STEALTHGAS INC. (GASS) has reported a 215.12 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2 million, or $0.05 a share in the quarter, compared with $0.64 million, or $0.02 a share for the same period last year. On an adjusted basis, net profit for the quarter was $2.03 million, when compared with $0.12 million in the last year period. Revenue during the quarter grew 4.36 percent to $38.06 million from $36.47 million in the previous year period. Gross margin for the quarter expanded 4 basis points over the previous year period to 98.18 percent. Total expenses were 85.22 percent of quarterly revenues, down from 88.07 percent for the same period last year. This has led to an improvement of 285 basis points in operating margin to 14.78 percent.
Operating income for the quarter was $5.63 million, compared with $4.35 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $15.41 million compared with $13.52 million in the prior year period. At the same time, adjusted EBITDA margin improved 339 basis points in the quarter to 40.47 percent from 37.08 percent in the last year period.
Operating cash flow improves marginally
STEALTHGAS INC. has generated cash of $13.13 million from operating activities during the quarter, up 4.35 percent or $0.55 million, when compared with the last year period. The company has spent $16.32 million cash to meet investing activities during the quarter as against cash outgo of $22.93 million in the last year period.
The company has spent $10.38 million cash to carry out financing activities during the quarter as against cash outgo of $4.40 million in the last year period.
Cash and cash equivalents stood at $50.14 million as on Mar. 31, 2017, down 40.24 percent or $33.77 million from $83.91 million on Mar. 31, 2016.
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