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STEALTHGAS INC. Reports Fourth Quarter and Twelve Months Ended December 31, 2019 Financial and Operating Results

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ATHENS, Greece, Feb. 21, 2020 (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, 2019.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Operational utilization of 97.9% in Q4 '19 (94.5 % in Q4 '18)  due to the reduced presence in the spot market (15.6% of voyage days) in conjunction with minimal commercial off-hire, of as low as 1.9 days per vessel.
  • Fleet calendar days down 16% quarter over quarter to 3,952, attributed to our strategic fleet contraction.
  • 66% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods generating approximately $135 million in contracted revenues. Average period coverage for the remainder of Q1 ‘20 is 92%.
  • Further expansion in the Medium Gas Carrier (MGC) segment in Q1 ‘20 through the decision to acquire –under a new JV arrangement – three secondhand (2010 built) 35,000 cbm MGC carriers.
  • Voyage revenues of $35.2 million in Q4 '19, a decrease of $3.3 million compared to Q4 '18 following our strategic decision to divest mostly older LPG units that led to the net reduction of our average owned fleet by seven vessels.
  • Daily TCE in Q4 ‘19 increased by 6% ($470) compared to the same period of last year, mostly due to improved revenues stemming from our time charter contracts.
  • Net Income of $2.1 million for the 12M 2019 corresponding to an EPS of $0.05 cents. On an Adjusted basis our Net Income for the year 2019 amounted to $4.3 million corresponding to an Adjusted EPS of $0.11 cents.
  • Adjusted EBITDA of $15.1 million in Q4 '19 compared to $14.2 million in Q4 '18.For the 12M 2019 our Adjusted EBITDA came in at $62 million.
  • Low gearing, as debt to assets stands at 38%, mostly due to our intense repayment schedule, while our net debt to assets ratio is as low as 31%.
  • Cash on hand of $68.5 million- an increase of $4.0 million compared to year end 2018.
  • Purchase of 732k GASS shares to date, for an aggregate consideration of $2.5 million, following the initiation of a further stock repurchase program in May 2019. In Q4 ‘19 we purchased a total of 230K shares for a total consideration of $791K.

Fourth Quarter 2019 Results:

  • Revenues for the three months ended December 31, 2019 amounted to $35.2 million, a decrease of $3.3 million, or 8.6%, compared to revenues of $38.5 million for the three months ended December 31, 2018, mainly as a result of the strategic reduction of our average owned fleet by seven vessels, one less charter-in vessel and relatively low revenue stemming from the Asian spot market.
  • Voyage expenses and vessels' operating expenses for the three months ended December 31, 2019 were $4.1 million and $12.6 million respectively, compared to $5.0 million and $14.6 million respectively, for the three months ended December 31, 2018. The $0.9 million decrease in voyage expenses was mainly attributed to a 32.3% quarter-on-quarter reduction of spot days. The 13.7% decrease in vessels' operating expenses compared to the same period of 2018, is mainly attributed to the net reduction of our average owned fleet by seven vessels. The reduction in operating expenses however was as a percentage far higher than the reduction in our revenues attributed to the decrease in the size of our fleet.
  • Drydocking costs for the three months ended December 31, 2019 and 2018 were $0.4 million and $0.6 million, respectively. One drydocking was completed during the fourth quarter of 2019 and one drydocking was completed in the same period of 2018.
  • General and Administrative expenses for the three months ended December 31, 2019 amounted to $0.6 million compared to $1.0 million in the same period of last year. This decrease is attributed to the fact that for the three months ended December 31, 2018 stock compensation costs were incurred, which was not the case for the three months ended December 31, 2019.
  • Depreciation for the three months ended December 31, 2019 was $9.3 million, a $0.8 million decrease from $10.1 million for the same period of last year due to the decrease in the average number of our vessels.
  •  The Company recorded an impairment loss of $1.0 million for two of its oldest vessels.
  •  Interest and finance costs for the three months ended December 31, 2019 and 2018 were $4.5 million and $6.0 million respectively. The $1.5 million decrease from the same period of last year was mostly due to the decrease of our leverage and the decline of LIBOR rates.
  • As a result of the above, for the three months ended December 31, 2019, the Company reported net income of $0.5 million, compared to a net loss of $5.3 million for the three months ended December 31, 2018. The weighted average number of shares for the three months ended December 31, 2019 and December 31, 2018 was 39.7 million and 39.9 million, respectively.
  • Earnings per share, basic and diluted, for the three months ended December 31, 2019 amounted to $0.01 compared to loss per share of $0.13 for the same period of last year.
  • Adjusted net income was $1.5 million or $0.04 earnings per share for the three months ended December 31, 2019 compared to adjusted net loss of $1.8 million or $0.04 loss per share for the same period of last year.
  • EBITDA for the three months ended December 31, 2019 amounted to $14.2 million. Reconciliations of Adjusted Net (Loss)/Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 41.0 vessels were owned by the Company during the three months ended December 31, 2019, compared to 48.1 vessels for the same period of 2018.

