updated 2/23/2011 9:16:26 AM ET 2011-02-23T14:16:26

ATHENS, Greece, Feb. 23, 2011 (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 fourth quarter and twelve months ended December 31, 2010.

Highlights:

  • Net income of $4.3 million or $0.21 per share and $11.1 million or $0.51 per share for the three months and twelve months ended December 31, 2010, respectively.
  • Voyage Revenues of $29.1 million and $111.4 million for the three months and twelve months ended December 31, 2010, respectively.
  • Adjusted EBITDA of $13.2 million and $45.1 million for the three months and twelve months ended December 31, 2010, respectively.

Fourth Quarter 2010 Results:

For the three months ended December 31, 2010, voyage revenues amounted to $29.1 million, an increase of $0.7 million, or 2.5%, compared to voyage revenues of $28.4 million for the three months ended December 31, 2009. The net income for the three months ended December 31, 2010 was $4.3 million or $0.21 per share, an increase of $31.5 million, from net loss of $27.2 million or $(1.22) per share for the three months ended December 31, 2009.

For the three months ended December 31, 2010, the Company had a $1.3 million realized cash loss on interest rate swap arrangements, a $1.3 million unrealized non-cash profit on interest rate swap arrangements and foreign currency hedging arrangements, and a $0.6 million non-cash gain due to exchange rate movements on foreign currency deposits. This compares to a realized cash loss of $1.4 million and to an unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements of $3.0 million, as well as a $9.9 million non-cash impairment loss on vessels held for sale and a $10.75 million loss in consideration of the previously announced agreement to cancel the acquisition of the Stealth Argentina on top of the already paid deposit for the three months ended December 31, 2009.

Voyage and operating expenses for the three months ended December 31, 2010 were $4.1 million and $9.7 million respectively, compared to $3.4 million and $10.0 million for the three months ended December 31, 2009. The increase of voyage expenses was due primarily to the increased level of fleet operational utilization during the quarter under spot voyage charters.

Adjusted EBITDA for the three months ended December 31, 2010 amounted to $13.2 million, an increase of $30.8 million from a loss of $17.6 million for the three months ended December 31, 2009. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash Provided by Operating Activities is set forth below.

An average of 38.0 vessels were owned by the Company in the three months ended December 31, 2010, earning an average time-charter equivalent rate of approximately $7,195 per day as compared to 42.8 vessels, earning an average time-charter equivalent rate of $6,399 per day for the same period of 2009.

Full Year 2010 Results

For the twelve months ended December 31, 2010, voyage revenues amounted to $111.4 million and net income was $11.1 million, a decrease of $1.6 million, or 1.4%, and an increase of $24.4 million respectively, from voyage revenues of $113.0 million and net loss of $13.3 million for the twelve months ended December 31, 2009. For the twelve months ended December 31, 2010 net income included a profit on the sale of vessel in the second quarter of $1.0 million compared to a loss of $0.8 million on the sale of vessels in 2009. Net income for the twelve months ended December 31, 2009 also included an impairment loss of $9.9 million on vessels held for sale, plus a $10.75 million loss due to cancellation of the delivery of the Stealth Argentina on top of the already paid deposit, compared to zero for the twelve months ended December 31, 2010.

Basic and diluted earnings per share were $0.51 for the twelve months ended December 31, 2010 as compared to basic and diluted loss per share of $(0.60) for the twelve months ended December 31, 2009.

For the twelve months ended December 31, 2010, the Company had a $6.1 million realized cash loss on interest rate swap arrangements, a $0.02 million unrealized non-cash gain on interest rate swap arrangements and foreign currency hedging arrangements, and a $1.7 million non-cash gain due to exchange rate movements on foreign currency deposits. This compares to a realized cash loss of $4.8 million and an unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements of $1.5 million for the twelve months ended December 31, 2009.

Voyage expenses for the twelve months ended December 31, 2010 amounted to $13.7 million, an increase of $3.2 million, or 30.5%, from $10.5 million for the twelve months ended December 31, 2009. This increase was due to the higher number of vessels operating under spot voyage charters during the year. Operating expenses for the twelve months ended December 31, 2010 amounted to $38.3 million, an increase of $0.3 million, or 0.8%, from operating expenses of $38.0 million for the twelve months ended December 31, 2009.

