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STEALTHGAS INC. Reports Fourth Quarter and Twelve Months Ended December 31, 2020 Financial and Operating Results

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ATHENS, Greece, Feb. 25, 2021 (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, 2020.

OPERATIONAL AND FINANCIAL HIGHLIGHTS1

  • Fleet utilization of 98.5% with 60 days of technical off hire mainly as a result of two drydockings completed within Q4 2020.
  • Fleet operational utilization of 93.6% mainly due to a number of our ships having a presence in the spot market - equivalent to 28.7% of calendar days.
  • Fleet calendar days, down by 2% quarter over quarter to 3,873 – the decrease attributable mostly to our strategic fleet contraction.
  • About 50% of fleet days secured on period charters for the remainder of 2021 (74% for Q1 21'), with total fleet employment days for all subsequent periods (up until June 2024), generating approximately $81 million in contracted revenues. Including the JV time charters, total secured revenues amount to $92 million.
  • Delivery of a 11,000 cbm newbuilding LPG vessel, the Eco Blizzard, on February 5, 2021 - thus completing our capital expenditure schedule.
  • Sale of our oldest vessel the Gas Pasha (1995 built) on December 7, 2020 for further trading.
  • Following our recent S&P activity, our average LPG fleet age (including our JV vessels) is 9 years.
  • Voyage revenues of $37.3 million in Q4 '20, an increase of $2.1 million compared to Q4 '19 mostly due to a 50% reduction of bareboat activity where generated revenue is inherently lower and an increase of time charter revenues stemming from our larger LPG vessels.
  • Net loss of $0.7 million in Q4 20' corresponding to a net loss per share of $0.02 compared to net income of $0.5 million in Q4 '19 corresponding to an EPS of $0.01.
  • Adjusted EBITDA of $13.7 million in Q4 20' compared to $15.1 million in Q4 '19.
  • Low gearing, as debt to assets stands at 37.3%, and quarter- over- quarter reduction in finance costs by $1.4 million.
  • Total cash, including restricted cash, of $53.0 million as of December 31, 2020 – increased compared to the previous quarter end following the post-delivery financing of the LPG newbuilding Eco Alice.
  • Adjusted net income of $1.1 million for Q4 20' corresponding to an Adjusted EPS of $0.03 while for the year 2020 our Adjusted net income was $16.9 million corresponding to an Adjusted EPS of $0.44 - a good performance given difficult market conditions.

_______________________________
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.

Fourth Quarter 2020 Results:

