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2024-06-14 10:19 EX - 99.1 EX - 99.1 2 d221595dex991.htm EX - 99.1 Exhibit 99.1 StealthGas Inc STEALTHGAS INC . REPORTS THIRD QUARTER AND NINE MONTHS 2021 FINANCIAL AND OPERATING RESULTS ATHENS , GREECE , December 8 , 2021. STEALTHGAS INC . ( NASDAQ : GASS ) , a ship - owning company serving the liquefied petroleum gas ( LPG ) sector of the international shipping industry , announced today its unaudited financial and operating results for the third quarter and nine months ended September 30 , 2021 . STRATEGIC , OPERATIONAL AND FINANCIAL HIGHLIGHTS . 1 Successful spin - off of our four tankers concluded on December 3 , 2021 to a new listed entity called Imperial Petroleum Inc. This spin - off allows the creation of two businesses in distinct sectors of the shipping industry , LPG carriers and tankers . Fleet utilization of 97.4 % - with 101 days of technical off hire mainly as a result of the completion of two drydockings with two ballast water system installations and the partial completion of another two drydockings within Q3 2021 . Fleet operational utilization of 94.1 % , a softer performance compared to the second quarter of 2021 , mainly due increased number of commercial idle days . About 77 % of fleet days secured on period charters for the first quarter of 2022 , with total fleet employment days for all subsequent periods generating approximately $ 66 million ( excl . JV vessels ) in contracted revenues . Period coverage for the remainder of Q4 21 ' is 93 % . Voyage revenues of $ 37.5 million in Q3 21 ' , an increase of $ 0.4 million compared to Q3 20 ' mostly due to a reduction of bareboat activity by 383 days where revenues are by default lower than time charter and spot revenue , partially offset by a decrease in spot revenues . Net Income of $ 1.2 million for Q3 21 ' corresponding to an EPS of $ 0.03 . 1 1 Adjusted Net Income of $ 1.8 million for Q3 21 ' corresponding to an Adjusted EPS of $ 0.05 . 1 Adjusted EBITDA of $ 14.6 million in Q3 21 ' compared to $ 15.8 million in Q3 20’- mainly due to higher voyage and operating costs . Low gearing , as debt to assets stands at 36.6 % , and reduction in finance costs by $ 1.5 million for the nine months ended September 30 , 2021 compared to the same period of last year . Total cash , including restricted cash , of $ 57.3 million as of September 30 , 2021 - with no capital expenditure commitments in the near future . 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/1328919/000119312521352204/d221595dex991.htm 1/10