Vessel Charter
Size Vessel Year Delivered To Employment Expiration
Vessel (cbm) Type Built GASS Status (1)
------- ------- --------- ------------ ---------- ------------
CURRENT
FLEET
--------------------------------------------------------------
Time
Gas Cathar 7,517 F.P. 2001 Oct-05 Charter Aug-08
------- ------- --------- ------------ ---------- ------------
Gas Time
Haralambos 7,000 F.P. 2007 Oct-07 Charter Oct-09
------- ------- --------- ------------ ---------- ------------
Gas Marathon 6,572 F.P. 1995 Nov-05 Bareboat Oct-09
------- ------- --------- ------------ ---------- ------------
Time
Gas Chios 6,562 F.P. 1991 Oct-05 Charter Mar-08
------- ------- --------- ------------ ---------- ------------
Time
Gas Amazon 6,526 F.P. 1992 May-05 Charter Nov -08
------- ------- --------- ------------ ---------- ------------
Time
Gas Flawless 6,300 F.P. 2007 Feb-07 Charter Feb-09
------- ------- --------- ------------ ---------- ------------
Gas Monarch 5,018 F.P. 1997 Dec-05 Bareboat Jun-10
------- ------- --------- ------------ ---------- ------------
Gas Nemesis Time
(2) 5,016 F.P. 1995 Jun-06 Charter May-09
------- ------- --------- ------------ ---------- ------------
Lyne (3) 5,014 F.P. 1996 May-06 Bareboat May-09
------- ------- --------- ------------ ---------- ------------
Time
Gas Emperor 5,013 F.P. 1995 Feb-05 Charter Jun-08
------- ------- --------- ------------ ---------- ------------
Birgit Kosan 5,012 F.P. 1995 Apr-05 Bareboat Oct-11
------- ------- --------- ------------ ---------- ------------
Catterick Time
(4) 5,001 F.P 1995 Nov-05 Charter Jan-09
------- ------- --------- ------------ ---------- ------------
Sir Ivor (5) 5,000 F.P. 2003 May-06 Bareboat May-09
------- ------- --------- ------------ ---------- ------------
Time
Gas Icon (6) 5,000 F.P. 1994 Jun-07 Charter Jul-10
------- ------- --------- ------------ ---------- ------------
Gas
Kalogeros Time
(7) 5,000 F.P. 2007 Jul-07 Charter Apr-10
------- ------- --------- ------------ ---------- ------------
Gas
Sincerity Time
(8) 4,123 F.P. 2000 Nov-05 Charter Jul-09
------- ------- --------- ------------ ---------- ------------
Gas Spirit Time
(9) 4,112 F.P. 2001 Dec-05 Charter Jun-10
------- ------- --------- ------------ ---------- ------------
Gas Zael Time
(10) 4,111 F.P. 2001 Dec-05 Charter Mar-09
------- ------- --------- ------------ ---------- ------------
Gas Time
Courchevel 4,109 S.R. 1991 Nov-04 Charter Feb-08
------- ------- --------- ------------ ---------- ------------
Gas Prophet
(11) 3,556 F.P. 1996 Oct-04 Bareboat Sep-09
------- ------- --------- ------------ ---------- ------------
Gas Shanghai Time
(12) 3,526 F.P. 1999 Dec-04 Charter Sep-09
------- ------- --------- ------------ ---------- ------------
Sea Bird II 3,518 F.P. 1996 May-07 Bareboat May-09
------- ------- --------- ------------ ---------- ------------
Gas Time
Evoluzione 3,517 F.P. 1996 Jul-07 Charter Aug-08
------- ------- --------- ------------ ---------- ------------
Gas Czar Time
(13) 3,510 F.P. 1995 Feb-06 Charter Dec-08
------- ------- --------- ------------ ---------- ------------
Time
Gas Sophie 3,500 F.P. 1995 Oct-07 Charter Oct-08
------- ------- --------- ------------ ---------- ------------
Gas Legacy Time
(14) 3,500 F.P. 1998 Oct-05 Charter Apr-10
------- ------- --------- ------------ ---------- ------------
Gas Fortune Time
(15) 3,500 F.P. 1995 Feb-06 Charter Dec-08
------- ------- --------- ------------ ---------- ------------
Gas Eternity
(16) 3,500 F.P. 1998 Mar-06 Bareboat Apr-10
------- ------- --------- ------------ ---------- ------------
Gas Sikousis Time
(17) 3,500 F.P. 2006 Aug-07 Charter May-09
------- ------- --------- ------------ ---------- ------------
Gas Arctic 3,434 S.R. 1992 Apr-05 Bareboat Apr-09
------- ------- --------- ------------ ---------- ------------
Gas Ice (18) 3,434 S.R. 1991 Apr-05 Bareboat Apr-11
------- ------- --------- ------------ ---------- ------------
Gas
Renovatio Time
(19) 3,313 F.P. 1997 May-07 Charter Jan-09
------- ------- --------- ------------ ---------- ------------