  • Revenues for the three months ended December 31, 2020 amounted to $37.3 million, an increase of $2.1 million, or 6.0%, compared to revenues of $35.2 million for the three months ended December 31, 2019, following an increase of our time charter revenue stemming from our 22,000 semi–refrigerated LPG vessels and our aframax tanker, an increase of our freight revenues, along with the 50% reduction of bareboat activity.
  • Voyage expenses and vessels' operating expenses for the three months ended December 31, 2020 were $5.3 million and $14.7 million, respectively, compared to $4.1 million and $12.6 million, respectively, for the three months ended December 31, 2019. The $1.2 million increase in voyage expenses is attributed to the 82.5% increase in spot days. Due to our increased spot activity we witnessed this quarter a sharp increase of both port expenses and bunker costs. The 16.7% increase in vessels' operating expenses compared to the same period of 2019, is a result of six less vessels on bareboat, which vessels are now operating either on time charter or in the spot market along with an increase of crew costs due to the COVID-19 pandemic.
  • Drydocking costs for the three months ended December 31, 2020 and 2019 were $0.9 million and $0.4 million, respectively. Drydocking expenses during the fourth quarter of 2020 relate to the drydocking of two vessels compared to the drydocking of one vessel in the same period of last year.
  • Depreciation for the three months ended December 31, 2020 and 2019 was $9.5 million and $9.3 million, respectively.
  • Impairment loss for the three months ended December 31, 2020 was $0.7 million and related to one of our oldest vessels. The impairment loss for the three months ended December 31, 2019 was $1.0 million and related to two vessels.
  • Net loss on sale of vessels for the three months ended December 31, 2020 was $1.1 million and relates to the sale of two of our oldest LPG vessels.
  • Interest and finance costs for the three months ended December 31, 2020 and 2019 were $3.1 million and $4.5 million, respectively. The $1.4 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness.
  • Equity (loss)/gain in joint ventures for the three months ended December 31, 2020 and 2019 was a loss of $0.5 million and a gain of $0.2 million, respectively. The $0.7 million decrease from the same period of last year, is mainly due to the operating losses stemming from the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 '20, as two of these vessels completed their drydocking within the fourth quarter of 2020.
  • As a result of the above, for the three months ended December 31, 2020, the Company reported a net loss of $0.7 million, compared to net income of $0.5 million for the three months ended December 31, 2019. The weighted average number of shares outstanding for the three months ended December 31, 2020 and 2019 was 37.9 million and 39.7 million, respectively. This decrease in the number of shares is a result of our share buyback program and the tender offer that was completed in April 2020.
  • Loss per share, basic and diluted, for the three months ended December 31, 2020 amounted to $0.02 compared to earnings per share of $0.01 for the same period of last year.
  • Adjusted net income was $1.1 million or $0.03 per share for the three months ended December 31, 2020 compared to adjusted net income of $1.5 million or $0.04 per share for the same period of last year.
  • EBITDA for the three months ended December 31, 2020 amounted to $11.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
  • An average of 42.1 vessels were owned by the Company during the three months ended December 31, 2020 compared to 41.0 vessels for the same period of 2019.

Twelve Months 2020 Results:

  • Revenues for the twelve months ended December 31, 2020 amounted to $145.0 million, an increase of $0.7 million, or 0.5%, compared to revenues of $144.3 million for the twelve months ended December 31, 2019, due to higher revenues stemming from our time charter contracts along with a reduction of our bareboat activity, partially offset by the reduction of our fleet calendar days by 6.3% and the significant reduction in the calendar days of our charter-in vessels.
  • Voyage expenses and vessels' operating expenses for the twelve months ended December 31, 2020 were $14.1 million and $53.3 million, respectively, compared to $17.0 million and $49.6 million for the twelve months ended December 31, 2019. The $2.9 million decrease in voyage expenses is mostly attributed to the 18.7% reduction in bunker costs due to low prevailing oil prices. The $3.7 million increase in vessels' operating expenses is mostly due to fewer vessels on bareboat and increased crew costs faced due to the COVID-19 pandemic.
  • Drydocking costs for the twelve months ended December 31, 2020 and 2019 were $3.6 million and $1.1 million, respectively. The costs for the twelve months ended December 31, 2020 mainly related to the drydocking of seven vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of two LPG vessels.
  • General and Administrative expenses for the twelve months ended December 31, 2020 amounted to $2.3 million compared to $3.7 million for the same period of last year. This decrease is mainly attributed to the fact that for the twelve months ended December 31, 2019 share based compensation expense was incurred, which was not the case for the twelve months ended December 31, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
  • Depreciation for the twelve months ended December 31, 2020, was $37.5 million, a $0.2 million decrease from $37.7 million for the same period of last year, due to the decrease in the average number of our vessels.
  • Impairment loss for the twelve months ended December 31, 2020 was $3.9 million and related to four of our oldest vessels. The impairment loss for the year ended December 31, 2019 was $1.0 million and related to two vessels.
  • Interest and finance costs for the twelve months ended December 31, 2020 and 2019 were $14.1 million and $21.0 million, respectively. The $6.9 million decrease from the same period of last year is mostly due to the decline of LIBOR rates in 2020, along with the decrease of our indebtedness.
  • Equity gain in joint ventures for the twelve months ended December 31, 2020 and 2019 was $2.7 million and $0.5 million, respectively. The $2.2 million increase from the same period of last year is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operated under a joint venture arrangement since Q1 ‘20.
  • As a result of the above, the Company reported net income for the twelve months ended December 31, 2020 of $12.0 million, compared to net income of $2.1 million for the twelve months ended December 31, 2019. The weighted average number of shares outstanding as of December 31, 2020 and 2019 was 38.4 million and 39.8 million, respectively. Earnings per share for the twelve months ended December 31, 2020 amounted to $0.31 compared to earnings per share of $0.05 for the same period of last year.
  • Adjusted net income was $16.9 million, or $0.44 per share, for the twelve months ended December 31, 2020 compared to adjusted net income of $4.3 million, or $0.11 per share, for the same period of last year.
  • EBITDA for the twelve months ended December 31, 2020 amounted to $63.4 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 41.6 vessels were owned by the Company during the twelve months ended December 31, 2020, compared to 42.6 vessels for the same period of 2019.
  • As of December 31, 2020, cash and cash equivalents amounted to $38.2 million and total debt amounted to $351.8 million. During the twelve months ended December 31, 2020 debt repayments amounted to $41.8 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:  