Twelve months 2019 Results:

  • Revenues for the twelve months ended December 31, 2019, amounted to $144.3 million, a decrease of $20.0 million, or 12.2%, compared to revenues of $164.3 million for the twelve months ended December 31, 2018, primarily due to the strategic decision to sell mostly older small LPG vessels for further trading.
  • Voyage expenses and vessels' operating expenses for the twelve months ended December 31, 2019 were $17.0 million and $49.6 million, respectively, compared to $20.7 million and $60.4 million for the twelve months ended December 31, 2018. The $3.7 million decrease in voyage expenses was mainly due to the 26.7% (or 978 days) reduction of spot days. The $10.8 million decrease in vessels' operating expenses, was due to the net reduction of the average number of our owned fleet by 8.2 vessels.
  • Drydocking costs for the twelve months ended December 31, 2019 and 2018 were $1.1 million and $3.6 million, respectively. The costs for the twelve months ended December 31, 2019 mainly related to the drydocking  of two small LPG vessels and the docking survey of one small LPG vessel while the costs for the same period of last year related to the drydocking of seven vessels.
  • Depreciation for the twelve months ended December 31, 2019, was $37.7 million, a $3.6 million decrease from $41.3 million for the same period of last year, due to the net reduction of the average number of vessels in our owned fleet.
  • The Company recorded an impairment loss of $1.0 million for two of its oldest vessels in 2019. The impairment loss for the year ended December 31, 2018 was $11.4 million.
  •  Interest and finance costs for the twelve months ended December 31, 2019 and 2018 were $21.0 million and $23.3 million respectively. The $2.3 million decrease from the same period of last year, is mostly attributed to the decrease of our leverage.
  • As a result of the above, the Company reported a net income for the twelve months ended December 31, 2019 of $2.1 million, compared to a net loss of $12.3 million for the twelve months ended December 31, 2018. The weighted average number of shares for the twelve months ended December 31, 2019 and December 31, 2018 was 39.8 million and 39.9 million, respectively.
  • Earnings per share for the twelve months ended December 31, 2019 amounted to $0.05 compared to a loss per share of $0.31 for the same period of last year.
  • Adjusted net income was $4.3 million, or $0.11 per share, for the twelve months ended December 31, 2019 compared to adjusted net income of $0.1 million, or $0.00 per share, for the same period of last year.
  • EBITDA for the twelve months ended December 31, 2019 amounted to $59.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 42.6 vessels were owned by the Company during the twelve months ended December 31, 2019, compared to 50.8 vessels for the same period of 2018.
  • As of December 31, 2019, cash and cash equivalents amounted to $68.5 million and total debt amounted to $366.0 million. During the twelve months ended December 31, 2019 debt repayments amounted to $97.4 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following ten chartering arrangements:  

  • A one year time charter extension for its 2011 built LPG carrier, the Gas Myth, to an Oil Major until January 2021.

  • A one year time charter extension for its 2015 built LPG carrier, the Eco Czar, to an Oil Major until January 2021.

  • A one year time charter extension for its 2015 built LPG carrier, the Eco Universe, to an Oil Major until February 2021.

