StealthGas Inc

NASDAQ:GASSUnited States

Sep 5, 2024

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• -- Earnings Flash (GASS) STEALTHGAS Posts Q2 Revenue $41.8M, vs. Street Est of $39.2M, from 9:25AM ET on Thursday Sep 05, 2024 by MT Newswires

  9:25AM ET on Thursday Sep 05, 2024 by MT Newswires
  Companies Mentioned: GASS
  09:25 AM EDT, 09/05/2024 (MT Newswires) -- ...

• -- Earnings Flash (GASS) STEALTHGAS Reports Q2 Adjusted EPS $0.75, from 9:11AM ET on Thursday Sep 05, 2024 by MT Newswires

  9:11AM ET on Thursday Sep 05, 2024 by MT Newswires
  Companies Mentioned: GASS
  09:11 AM EDT, 09/05/2024 (MT Newswires) -- ...

• STEALTHGAS INC. Reports Second Quarter and Six Months 2024 Financial and Operating Results, from 9:10AM ET on Thursday Sep 05, 2024 by GlobeNewswire

  9:10AM ET on Thursday Sep 05, 2024 by GlobeNewswire
  Companies Mentioned: GASS

• *DJ StealthGas 2Q EPS 70c >GASS, from 9:10AM ET on Thursday Sep 05, 2024 by Dow Jones

  9:10AM ET on Thursday Sep 05, 2024 by Dow Jones
  Companies Mentioned: GASS

• STEALTHGAS INC. Reports Second Quarter and Six Months 2024 Financial and Operating Results, from 9:10AM ET on Thursday Sep 05, 2024 by Dow Jones

  9:10AM ET on Thursday Sep 05, 2024 by Dow Jones
  Companies Mentioned: GASS
  Current portion of long-term debt 16,624,473 8,750,157 ----------------------------------------- ----------- ----------- Total current liabilities 38,671,620 32,227,485 ------------------------------------------ ----------- ----------- Non current liabilities Operating lease liabilities 28,206 -- Deferred income 1,928,712 339,903 Long-term debt 106,918,176 98,880,886 ----------------------------------------- ----------- ----------- Total non current liabilities 108,875,094 99,220,789 ------------------------------------------ ----------- ----------- Total liabilities 147,546,713 131,448,274 ------------------------------------------ ----------- ----------- Commitments and contingencies ------------------------------------------ ------------ -------------- Stockholders' equity Capital stock 453,434 459,937 Treasury stock (44,453,836) (44,792,012) Additional paid-in capital 446,938,868 450,392,079 Retained earnings 145,993,681 189,511,906 Accumulated other comprehensive income 731,814 732,528 ----------------------------------------- ----------- ----------- Total stockholders' equity 549,663,961 596,304,438 ------------------------------------------ ----------- ----------- Total liabilities and stockholders' equity 697,210,674 727,752,712 ------------------------------------------ ----------- ----------- StealthGas Inc. Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in United States Dollars) Six Month Periods Ended June 30, 2023 2024 --------------------------------- ----------------- ----------------- Cash flows from operating activities Net income for the period 27,307,167 43,518,225 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 12,592,017 12,985,424 Amortization of deferred finance charges 1,138,934 563,469 Non-cash lease expense 52,226 49,470 Share based compensation 728,501 3,103,463 Change in fair value of derivatives 312,149 108,841 Proceeds from disposal of interest rate swaps -- 1,018,000 Equity earnings in joint ventures (10,525,326) (14,052,190) Dividends received from joint ventures 14,589,215 21,930,000 Impairment loss 2,816,873 -- Gain on sale of vessels (2,925,985) (46,384) Changes in operating assets and liabilities: (Increase)/decrease in Trade and other receivables 350,185 (98,125) Other current assets 92,444 103,638 Inventories 1,073,527 11,653 Changes in operating lease liabilities (52,226) (49,470) Advances and prepayments (1,531,095) (893,825) Increase/(decrease) in Balances with related parties 3,461,488 1,077,234 Trade accounts payable (248,382) (263,880) Accrued liabilities (1,271,144) 151,806 Deferred income (1,207,151) (1,266,451) --------------------------------- ---------------- -------------- Net cash provided by operating activities 46,753,417 67,950,898 ---------------------------------- ---------------- -------------- Cash flows from investing activities Insurance proceeds 126,666 -- Proceeds from sale of vessels, net 47,187,215 34,679,584 Acquisition and improvements of vessels (71,729) (96,412,124) Maturity of short term investments 26,500,000 -- Return of investments from joint ventures 4,688,785 2,040,000 Advances to joint ventures -- (1,705) --------------------------------- ---------------- -------------- Net cash provided by/(used in) investing activities 78,430,937 (59,694,245) ---------------------------------- ---------------- -------------- Cash flows from financing activities Proceeds from exercise of stock options -- 356,250 Stock repurchase (638,975) (338,176) Deferred finance charges paid (775,833) (22,167) Advances from/(to) joint ventures 2,598 (11,848) Loan repayments (137,753,317) (85,347,117) Proceeds from long-term debt -- 70,000,000 --------------------------------- ---------------- -------------- Net cash used in financing activities (139,165,527) (15,363,058) ---------------------------------- ---------------- -------------- Net decrease in cash, cash equivalents and restricted cash (13,981,173) (7,106,405) Cash, cash equivalents and restricted cash at beginning of period 69,154,944 83,755,701 ---------------------------------- ---------------- -------------- Cash, cash equivalents and restricted cash at end of period 55,173,771 76,649,296 ---------------------------------- ---------------- -------------- Cash breakdown Cash and cash equivalents 48,105,094 71,375,229 Restricted cash, current 866,942 -- Restricted cash, non current 6,201,735 5,274,067 --------------------------------- ---------------- -------------- Total cash, cash equivalents and restricted cash shown in the statements of cash flows 55,173,771 76,649,296 ---------------------------------- ---------------- --------------