Navigator Holdings Ltd. Announces its First Quarter 2014 Results

LONDON, May 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 months ended March 31, 2014.

Highlights 

  • Navigator Holdings Ltd. (NYSE: NVGS) reports revenue of $69.8 million for the first quarter ended March 31, 2014, an increase of 65% from revenue of $42.3 million for the first quarter of 2013, primarily as a result of the increase in the number of vessels in our fleet
  • Net income increased to $16.9 million for the first quarter ended March 31, 2014, compared to $7.6 million for the first quarter of 2013
  • EBITDA[1] increased to $35.9 million for the three months ended March 31, 2014 from $20.7 million for the three months ended March 31, 2013
  • Earnings per share increased to $0.31 for the three months ended March 31, 2014 from $0.18 for the three months ended March 31 2013, based on a significantly increased number of shares outstanding
  • Exercises an option to build an additional three 35,000 cubic meter ethylene/ethane capable semi-refrigerated liquefied gas carriers in April 2014
  • Thirteen newbuilding semi-refrigerated gas carriers on order, scheduled for delivery between June 2014 and December 2016

A Form 6-K is being filed with the U.S. Securities and Exchange Commission simultaneous with this release.

Tomorrow, Wednesday, May 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 May 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#

Audio Webcast: 

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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.

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 services 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 thirteen 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 thirteen 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 Holding Ltd.
                                        Consolidated Balance Sheets
                                                (Unaudited)

                                                           December 31          March 31
                                                              2013                2014
    Assets

    Current assets
    Cash and cash equivalents                            $ 194,740,045       $ 188,724,431
    Accounts receivable, net                                11,837,578          10,196,597
    Accrued income                                           7,902,234           2,311,268
    Prepaid expenses and other current assets                6,282,218           7,849,300
    Inventories                                              5,924,201           6,968,604

    Total current assets                                   226,686,276         216,050,200

    Non-current assets
    Long-term accounts receivables                             316,559             316,559

    Vessel in operation, net                             1,026,226,551       1,015,502,346
    Vessel under construction                               60,197,486          82,543,556
    Property, plant and equipment, net                         363,015             344,587
    Deferred Finance costs, net                             11,436,165          10,745,114

    Total assets                                       $ 1,325,226,052     $ 1,325,502,362

    Liabilities and stockholders' equity
    Current Liabilities
    Current portion of long-term debt                     $ 60,750,308        $ 58,275,308
    Accounts payable                                        13,585,924           7,954,169
    Accrued expenses and other liabilities                   6,438,384           8,047,332
    Accrued interest                                         4,261,971           6,730,353
    Deferred income                                          4,803,196           5,116,260

    Total current liabilities                               89,839,783          86,123,422

    Non-current liabilities
    Secured term loan facilities, net of current portion   389,734,262         377,021,685
    Senior unsecured bond                                  125,000,000         125,000,000

    Total non-current liabilities                          514,734,262         502,021,685

    Commitments and contingencies

    Stockholders' equity
    Common stock - $.01 par value per;
              400,000,000 shares authorized;
              55,326,765 shares issued and outstanding,
              (2013: 38,694,648) (1)                            553,267             553,267
    Additional paid-in capital                              584,030,816         583,850,368
    Accumulated other comprehensive loss                        (87,930)            (84,676)
    Retained earnings                                       136,155,854         153,038,296

    Total stockholders' equity                              720,652,007         737,357,255

    Total Liabilities and stockholders' equity          $ 1,325,226,052     $ 1,325,502,362
  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.

                                        Navigator Holding Ltd.
                                  Consolidated Statements of Income
                                             (Unaudited)

                                                        Three months        Three months
                                                       ended March 31      ended March 31
                                                            2013                2014
    Revenues
    Operating revenue                                    $ 42,312,898        $ 69,825,529

    Expenses
    Address and brokerage commissions                       1,119,922           1,484,569
    Voyage expenses                                         7,723,446           9,886,357
    Charter-in costs                                        1,374,718           2,100,000
    Vessel Operating expenses                               9,590,390          17,261,215
    Depreciation and amortization                           7,146,376          11,048,746
    General and administrative costs                        1,398,261           2,724,834
    Other corporate expenses                                  445,321             459,065

    Total operating expenses                               28,798,434          44,964,786

    Operating income                                       13,514,464          24,860,743
    Other income/(expense)
    Interest expense                                       (5,796,876)         (7,849,295)
    Interest income                                            33,528              92,018

    Income before income taxes                              7,751,116          17,103,466
    Income taxes                                             (132,800)           (221,024)

    Net Income                                            $ 7,618,316        $ 16,882,442

    Earning per share:
    Basic and diluted: (1)                                     $ 0.18              $ 0.31

    Weighted average number of shares outstanding:
    Basic and diluted: (1)                                 41,611,314          55,326,765
  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.