  • A six months time charter for its 2006 built LPG carrier, the Gas Inspiration, to an Oil Major until June 2020.

  • A six months time charter for its 2018 built 22,000 cbm semi-refrigerated LPG carrier, the Eco Arctic, to an International Trading House until September 2020.

  • A six months time charter for its 2018 built  22,000 cbm  semi-refrigerated LPG carrier, the Eco Freeze, to an International LPG Trader until June 2020.

  • A three months bareboat charter extension for its 2012 built LPG carrier, the Gas Esco, to a State Owned Shipping Company until June 2020.

  • A four months bareboat charter extension for its 2012 built LPG carrier, the Gas Husky, to a State Owned Shipping Company until July 2020.

  • A one month charter extension for its  charter in LPG carrier, the Gas Cathar, to an International LPG Trader until March 2020.

  • A one month charter extension for its 2003 built LPG carrier, the Gas Prodigy, to an International Petchem Trader until February 2020.

With these charters, the Company has total contracted revenues of approximately $135 million. Total anticipated voyage days of our fleet is 66% covered for the remainder of 2020.

Board Chairman Michael Jolliffe Commented

2019 was a successful and profitable year for StealthGas. Indeed in 2019 and in spite of the persistently difficult spot market in Asia, we achieved an operational utilization of 98%, increased our daily time charter equivalent earnings and managed to significantly reduce our finance costs; all these added towards our improved profitability-, which excluding non-cash items- amounted to $4.3 million corresponding to an EPS of $0.11.

In terms of our new projects, in an initiative to expand further across the LPG sector and accretively invest our cash-on-hand, while sharing the operational risk, we took the strategic decision to form a second Joint Venture arrangement with an unaffiliated third party to jointly acquire three secondhand (2010-built) MGC vessels of an aggregate capacity of 105,641 cbm for a total of $80 million.

Going forward we feel confident for 2020. Our period coverage of 66% along with $135 million in contracted revenues, coupled with improved market rates particularly for our larger LPG vessels, signify good times ahead. We are trading close to our all time low share price and that might be an excellent entry point. In addition, the recent push into green investing might also benefit our Company operating modern Japanese built ships with minimal carbon footprint.

We do recognize however that the recent coronavirus outbreak may negatively affect seaborne trade should this situation deteriorate and positive market fundamentals might be afflicted. We hope that this issue will soon be resolved thus allowing the market to flourish.

Conference Call details:

On February 21, 2020 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.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free Dial In).
Access Code: 5681269

In case of any problems with the above numbers, please dial +1 917 7200 178 (US Toll Dial In), +44 (0) 8444933857 (UK Toll Dial In).                                                         
Access Code: 5681269

A telephonic replay of the conference call will be available until February 28, 2019 by dialing +1 (917) 677-7532  (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).
Access Code: 5681269

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 primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry.  StealthGas Inc., within Q1 20', will have a fleet of 51 vessels. The fleet will be comprised of 47 LPG carriers, including one chartered in LPG vessel, eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in 2021.These LPG vessels have a total capacity of 439,035 cubic meters (cbm).The Company also owns 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 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, 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.

Fleet List and Fleet Deployment                        
For information on our fleet and further information:
Visit our website at www.stealthgas.com

Company Contact:
Fenia Sakellaris
STEALTHGAS INC.
011-30-210-6250-001
E-mail: info@stealthgas.com

Fleet Data:
The following key indicators highlight the Company's operating performance during the periods ended December 31, 2018 and December 31, 2019.

