Stealthgas (GASS) saw its loss widen to $4.38 million, or $0.11 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.05 million, or $0.08 a share. On the other hand, adjusted net income for the quarter stood at $1.59 million, or $0.04 a share compared with $1.73 million or $0.04 a share, a year ago.
Revenue during the quarter went up marginally by 0.17 percent to $37.47 million from $37.41 million in the previous year period. Operating margin for the quarter stood at negative 1.62 percent as compared to a positive 0.66 percent for the previous year period.
Operating loss for the quarter was $0.61 million, compared with an operating income of $0.25 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $15.29 million compared with $14.89 million in the prior year period. At the same time, adjusted EBITDA margin improved 100 basis points in the quarter to 40.79 percent from 39.80 percent in the last year period.
Board Chairman Michael Jolliffe Commented, The year 2016 was particularly challenging for the pressurized LPGs, as for the majority of the year our trade was governed by weak freight rates and low demand particularly in the warmer months. However in the last quarter we saw a marginal rise in rates in almost all sub segments of the pressurized market but most importantly, a sudden rise in demand. However we do acknowledge that it is too early to judge whether this trend is attributed to the winter, or whether it signifies a broader market improvement.
Operating cash flow declines
Stealthgas has generated cash of $36.15 million from operating activities during the year, down 24.76 percent or $11.90 million, when compared with the last year.
The company has spent $44.01 million cash to meet investing activities during the year as against cash outgo of $165.01 million in the last year.
The company has spent $27.21 million cash to carry out financing activities during the year as against cash inflow of $87.90 million in the last year period.
Cash and cash equivalents stood at $64.99 million as on Dec. 31, 2016, down 35.05 percent or $35.07 million from $100.06 million on Dec. 31, 2015.
Debt comes down
Stealthgas has recorded a decline in total debt over the last one year. It stood at $397.89 million as on Dec. 31, 2016, down 5.75 percent or $24.28 million from $422.16 million on Dec. 31, 2015.
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