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For the three months ended March 31, 2011, the Company had a $1.6 million realized cash loss on interest rate swap arrangements, a $0.8 million unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements, and a $0.5 million non-cash loss due to exchange rate movements on foreign currency deposits. This compares to a realized cash loss of $1.7 million and to an unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements of $1.5 million for the three months ended March 31, 2010, as well as a $0.08 million non-cash impairment loss on a vessel delivered to new owners on April 9, 2010. Voyage and operating expenses for the three months ended March 31, 2011 were $3.6 million and $10.5 million respectively, compared to $3.2 million and $9.2 million for the three months ended March 31, 2010. The increase of voyage expenses was due primarily to the increased level of fleet operational utilization during the quarter under spot voyage charters. The increase in operating expenses was due to a reduction in the average number of LPG vessels operating under bareboat charters (5 for the three months ended March 31, 2011 compared to 7 for the same period in 2010) as well as higher maintenance costs. The Company expects operating expenses to be reduced going forward as more vessels are scheduled to commence bareboat charters. Adjusted EBITDA for the three months ended March 31, 2011 amounted to $10.5 million, an increase of $0.6 million from Adjusted EBITDA of $9.9 million for the three months ended March 31, 2010. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash Provided by Operating Activities is set forth below. Before the non-cash items as discussed above our net income was $2.8 million, or $0.13 per share for the three months ended March 31, 2011, as compared to a net income of $3.2 million or $0.14 per share for the three months ended March 31, 2010. An average of 38.4 vessels were owned by the Company in the three months ended March 31, 2011, earning an average time-charter equivalent rate of approximately $7,930 per day as compared to 41.0 vessels, earning an average time-charter equivalent rate of $7,059 per day for the same period of 2010. CEO Harry Vafias commented The first quarter of 2011 was another profitable quarter for our Company. The improvement in the market that we experienced during the fourth quarter of last year continued in the first quarter of this year. Voyage revenues for the first quarter were the highest in our Company's history. We reached another milestone during the first quarter with the delivery of our first of five Newbuilding gas carriers, that was followed by the delivery of the second one during April. Our focus is on improving the operational side of our business both on the revenue side and the expenses side. As such we believe that the sale of older vessels and the delivery of brand new vessels will improve our operational efficiency going forward. While at the same time strengthening our balance sheet and increasing our cash resources will position us favorably if the market improvement proves to be sustainable over the longer term. StealthGas Inc. Press Release
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Stealthgas Inc. Reports First Quarter 2011 Financial And Operating Results.