Click here to close now.




















Welcome!

News Feed Item

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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.