Business
STEALTHGAS INC. Reports Fourth Quarter and Twelve Months Ended December 31, 2019 Financial and Operating Results
ATHENS, Greece, Feb. 21, 2020 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG)
About this update from Stealthgas, Inc.
[{"type":"text","content":"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.\n 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: Rev...