Chiltern 3,312 F.P. 1997 Jun-07 Bareboat Mar-08
------- ------- --------- ------------ ---------- ------------
Batangas 3,244 F.P. 1995 Jun-06 Bareboat Jul-08
------- ------- --------- ------------ ---------- ------------
Time
Gas Crystal 3,211 S.R. 1990 Nov-05 Charter Jul-08
------- ------- --------- ------------ ---------- ------------
Gas Oracle 3,014 F.P. 1990 Dec-05 Spot -
------- ------- --------- ------------ ---------- ------------
Gas Prodigy Time
(20) 3,014 F.P. 1995 Oct-05 Charter Dec-08
------- ------- --------- ------------ ---------- ------------
Time
Gas Tiny 1,320 S.R. 1991 Oct-04 Charter Jan-09
------- ------- --------- ------------ ---------- ------------
FLEET TOTAL
164,429
38 VESSELS Cbm
------- ------- --------- ------------ ---------- ------------
Additional Vessels (with expected delivery date)
--------------------------------------------------------------
Gas
Premiership Time
(21) 7,200 F.P. 2001 Feb-08 Charter Feb-12
------- ------- --------- ------------ ---------- ------------
FLEET TOTAL
171,629
39 VESSELS cbm
------- ------- --------- ------------ ---------- ------------
-- F.P.: Fully-Pressurized
-- S.R.: Semi-Refrigerated
(1) Earliest date charters could expire. Most charters include options
to shorten or extend their term.
(2) Gas Nemesis is currently employed under a time charter until May 2008.
Thereafter, she will be employed under a new time charter until May
2009.
(3) Lyne is employed under a bareboat charter until May 2009. Thereafter,
at the charterer's option, the bareboat charter can be extended for an
additional year.
(4) Catterick is currently employed under a time charter with an initial
term expiring in January 2008, which has been extended to January
2009.
(5) Sir Ivor is employed under a bareboat charter until May 2009.
Thereafter, at the charter's option, the bareboat charter can be
extended for an additional year.
(6) Gas Icon is currently employed under a time charter with an initial
term expiring in July 2008, which has been extended for two years
until July 2010.
(7) Gas Kalogeros is currently employed under a time charter until May
2008, which has been extended to April 2010.
(8) Gas Sincerity is currently employed under a time charter until July
2008, which has been extended to July 2009.
(9) Gas Spirit is currently employed under a time charter until June 2008,
which has been extended to June 2010.
(10) Gas Zael is currently employed under a time charter until March 2008,
which has been extended to March 2009.
(11) Gas Prophet has for the three year duration of bareboat charter been
renamed the M.T. Ming Long.
(12) Gas Shanghai is currently employed under a time charter until
September 2008, which has been extended until September 2009.
(13) Gas Czar is currently employed under a time charter until December
2007. Thereafter, she will be employed under a new time charter until
December 2008.
(14) Gas Legacy is currently employed under a time charter until April
2008, which has been extended for two years until April 2010.
(15) Gas Fortune is currently employed under a time charter expiring in
December 2007, which has been extended until December 2008.
(16) Gas Eternity has for the duration of bareboat charter been renamed the
M.T. Yu Tian 9.
(17) Gas Sikousis is currently employed under a time charter until May
2009. Thereafter, at the charterer' option, the time charter can be
extended for two one-year periods, the first one to be negotiated in
May 2009.
(18) Gas Ice is currently employed under a bareboat charter until April
2008. Thereafter, she will be employed under a new three year bareboat
charter, until April 2011.
(19) Gas Renovatio is currently employed under a time charter until January
2008, which has been extended for twelve months until January 2009.
(20) Gas Prodigy is currently employed under a time charter expiring in
December 2007, which has been extended until December 2008.
(21) Gas Premiership will commence a four year charter upon expected
delivery in February 2008 expiring in February 2012.