FLEET DATA Q4 2018   Q4 2019   12M 2018   12M 2019  
Average number of vessels (1) 48.1   41.0   50.8   42.6  
Period end number of owned vessels in fleet 48   41   48   41  
Total calendar days for fleet (2) 4,685   3,952   19,544   16,328  
Total voyage days for fleet (3) 4,663   3,909   19,363   16,230  
Fleet utilization (4) 99.5 % 98.9 % 99.1 % 99.4 %
Total charter days for fleet (5) 3,762   3,299   15,696   13,541  
Total spot market days for fleet (6) 901   610   3,667   2,689  
Fleet operational utilization (7) 94.5 % 97.9 % 95.5 % 97.5 %

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 (loss)/income represents net (loss)/income before (gain)/loss on derivatives excluding swap interest received/(paid), share based compensation, net loss on sale of vessels, gain on deconsolidation of subsidiaries and impairment loss. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, (gain)/loss on derivatives, net loss on sale of vessels, gain on deconsolidation of subsidiaries and impairment loss. Adjusted EPS represents Adjusted net (loss)/income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net (loss)/income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net (loss)/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 (loss)/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 (loss)/income and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide additional information on fleet operational results to investors.

(Expressed in United States Dollars,
except number of shares)
Fourth Quarter Ended
December 31st,
Twelve Months Period
Ended December 31st,
  2018   2019   2018   2019  
Net (Loss)/Income - Adjusted Net Income                
Net (loss)/income (5,318,175 ) 531,281   (12,276,520 ) 2,093,124  
Plus (gain)/loss on derivatives (6,120 ) (18,852 ) 11,982   107,550  
Less swap interest received/(paid) 21,194   16,048   (40,234 ) 148,100  
Plus net loss on sale of vessels --   --   763,925   485,516  
Less gain on deconsolidation of subsidiaries --   --   --   (145,000 )
Plus impairment loss 3,189,857   993,916   11,351,821   993,916  
Plus share based compensation 338,356   --   338,356   611,644  
Adjusted Net (Loss)/Income (1,774,888 ) 1,522,393   149,330   4,294,850  
                 
Net (loss)/income – EBITDA                
Net (loss)/income (5,318,175 ) 531,281   (12,276,520 ) 2,093,124  
Plus interest and finance costs 6,009,329   4,471,693   23,286,547   20,978,065  
Less interest income (178,584 ) (171,115 ) (587,477 ) (846,271 )
Plus depreciation 10,134,343   9,321,922   41,258,142   37,693,733  
EBITDA 10,646,913   14,153,781   51,680,692   59,918,651  
                 
Net (loss)/income - Adjusted  EBITDA                
Net (loss)/income (5,318,175 ) 531,281   (12,276,520 ) 2,093,124  
Plus (gain)/loss on derivatives (6,120 ) (18,852 ) 11,982   107,550  
Plus net loss on sale of vessels --   --   763,925   485,516  
Less gain on deconsolidation of subsidiaries --   --   --   (145,000 )
Plus impairment loss 3,189,857   993,916   11,351,821   993,916  
Plus share based compensation 338,356   --   338,356   611,644  
Plus interest and finance costs 6,009,329   4,471,693   23,286,547   20,978,065  
Less interest income (178,584 ) (171,115 ) (587,477 ) (846,271 )
Plus depreciation 10,134,343   9,321,922   41,258,142   37,693,733  
Adjusted EBITDA 14,169,006   15,128,845   64,146,776   61,972,277  
                 
EPS - Adjusted EPS                
Net (loss)/income (5,318,175 ) 531,281   (12,276,520 ) 2,093,124  
Adjusted net (loss)/income (1,774,888 ) 1,522,393   149,330   4,294,850  
Weighted average number of shares 39,860,563   39,710,103   39,860,563   39,800,434  
EPS - Basic and Diluted (0.13 ) 0.01   (0.31 ) 0.05  
Adjusted EPS (0.04 ) 0.04   0.00   0.11  
                 


StealthGas Inc.*
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares)

      Fourth Quarter Ended
December 31,
  Twelve Month Periods Ended
December 31,
      2018     2019     2018     2019  
                           
Revenues                      
  Revenues   38,529,759     35,164,698     164,330,202     144,259,312  
                           
