Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q1 2008 Earnings Presentation
15 slides from Stealthgas's earnings presentation, May 27, 2008
Slide 1: First Quarter 2008 Results
First Quarter 2008 Results May 27, 2008
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of h
Slide 3: Business Strategy
Business Strategy Business Strategy Implementation Continued Expansion Expanded fleet to 38 vessels in Q4 2007 Completed sale of 3 vessels in Q1 2008 Took delivery of one handy-size LPG Carrier and two M.R. Product Carriers Acquiring three further LPG vessels in 2008 Acquiring two new resa
Slide 4: Fleet Development
Fleet Development Our track record of growth through well-timed acquisitions continues Acquisition strategy for fleet to number 38 vessels by end Q1 2008 and minimum of 41 ships by year end 2008, 44 by 2009, 46 by 2010, 49 by 2011 3 StealthGas Inc. © 2007
Slide 5: Fleet Employment Profile
Fleet Employment Profile 4 StealthGas Inc. © 2007
Slide 6: First Quarter 2008 Financial Highlights
First Quarter 2008 Financial Highlights First Quarter 2008 Q1 Net income of $7.4 million, net revenues of $27 million, EBITDA of $14.5 million Q1 Net income of $8.5 million before non cash expenses of $2.8 million on interest rate swaps, provision for restricted-stock portion of deferred stock-based
Slide 7: First Quarter 2008 Income Statement
First Quarter 2008 Income Statement In US$ 000, except per Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 share amounts Net Revenues $20,744 $19,880 $23,242 $26,129 $27,014 Operating Income 8,788 7,763 7,479 9,148 12,127 Net Income 6,622 5,689 4,000 6,226 7,431 Net Income, net of interest rate swap & stock
Slide 8: First Quarter 2008 Operating Highlights
First Quarter 2008 Operating Highlights Fleet Data & Daily Results Fleet Data FY06 FY07 1Q07 2Q07 3Q07 4Q07 1Q08 Average number of vessels in fleet 25.9 32.8 28.7 29.3 35.1 37.5 37.9 Period end number of vessels in 28.0 38.0 29.0 33.0 36.0 38.0 38.0 fleet Total calendar days for fleet 9,451 11,986 2
Slide 9: Daily Breakeven
Daily Breakeven Q4 2007 vs Q1 2008 Daily Cashflow and Net Income Breakeven Composition ($ per vessel per day) Q4 2007 fleet calendar days: 3,453 Q1 2008 fleet calendar days: 3,451 Q4 2007 Q1 2008 Expenses Cash Flow Net Income Cash Flow Net Income Operating $2,313 $2,313 $2,111 * $2,111 * Management
Slide 10: Financial Estimator
Financial Estimator ($ in millions) 38 Vessels 2008E Non Contracted Voyage Days 630 Daily Spot Charter Rate - 4,250 cbm vessel ? Spot Revenue ? Period Charter Revenue (T/C and Bareboat) $107.3 Total Revenue ? Operating Expenses 33.8 SG&A and Management Fees 10.7 Commissions 3.6 Maintenance CapEx 1.3
Slide 11: Reducing Reliance Upon Third Party Managers
Reducing Reliance Upon Third Party Managers August 10, 2007 November 4, 2007 1 1 8 10 8 11 6 7 Stealth Maritime EMS Swan V.Ships Stealth Maritime EMS Swan V.Ships February 20, 2008 May 27, 2008 1 1 7 7 10 11 6 6 Stealth Maritime EMS Swan V.Ships Stealth Maritime EMS Swan V.Ships 10 StealthGas Inc. ©
Slide 12: LPGC freight rates
LPGC freight rates Average earnings in the spot market excluding waiting time / 1 yr TC rates 800 USD 1000's per month 700 600 15000 SR 500 8000 ETH TCE 400 6500 SR TCE 3500 SR 1yr TC 300 3500 PR 1yr TC 200 west 100 INGE STEENSLAND AS 2000 2001 2002 2003 2004 2005 2006 2007 2008 11 StealthGas Inc. ©
Slide 13: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q1 2008 Average Current Q2 2008 Forecast 3,200 CBM S/R 310,000 330,000 330,000 3,500 CBM P/R 270,000 260,000 260,000 5,000 CBM P/R 365,000 330,000 330,000 6,000 CBM S/R 525,000 530,000 530,000 15,000 CBM S/R 725,000 725,000 725,000 35,000 CBM 930,000 900,
Slide 14: TC equiv. spot earnings
3000-7999 cbm Fleet Development Vs. TC Rates/Earnings* TC rates in USD 1000's per month (lines) 600 20% Fleet growth in % (bars) 500 15% TC equiv. spot earnings 400 10% 300 5% 200 0% 100 ‐5% ‐ ‐10% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Overall 3000‐7999
Slide 15: Contacts
Contacts Company Contact: Andrew J. Simmons Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. Weekly LPG Market Report 011-30-210-6250-001 updated every Monday E-mail: simmons@stealthgas.com www.stealthgas.com Comprehensive Investor Relations Information 14 StealthGas