Fleet Data:
The following key indicators highlight the Company's operating performance
during the quarters ended September 30, 2007 and September 30, 2006.
FLEET DATA Q3 2007 Q3 2006
------------ ------------
Average number of vessels (1) 35.1 28.0
------------ ------------
Period end number of vessels in fleet 36.0 28.0
------------ ------------
Total calendar days for fleet (2) 3,231 2,576
------------ ------------
Total voyage days for fleet (3) 3,213 2,514
------------ ------------
Fleet utilization (4) 99.4% 97.6%
------------ ------------
Total time charter days for fleet (5) 2,952 2,142
------------ ------------
Total spot market days for fleet (6) 261 372
AVERAGE DAILY RESULTS Q3 2007 Q3 2006
------------- -------------
Time Charter Equivalent - TCE (7) $ 6,747 $ 6,675
------------- -------------
Vessel operating expenses (8) 2,046 1,927
------------- -------------
Management fees 341 328
------------- -------------
General and administrative expenses 588 149
------------- -------------
Total operating expenses (9) 2,634 2,076
------------- -------------
The following key indicators highlight the Company's operating performance
during the nine months ended September 30, 2007 and September 30, 2006.
FLEET DATA 9M 2007 9M 2006
------------ ------------
Average number of vessels (1) 31.3 25.3
------------ ------------
Period end number of vessels in fleet 36.0 28.0
------------ ------------
Total calendar days for fleet (2) 8,533 6,875
------------ ------------
Total voyage days for fleet (3) 8,467 6,782
------------ ------------
Fleet utilization (4) 99.2% 98.7%
------------ ------------
Total time charter days for fleet (5) 7,932 5,928
------------ ------------
Total spot market days for fleet (6) 535 854
------------ ------------
AVERAGE DAILY RESULTS 9M 2007 9M 2006
------------- -------------
Time Charter Equivalent - TCE (7) $ 7,095 $ 7,117
------------- -------------
Vessel operating expenses (8) 2,045 2,041
------------- -------------
Management fees 345 326
------------- -------------
General and administrative expenses 421 290
------------- -------------
Total operating expenses (9) 2,466 2,331
------------- -------------
1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
2) Total calendar days are the total days the vessels were in our
possession for the relevant period including off-hire days associated with
major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels were in
our possession for the relevant period net of off-hire days associated with
major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by dividing
voyage days by fleet calendar days for the relevant period.
5) Total time charter days for fleet are the number of voyage days the
vessels in our fleet operated on time charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days
the vessels in our fleet operated on spot market charters for the relevant
period.
7) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing voyage revenues (net of voyage expenses) by voyage days for the
relevant time period. Voyage expenses primarily consist of port, canal and
fuel costs that are unique to a particular voyage, which would otherwise be
paid by the charterer under a time charter contract, as well as
commissions. TCE is a standard shipping industry performance measure used
primarily to compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the vessels may
be employed between the periods.
8) Vessel operating expenses, which include crew costs, provisions, deck
and engine stores, lubricating oil, insurance, maintenance and repairs is
calculated by dividing vessel operating expenses by fleet calendar days for
the relevant time period.
9) Total operating expenses, or TOE, is a measurement of our total expenses
associated with operating our vessels. TOE is the sum of vessel operating
expenses and general and administrative expenses. Daily TOE is calculated
by dividing TOE by fleet calendar days for the relevant time period.
Adjusted EBITDA Reconciliation:
Adjusted EBITDA represents net earnings before interest, taxes,
depreciation, amortization and amortization of fair value of acquired time
charters. Adjusted EBITDA does not represent and should not be considered
as an alternative to net income or cash flow from operations, as determined
by the accounting standards generally accepted in the United States of
America, and our calculation of Adjusted EBITDA may not be comparable to
that reported by other companies in the shipping or other industries.
Adjusted EBITDA is included herein because it is a basis upon which we
assess our financial performance and liquidity position and because we
believe that it presents useful information to investors regarding a
company's ability to service and/or incur indebtedness.
