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Stealthgas – GASS – Reports Third Quarter And Nine Months 2012 Results

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Stealthgas Inc. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2012.

GASS – Third Quarter 2012 Results:

  • Net income for the three months ended September 30, 2012 was $6.6 million, or $0.32 per share, compared to  net income of $6.2 million, or $0.30 per share, for the three months ended September 30, 2011. Lower voyage and operating costs and higher revenues resulted in net income for the three months ended September 30, 2012 being higher than the net income for the three months ended September 30, 2011. The $0.4 million increase in net income was achieved despite a $0.4 million loss on derivatives and foreign exchange for the three months ended September 30, 2012, compared to a $2.9 million gain on derivatives and foreign exchange in the same quarter last year.
  • Voyage revenues for the three months ended September 30, 2012, amounted to $30.4 million, an increase of $2.9 million, or 10.5%, compared to voyage revenues of $27.5 million for the three months ended September 30, 2011, as a result of improving freight markets.

An average of 37.0 vessels were owned by the Company in the three months ended September 30, 2012, compared to 36.3 vessels for the same period of 2011.  As of today, charter coverage for the fleet is 68% through the end of 2013 and 38% through the end of 2014.

GASS – Nine Months 2012 Results:

  • Net income for the nine months ended September 30, 2012 was $21.2 million, or $1.03 per share, compared to a net income of $4.1 million, or $0.20 per share, for the nine months ended September 30, 2011.
  • Voyage revenues for the nine months ended September 30, 2012, amounted to $88.6 million, a decrease of $0.8 million, or 0.9%, compared to voyage revenues of $89.4 million for the nine months ended September 30, 2011. The decrease in revenues was firstly due to the lower number of vessels in the fleet and secondly due to more of the vessels operating under bareboat charters in the 2012 period.
  • Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2012 were $8.8 million and $22.9 million, respectively, compared to $13.1 million and $28.8 million for the nine months ended September 30, 2011. The $4.3 million, or 32.8%, decrease in voyage expenses was due primarily to the lower number of vessels under spot charters in the 2012 period. The $5.9 million, or 20.5%, decrease in vessels’ operating expenses was due primarily to the higher number of vessels operating under bareboat charters in the 2012 period.

An average of 36.8 vessels were owned by the Company in the nine months ended September 30, 2012, compared to 37.8 vessels for the same period of 2011.

About Stealthgas Inc. – GASS

Headquartered in Athens, Greece, Stealthgas Inc. (GASS) is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry.  STEALTHGAS INC. currently has a fleet of 33 LPG carriers with a total capacity of 161,822 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). GASS has purchased four newbuilding LPG carriers with expected delivery in 2014. Once the delivery of these acquisitions is completed, GASS’s fleet will be composed of 37 LPG carriers with a total capacity of 184,822 cubic meters (cbm).

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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