Adjusted EBITDA for the twelve months ended December 31, 2010 amounted to $45.1 million, an increase of $23.0 million, or 104.1%, from $22.1 million for the twelve months ended December 31, 2009. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below.

An average of 38.6 vessels were owned by the Company in the twelve months ended December 31, 2010, earning an average time-charter equivalent rate of approximately $7,064 per day as compared to 42.0 vessels, earning an average time-charter equivalent rate of $6,727 per day for 2009.

CEO Harry Vafias commented:

The fourth quarter of 2010 was another profitable quarter for our Company. Following two challenging quarters, we saw a marked improvement in demand for our core LPG segment in the last quarter of the year. This improvement was evidenced in our ability to arrange new long term charters, as previously announced, and in increased revenues from the vessels trading in the spot market. I believe that underpinning this demand are both seasonal and fundamental factors.

The Company's focus on the small LPG sector of the shipping industry, with a current fleet of thirty four gas carriers, has shielded us from the current challenging environment that persists in the dry bulk and tanker sectors, while our prudent strategy to arrange long term charters for our three product tankers and one aframax tanker has protected our revenue stream.

During 2010 the Company focused on strengthening its balance sheet and increasing its cash resources, by divesting five older vessels and at the same time cautiously diversified in the tanker sector with the addition to the fleet of one resale aframax tanker. At the same time we arranged twenty new charters of over one year duration at higher average rates than the previous ones which we consider to be a sign of a healthy market. We will continue to look for opportunities to sell selectively some of the older vessels in our fleet as we reach a milestone for the Company with the delivery of the first 4 Newbuilding LPG's carriers in 2011 and 1 in 2012. As previously announced, financing for all five Newbuilding vessels has been arranged as well as a 2 year time charter for the first one delivering at the end of this month.

Last but not least we welcome our new Chief Financial Officer Mr. Konstantinos Sistovaris who replaced Mr. Andrew Simmons. We wish him all the best and we are certain that he will exceed our expectations.

Conference Call details:

On February 23, 2011 at 11:00 am EST, 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: 1888 935 4577 (US Toll Free Dial In) or 0800 028 1299 (UK Toll Free Dial In).

In case of any problems with the above numbers, please dial +1 212 444 0412 (US Toll Dial In), or +44 (0)20 7806 1953 (Standard International Dial In). Please quote "7676423".

A telephonic replay of the conference call will be available until March 2, 2011 by dialing 1866 932 5017 (US Toll Free Dial In), 0800 358 7735 (UK Toll Free Dial In) or +44 (0)207 111 1244 (Standard International Dial In). Access Code: 7676423#

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.

Fleet Profile and Fleet Deployment:

The table below shows the Company's fleet development and deployment as of today:

