedstock, as a transportation fuel and in agriculture. The LPG shipping market historically has been stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities. Demand for our vessels therefore may be stronger in the quarters ending June 30 and September 30 and relatively weaker during the quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth these short-term fluctuations and recent LPG shipping market activity has not yielded the expected seasonal results. To the extent any of our time charters expire during the typically weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off-hire time for our vessels, which may adversely impact our business, financial condition and operating results.
The following table presents our selected financial data (unaudited) and other information for the periods presented:
Three months ended | Year ended | |||||||||||||
(in U.S. dollars, except fleet data) | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | ||||||||||
Statement of Operations Data | ||||||||||||||
Revenues | $ | 79,584,070 | $ | 99,584,187 | $ | 274,221,448 | $ | 315,938,812 | ||||||
Expenses | . | . | ||||||||||||
Voyage expenses | 1,123,961 | 983,132 | 4,324,712 | 3,409,650 | ||||||||||
Charter hire expenses | 5,436,588 | 4,509,000 | 16,265,638 | 18,135,580 | ||||||||||
Vessel operating expenses | 17,288,164 | 20,192,311 | 74,204,218 | 78,219,869 | ||||||||||
Depreciation and amortization | 15,660,878 | 17,115,902 | 66,432,115 | 68,462,476 | ||||||||||
General and administrative expenses | 6,968,750 | 11,126,687 | 30,226,739 | 33,890,999 | ||||||||||
Total expenses | 46,478,341 | 53,927,032 | 191,453,422 | 202,118,574 | ||||||||||
Gain on disposal of vessels | 3,790,687 | — | 7,256,897 | — | ||||||||||
Other income—related parties | 580,387 | 633,440 | 2,374,050 | 2,279,454 | ||||||||||
Operating income | 37,476,803 | 46,290,595 | 92,398,973 | 116,099,692 | ||||||||||
Other income/(expenses) | ||||||||||||||
Interest and finance costs | (8,447,683) | (5,756,551) | (27,067,395) | (27,596,124) | ||||||||||
Interest income | 67,887 | 152,083 | 347,082 | 421,464 | ||||||||||
Unrealized gain on derivatives | 6,862,405 | 3,250,466 | 11,067,870 | 7,202,880 | ||||||||||
Realized loss on derivatives | (736,106) | (871,118) | (3,450,443) | (4,568,033) | ||||||||||
Other gain/(loss), net | 159,924 | 967,959 | (1,361,069) | 1,004,774 | ||||||||||
Total other income/(expenses), net | (2,093,573) | (2,257,161) | (20,463,955) | (23,535,039) | ||||||||||
Net income | $ | 35,383,230 | $ | 44,033,434 | $ | 71,935,018 | $ | 92,564,653 | ||||||
Earnings per common share—basic | 0.89 | 0.93 | 1.79 | 1.86 | ||||||||||
Earnings per common share—diluted | $ | 0.88 | $ | 0.93 | $ | 1.78 | 1.86 | |||||||
Financial Data | ||||||||||||||
Adjusted EBITDA(1) | $ | 54,081,570 | $ | 65,015,047 | $ | 161,149,380 | $ | 188,555,935 | ||||||
Fleet Data | ||||||||||||||
Calendar days(2) | 1,845 | 1,980 | 7,780 | 8,030 | ||||||||||
Time chartered-in days(3) | 180 | 180 | 579 | 740 | ||||||||||
Available days(4) | 2,025 | 2,091 | 8,201 | 8,505 | ||||||||||
Operating days(5)(8) | 1,809 | 1,993 | 7,785 | 7,891 | ||||||||||
Fleet utilization(6)(8) | 89.3 | % | 95.3 | % | 94.9 | % | 92.8 | % | ||||||
Average Daily Results | ||||||||||||||
Time charter equivalent rate(7)(8) | $ | 43,372 | $ | 49,474 | $ | 34,669 | $ | 39,606 | ||||||
Daily vessel operating expenses(9) | $ | 9,370 | $ | 10,198 | $ | 9,538 | $ | 9,741 | ||||||
____________________ | |
(1) | Adjusted EBITDA is an unaudited non-U.S. GAAP financial measure and represents net income before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, stock-based compensation expense, impairment, and depreciation and amortization and is used as a supplemental financial measure by management to assess our financial and operating performance. We believe that adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization expense, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including adjusted EBITDA as a financial and operating measure benefits investors in selecting between investing in us and other investment alternatives. |
Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income. Adjusted EBITDA as presented below may not be computed consistently with similarly titled measures of other companies and, therefore, might not be comparable with other companies. | |
The following table sets forth a reconciliation (unaudited) of net income to Adjusted EBITDA for the periods presented:
Three months ended | Year ended | ||||||||||||
(in U.S. dollars) | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | |||||||||
Net income | $ | 35,383,230 | $ | 44,033,434 | $ | 71,935,018 | $ | 92,564,653 | |||||
Interest and finance costs | 8,447,683 | 5,756,551 | 27,067,395 | 27,596,124 | |||||||||
Unrealized gain on derivatives | (6,862,405) | (3,250,466) | (11,067,870) | (7,202,880) | |||||||||
Realized loss on interest rate swaps | 736,106 | 871,118 | 3,450,443 | 3,779,363 | |||||||||
Stock-based compensation expense | 716,078 | 488,508 | 3,332,279 | 3,356,199 | |||||||||
Depreciation and amortization | 15,660,878 | 17,115,902 | 66,432,115 | 68,462,476 | |||||||||
Adjusted EBITDA | $ | 54,081,570 | $ | 65,015,047 | $ | 161,149,380 | $ | 188,555,935 | |||||
(2) | We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect the amount of expenses that are recorded during that period. |
(3) | We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period. |
(4) | We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially-managed vessels) less aggregate off hire days associated with scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues. |
(5) | We define operating days as available days less the aggregate number of days that the commercially-managed vessels in our fleet are off‑hire for any reason other than scheduled maintenance. We use operating days to measure the number of days in a period that our operating vessels are on hire (refer to 8 below). |
(6) | We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. An increase in non-scheduled off hire days would reduce our operating days, and, therefore, our fleet utilization. We use fleet utilization to measure our ability to efficiently find suitable employment for our vessels. |
(7) | Time charter equivalent rate, or TCE rate, is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. TCE rate is a shipping industry performance measure used primarily to compare period‑to‑period changes in a shipping company's performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods. Our method of calculating TCE rate is to divide revenue net of voyage expenses by operating days for the relevant time period, which may not be calculated the same by other companies. |
The following table sets forth a reconciliation (unaudited) of revenues to TCE rate for the periods presented:
Three months ended | Year ended | |||||||||||||
(in U.S. dollars, except operating days) | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | ||||||||||
Numerator: | ||||||||||||||
Revenues | $ | 79,584,070 | $ | 99,584,187 | $ | 274,221,448 | $ | 315,938,812 | ||||||
Voyage expenses | (1,123,961) | (983,132) | (4,324,712) | (3,409,650) | ||||||||||
Time charter equivalent | $ | 78,460,109 | $ | 98,601,055 | $ | 269,896,736 | $ | 312,529,162 | ||||||
Pool adjustment* | — | (109,084) | (2,978) | 5,579,857 | ||||||||||
Time charter equivalent excluding pool adjustment* | $ | 78,460,109 | $ | 98,491,971 | $ | 269,893,758 | $ | 318,109,019 | ||||||
Denominator: | ||||||||||||||
Operating days | 1,809 | 1,993 | 7,785 | 7,891 | ||||||||||
TCE rate: | ||||||||||||||
Time charter equivalent rate | $ | 43,372 | $ | 49,474 | $ | 34,669 | $ | 39,606 | ||||||
TCE rate excluding pool adjustment* | $ | 43,372 | $ | 49,419 | $ | 34,668 | $ | 40,313 | ||||||
