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2024-06-14 10:21 EX - 99.1 EX - 99.1 2 d189484dex991.htm EX - 99.1 Exhibit 99.1 StealthGas Inc STEALTHGAS INC . REPORTS FIRST QUARTER 2021 FINANCIAL AND OPERATING RESULTS ATHENS , GREECE , May 26 , 2021. STEALTHGAS INC . ( NASDAQ : GASS ) , a ship - owning company primarily serving the liquefied petroleum gas ( LPG ) sector of the international shipping industry , announced today its unaudited financial and operating results for the first quarter ended March 31 , 2021 . 1 OPERATIONAL AND FINANCIAL HIGHLIGHTS 1 • Fleet utilization of 98.7 % with 50 days of technical off hire mainly as a result of one drydocking completed within Q1 2021 . Operational utilization of 93.1 % mainly due to 15 of our ships having a predominant presence in the spot market - equivalent to 31.2 % of voyage days . 61 % of fleet days secured on period charters for the remainder of 2021 , with total fleet employment days for all subsequent periods generating approximately $ 87 million ( excluding vessels in joint ventures ) in contracted revenues . Period coverage for the remainder of Q2 21 ' is currently 80 % . Sale and delivery in Q2 21 ' , of the 35,000 cbm MGC vessel , the Gaschem Hamburg ( 2010 built ) , owned by our MGC joint venture arrangement , for a price of $ 34 million generating an aggregate gain , for the Joint Venture , of $ 7 million . Voyage revenues of $ 37.4 million in Q1 21 ' , an increase of $ 3.0 million compared to Q1 20 ' mostly due to a 58 % in the fleet's bareboat activity where revenues are inherently lower than those earned from time charter and spot activity . Net income of $ 0.8 million for Q1 21 ' corresponding to an EPS of $ 0.02 compared to net income of $ 3.0 million corresponding to an EPS of $ 0.08 in the same period of last year . EBITDA of $ 13.4 million in Q1 21 ' compared to $ 16.5 million in Q1 20 ' - due to lower operational utilization as a result of higher spot activity . Low gearing , as debt to assets stands at 37.7 % , and a quarter over quarter reduction in finance costs by $ 1.1 million . Total cash , including restricted cash , of $ 52.9 million with no capital expenditure commitments in the near future . EBITDA , Adjusted EBITDA , Adjusted Net Income and Adjusted EPS are non - GAAP measures . Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release . https://www.sec.gov/Archives/edgar/data/1328919/000119312521175366/d189484dex991.htm 1/9 19