                                  Navigator Holding Ltd.
                    Consolidated Statements of Stockholders' Equity
                                       (Unaudited)

                                                      Accumulated
                              Common     Additional      Other
                          Stock at 0.01   Paid-in    Comprehensive    Retained
                           Par Value (1) Capital (1)  Income (Loss)   Earnings     Total
    January 1, 2013             386,946    352,379,033   (114,507)   95,172,018  447,823,490
    Insurance of common stock
    net of issuance cost        165,300    230,924,215          -             -  231,089,515
    Restricted shares
    issued March 31, 2013           600              -          -             -          600
    Restricted shares
    issued April 7, 2013            271              -          -             -          271
    Restricted shares
    issued April 11, 2013           150              -          -             -          150
    Net income                        -              -          -    40,983,836   40,983,836
    Foreign currency
    translation                       -              -     26,577             -       26,577
    Share-based
    compensation plan                 -        727,568                        -      727,568
    December 31, 2013           553,267    584,030,816    (87,930)  136,155,854  720,652,007
    Insurance of common stock
    net of issuance cost              -       (330,171)         -             -     (330,171)
    Net income                        -              -          -    16,882,442   16,882,442
    Foreign currency
    translation                       -              -      3,254             -        3,254
    Share-based
    compensation plan                 -        149,723          -             -      149,723
    March 31, 2014            $ 553,267  $ 583,850,368  $ (84,676) $153,038,296 $737,357,255
  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.

                                             Navigator Holding Ltd.
                                      Consolidated Statements of Cash Flow
                                                   (Unaudited)

                                                        Three months         Three months
                                                       ended March 31       ended March 31
                                                            2013                 2014
    Cash flows from operating activities
    Net income                                           $ 7,618,316          $ 16,882,442
    Adjustments to reconcile net income to net cash
    provided by operating activities
    Depreciation and amortization                          7,146,376            11,048,746
    Payment of drydocking costs                                    -                (3,496)
    Share-based compensation                                 190,498               149,723
    Amortization of deferred financing costs                 404,925               691,051
    Unrealized foreign exchange                              (62,214)                3,150
    Changes in operating assets and liabilities
    Accounts receivable                                     (510,452)            1,640,981
    Inventories                                           (1,120,362)           (1,044,403)
    Accrued income and prepaid
    expenses and other current assets                      1,683,896             4,023,884
    Accounts payable, accrued interest
    and other liabilities                                  2,479,357            (1,241,362)

    Net cash provided by operating activities             17,830,340            32,150,716

    Cash flows from investing activities
    Payment to acquire vessels                          (123,543,397)             (284,895)
    Payment for vessels under construction                (5,216,913)          (22,346,070)
    Purchase of other property, plant and equipment          (32,260)              (17,617)

    Net cash used in investing activities               (128,792,570)          (22,648,582)

    Cash flows from financing activities
    Direct financing costs of
    secured term loan facilities                          (4,725,000)                    -
    Repayment of secured term loan facilities             (6,710,627)          (15,187,577)
    Issuance costs of 9% senior unsecured bond               (25,179)                    -
    Proceeds from insurance of stock                      75,000,000                     -
    Issuance costs of stock                                  (19,977)             (330,171)

    Net Cash Provided / (used) by financing activities    63,519,217           (15,517,748)

    Net decrease in cash and cash equivalents            (47,443,013)           (6,015,614)

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

    Cash and cash equivalents at end of period          $ 93,427,304         $ 188,724,431

    Supplemental Information
    Total interest paid during the period,
    net of amounts capitalized                           $ 2,167,627           $ 4,689,863

    Total tax paid during the period                        $ 20,649              $ 77,036

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 Holdings Ltd




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