Adjusted EBITDA reconciliation for the quarters ended September 30, 2007
and September 30, 2006:
(figures in US $) Q3 2007 Q3 2006
------------ ------------
Net Cash Provided By Operating Activities $ 3,587,979 $ 10,656,686
------------ ------------
Net increase in current assets, excluding cash 806,125 191,558
------------ ------------
Net decrease / (increase) in current
liabilities, excluding short-term portion
of long term debt. 6,321,081 (4,127,968)
------------ ------------
Interest income (831,801) (157,130)
------------ ------------
Interest and finance costs, net 2,538,701 2,374,728
------------ ------------
Amortization of finance fees (19,776) (17,964)
------------ ------------
Share based compensation (990,380) --
------------ ------------
Change in fair value of derivatives (1,751,915) (1,482,343)
------------ ------------
Adjusted EBITDA $ 9,660,014 $ 7,437,567
------------ ------------
(figures in US $) Q3 2007 Q3 2006
----------- -----------
Net Income $ 4,000,186 $ 2,094,180
----------- -----------
Plus interest and finance costs 2,538,701 2,374,728
----------- -----------
Less Interest income (831,801) (157,130)
----------- -----------
Plus Depreciation 4,468,629 3,515,518
----------- -----------
Plus Amortization of fair value of acquired time
charters (515,701) (389,729)
----------- -----------
Adjusted EBITDA $ 9,660,014 $ 7,437,567
----------- -----------
Adjusted EBITDA reconciliation for the nine months ended September 30, 2007
and September 30, 2006:
(figures in US $) 9M 2007 9M 2006
------------ ------------
Net Cash Provided By Operating Activities $ 28,258,498 $ 27,246,447
------------ ------------
Net increase in current assets, excluding cash 602,191 1,381,546
------------ ------------
Net decrease / (increase) in current
liabilities, excluding short-term portion of
long term debt. 1,076,988 (7,017,429)
------------ ------------
Interest income (1,203,329) (508,766)
------------ ------------
Interest and finance costs 7,408,536 5,466,118
------------ ------------
Amortization of finance fees (58,033) (37,251)
------------ ------------
Net income of vessel acquired from the Vafias
Group -- 99,870
------------ ------------
Share based compensation (990,380) --
------------ ------------
Change in fair value of derivatives (1,450,339) (163,887)
------------ ------------
Adjusted EBITDA $ 33,644,132 $ 26,466,648
------------ ------------
(figures in US $) 9M 2007 9M 2006
------------ ------------
Net Income $ 16,311,665 $ 13,674,533
------------ ------------
Plus interest and finance costs 7,408,536 5,466,118
------------ ------------
Less Interest income (1,203,329) (508,766)
------------ ------------
Plus depreciation 11,932,622 9,450,529
------------ ------------
Plus Amortization of fair value of acquired
time charters (805,362) (1,615,766)
------------ ------------
Adjusted EBITDA $ 33,644,132 $ 26,466,648
------------ ------------
Conference Call and Webcast:
As previously announced, on November 14, 2007 at 10:00 A.M. EST, the
company's management will host a conference call to discuss the results and
the company's operations and outlook.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1866 819 7111(US Toll Free Dial In), 0800 953
0329 (UK Toll Free Dial In) or +44 (0) 1452 542 301 (Standard International
Dial In). Please quote "STEALTHGAS."
In case of any problems with the above numbers, please dial 1866 223 0615
(US Toll Free Dial In), 0800 694 1503 (UK Toll Free Dial In) or +44 (0)
1452 586 513 (Standard International Dial In). Please quote "STEALTHGAS."
A telephonic replay of the conference call will be available until November
21, 2007 by dialing 1866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK
Toll Free Dial In) or +44 1452 550 000 (Standard International Dial In).
Access Code: 2201616#
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call,
through the STEALTHGAS INC. website (www.stealthgas.com). Participants to
the live webcast should register on the website approximately 10 minutes
prior to the start of the webcast.
STEALTHGAS INC.
