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Navigator Holdings Ltd Announces its Second Quarter 2014 Results

LONDON, August 6, 2014 /PRNewswire/ --


Navigator Holdings Ltd. ("Navigator") (NYSE: NVGS),  the owner and operator of the world's largest fleet of handysize liquefied gas carriers, announced today its financial and operating results for the three and six months ended June 30, 2014.

Highlights 

  • Navigator Holdings Ltd. (NYSE: NVGS) reports revenue of $76.1 million for the second quarter ended June 30, 2014, an increase of 25.8% from revenue of $60.5 million for the second quarter of 2013, primarily as a result of the increase in the number of vessels in our fleet, increased charter rates and improved utilization
  • Net income increased 71.3% to $19.7 million for the second quarter, compared to $11.5 million for the second quarter of 2013
  • EBITDA[1] increased to $38.7 million for the three months ended June 30, 2014 from $27.0 million for the three months ended June 30, 2013
  • Earnings Per Share was $0.36 for the three months ended June 30, 2014, based on a significantly increased number of shares outstanding, up from $0.25 for the three months ended June 30 2013
  • Delivery of the first of thirteen newbuilding vessels occurred in June 2014, Navigator Atlas, a 21,000 semi-refrigerated ethylene capable vessel
  • Twelve newbuilding semi-refrigerated gas carriers on order, scheduled for delivery between September 2014 and December 2016

A Form 6-K with detailed information on the second quarter 2014 financial results is being filed with the U.S. Securities and Exchange Commission simultaneous with this release. Tomorrow, Thursday, August 7, 2014, at 9:00 A.M. ET, the Company's management team will host a conference call to discuss the financial results.

Conference Call Details: 

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866)819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44(0)1452-542-301 (Standard International Dial In). Please quote "Navigator" to the operator.

A telephonic replay of the conference call will be available until August 14, 2014 by dialing 1(866)247-4222 (US Toll Free Dial In), 0(800)953-1533 (UK Toll Free Dial In) or +44(0)1452 550-000 (Standard International Dial In). Access Code: 11870348#

-------------------------------------------------- 

1. EBITDA represents net income before net interest expense, income taxes and depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to consolidated net income or cash generated from operations, as determined by U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. EBITDA is not a recognized measurement under U.S. GAAP.  

Audio Webcast: 

There will also be a live, and then archived, webcast of the conference call, available through the Company's website (http://www.navigatorgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Us 

Navigator Gas is the owner and operator of the world's largest fleet of handysize liquefied gas carriers and provides international and regional seaborne transportation of liquefied petroleum gas, petrochemical gases and ammonia for energy companies, industrial users and commodity traders.  Navigator's fleet consists of 36 semi- or fully-refrigerated liquefied gas carriers, including twelve newbuildings scheduled for delivery by the end of December 2016.

Forward Looking Statements 

Statements included in this press release concerning plans and objectives of Navigator's ("we, "or "our") management for future operations or economic performance, or assumptions related thereto, contain forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. Such statements include, in particular, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate as described in this press release. In some cases, you can identify the forward-looking statements by the use of words such as "may," "could," "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "potential," "continue," or the negative of these terms or other comparable terminology. These risks and uncertainties include, but are not limited to:

  • future operating or financial results;
  • pending acquisitions, business strategy and expected capital spending;
  • operating expenses, availability of crew, number of off-hire days, drydocking requirements and insurance costs;
  • general market conditions and shipping market trends, including charter rates and factors affecting supply and demand;
  • our financial condition and liquidity, including our ability to obtain additional financing in the future to fund capital expenditures, acquisitions and other corporate activities;
  • estimated future capital expenditures needed to preserve our capital base;
  • our expectations about the receipt of our twelve newbuildings and the timing of the receipt thereof;
  • our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;
  • our continued ability to enter into long-term, fixed-rate time charters with our customers;
  • changes in governmental rules and regulations or actions taken by regulatory authorities;
  • potential liability from future litigation;
  • our expectations relating to the payment of dividends; and
  • other factors discussed in Navigator's filings with the U.S. Securities and Exchange Commission.

We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock.

                               NAVIGATOR HOLDINGS LTD. 

                            Consolidated Balance Sheets 

                                     (Unaudited) 


                                          December 31,             June 30,
                                                 2013                 2014
    Assets

    Current assets
    Cash and cash equivalents         $   194,740,045      $   159,216,275
    Accounts receivable, net               11,837,578            6,844,776
    Accrued income                          7,902,234            9,494,569
    Prepaid expenses and other
    current assets                          6,282,218            9,200,379
    Inventories                             5,924,201            7,193,709

    Total current assets                  226,686,276          191,949,708

    Non-current assets
    Long-term debtors                         316,559              316,559

    Vessels in operation, net           1,026,226,551        1,059,710,983
    Vessels under construction             60,197,486           95,560,966
    Property, plant and
    equipment, net                            363,015              375,977
    Deferred finance costs, net            11,436,165           10,050,069

    Total assets                      $ 1,325,226,052      $ 1,357,964,262

    Liabilities and stockholders'
    equity
    Current liabilities
    Current portion of long-term
    debt                              $    60,750,308      $    58,300,308
    Accounts payable                       13,585,924           10,338,879
    Accrued expenses and other
    liabilities                             6,438,384            7,731,635
    Accrued interest                        4,261,971            3,909,547
    Deferred income                         4,803,196            3,448,646

    Total current liabilities              89,839,783           83,729,015

    Non-current liabilities
    Secured term loan facilities,
    net of current portion                389,734,262          391,809,108
    Senior unsecured bond                 125,000,000          125,000,000

    Total non-current liabilities         514,734,262          516,809,108

    Commitments and contingencies

    Stockholders' equity
    Common stock - $.01 par
    value;
    400,000,000 shares
    authorized; 55,339,119 shares
    issued and outstanding,
    (2013: 55,326,765)                        553,267              553,391
    Additional paid-in capital            584,030,816          584,141,693
    Accumulated other
    comprehensive income / (loss)            (87,930)               29,330
    Retained earnings                     136,155,854          172,701,725

    Total stockholders' equity            720,652,007          757,426,139

    Total liabilities and
    stockholders' equity              $ 1,325,226,052      $ 1,357,964,262

    See accompanying notes to condensed consolidated financial statements.