* Adjusted for the effect of a reallocation of pool profits in accordance with the pool participation agreements due to adjustments related to speed and consumption performance of the vessels operating in the Helios Pool. | |
(8) | We determine operating days for each vessel based on the underlying vessel employment, including our vessels in the Helios Pool, or the Company Methodology. If we were to calculate operating days for each vessel within the Helios Pool as a variable rate time charter, or the Alternate Methodology, our operating days and fleet utilization would be increased with a corresponding reduction to our TCE rate. Operating data (unaudited) using both methodologies is as follows: |
Three months ended | Year ended | |||||||||||||||
March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | |||||||||||||
Company Methodology: | ||||||||||||||||
Operating Days | 1,809 | 1,993 | 7,785 | 7,891 | ||||||||||||
Fleet Utilization | 89.3 | % | 95.3 | % | 94.9 | % | 92.8 | % | ||||||||
Time charter equivalent rate | $ | 43,372 | $ | 49,474 | $ | 34,669 | $ | 39,606 | ||||||||
Alternate Methodology: | ||||||||||||||||
Operating Days | 2,020 | 2,091 | 8,193 | 8,505 | ||||||||||||
Fleet Utilization | 99.8 | % | 100.0 | % | 99.9 | % | 100.0 | % | ||||||||
Time charter equivalent rate | $ | 38,842 | $ | 47,155 | $ | 32,942 | $ | 36,747 | ||||||||
We believe that Our Methodology using the underlying vessel employment provides more meaningful insight into market conditions and the performance of our vessels. | |
(9) | Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period. |
In addition to the results of operations presented in accordance with U.S. GAAP, we provide adjusted net income and adjusted EPS. We believe that adjusted net income and adjusted EPS are useful to investors in understanding our underlying performance and business trends. Adjusted net income and adjusted EPS are not a measurement of financial performance or liquidity under U.S. GAAP; therefore, these non-U.S. GAAP financial measures should not be considered as an alternative or substitute for U.S. GAAP. The following table reconciles (unaudited) net income and EPS to adjusted net income and adjusted EPS, respectively, for the periods presented:
Three months ended | Year ended | |||||||||||||
(in U.S. dollars, except share data) | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | ||||||||||
Net income | $ | 35,383,230 | $ | 44,033,434 | $ | 71,935,018 | $ | 92,564,653 | ||||||
Unrealized gain on derivatives | (6,862,405) | (3,250,466) | (11,067,870) | (7,202,880) | ||||||||||
Gain on disposal of vessels | (3,790,687) | — | (7,256,897) | — | ||||||||||
Adjusted net income | $ | 24,730,138 | $ | 40,782,968 | $ | 53,610,251 | $ | 85,361,773 | ||||||
Earnings per common share—diluted | $ | 0.88 | $ | 0.93 | $ | 1.78 | $ | 1.86 | ||||||
Unrealized gain on derivatives | (0.17) | (0.07) | (0.27) | (0.15) | ||||||||||
Gain on disposal of vessels | (0.09) | — | (0.18) | — | ||||||||||
Adjusted earnings per common share—diluted | $ | 0.62 | $ | 0.86 | $ | 1.33 | $ | 1.71 | ||||||
The following table presents our unaudited balance sheets as of the dates presented:
As of | As of | ||||||
March 31, 2022 | March 31, 2021 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 236,758,927 | $ | 79,330,007 | |||
Restricted cash—current | — | 5,315,951 | |||||
Trade receivables, net and accrued revenues | 853,060 | 202,221 | |||||
Due from related parties | 57,782,831 | 56,191,375 | |||||
Inventories | 2,266,351 | 2,007,464 | |||||
Prepaid expenses and other current assets | 10,232,083 | 10,296,229 | |||||
Total current assets | 307,893,252 | 153,343,247 | |||||
Fixed assets | |||||||
Vessels, net | 1,238,061,690 | 1,377,028,255 | |||||
Vessel under construction | 16,401,532 | — | |||||
Other fixed assets, net | 54,101 | 148,836 | |||||