  • A  three year time charter extension for its 2014 built LPG carrier, the Eco Elysium, to a Major Energy Conglomerate until June 2024.

  • A  two year time charter for its 2011 built LPG carrier, the Gas Myth, to a Major International Chemical Producer until January 2023.

  • A one year time charter for its 2014 built LPG carrier, the Eco Corsair, to an Oil Major until February 2022.

  • A one year time charter for its 2015 built LPG carrier, the Eco Enigma, to a Major International Trading House until January 2022.

  • A one year time charter for its 2014 built LPG carrier, the Eco Royalty, to an Oil Major until February 2022.

  • A one year time charter for its 2014 built LPG carrier, the Eco Loyalty, to an Oil Major until February 2022.

  • A six months time charter for its 2008 built Product Tanker, the Clean Thrasher, to an Energy Trader until August 2021.

  • A four months time charter for its 2016 built LPG carrier, the Eco Nical, to an International LPG Trader until June 2021.

  • A three months time charter for its 2015 built LPG carrier, the Eco Czar, to an International LPG Trader until May 2021.

  • A two months time charter for its 2016 built LPG carrier, the Eco Dominator, to an International LPG Trader until March 2021.

With these charters, the Company has total contracted revenues of approximately $81 million.

Total anticipated calendar days of our fleet is approximately 50% covered for the remainder of 2021.

Board Chairman Michael Jolliffe Commented

The year 2020 will always be remembered globally for precarious reasons and the shipping world was not spared. With regards to the segment we operate in, LPG demand marked a decline and rates for the majority of the sub-segments we operate in were soft- particularly during the second half of 2020. The tanker market was affected as well as, currently, rates are at very low levels in the shipping cycle. On top of that, we were hit with the bankruptcy of one of our charterers which had to redeliver four of our ships earlier than was agreed.

Nevertheless, with an Adjusted Net Income of almost $17 million, corresponding to an Adjusted EPS of $0.44 generated in 2020, we feel positive for 2021.

Looking ahead, we recognize that market turbulence due to the COVID-19 pandemic might last – possibly even throughout the whole of 2021. However, we can leverage upon our strengths including our solid cash base and balance sheet, our low gearing and the significant operating leverage we have, as including our JV vessels we operate a fleet of 50 ships.

As our shares trade at low levels, we strongly believe that this is an opportunity for potential investors as we have a long standing record of a sturdy and prudent company with a strong position in the segment in which we operate in.

Conference Call details:

On February 25, 2021 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: +1 866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free Dial In).
Access Code: 6988905

In case of any problems with the above numbers, please dial +1 6467871226 (US Toll Dial In), +44 (0) 203 0095709 (Standard International Dial In).
Access Code: 6988905

A telephonic replay of the conference call will be available until March 4, 2021 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 3333009785 (Standard International Dial In).
Access Code: 6988905

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. has a fleet of 50 vessels. The fleet is comprised of 46 LPG carriers, including eight Joint Venture vessels. These LPG vessels have a total capacity of 436,692 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, or impact or duration of the COVID-19 pandemic 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 impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, 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 year ended December 31, 2019 and December 31, 2020.

