Business
STEALTHGAS INC. Reports Third Quarter and Nine Months 2021 Financial and Operating Results
ATHENS, Greece, Dec. 08, 2021 (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, Dec. 08, 2021 (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 third quarter and nine months ended September 30, 2021. STRATEGIC, OPERATIONAL AND FINANCIAL HIGHLIGHTS1 Successful spin-off of our four tankers concluded on December 3, 2021 to a new listed entity called Imperial Petroleum Inc.This spin-off allows the creation of two businesses in distinct sectors of the shipping industry, LPG carriers and tankers.Fleet utilization of 97.4% - with 101 days of technical off hire mainly as a result of the completion of two drydockings with two ballast water system installations and the partial completion of another two drydockings within Q3 2021.Fleet operational utilization of 94.1%, a softer performance compared to the second quarter of 2021, mainly due increased number of commercial idle days.About 77% of fleet days secured on period charters for the first quarter of 2022, with total fleet employment days for all subsequent periods generating approximately $66 million (excl. JV vessels) in contracted revenues. Period coverage for the remainder of Q4 21’ is 93%.Voyage revenues of $37.5 million in Q3 21’, an increase of $0.4 million compared to Q3 20’ mostly due to a reduction of bareboat activity by 383 days where revenues are by default lower than time charter and spot revenue, partially offset by a decrease in spot revenues.Net Income of $1.2 million for Q3 21’ corresponding to an EPS of $0.03.Adjusted Net Income1 of $1.8 million for Q3 21’ corresponding to an Adjusted EPS1 of $0.05.Adjusted EBITDA1 of $14.6 million in Q3 21’ compared to $15.8 million in Q3 20’- mainly due to higher voyage and operating costs.Low gearing, as debt to assets stands at 36.6%, and reduction in finance costs by $1.5 million for the nine months ended September 30, 2021 compared to the same period of last year.Total cash, including restricted cash, of $57.3 million as of September 30, 2021 - with no capital expenditure commitments in the near future. ____________________________ 1 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 acco...