Total fixed assets | 1,254,517,323 | 1,377,177,091 | |||||
Other non-current assets | |||||||
Deferred charges, net | 9,839,000 | 10,158,202 | |||||
Derivative instruments | 6,512,479 | — | |||||
Due from related parties—non-current | 19,800,000 | 23,100,000 | |||||
Restricted cash—non-current | 77,987 | 81,241 | |||||
Operating lease right-of-use assets | 8,087,014 | 17,672,227 | |||||
Other non-current assets | 635,038 | 82,837 | |||||
Total assets | $ | 1,607,362,093 | $ | 1,581,614,845 | |||
Liabilities and shareholders' equity | |||||||
Current liabilities | |||||||
Trade accounts payable | $ | 9,541,131 | $ | 9,831,328 | |||
Accrued expenses | 3,801,448 | 8,765,264 | |||||
Due to related parties | 37,433 | 117,803 | |||||
Deferred income | 813,967 | 853,983 | |||||
Derivative instruments | — | 1,100,529 | |||||
Current portion of long-term operating lease liabilities | 8,073,364 | 9,591,447 | |||||
Current portion of long-term debt | 72,075,571 | 51,820,283 | |||||
Dividends payable | 494,180 | — | |||||
Total current liabilities | 94,837,094 | 82,080,637 | |||||
Long-term liabilities | |||||||
Long-term debt—net of current portion and deferred financing fees | 590,687,387 | 539,651,761 | |||||
Long-term operating lease liabilities | — | 8,080,995 | |||||
Derivative instruments | — | 3,454,862 | |||||
Other long-term liabilities | 1,686,197 | 1,521,260 | |||||
Total long-term liabilities | 592,373,584 | 552,708,878 | |||||
Total liabilities | 687,210,678 | 634,789,515 | |||||
Commitments and contingencies | |||||||
Shareholders' equity | |||||||
Preferred stock, | — | — | |||||
Common stock, | 513,217 | 510,715 | |||||
Additional paid-in-capital | 760,105,994 | 756,776,217 | |||||
Treasury stock, at cost; 11,136,653 and 9,578,134 shares as of March 31, 2022 and | (121,226,936) | (99,862,114) | |||||
Retained earnings | 280,759,140 | 289,400,512 | |||||
Total shareholders' equity | 920,151,415 | 946,825,330 | |||||
Total liabilities and shareholders' equity | $ | 1,607,362,093 | $ | 1,581,614,845 | |||
A conference call to discuss the results will be held today, May 26, 2022 at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-877-407-9716, or for international callers, 1-201-493-6779, and requesting to be joined into the Dorian LPG call. A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The pass code for the replay is 13730154. The replay will be available until June 2, 2022 at 11:59 p.m. ET.
A live webcast of the conference call will also be available under the investor section at www.dorianlpg.com. The information on our website does not form a part of and is not incorporated by reference into this press release.
Dorian is a leading owner and operator of 22 modern and ECO VLGCs and has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece.
Visit our website at www.dorianlpg.com. Information on the Company's website does not constitute a part of and is not incorporated by reference into this press release.
This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company's forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company's actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company's financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Dorian LPG's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.
Dorian LPG Ltd.
Ted Young
Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
View original content:https://www.prnewswire.com/news-releases/dorian-lpg-ltd-announces-fourth-quarter-and-full-fiscal-year-2022-financial-results-301555519.html
SOURCE Dorian LPG Ltd.
FAQ
What were Dorian LPG's earnings per share for Q4 2022?
How did Dorian LPG's total revenues change in the fiscal year 2022?
What significant dividend did Dorian LPG declare in May 2022?
What was the net income for Dorian LPG for the year ended March 31, 2022?
What was the adjusted EBITDA for Dorian LPG in fiscal year 2022?
