STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2023 FINANCIAL AND OPERATING RESULTS
ATHENS, GREECE, August 18, 2023. 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, 2023.
All-time record Net Income of $27.3 million for the six-month period corresponding to a basic EPS of $0.71. Strong profitability continued for the second quarter with Net Income of $10.5 million for the three-month period corresponding to a basic EPS of $0.27.
About 80% of fleet days are secured on period charters for the remainder of 2023, with total fleet employment days for all subsequent periods generating approximately $90 million (excl. JV vessels) in contracted revenues.
Concluded the previously announced sale of the Eco Czar, the Eco Nemesis, the Eco Texiana and the Eco Enigma. All four vessels were sold at a profit, two were delivered during Q2 23’ and two during Q3 23’.
Entered into an agreement to sell two more vessels, the Eco Dream and Eco Green with forward delivery in January 2024.
Initiated a share repurchase program of up to $15 million. Up to August 11, 2023, 1.1 million shares had been repurchased.
Massively reduced debt by $104.9 million from $245.4 million as of March 31, 2023, net of deferred finance charges, to $140.5 million as of June 30, 2023.
Revenues at $36.7 million for Q2 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q2 22’ to 29 vessels at the end of Q2 23’.
Six Months 2023 Results:
Revenues for the six months ended June 30, 2023, amounted to $74.7 million, a decrease of $0.4 million, or 0.5%, compared to revenues of $75.1 million for the six months ended June 30, 2022, primarily due to reduction in the fleet size.
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.
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