                           
Expenses                      
  Voyage expenses   4,507,437     3,676,980     18,649,258     15,201,978  
  Voyage expenses - related party   486,959     433,365     2,037,917     1,788,543  
  Charter hire expenses   1,739,618     1,234,019     6,150,780     6,268,988  
  Vessels' operating expenses   14,356,150     12,348,369     59,920,278     48,619,594  
  Vessels' operating expenses - related party   249,000     240,000     514,500     966,500  
  Drydocking costs   641,895     360,289     3,617,577     1,094,306  
  Management fees - related party   1,677,730     1,384,190     7,027,195     5,730,910  
  General and administrative expenses   1,041,609     602,685     3,046,962     3,706,320  
  Depreciation   10,134,343     9,321,922     41,258,142     37,693,733  
  Impairment loss   3,189,857     993,916     11,351,821     993,916  
  Net loss on sale of vessels   --     --     763,925     485,516  
  Other operating income   --     --     (549,804 )   --  
Total expenses 38,024,598     30,595,735     153,788,551     122,550,304  
                           
Income from operations 505,161     4,568,963     10,541,651     21,709,008  
                           
Other (expenses)/income                      
  Interest and finance costs   (6,009,329 )   (4,471,693 )   (23,286,547 )   (20,978,065 )
  Gain on deconsolidation of subsidiaries   --     --     --     145,000  
  Gain/(loss) on derivatives   6,120     18,852     (11,982 )   (107,550 )
  Interest income   178,584     171,115     587,477     846,271  
  Foreign exchange gain/(loss)   1,289     10,822     (107,119 )   (8,235 )
Other expenses, net (5,823,336 )   (4,270,904 )   (22,818,171 )   (20,102,579 )
                           
(Loss)/Income before equity in income of investees (5,318,175 )   298,059     (12,276,520 )   1,606,429  
  Equity gain in unconsolidated joint ventures   --     233,222       --     486,695  
Net (Loss)/Income (5,318,175 )   531,281     (12,276,520 )   2,093,124  
                           
(Loss)/Earnings per share                      
- Basic & Diluted (0.13 )   0.01     (0.31 )   0.05  
Weighted average number of shares                      
- Basic & Diluted 39,860,563     39,710,103     39,860,563     39,800,434  

* As of January 1, 2019, we adopted ASU No. 2016-02, "Leases," as amended ("ASC 842") using the modified retrospective transition method of adoption. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As a result, prior periods as reported by the Company have not been impacted by the adoption. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets of $1.9 million and related lease liabilities for operating leases of $1.9 million as of January 1, 2019 and operating lease right-of-use assets of $0.5 million and lease liabilities for operating leases of $0.5 million as of December 31, 2019, in Total Assets and Total Liabilities, respectively, on our Consolidated Balance Sheets.

           
           
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
       
      December 31,   December 31,
      2018    2019 
Assets        
Current assets        
  Cash and cash equivalents   64,498,442     68,465,342  
           
  Trade and other receivables   2,888,496     4,217,101  
  Other current assets   134,301     118,246  
  Claims receivable     --     314,217  
  Inventories   2,346,723     2,447,703  
  Advances and prepayments   1,089,539     749,681  
  Restricted cash   3,002,490     1,589,768  
  Assets held for sale   64,906,448       --  
  Fair value of derivatives   --     30,381  
Total current assets   138,866,439     77,932,439  
Non current assets        
  Advances for vessels under construction   --     2,988,903  
  Operating lease right-of-use assets   --     473,132  
  Vessels, net   884,748,691     835,152,403  
  Other receivables   108,930     286,915  
  Restricted cash   11,930,059     12,065,222  
  Investments in unconsolidated joint ventures --     24,498,673  
  Fair value of derivatives   1,068,369     39,744  
Total non current assets   897,856,049     875,504,992  
Total assets   1,036,722,488     953,437,431  
Liabilities and Stockholders' Equity        
Current liabilities        
  Payable to related parties   7,930,642     6,291,621  
  Trade accounts payable   10,349,358     9,032,690  
  Accrued and other liabilities   6,879,488     6,002,079  
  Operating lease liabilities   --     473,132  
  Customer deposits   1,336,000     968,000  
  Deferred income   5,191,654     2,843,994  
  Fair value of derivatives     --     37,567  
  Current portion of long-term debt   41,726,837     40,735,556  
  Current portion of long-term debt associated with vessels held for sale 30,076,356       --  
Total current liabilities   103,490,335     66,384,639  
Non current liabilities        
  Fair value of derivatives   465,389     2,618,250  
  Long-term debt   371,514,253     325,247,902  
Total non current liabilities   371,979,642     327,866,152  
Total liabilities   475,469,977     394,250,791  
           