FLEET DATA Q4 2019   Q4 2020   12M 2019   12M 2020  
Average number of vessels (1) 41.00   42.10   42.57   41.56  
Period end number of owned vessels in fleet 41   41   41   41  
Total calendar days for fleet (2) 3,952   3,873   16,328   15,292  
Total voyage days for fleet (3) 3,909   3,813   16,230   15,079  
Fleet utilization (4) 98.9 % 98.5 % 99.4 % 98.6 %
Total charter days for fleet (5) 3,299   2,700   13,541   12,442  
Total spot market days for fleet (6) 610   1,113   2,689   2,637  
Fleet operational utilization (7) 97.9 % 93.6 % 97.5 % 96.1 %

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 income represents net income/(loss) before (gain)/loss on derivatives excluding swap interest received/(paid), net loss on sale of vessels, gain on deconsolidation of subsidiaries, impairment loss and share based compensation. EBITDA represents net income/(loss) before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income/(loss) before interest and finance costs, interest income, depreciation, share based compensation, impairment loss, (gain)/loss on derivatives, net loss on sale of vessels and gain on deconsolidation of subsidiaries.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net 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 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 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 investors with a means of better evaluating and understanding our operating performance.

     
     
(Expressed in United States Dollars,
except number of shares)
Fourth Quarter Ended
December 31,
Twelve Months Period Ended
December 31,
  2019   2020   2019   2020  
Net income/(loss) - Adjusted Net Income                
Net income/(loss) 531,281   (740,037 ) 2,093,124   11,984,485  
Less/Plus (gain)/loss on derivatives (18,852 ) 29,565   107,550   50,976  
Plus/Less swap interest received/(paid) 16,048   (24,847 ) 148,100   (89,537 )
Plus net loss on sale of vessels --   1,134,854   485,516   1,134,854  
Less gain on deconsolidation of subsidiaries --   --   (145,000 ) --  
Plus impairment loss 993,916   714,895   993,916   3,857,307  
Plus share based compensation --   --   611,644   --  
Adjusted Net Income 1,522,393   1,114,430   4,294,850   16,938,085  
                 
Net income/(loss) – EBITDA                
Net income/(loss) 531,281   (740,037 ) 2,093,124   11,984,485  
Plus interest and finance costs 4,471,693   3,136,666   20,978,065   14,129,893  
Less interest income (171,115 ) (14,715 ) (846,271 ) (167,794 )
Plus depreciation 9,321,922   9,456,606   37,693,733   37,455,093  
EBITDA 14,153,781   11,838,520   59,918,651   63,401,677  
                 
Net income/(loss) - Adjusted EBITDA                
Net income/(loss) 531,281   (740,037 ) 2,093,124   11,984,485  
Less/Plus (gain)/loss on derivatives (18,852 ) 29,565   107,550   50,976  
Plus net loss on sale of vessels --   1,134,854   485,516   1,134,854  
Less gain on deconsolidation of subsidiaries --   --   (145,000 ) --  
Plus impairment loss 993,916   714,895   993,916   3,857,307  
Plus share based compensation --   --   611,644   --  
Plus interest and finance costs 4,471,693   3,136,666   20,978,065   14,129,893  
Less interest income (171,115 ) (14,715 ) (846,271 ) (167,794 )
Plus depreciation 9,321,922   9,456,606   37,693,733   37,455,093  
Adjusted EBITDA 15,128,845   13,717,834   61,972,277   68,444,814  
         
EPS - Adjusted EPS        
Net income/(loss) 531,281   (740,037 ) 2,093,124   11,984,485  
Adjusted net income 1,522,393   1,114,430   4,294,850   16,938,085  
Weighted average number of shares 39,710,103   37,858,437   39,800,434   38,357,893  
EPS - Basic and Diluted 0.01   (0.02 ) 0.05   0.31  
Adjusted EPS 0.04   0.03   0.11   0.44  
                 