LPG Carrier Fleet

Vessel Vessel Size (cbm) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration (1)
CURRENT FLEET
Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter May-12
Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter  Mar-12
Gas Haralambos 7,000 F.P. 2007 Oct-07 Time Charter  Jun-13
Gas Marathon 6,572 F.P. 1995 Nov-05 Time Charter  Jun-11
Gas Chios 6,562 F.P. 1991 Oct-05 Time Charter  Apr-11
Gas Moxie 6,526 F.P. 1992 May-05 Time Charter  Mar-11
Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter  Mar-11
Gas Monarch 5,018 F.P. 1997 Dec-05 Spot  --
Lyne 5,014 F.P. 1996 May-06 Bareboat  May-11
Gas Emperor 5,013 F.P. 1995 Feb-05 Time Charter  Feb-11  
Catterick 5,001 F.P. 1995 Nov-05 Time Charter  Jan-12
Sir Ivor 5,000 F.P. 2003 May-06 Bareboat  May-11
Gas Icon 5,000 F.P. 1994 Jun-07 Time Charter  Feb-11
Gas Kalogeros 5,000 F.P. 2007 Jul-07 Time Charter  Jun-11
Gas Defiance 5,000 F.P. 2008 July-08 Time Charter  Jan-13
Gas Shuriken 5,000 F.P. 2008 Oct-08 Time Charter  Oct-12
Gas Sincerity 4,123 F.P. 2000 Nov-05 Bareboat  Jun-14
Gas Spirit 4,112 F.P. 2001 Dec-05 Bareboat  Jan-16
Gas Zael 4,111 F.P. 2001 Dec-05 Bareboat  Jan-14
Gas Kaizen 4,109 S.R. 1991 Nov-04 Spot  --
Gas Shanghai 3,526 F.P. 1999 Dec-04 Time Charter  Jan-12
Gas Nemesis 3,518 F.P. 1996 May-07 Time Charter  Apr-11 
Gas Evoluzione (2) 3,517 F.P. 1996 Jul-07 Time Charter  Aug-11
Gas Czar 3,510 F.P. 1995 Feb-06 Time Charter  Mar-11
Gas Astrid 3,500 F.P. 2009 Apr-09 Bareboat  Apr-14
Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter  Oct-11
Gas Sikousis 3,500 F.P. 2006 Aug-07 Bareboat  May-16
Gas Exelero 3,500 F.P. 2009 June-09 Bareboat  Jun-14
Gas Arctic 3,434 S.R. 1992 Apr-05 Time Charter  Dec-11
Gas Ice 3,434 S.R. 1991 Apr-05 Spot  --
Chiltern 3,312 F.P. 1997 Jun-07 Bareboat  May-13
Gas Pasha 3,244 F.P. 1995 Jun-06 Time Charter  Sep-11 
Gas Crystal 3,211 S.R. 1990 Nov-05 Spot  --
Gas Tiny 1,320 S.R. 1991 Oct-04 Spot  --
FLEET TOTAL:

34 VESSELS
155,204

cbm
         
Additional Vessels (with expected delivery date)
Gas Elixir 5,000 F.P. 2011 Feb-11 Time Charter Dec-12
Gas Cerberus 5,000 F.P. 2011 Mar-11    
Gas Myth 5,000 F.P. 2011 July-11    
Gas Husky 7,500 F.P. 2011 Nov-11    
Gas Esco 7,500 F.P. 2012 May-12    
TOTAL LPG CARRIER FLEET: 

39 VESSELS
185,204 cbm          

Tanker Fleet

Vessel Vessel Size (dwt) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration (1)
Navig8 Fidelity 47,000 MR Product Tanker 2008 Jan-08 Bareboat Jan-15
Navig8 Faith 47,000

 
MR Product Tanker 2008 Feb-08 Bareboat Feb-15
 Alpine Endurance 46,000 MR

Product

Tanker
2009 Jul-09 Bareboat Jul-12
Spike 115,804 Aframax Oil Tanker 2010 Jul-10 Bareboat Jul-15
TOTAL

TANKER FLEET: 


4 VESSELS
255,804

dwt
         
  • F.P.: Fully-Pressurized
  • S.R.: Semi-Refrigerated
  • M.R.: Medium Range

(1) Earliest date charters could expire. 

(2) Gas Evoluzione is deployed from November 2010 under a time charter until August 2011. The Charterer has an option declarable in April 2011 to extend the charter for a further three months.

About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquified petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 34 LPG carriers with a total capacity of 155,204 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker. The company has also entered into agreements to acquire five new building LPG carriers with expected delivery from February 2011 through May 2012. Once these acquisitions are completed, STEALTHGAS INC.'s fleet will be composed of 39 LPG carriers with a total capacity of 185,204 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). 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, 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.

Visit our website at www.stealthgas.com

Fleet Data:

The following key indicators highlight the Company's operating performance during the fourth quarters ended December 31, 2009 and December 31, 2010. 

FLEET DATA Q4 2009 Q4 2010
Average number of vessels (1) 42.8 38.0
Period end number of vessels in fleet 42 38
Total calendar days for fleet (2) 3,934 3,496
Total voyage days for fleet (3) 3,898 3,470
Fleet utilization (4) 99.1% 99.3%
Total charter days for fleet (5) 2,941 2,605
Total spot market days for fleet (6) 957 865
Fleet operational utilization (7) 86.8% 92.2%
 
AVERAGE DAILY RESULTS Q4 2009 Q4 2010
Time Charter Equivalent – TCE (8) $6,399 $7,195
Vessel operating expenses (9) 2,530 2,781
Management fees 355 379
General and administrative expenses 198 235
Total operating expenses (10) 2,729 3,016

The following key indicators highlight the Company's operating performance during the twelve months ended December 31, 2009 and December 31, 2010. 