Commitments and contingencies        
Stockholders' equity        
  Capital stock   445,496     445,496  
  Treasury stock   (22,523,528 )   (24,361,145 )
  Additional paid-in capital   501,807,478     502,419,122  
  Retained earnings   80,849,086     82,942,210  
  Accumulated other comprehensive income/(loss)   673,979     (2,259,043 )
Total stockholders' equity   561,252,511     559,186,640  
Total liabilities and stockholders' equity 1,036,722,488     953,437,431  
           


StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

       December 31,
    2018   2019
Cash flows from operating activities      
  Net (loss)/income for the year (12,276,520 )   2,093,124  
Adjustments to reconcile net (loss)/income to net cash      
provided by operating activities:      
  Depreciation 41,258,142     37,693,733  
  Amortization of deferred finance charges 858,582     885,191  
  Amortization of deferred gain on sale and leaseback of vessels (190,087 )   --  
  Amortization of operating lease right-of-use assets --     1,572,943  
  Share based compensation 338,356     611,644  
  Change in fair value of derivatives (28,252 )   255,650  
  Equity gain in unconsolidated joint ventures   --     (486,695 )
  Impairment loss 11,351,821     993,916  
  Net loss on sale of vessels 763,925     485,516  
  Gain on deconsolidation of subsidiaries   --     (145,000 )
         
Changes in operating assets and liabilities:      
  (Increase)/decrease in      
  Trade and other receivables 531,796     (1,506,590 )
  Other current assets 159,363     16,055  
  Claims receivable 15,951     (1,307,763 )
  Inventories (302,873 )   617,468  
  Changes in operating lease liabilities   --     (1,572,943 )
  Advances and prepayments 131,490     339,858  
  Increase/(decrease) in      
  Balances with related parties (6,278,982 )   (5,845,771 )
  Trade accounts payable 381,941     (1,316,668 )
  Accrued liabilities 339,009     (217,409 )
  Deferred income 755,563     (2,347,660 )
Net cash provided by operating activities 37,809,225     30,818,599  
Cash flows from investing activities      
  Insurance proceeds   --     993,546  
  Proceeds from sale of interests in subsidiaries   --     20,720,975  
  Vessels' acquisitions and advances for vessels under construction (108,295,690 )   (2,988,903 )
  Proceeds from sale of vessels, net 29,742,788     18,721,123  
  Investment in unconsolidated joint ventures   --     (10,571,100 )
  Return of investments by unconsolidated joint ventures   --     7,363,147  
  Cash paid to unconsolidated joint ventures   --     (5,835,419 )
  Cash received from unconsolidated joint ventures   --     5,835,419  
Net cash (used in)/provided by investing activities (78,552,902 )   34,238,788  
Cash flows from financing activities      
  Stock repurchase   --     (1,837,617 )
  Deferred finance charges (503,265 )   (477,201 )
  Cash received from unconsolidated joint ventures   --     4,206,750  
  Customer deposits paid (1,220,700 )   (368,000 )
  Loan repayments (56,717,059 )   (97,371,978 )
  Proceeds from long-term debt 115,712,500     33,480,000  
Net cash provided by/(used in) financing activities 57,271,476     (62,368,046 )
         
  Net increase in cash, cash equivalents and restricted cash 16,527,799     2,689,341  
  Cash, cash equivalents and restricted cash at beginning of year 62,903,192     79,430,991  
Cash, cash equivalents and restricted cash at end of year 79,430,991     82,120,332  
Cash breakdown      
  Cash and cash equivalents 64,498,442     68,465,342  
  Restricted cash, current 3,002,490     1,589,768  
  Restricted cash, non current 11,930,059     12,065,222  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 79,430,991     82,120,332  

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