Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q3 2005 Earnings Presentation
17 slides from Stealthgas's earnings presentation, 2005
Slide 1: StealthGas Inc. 3rd Quarter & 9 Month 2005 Results
StealthGas Inc. 3rd Quarter & 9 Month 2005 Results NASDAQ: “GASS” Earnings Presentation
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 - September 2005 to Present Day
Business Strategy - September 2005 to Present Day Business Strategy Implementation Triple Fleet by mid-2006 • 7 of 10 Identified Vessels delivered, 2 expected by end of November, 1 in February 2006 • Acquired 1 of 9 Additional Vessels (“Catterick”) for $12.75 million, delivery by end of November Mod
Slide 4: Fleet Development
Fleet Development Acquired 20 vessels in 3 calendar quarters, plan to acquire up to 8 Additional Vessels 9 Initial Fleet, 10 Identified Vessels, 1 Additional Vessel StealthGas ranks #1 in owned vessels in 3,000 to 8,000 CBM segment 16 vessels delivered, 3 more in November 2005, 1 in February 2006 28
Slide 5: Fleet Profile
Fleet Profile Vessel Vessel Year Delivered Employment Charter Monthly Vessel Size(cbm) Type Built To GASS Status Expiration Rate CURRENT FLEET (Initial Fleet plus Identified Vessels already delivered to GASS) Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter Feb-06 $335,000 Gas Chios 6,562 F.P. 1991 Oc
Slide 6: 3rd Quarter Financial Highlights
3rd Quarter Financial Highlights 3rd Quarter ¾ Q3 Net Income $3.6 million, revenues of $6.9 million, EBITDA of $5.1 million ¾ EPS $0.60 – 6.00 million shares outstanding ¾ Cash balance of $15.3 million ¾ Conservative leverage: net debt to capitalization of 36.7% ¾ Utilized $92 million of IPO proceed
Slide 7: 3rd Quarter Income Statement
3rd Quarter Income Statement In US$ 000, except per share amounts Q 3 2005 9 M 2005 Net Revenues $6,895 $16,488 Operating Income 3,786 8,602 Net Income 3,624 7,673 EBITDA 5,093 10,850 EPS 0.60 1.28 Number of Shares 6,000,000 6,000,000 Note: The total number of shares outstanding after the IPO is 14,
Slide 8: 3rd Quarter Operating Highlights – Fleet Data and Daily Results
3rd Quarter Operating Highlights – Fleet Data and Daily Results Fleet Data Q 3 2005 9 M 2005 Average number of vessels in fleet 9.0 7.3 Period end number of vessels in fleet 9.0 9.0 Total calendar days for fleet 828 1,995 Total voyage days for fleet 828 1,995 Fleet utilization 100% 100% Total charte
Slide 9: Daily Breakeven
Daily Breakeven Q3 2005 Daily Cashflow and Net Income Breakeven Composition ($ per vessel per day) Q3 2005 fleet calendar days: 828 Expenses Cashflow Net Income Operating $1,809 $1,809 General & Administrative 439 439 Maintenance (surveys/drydocks) 137 137 Interest 724 724 Principal 1,652 0 Deprecia
Slide 10: 3rd Quarter Balance Sheet and Adjustments
3rd Quarter Balance Sheet and Adjustments Pro forma and adjusted balance sheets do not include Q4 2005 and Q1 2006 cashflow from operations Includes 1 Identified Vessel to be delivered in February 2006 IPO & 7 Sept. 30 05 Sept. 30 05 Vessels Sept. 30 05 Four Pro-Forma (USD in millions) Actual Delive
Slide 11: Acquisition Capex
Acquisition Capex Estimated equity investment of $134.9 million to be funded with $109.0 million net IPO proceeds and $25.9 million cash from operations Expect to use approximately $26 million of Q4 2005 – Q2 2006 cashflow and approximately $74 million of new debt to fund remainder of 8 Additional V
Slide 12: Financial Estimator
Financial Estimator ($ in millions) 20 Vessels 28 Vessels H1 2005A H2 2005E 2006E 2006E Spot Voyage Days 56 3,424 5,580 Daily Spot Charter Rate - 4,250 cbm vessel ? ? ? Spot Revenue ? ? ? Period Charter Revenue (T/C and Bareboat) $18.1 $28.3 $28.3 Total Revenue 9.2 ? ? ? Operating Expenses 2.4 4.5 1
Slide 13: Increased LPG Supplies => Higher Freight Rates
Increased LPG Supplies => Higher Freight Rates Expanding LPG supplies are driven by increased LNG production and crude oil refining LNG Production CAGR = 12% 14 12 Trillion Cubic Feet 10 8 6 4 2 0 2004 2005E 2006E 2007E 2008E 2009E 2010E LNG Production LPG supplies are expected to increase by 50% fr
Slide 14: LPG Macro Consumption Trends
LPG Macro Consumption Trends Increasing Urbanization and Rising Living Standards --> Rapid increase in consumption Japanese LPG consumption steady post-rapid development Average 22 years rapid growth, China should realize another decade China Urbanization: 20 Million/p.a., India: Further growth pote
Slide 15: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q3 2005 Average Current Q4 2005 Forecast 3,200 CBM S/R 290,000 295,000 308,619 3,500 CBM P/R 255,000 250,000 295,000 6,000 CBM S/R 620,833 460,000 650,000 15,000 CBM S/R 700,000 700,000 725,000 38,000 CBM 883,333 925,000 950,000 60,000 CBM 945,833 1,000,0
Slide 16: LPG Leads the Pack
LPG Leads the Pack LPG shipping companies have far outperformed other shipping sectors in 2005 300 250 200 150 100 50 0 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 05 05 05 05 05 05 05 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 20 20 20 20 20 20 20 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 3/ 9/ 6/ 4/ 1/ 0/
Slide 17: Contacts
Contacts Company Contact: Andrew J. Simmons Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. 011-30-210-6250-001 Weekly LPG Market Report E-mail: simmons@stealthgas.com updated every Monday www.stealthgas.com Comprehensive Investor Relations Information Investor Relat