FLEET DATA 12M 2009 12M 2010
Average number of vessels (1) 42.0 38.6
Period end number of vessels in fleet 42 38
Total calendar days for fleet (2) 15,335 14,075
Total voyage days for fleet (3) 15,240 13,835
Fleet utilization (4) 99.4% 98.3%
Total charter days for fleet (5) 12,276 10,327
Total spot market days for fleet (6) 2,964 3,508
Fleet operational utilization (7) 90.2% 87.3%
 
AVERAGE DAILY RESULTS  12M 2009  12M 2010
Time Charter Equivalent – TCE (8) $6,727 $7,064
Vessel operating expenses (9) 2,478 2,724
Management fees 341 368
General and administrative expenses 232 215
Total operating expenses (10) 2,711 2,939

1) Average number of vessels is the number of 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 are the total days the vessels 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 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 time charter days for fleet are the number of voyage days the vessels in our fleet operated on time charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels in our fleet 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.

8) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard 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 (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

9) Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

10) Total operating expenses, or TOE, is a measurement of our total expenses associated with operating our vessels. TOE is the sum of vessel operating expenses and general and administrative expenses. Daily TOE is calculated by dividing TOE by fleet calendar days for the relevant time period.

Adjusted EBITDA Reconciliation:

Adjusted EBITDA represents net earnings before interest, taxes, depreciation, amortization and amortization of fair value of acquired time charters. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by the United States generally accepted accounting principles, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies in the shipping or other industries.

Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. 

Adjusted EBITDA reconciliation for the fourth quarters ended December 31, 2009 and December 31, 2010:

(figures in US $) Q4 2009 Q4 2010
Net Cash Provided By Operating Activities $16,272,978 $7,066,931
Net increase in current assets, excluding cash 72,056 403,645
Net (increase)/decrease in current liabilities, excluding short-term portion of long term debt (7,081,097) 1,944,581
Non-cash exchange difference -- 610,797
Impairment loss (9,867,777) --
Interest income (39,771) (15,286)
Interest and finance costs 2,607,586 1,997,220
Amortization of finance fees  (55,555) (68,412)
Forfeiture of vessel deposit and contract termination fees (16,500,000) --
Share based compensation (72,468) (17,213)
Change in fair value of derivatives (2,980,666) 1,309,769
Adjusted EBITDA $(17,644,714) $13,232,032
 
(figures in US $) Q4 2009 Q4 2010
(Loss)/Net Income $(27,150,626) $4,343,326
Plus interest and finance costs 2,607,586 1,997,220
Less Interest income (39,771) (15,286)
Plus Depreciation 6,938,097 6,906,772
Adjusted EBITDA $(17,644,714) $13,232,032

Adjusted EBITDA reconciliation for the twelve months ended December 31, 2009 and December 31, 2010: 

(figures in US $) 12M 2009 12M 2010
Net Cash Provided By Operating Activities $48,347,343 $27,816,341
Net increase in current assets, excluding cash 631,769 1,026,414
Net (increase)/decrease/ in current liabilities, excluding short-term portion of long term debt (6,314,922) 6,870,445
Non-cash exchange difference -- 1,690,528
Impairment loss (9,867,777) --
(Loss)/Gain on sale of vessels (791,659) 960,696
Interest income (250,326) (315,517)
Interest and finance costs 9,109,222 7,672,848
Amortization of finance fees  (202,770) (508,686)
Forfeiture of vessel deposit and contract termination fees (16,500,000) --
Share based compensation (573,855) (154,442)
Change in fair value of derivatives (1,454,894) 15,993
Adjusted EBITDA $22,132,131 $45,074,620
 
