STEALTHGAS INC. (GASS), revealed slightly improved results for its third fiscal quarter of 2020

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STEALTHGAS INC. (NASDAQ: GASS), a ship-owning corporation that mainly services the global shipping industry’s liquefied petroleum gas market, officially released its unaudited financial and operational results for the Q3 ended 30 September 2020.

Revenues amounted to $37.1 million for the Q3 ended September 30, 2020, an increase of $0.5 million, or 1.4 percent, relative to revenues of $36.6 million for the Q3 ended September 30, 2019.

For the Q3 ended September 30, 2020, travel costs and vessel operating expenditures were $3.8 million and $13.8 million, respectively, opposed to $4.9 million and $12.3 million, respectively, for the Q3 ended September 30, 2019. Despite the higher exposure in the spot market, the $1.1 million drop in journey expenditures was largely due to the 20 percent decrease in bunker costs. Compared to the same duration in 2019.

Drydocking expenses were $2.3 million and $0.5 million respectively for the Q3 ending September 30, 2020, and 2019. In the Q3 of 2020, dry-docking costs apply to the drydocking of five vessels, relative to the drydocking of one vessel in the same timeframe last year.

Administration expenses costs amounted to $0.6 million for the Q3 ended September 30, 2020, compared to $1.1 million for the same duration last year. This decline is largely due to the fact that share-based payment costs were accumulated for the three months ended September 30, 2019, which was not the case for the Q3 ended September 30, 2020.

For each of the quarter ending September 30, 2020, and 2019, the loss was $9.4 million.

For the quarter ended September 30, 2020, the impairment loss was $2.5 million related to the Gas Nemesis II LPG vessel for which the Firm agreed to sell after September 30, 2020. At the same time last year, no such loss was reported.

Interest and financing expenses were $3.1 million and $5.1 million, respectively, for the quarter ending September 30, 2020, and 2019. The fall of $2.0 million from the same period last year is mainly attributed to the reduction in LIBOR prices and the decrease in the debt.

Equity income/(loss) in joint partnerships was $0.6 million in income and $0.2 million in losses for the quarter ending September 30, 2020, and 2019, respectively. The rise of $0.8 million from the same period last year is primarily due to the efficiency of the three second-hand 35,000 cbm medium gas carriers operating since Q1 ’20 under a joint venture agreement.

As a consequence of the aforementioned, the Company posted net sales of $0.8 million for the three months ended September 30, 2020, compared to a net loss of $0.2 million for the three months ended September 30, 2019.

For the quarter ended 30 September 2020, EPS, basic and diluted, contributed to $0.02, as opposed to a loss per share of $0.01 for the year-ago period.

For the quarter ended September 30, 2020, adjusted net income was $3.2 million, or $0.08 per share in contrast to adjusted net income of $0.4 million, or $0.01 per share, for the same time last year.

EBITDA amounted to $13.3 million for the quarter ended September 30, 2020. The Modified Net Revenue, EBITDA, and Adjusted EBITDA to Net (Loss)/Income reconciliations as set out below.

In the three months ended September 30, 2020, and 2019, an average of 42 vessels was operated by the Company.

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