Business
STEALTHGAS INC. Reports Record First Quarter 2023 Financial and Operating Results
ATHENS, Greece, May 24, 2023 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the
About this update from Stealthgas, Inc.
[{"type":"text","content":"ATHENS, Greece, May 24, 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 first quarter ended March 31, 2023. OPERATIONAL AND FINANCIAL HIGHLIGHTS1 Entered into a number of medium to long term charters increasing forward coverage. About 80% of fleet days are secured on period charters for the remainder of 2023, with total fleet employment days for all subsequent periods generating approximately $115 million (excl. JV vessels) in contracted revenues. During Q1 23’, two of the three vessels previously announced as being sold were delivered to their buyers, and the third one was delivered in April 2023. In addition, one medium gas carrier, the Eco Evoluzione, was sold at a profit of $13.9 million by one of the joint ventures to a third party and delivered to the buyers in March 2023. Recently entered into sale agreements for four vessels in the fleet, the Eco Czar, the Eco Nemesis, the Eco Texiana and the Eco Enigma. All vessels were sold at a profit and the sale will be reflected in the second and third quarter results depending on the timing of the delivery of the vessels. Reduced debt by $31.7 million from $277.1 million as of December 31, 2022, net of deferred finance charges, to $245.4 million as of March 31, 2023. Revenues at $38.1 million for Q1 23’ despite having reduced the number of vessels in the fleet from 35 vessels at the end of Q1 22’ to 32 vessels at the end of Q1 23’. Modest increase of $0.6 million (or 2.2%) in total expenses from Q1 22’ to Q1 23’ resulting in improved income from operations of $9.7 million for Q1 23’, an increase of $1.5 million (or 18.3%) compared $8.2 million for Q1 22’. Net Income of $16.8 million for Q1 23’ corresponding to an EPS of $0.44, the highest quarterly profits of the last decade, and an increase of 121% compared to Q1 22’. _________________________ 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. First Quarter 2023 Results: Revenues for the three months ended March 31, 2023 amounted to $38.1 million compared to...