                                            NAVIGATOR HOLDINGS LTD. 

                                      Consolidated Statements of Income 

                                                  (Unaudited) 



                                    Three months ended               Six months ended
                                         June 30,                        June 30,

                                 2013            2014            2013                2014

    Revenues
    Operating
    revenue             $  60,503,439  $   76,063,032   $ 102,816,337    $    145,888,561

    Expenses
    Address and
    brokerage
    commissions             1,454,912       1,761,891       2,574,834           3,246,460
    Voyage expenses        14,536,713      12,170,651      22,260,159          22,057,008
    Charter-in costs        1,800,000       2,100,000       3,174,718           4,200,000
    Vessel operating
    expenses               13,342,764      17,832,779      22,933,154          35,093,994
    Depreciation and
    amortization            8,536,163      11,146,102      15,682,539          22,194,848
    General and
    administrative
    costs                   1,796,382       2,559,295       3,194,643           5,284,129
    Other corporate
    expenses                  553,862         922,285         999,183           1,381,350

    Total operating
    expenses               42,020,796      48,493,003      70,819,230          93,457,789

    Operating income       18,482,643      27,570,029      31,997,107          52,430,772

    Other
    income/(expense)
    Interest expense       (6,942,558)     (7,819,378)    (12,739,434)        (15,668,673)
    Interest income            12,651         124,772          46,179             216,790

    Income before
    income taxes           11,552,736      19,875,423      19,303,852          36,978,889
    Income taxes              (91,118)       (211,994)       (223,918)           (433,018)

    Net income          $  11,461,618   $  19,663,429   $  19,079,934    $     36,545,871

    Earnings per
    share:
    Basic: (1)          $        0.25    $       0.36   $        0.43    $           0.66
    Diluted: (1)        $        0.25    $       0.35   $        0.43    $           0.66

    Weighted average
    number of shares
    outstanding:
    Basic: (1)             46,293,327      55,337,349      43,965,585          55,332,086
    Diluted: (1)           46,293,327      55,535,396      43,965,585          55,431,657

    (1) All share amounts (except par value per share amounts) have been
    retroactively restated for 2013 to reflect the Company's 3-for-1 stock split on
    October 29, 2013 as described in Note 5 - Common Stock to these consolidated
    financial statements.

    See accompanying notes to condensed consolidated financial statements.

                                  NAVIGATOR HOLDINGS LTD.

 
                          Consolidated Statements of Cash Flows 
                                       (Unaudited) 


                                                       June 30,           June 30,
                                                          2013               2014

    Cash flows from operating activities
    Net income                                $     19,079,934     $   36,545,871

    Adjustments to reconcile net income
    to net cash

    provided by operating activities
    Depreciation and amortization                   15,682,539         22,194,848
    Payment of drydocking costs                    (1,392,598)        (2,277,898)
    Amortization of share-based
    compensation                                       390,111            451,172
    Amortization of deferred financing
    costs                                              842,108          1,386,096
    Unrealized foreign exchange                       (70,656)            107,562
    Changes in operating assets and
    liabilities
    Accounts receivable                            (2,199,526)          4,992,802
    Inventories                                    (3,539,610)        (1,269,508)
    Accrued income and prepaid expenses
    and other current assets                       (3,543,370)        (4,510,495)
    Accounts payable, accrued interest
    and other liabilities                            2,456,179        (3,660,769)

    Net cash provided by operating
    activities                                      27,705,111         53,959,681

    Cash flows from investing activities
    Payment to acquire vessels                   (273,072,920)          (350,477)
    Payment for vessels under
    construction                                  (10,556,464)       (88,308,704)
    Purchase of other property, plant and
    equipment                                         (47,030)          (108,945)
    Release of short-term investment                10,000,000                  -
    Placement of short-term investment            (10,000,000)                  -

    Net cash used in investing activities        (283,676,414)       (88,768,126)

    Cash flows from financing activities
    Proceeds from secured term loan
    facilities                                     147,150,000         30,000,000
    Direct financing costs of secured
    term loan facilities                           (6,669,871)                  -
    Repayment of secured term loan
    facilities                                    (13,421,254)       (30,375,154)
    Issuance costs of 9% senior unsecured
    bond                                              (25,179)                  -
    Proceeds from issuance of stock                 75,000,000                  -
    Issuance costs of stock                           (19,978)          (340,171)

    Net cash provided / (used) by
    financing activities                           202,013,718          (715,325)

    Net decrease in cash and cash
    equivalents                                   (53,957,585)       (35,523,770)

    Cash and cash equivalents at
    beginning of period                            140,870,317        194,740,045

    Cash and cash equivalents at end of
    period                                    $     86,912,732     $  159,216,275

    Supplemental Information
    Total interest paid during the year,
    net of amounts capitalized                $     10,786,776     $   14,685,002

    Total tax paid during the year            $         32,496     $      326,695

    See accompanying notes to condensed consolidated financial statements.

Navigator Gas
Attention: Investor Relations Department
New York: 399 Park Avenue, 38th Floor, New York, NY 10022. Tel: +1-212-355-5893
London: 21 Palmer Street, London, SW1H 0AD. Tel: +44(0)20-7340-4850

SOURCE Navigator Gas

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