Business
STEALTHGAS INC. Reports Fourth Quarter and an All Time Record Twelve Months 2022 Financial and Operating Results
ATHENS, Greece, Feb. 21, 2023 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of
About this update from Stealthgas, Inc.
[{"type":"text","content":"ATHENS, Greece, Feb. 21, 2023 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2022. OPERATIONAL AND FINANCIAL HIGHLIGHTS1 Entered into a number of medium to long term charters increasing forward coverage. About 55% of fleet days are secured on period charters for 2023, with total fleet employment days for all subsequent periods generating approximately $105 million (excl. JV vessels) in contracted revenues. Revenues at $42.7 million for Q4 22’ and $152.8 million for FY 22’ despite having reduced the number of vessels in the fleet from 37 vessels at the end of Q4 2021 to 34 vessels at the end of Q4 2022. The highest quarterly revenue number in the last five years. Decrease of $15.9 million (or 13.2%) in voyage expenses, operating expenses and depreciation in aggregate from FY 21’ to FY 22’. Net Income of $7.7 million for Q4 22’ corresponding to an EPS of $0.20 and $34.3 million for FY 22’ corresponding to an EPS of $0.90, setting a new record in annual profits. Total cash, including short-term investments and restricted cash, of $95.7 million as of December 31, 2022 compared to $45.7 million as of December 31, 2021, an increase of 109.4%. Entered into sale agreements for three of the oldest vessels in the fleet, the Gas Prodigy, the Gas Spirit and the Gas Galaxy. All vessels were unencumbered and the sale proceeds will be reflected in the first quarter 2023. _______________________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 2022 Results: Revenues for the three months ended December 31, 2022 amounted to $42.7 million compared to revenues of $36.1 million for the three months ended December 31, 2021 while the fleet over the corresponding periods was reduced from 37 vessels at the end of Q4 2021 to 34 vessels at the end of Q4 2022. The vessels remaining in the fleet earned higher revenues compared to the same period in the prior year due to improved market conditions.Voyage expenses and vessel...