(figures in US $) 12M 2009 12M 2010
(Loss)/Net Income $(13,311,885) $11,093,191
Plus interest and finance costs 9,109,222 7,672,848
Less Interest income (250,326) (315,517)
Plus depreciation 26,766,672 26,624,098
Plus Amortization of fair value of acquired time charters (181,552) --
Adjusted EBITDA $22,132,131 $45,074,620
     
     
StealthGas Inc.    
Unaudited Statements of Operations    
(Expressed in United States Dollars)
  Quarters Ended December 31,
  2009 2010
     
Revenues    
Voyage revenues 28,380,502 29,055,589
     
Expenses    
Voyage expenses 3,438,141 4,089,801
Vessels' operating expenses 9,954,294 9,722,266
Dry-docking costs 481,554 371,794
Management fees 1,398,320 1,326,245
General and administrative expenses 779,921 821,230
Depreciation 6,938,097 6,906,772
Impairment loss 9,867,777  --
Forfeiture of vessel deposit and contract termination fees 16,500,000  --
Charter termination fees (135,000)  --
Total expenses 49,223,104 23,238,108
     
(Loss)/Income from operations (20,842,602) 5,817,481
     
Other income and (expenses)    
Interest and finance costs (2,607,586) (1,997,220)
Change in fair value of derivatives (3,619,043) (6,342)
Interest income 39,771 15,286
Foreign exchange gain/(loss) (121,166) 514,121
Other income, net (6,308,024) (1,474,155)
     
(Loss) / Net income (27,150,626) 4,343,326
     
(Loss) / Earnings per share     
- Basic (1.22) 0.21
- Diluted (1.22) 0.21
Weighted average number of shares     
- Basic 22,258,021 21,088,608
- Diluted 22,258,021 21,101,882
     
     
StealthGas Inc.    
Unaudited Statements of Operations    
(Expressed in United States Dollars)
  Twelve Month Periods Ended December 31,
  2009 2010
     
Revenues    
 Voyage revenues 113,045,961 111,409,623
     
Expenses    
Voyage expenses 10,522,573 13,680,008
Vessels' operating expenses 38,001,481 38,338,063
Dry-docking costs 1,266,455 2,716,378
Management fees 5,230,990 5,184,055
General and administrative expenses 3,564,779 3,031,491
Depreciation 26,766,672 26,624,098
Impairment loss 9,867,777  --
Forfeiture of vessel deposit and contract termination fees 16,500,000  --
Charter termination fees (753,000) (228,000)
Net (gain)/loss on sale of vessels 791,659 (960,696)
Total expenses 111,759,386 88,385,397
     
Income from operations 1,286,575 23,024,226
     
Other income and (expenses)    
Interest and finance costs (9,109,222) (7,672,848)
Change in fair value of derivatives (5,478,163) (6,071,638)
Interest income 250,326 315,517
Foreign exchange gain/(loss) (261,401) 1,497,934
Other expenses, net (14,598,460) (11,931,035)
     
(Loss) / Net income (13,311,885) 11,093,191
     
(Loss) / Earnings per share     
- Basic (0.60) 0.51
- Diluted (0.60) 0.51
Weighted average number of shares     
- Basic 22,219,442 21,539,331
- Diluted 22,219,442 21,553,659
     
- Cash dividends per share 0.1875  --
     
     
StealthGas Inc.    
Unaudited Consolidated Balance Sheets    
(Expressed in United States Dollars)  
  December 31,
  2009 2010
     
Assets    
Current assets    
Cash and cash equivalents 44,076,339 29,797,095
Trade and other receivables 1,685,558 2,414,008
Claims receivable 493,852 396,395
Inventories 2,146,919 1,840,092
Advances and prepayments 625,870 777,126
Restricted cash 4,399,188 4,495,198
Vessels held for sale 13,829,512  --
Fair value of derivatives 1,774,515 5,407,633
Total current assets 69,031,753 45,127,547
     
Non current assets    
Advances for vessels under construction 23,485,905 37,273,199
Vessels, net 594,931,791 603,065,011
Other receivables 169,616 42,572
Restricted cash 1,550,000 1,550,000
Deferred finance charges, net of accumulated amortization of $469,888 and $978,574 1,466,756 1,318,070
Fair value of derivatives 1,861,189  --
Total non current assets 623,465,257 643,248,852
Total assets 692,497,010 688,376,399
     
