STEALTHGAS INC. REPORTS BEST RESULTS IN OVER A DECADE & ANNOUNCES NEW AQUISITIONS
ATHENS, GREECE, August 24, 2022. 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, 2022.
About 62% of fleet days are secured on period charters for the remainder of 2022, with total fleet employment days for all subsequent periods generating approximately $72 million (excl. JV vessels) in contracted revenues.
Improved revenues at $40 million with 34 vessels at the end of Q2 22’ compared to 42 vessels for the same quarter of last year.
A decrease of $6.4 million in voyage expenses, operating expenses and depreciation in aggregate compared to Q2 21’.
Net Income of $12.2 million for Q2 22’ UP 650 PCT compared to 2021 corresponding to an EPS of $0.32 compared to Net Income of $1.6 million and an EPS of $0.04 for Q2 21’.
Adjusted Net Income1 of $11.3 million for Q2 22’ corresponding to an Adjusted EPS1 of $0.30.
Total cash, including restricted cash, of $100 million as of June 30, 2022 compared to $45.7 million as of December 31, 2021.
Second Quarter 2022 Results:
Revenues for the three months ended June 30, 2022 amounted to $40 million compared to revenues of $40 million for the three months ended June 30, 2021 while the fleet over the corresponding periods was reduced from 42 vessels at the end of Q2 2021 to 34 vessels at the end of Q2 2022 so the vessels remaining in the fleet saw a rise in revenues due to better market conditions.
Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2022 were $4.6 million and $13.3 million, respectively, compared to $6.0 million and $15.8 million, respectively, for the three months ended June 30, 2021. The $1.4 million decrease in voyage expenses is attributed to the fewer number of vessels in the spot market. Overall, spot days were reduced by 59% as more vessels were time chartered. The $2.5 million decrease in vessels’ operating expenses compared to the same period of 2021 is due to fewer vessels in the fleet.
[1]Â 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.
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