Condensed Consolidated Statements of Income
For the quarters ended September 30, 2006 and September 30, 2007
(Expressed in United States Dollars)
For the Quarter Ended
September September
30, 2006 30, 2007
(Unaudited) (Unaudited)
------------ ------------
Revenues
Voyage revenues $ 18,682,207 $ 23,241,691
------------ ------------
Expenses
Voyage expenses 1,898,450 1,564,081
Vessels' operating expenses 4,963,545 6,610,468
Dry-docking costs 1,265,014 116,793
Management fees 844,928 1,102,860
General and administrative expenses 383,049 1,900,331
Depreciation 3,515,518 4,468,629
------------ ------------
Total expenses 12,870,504 15,763,162
------------ ------------
Income from operations $ 5,811,703 $ 7,478,529
------------ ------------
Other income and (expense)
Interest and finance costs (2,374,728) (2,538,701)
Change in fair value of derivatives (1,482,343) (1,751,915)
Interest income 157,130 831,801
Foreign exchange loss (17,582) (19,528)
------------ ------------
Other expenses, net (3,717,523) (3,478,343)
------------ ------------
Net income $ 2,094,180 $ 4,000,186
------------ ------------
Basic Earnings per Share $ 0.15 $ 0.19
============ ============
Basic Weighted Average Number of Shares,
Outstanding 14,239,130 20,574,635
============ ============
Diluted Earnings per Share 0.15 0.19
============ ============
Diluted Weighted Average Number of Shares,
Outstanding 14,239,130 20,633,070
============ ============
STEALTHGAS INC.
Condensed Consolidated Statements of Income
For the nine months ended September 30, 2006 and September 30, 2007
(Expressed in United States Dollars)
For the Nine Months Ended
September September
30, 2006 30, 2007
(Unaudited) (Unaudited)
------------ ------------
Revenues
Voyage revenues $ 52,835,170 $ 63,865,847
------------ ------------
Expenses
Voyage expenses 4,564,964 3,797,673
Vessels' operating expenses 14,030,209 17,449,230
Dry-docking costs 1,697,940 116,793
Management fees 2,243,713 2,943,710
General and administrative expenses 1,993,652 3,596,361
Depreciation 9,450,529 11,932,622
------------ ------------
Total expenses 33,981,007 39,836,389
------------ ------------
Income from operations $ 18,854,163 $ 24,029,458
------------ ------------
Other income and (expense)
Interest and finance costs (5,466,118) (7,408,536)
Change in fair value of derivatives (163,887) (1,450,339)
Interest income 508,766 1,203,329
Foreign exchange loss (58,391) (62,247)
------------ ------------
Other expenses, net (5,179,630) (7,717,793)
------------ ------------
Net income $ 13,674,533 $ 16,311,665
------------ ------------
Basic Earnings per Share $ 0.97 $ 0.99
============ ============
Basic Weighted Average Number of Shares,
Outstanding 14,080,586 16,480,829
============ ============
Diluted Earnings per Share 0.97 0.99
============ ============
Diluted Weighted Average Number of Shares,
Outstanding 14,080,586 16,500,522
============ ============
STEALTHGAS INC.
Condensed Consolidated Balance Sheets
As of December 31, 2006 and September 30, 2007
(Expressed in United States Dollars)
December 31, September 30,
2006 2007
(Unaudited) (Unaudited)
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 11,146,871 $ 67,476,979
Trade receivables 1,096,645 1,550,385
Claim receivable 289,922 32,479
Inventories 746,874 956,811
Advances and prepayments 270,370 196,434
Fair value of above market acquired time
charter 23,718 --
Restricted cash 4,317,338 4,601,021
------------- -------------
Total current assets $ 17,891,738 $ 74,814,109
------------- -------------
Non current assets
Advances for vessels acquisitions 3,483,750 4,055,000
Vessels, net 297,950,257 392,904,608
Restricted cash -- 200,000
Deferred finance charges, net of accumulated
amortization of $87,424 and $145,457 279,576 367,338
Fair value of derivatives 368,119 61,522
------------- -------------
Total non current assets $ 302,081,702 $ 397,588,468
------------- -------------
Total assets $ 319,973,440 $ 472,402,577
------------- -------------
Liabilities and Stockholders' Equity
Current liabilities
Payable to related party 2,198,456 1,121,694
Trade accounts payable 2,049,456 3,405,704
Other accrued liabilities 4,681,488 3,453,788
Customer deposits 660,000 643,500
Deferred income 2,889,998 2,761,224
Current portion of long-term debt 16,149,600 15,505,064
------------- -------------
Total current liabilities $ 28,628,998 $ 26,890,974
Non current liabilities
Fair value of derivatives 404,021 1,522,687
Customer deposits 1,323,272 3,324,157
Fair value of below market acquired time
charter 1,016,281 1,759,201
Long-term debt 124,798,640 137,526,791
------------- -------------
Total non current liabilities $ 127,542,214 $ 144,132,836
------------- -------------
Total liabilities $ 156,171,212 $ 171,023,810
------------- -------------
Commitments and contingencies -- --
Stockholders' equity
Capital stock
5,000,000 preferred shares authorized and
zero outstanding with par value of
$0.01 per share 100,000,000 common shares
authorized 14,400,000 and 22,060,105 shares
issued and outstanding with a par value of
$0.01 per share 144,000 220,601
Additional paid-in capital 150,607,621 281,307,088
Retained earnings 12,826,845 19,602,240
Accumulated other comprehensive income 223,762 248,838
------------- -------------
Total stockholders' equity $ 163,802,228 $ 301,378,767
------------- -------------
Total liabilities and stockholders' equity $ 319,973,440 $ 472,402,577
------------- -------------
STEALTHGAS INC.
Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
For the Nine Months Ended
September 30, September 30,
2006 2007
(Unaudited) (Unaudited)
-------------- --------------
Cash flows from operating activities
Net income for the period $ 13,674,533 $ 16,311,665
Items included in net income not affecting
cash flows:
Depreciation and amortization 9,487,780 11,990,655
Amortization of fair value of time
charter (1,615,766) (805,362)
Net (income) of vessel acquired from the
Vafias Group (99,870) --
Share based compensation -- 990,380
Change in fair value of derivatives 163,887 1,450,339
Changes in operating assets and
liabilities:
(Increase)/Decrease in
Trade receivables (592,513) (453,740)
Claim receivable (128,373) (12,450)
Inventories (568,752) (209,937)
Advances and prepayments (91,908) 73,936
Increase/(Decrease) in
Payable to related party 3,209,924 (1,076,762)
Trade accounts payable 1,978,136 1,356,248
Other accrued liabilities 1,065,061 (1,227,700)
Deferred income 764,308 (128,774)
-------------- --------------
Net cash provided by operating activities $ 27,246,447 $ 28,258,498
-------------- --------------
Cash flows from investing activities
Insurance proceeds -- 269,893
Advances for vessels acquisitions -- (1,700,000)
(Increase) in restricted cash account (2,786,124) (483,683)
Acquisition of vessels (78,278,904) (104,186,223)
-------------- --------------
Net cash (used in) investing activities $ (81,065,028) $ (106,100,013)
-------------- --------------
Cash flows from financing activities
Capital stock 4,000 76,601
Additional paid-in-capital 5,012,000
Follow-on offering -- 129,600,000
Underwriters’ over allotment option
exercised -- 8,281,890
Issuance costs -- (8,172,803)
Deemed dividends (287,500) --
Dividends paid (7,950,000) (9,536,270)
Deferred finance charges (110,000) (145,795)
Overdraft facility (200,000) --
Customer deposits 1,321,149 1,984,385
Loan repayment (54,514,000) (41,483,885)
Proceeds from short-term bridge facility -- 26,500,000
Proceeds from long-term debt 100,430,000 27,067,500
-------------- --------------
Net cash provided by financing activities $ 43,705,649 $ 134,171,623
-------------- --------------
Net (decrease) in cash and cash equivalents (10,112,932) 56,330,108
Cash and cash equivalents at beginning of
period 23,210,243 11,146,871
-------------- --------------
Cash and cash equivalents at end of period $ 13,097,311 $ 67,476,979
-------------- --------------
Supplemental Cash Flow Information:
Cash paid during the period for
interest: $ 4,656,306 $ 7,840,223
============== ==============
Non cash items:
Fair value of below market acquired time
charter $ 1,982,000 $ 1,572,000
============== ==============
About STEALTHGAS INC.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company
serving the liquefied petroleum gas (LPG) sector of the international
shipping industry. STEALTHGAS INC. currently has a fleet of 38 LPG carriers
with a total capacity of 164,429 cubic meters (cbm). In addition,
STEALTHGAS INC. has entered into an agreement to acquire one second-hand
LPG carrier with expected delivery in February 2008. Once this acquisition
is complete, STEALTHGAS INC.'s fleet will be composed of 39 LPG carriers
with a total capacity of 171,629 cubic meters (cbm). STEALTHGAS Inc.'s
shares are listed on NASDAQ and trade under the symbol "GASS."
Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in STEALTHGAS INC.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the US Securities and Exchange Commission. Visit our website at www.stealthgas.com
Contact Information: Company Contact: Andrew J. Simmons Chief Financial Officer STEALTHGAS INC. 011-30-210-6250-001 E-mail: simmons@stealthgas.com Investor Relations/Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel. 212-661-7566 E-mail: nbornozis@capitallink.com