Liabilities and Stockholders' Equity    
Current liabilities    
Payable to related party 7,310,097 9,515,372
Trade accounts payable 4,223,548 4,761,389
Other accrued liabilities 6,095,322 5,433,594
Customer deposits 3,522,287 285,000
Deferred income 3,643,963 2,754,630
Other current liability 8,061,250 2,687,500
Current portion of long-term debt 31,612,718 34,831,548
Current portion of long-term debt associated with vessel held for sale 4,554,270  --
Total current liabilities 69,023,455 60,269,033
     
Non current liabilities    
Fair value of derivatives 10,327,792 11,602,213
Other non current liability 2,688,750 --
Long-term debt 309,655,082 310,254,401
Total non current liabilities 322,671,624 321,856,614
Total liabilities 391,695,079 382,125,647
     
Commitments and contingencies  --  --
     
Stockholders' equity    
Capital stock     
5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share    
100,000,000 common shares authorized 22,310,110 and 21,104,881 shares issued and outstanding with a par value of $0.01 per share 223,101 211,049
Additional paid-in capital 284,100,096 277,986,263
Retained earnings 17,415,158 28,508,349
Accumulated other comprehensive (loss) (936,424) (454,909)
Total stockholders' equity 300,801,931 306,250,752
Total liabilities and stockholders' equity 692,497,010 688,376,399
     
     
StealthGas Inc.    
Unaudited Consolidated Statements of Cash Flows  
(Expressed in United States Dollars)    
  December 31,
  2009 2010
   
Cash flows from operating activities    
(Loss)/Net income for the year (13,311,885) 11,093,191
     
Items included in net income not affecting cash flows:  
Depreciation and amortization of deferred finance charges 26,969,442 27,132,784
Amortization of fair value of time charter (181,552) --
Unrealized exchange differences  -- (1,690,528)
Forfeiture of vessel deposit and contract termination fees 16,500,000 --
Share based compensation 573,855 154,442
Change in fair value of derivatives 1,454,894 (15,993)
Impairment loss 9,867,777  --
Loss/(gain) on sale of vessels 791,659 (960,696)
     
Changes in operating assets and liabilities:    
(Increase)/decrease in    
Trade and other receivables 716,483 (601,406)
Claims receivable (642,259) (580,579)
Inventories (892,777) 306,827
Advances and prepayments 186,784 (151,256)
Increase/(decrease) in    
Payable to related party 4,902,720 2,205,275
Trade accounts payable 967,373 537,841
Other accrued liabilities 1,577,225 (661,728)
Other current liability -- (8,062,500)
Deferred income (1,132,396) (889,333)
Net cash provided by operating activities 48,347,343 27,816,341
     
Cash flows from investing activities    
Insurance proceeds 755,713 678,036
Advances for vessel under construction (11,976,308) (13,787,294)
Proceeds from sale of vessels, net 11,669,374 37,100,890
Acquisition of vessels (100,335,745) (57,068,000)
(Increase) in restricted cash account (1,676,749) (96,010)
Net cash (used in) investing activities (101,563,715) (33,172,378)
     
Cash flows from financing activities    
Stock repurchase -- (6,280,327)
Dividends paid (4,183,146)  --
Deferred finance charges (1,119,300) (360,000)
Customer deposits received -- 285,000
Customer deposits paid (1,381,099) (3,522,287)
Loan repayment (26,021,803) (45,736,121)
Proceeds from long-term debt 88,150,000 45,000,000
Net cash provided by/(used in) financing activities 55,444,652 (10,613,735)
     
Effect of exchange rate changes on cash  -- 1,690,528
     
Net increase in cash and cash equivalents 2,228,280 (14,279,244)
Cash and cash equivalents at beginning of year 41,848,059 44,076,339
Cash and cash equivalents at end of year 44,076,339 29,797,095
     
Supplemental Cash Flow Information:    
Cash paid during the year for interest, net of amounts capitalized 8,716,032 6,755,101
CONTACT: Konstantinos Sistovaris
         Chief Financial Officer
         STEALTHGAS INC.
         011-30-210-6250-001
         E-mail: sistovaris@stealthgas.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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