StealthGas Inc.
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares)
 
    Quarters Ended
December 31,
  Twelve Month Periods Ended December 31,
    2019
  2020
  2019
  2020
                 
Revenues              
  Revenues 35,164,698     37,294,459     144,259,312     145,003,021  
                 
Expenses              
  Voyage expenses 3,676,980     4,850,659     15,201,978     12,259,795  
  Voyage expenses - related party 433,365     467,176     1,788,543     1,799,209  
  Charter hire expenses 1,234,019     --     6,268,988     318,606  
  Vessels' operating expenses 12,348,369     14,407,053     48,619,594     52,344,721  
  Vessels' operating expenses - related party 240,000     253,500     966,500     950,500  
  Drydocking costs 360,289     936,396     1,094,306     3,640,327  
  Management fees - related party 1,384,190     1,493,341     5,730,910     5,599,351  
  General and administrative expenses 602,685     657,483     3,706,320     2,301,308  
  Depreciation 9,321,922     9,456,606     37,693,733     37,455,093  
  Impairment loss 993,916     714,895     993,916     3,857,307  
  Net loss on sale of vessels --     1,134,854     485,516     1,134,854  
Total expenses 30,595,735     34,371,963     122,550,304     121,661,071  
                 
Income from operations 4,568,963     2,922,496     21,709,008     23,341,950  
                 
Other (expenses)/income              
  Interest and finance costs (4,471,693 )   (3,136,666 )   (20,978,065 )   (14,129,893 )
  Gain on deconsolidation of subsidiaries --     --     145,000     --  
  Gain/(loss) on derivatives 18,852     (29,565 )   (107,550 )   (50,976 )
  Interest income 171,115     14,715     846,271     167,794  
  Foreign exchange gain/(loss) 10,822     (51,982 )   (8,235 )   (54,374 )
Other expenses, net (4,270,904 )   (3,203,498 )   (20,102,579 )   (14,067,449 )
                 
Income/(Loss) before equity in income of investees 298,059     (281,002 )   1,606,429     9,274,501  
Equity gain/(loss) in joint ventures 233,222     (459,035 )   486,695     2,709,984  
Net Income/(Loss) 531,281     (740,037 )   2,093,124     11,984,485  
                 
Earnings/(Loss) per share              
- Basic & Diluted 0.01     (0.02 )   0.05     0.31  
                 
Weighted average number of shares              
-Basic & Diluted 39,710,103     37,858,437     39,800,434     38,357,893  
                       


StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
    December 31,   December 31,
    2019
  2020
         
Assets      
Current assets      
  Cash and cash equivalents 68,465,342     38,242,411  
  Trade and other receivables 4,217,101     3,602,764  
  Other current assets 118,246     309,608  
  Claims receivable 314,217     120,547  
  Inventories 2,447,703     3,687,098  
  Advances and prepayments 749,681     782,125  
  Restricted cash 1,589,768     1,308,971  
  Fair value of derivatives 30,381     --  
Total current assets 77,932,439     48,053,524  
         
Non current assets      
  Advances for vessel under construction 2,988,903     6,539,115  
  Operating lease right-of-use assets 473,132     --  
  Vessels, net 835,152,403     832,335,059  
  Other receivables 286,915     26,427  
  Restricted cash 12,065,222     13,488,820  
  Investments in joint ventures 25,250,173     43,177,657  
  Deferred finance charges --     385,705  
  Fair value of derivatives 39,744     --  
Total non current assets 876,256,492     895,952,783  
Total assets 954,188,931     944,006,307  
         
Current liabilities      
  Payable to related parties 7,043,121     4,659,861  
  Trade accounts payable 9,032,690     9,974,751  
  Accrued and other liabilities 6,002,079     3,773,499  
  Operating lease liabilities 473,132     --  
  Customer deposits 968,000     968,000  
  Deferred income 2,843,994     2,995,657  
  Fair value of derivatives 37,567     141,447  
  Current portion of long-term debt 40,735,556     40,547,892  
Total current liabilities 67,136,139     63,061,107  
         
