|By PR Newswire||
|August 6, 2014 04:02 PM EDT||
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.
- 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 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.
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.
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
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
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
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.
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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