StealthGas, Inc. · NASDAQ:GASS
StealthGas — Q2 2007 Earnings Presentation
18 slides from StealthGas's earnings presentation, Aug 14, 2007
Slide 1: Second Quarter & Six Months 2007 Results
Second Quarter & Six Months 2007 Results August 14, 2007
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 33 vessels in Q2 2007 A further 3 vessels already delivered in Q3 2007 and 2 more to be delivered in Q4 2007, bringing total to 38 ships Agreed to acquire 39th vessel in Q1 2008, the first of the 8 “uniden
Slide 4: Fleet Development
Fleet Development Our track record of growth through well-timed acquisitions will continue Acquisition strategy for fleet to number 44 vessels by end Q1 2008 and minimum of 46 ships by year end 2008 50 Follow-on 45 Initial Public Offering 2 40 Offering 5 1 2 35 Established 3 October 2004 30 25 44 20
Slide 5: Fleet Employment Profile
Fleet Employment Profile EARNINGS VISIBILITY 2007 2008 2009 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Vessel Charter Ju Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Del Feb 08 Gas Premiership
Slide 6: Second Quarter 2007 Financial Highlights
Second Quarter 2007 Financial Highlights Second Quarter 2007 Q2 Net income of $5.7 million, net revenues of $19.9 million, EBITDA of $11.7 million Q2 Net income of $5.4 million before non cash gain of $0.3 million on two interest rate swaps EPS of $0.40 per share ($0.38 before the non cash interest
Slide 7: Second Quarter 2007 Income Statement
Second Quarter 2007 Income Statement In US$ 000, except per share Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 amounts Net Revenues $17,215 $18,682 $20,424 $20,744 $19,880 Operating Income 5,542 5,812 6,889 8,788 7,763 Net Income 4,622 2,094 4,818 6,622 5,689 EBITDA 8,869 7,438 10,219 12,315 11,669 EPS 0
Slide 8: Second Quarter 2007 Operating Highlights
Second Quarter 2007 Operating Highlights Fleet Data & Daily Results Fleet Data FY06 4Q06 1Q07 2Q07 Average number of vessels in fleet 25.9 28.0 28.7 29.3 Period end number of vessels in fleet 28.0 28.0 29.0 33.0 Total calendar days for fleet 9,451 2,576 2,579 2,723 Total voyage days for fleet 9,346
Slide 9: Six Months 2007 Financial Highlights
Six Months 2007 Financial Highlights Six Months 2007 Six Months Net income of $12.3 million, net revenues of $40.6 million, EBITDA of $24.0 million Six Months Net income of $12.0 million before non cash gain of $0.3 million on two interest rate swaps EPS of $0.85 per share ($0.83 before the non cash
Slide 10: Six Months 2007 Income Statement
Six Months 2007 Income Statement In US$ 000, except per 6M 2006 6M 2007 share amounts Net Revenues $34,153 $40,624 Operating Income 13,042 16,551 Net Income 11,581 12,311 EBITDA 19,029 23,984 EPS 0.83 0.85 EPS, net of derivatives 0.73 0.83 Number of Shares 14,000.000 14,400,000 9 StealthGas Inc. © 2
Slide 11: Six Months 2007 Operating Highlights
Six Months 2007 Operating Highlights Fleet Data & Daily Results Fleet Data 6M 06 6M 07 Average number of vessels in fleet 23.8 29.9 Period end number of vessels in fleet 28.0 33.0 Total calendar days for fleet 4,299 5,302 Total voyage days for fleet 4,268 5,254 Fleet utilization 99.3% 99.1% Total ch
Slide 12: Daily Breakeven
Daily Breakeven Q2 2007 vs Q1 2007 Daily Cashflow and Net Income Breakeven Composition ($ per vessel per day) Q1 2007 fleet calendar days: 2,579 Q2 2007 fleet calendar days: 2,723 Q1 2007 Q2 2007 Expenses Cash Flow Net Income Cash Flow Net Income Operating $2,052 $2,052 $2,037 $2,037 Management Fees
Slide 13: Financial Estimator
Financial Estimator ($ in millions) 38 Vessels 2007E Spot Voyage Days 414 Daily Spot Charter Rate - 4,250 cbm vessel ? Spot Revenue ? Period Charter Revenue (T/C and Bareboat) $83.7 Total Revenue ? Operating Expenses 28.0 SG&A and Management Fees 7.2 Commissions 2.1 Maintenance CapEx 1.0 Total Expen
Slide 14: Reducing Reliance Upon Third Party Managers
Reducing Reliance Upon Third Party Managers Year End 2006 February 23, 2007 1 2 5 1 7 9 7 5 5 Stealth Maritime Tesma Sw an Hanseatic V Ships Stealth Maritime EMS Sw an V Ships May 21, 2007 August 10, 2007 1 1 8 7 8 10 5 6 Stealth Maritime EMS Sw an V Ships Stealth Maritime EMS Sw an V Ships 13 Steal
Slide 15: Low Volatility in Handysize Rates
USD 1000'sper month Low Volatility in Handysize Rates 700 600 15000 SR 500 8000 ETH 400 6500 SR 300 3500 SR1yr TC 200 3500 PR1yr TCwest 100 2000 2001 2002 2003 2004 2005 2006 2007 Note: Average earnings in the spot market excluding waiting time / 1 yr TC rates. Source: Inge Steensland 14 StealthGas
Slide 16: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q2 2007 Average Current Q3 2007 Forecast 3,200 CBM S/R 300,769 310,000 330,000 3,500 CBM P/R 230,769 250,000 250,000 6,000 CBM S/R 466,154 500,000 525,000 15,000 CBM S/R 726,923 750,000 800,000 38,000 CBM 942,308 925,000 925,000 60,000 CBM 950,000 950,000
Slide 17: TC equiv. spot earnings
3000-7999 cbm Fleet Development Vs. TC Rates/Earnings* 600 15% TCequiv. spot earnings TCrates in USD 1000'sper month (lines) Fleet growth in %(bars) 500 12% 400 9% 300 6% 200 3% 100 0% - -3% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Overall 3000-7999 fleet growt
Slide 18: Contacts
Contacts Company Contact: Andrew J. Simmons Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. 011-30-210-6250-001 E-mail: simmons@stealthgas.com Weekly LPG Market Report www.stealthgas.com updated every Monday Investor Relations/Media: Comprehensive Investor Nicolas Bo