Non current liabilities      
  Fair value of derivatives 2,618,250     5,099,464  
  Long-term debt 325,247,902     311,249,321  
Total non current liabilities 327,866,152     316,348,785  
Total liabilities 395,002,291     379,409,892  
         
Commitments and contingencies      
         
Stockholders' equity      
  Capital stock 445,496     431,836  
  Treasury stock (24,361,145 )   (25,373,380 )
  Additional paid-in capital 502,419,122     499,564,087  
  Retained earnings 82,942,210     94,926,695  
  Accumulated other comprehensive loss (2,259,043 )   (4,952,823 )
Total stockholders' equity 559,186,640     564,596,415  
Total liabilities and stockholders' equity 954,188,931     944,006,307  


StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
    Twelve Month Periods Ended
December 31,
    2019
  2020
Cash flows from operating activities      
  Net income for the year 2,093,124     11,984,485  
         
Adjustments to reconcile net income to net cash      
provided by operating activities:      
  Depreciation 37,693,733     37,455,093  
  Amortization of deferred finance charges 885,191     698,364  
  Amortization of operating lease right-of-use assets 1,572,943     473,132  
  Share based compensation 611,644     --  
  Change in fair value of derivatives 255,650     (38,561 )
  Equity gain in joint ventures (486,695 )   (2,709,984 )
  Impairment loss 993,916     3,857,307  
  Net loss on sale of vessels 485,516     1,134,854  
  Gain on deconsolidation of subsidiaries (145,000 )   --  
         
Changes in operating assets and liabilities:      
  (Increase)/decrease in      
  Trade and other receivables (1,506,590 )   874,825  
  Other current assets 16,055     (191,362 )
  Claims receivable (1,307,763 )   193,670  
  Inventories 617,468     (1,239,395 )
  Changes in operating lease liabilities (1,572,943 )   (473,132 )
  Advances and prepayments 339,858     (32,444 )
  Increase/(decrease) in      
  Balances with related parties (5,845,771 )   1,617,032  
  Trade accounts payable (1,316,668 )   761,193  
  Accrued liabilities (217,409 )   (2,403,644 )
  Deferred income (2,347,660 )   151,663  
Net cash provided by operating activities 30,818,599     52,113,096  
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 (2,988,903 )   (48,121,422 )
  Proceeds from sale of vessels, net 18,721,123     5,264,768  
  Investment in joint ventures (11,322,600 )   (41,998,500 )
  Return of investments by joint ventures 7,363,147     26,781,000  
  Advances to joint ventures (5,083,919 )   (29,245 )
  Advances from joint ventures 5,083,919     29,245  
Net cash provided by/(used in) investing activities 33,487,288     (58,074,154 )
Cash flows from financing activities      
  Stock repurchase (1,837,617 )   (3,880,930 )
  Deferred finance charges paid (477,201 )   (538,004 )
  Advances from joint ventures 4,958,250     1,841,380  
  Advances to joint ventures --     (5,841,672 )
  Customer deposits paid (368,000 )   --  
  Loan repayments (97,371,978 )   (41,804,846 )
  Proceeds from long-term debt 33,480,000     27,105,000  
Net cash used in financing activities (61,616,546 )   (23,119,072 )
Net increase/(decrease) in cash, cash equivalents and restricted cash 2,689,341     (29,080,130 )
Cash, cash equivalents and restricted cash at beginning of year 79,430,991     82,120,332  
Cash, cash equivalents and restricted cash at end of year 82,120,332     53,040,202  
Cash breakdown      
  Cash and cash equivalents 68,465,342     38,242,411  
  Restricted cash, current 1,589,768     1,308,971  
  Restricted cash, non current 12,065,222     13,488,820  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 82,120,332     53,040,202  

 


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