Navigator Holdings Ltd. Announces its Third Quarter 2014 Results
LONDON, November 3, 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 nine months ended September 30, 2014.
Highlights
- Navigator Holdings Ltd. (NYSE: NVGS) reports revenue of $80.6 million for the three months ended September 30, 2014, an increase of 25.5% from revenue of $64.2 million for the three months ended September 30, 2013, in part as a result of the increase in the number of vessels in our fleet, but also as a result of improved vessel utilization and increased charter rates
- Net income increased 114.7% to $23.7 million for the three months ended September 30, 2014, compared to $11.0 million for the three months ended September 30, 2013
- EBITDA[1] increased to $42.5 million for the three months ended September 30, 2014 compared to $29.1 million for the three months ended September 30, 2013
- Earnings per share was $0.43 for the three months ended September 30, 2014, based on a significantly increased number of shares outstanding, up from $0.24 for the three months ended September 30, 2013
- The commencement of vessel deliveries from the newbuilding program, with Navigator Atlas in June 2014 and Navigator Europa in October 2014, two 21,000 semi-refrigerated ethylene capable vessels
- Placing an order for two 22,000 cubic meter semi-refrigerated gas carriers, both of which will operate under a time charter with an initial term of five year from delivery, scheduled to be during the first half of 2017.
A Form 6-K with detailed information on the third quarter 2014 financial results is being filed with the U.S. Securities and Exchange Commission simultaneous with this release. Tomorrow, Tuesday, November 4, 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 November 11, 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#
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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.
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 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 eleven newbuildings scheduled for delivery by the end of December 2016.
2013 Annual Report on Form 20-F
On March 17, 2014, Navigator Holdings Ltd announced that it had filed its Annual Report on Form 20-F for the year ended December 31, 2013 with the U.S. Securities and Exchange Commission, and it may be accessed on the website of the U.S. Securities and Exchange Commission at http://www.sec.gov. Navigator Holdings Ltd has also made its Annual Report on Form 20-F available on its own website at http://www.navigatorgas.com. Shareholders may also request a hard copy of the Annual Report, which includes the Company's complete 2013 audited financial statements, free of charge, by sending an email to: [email protected].
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 HOLDINGS LTD.
Consolidated Balance Sheets
(Unaudited)
December 31, September 30,
2013 2014
Assets
Current assets
Cash and cash equivalents $ 194,740,045 $ 57,288,163
Accounts receivable, net 11,837,578 6,198,260
Accrued income 7,902,234 6,127,431
Prepaid expenses and other current
assets 6,282,218 9,370,736
Inventories 5,924,201 5,946,689
Total current assets 226,686,276 84,931,279
Non-current assets
Long-term debtors 316,559 316,559
Vessels in operation, net 1,026,226,551 1,051,356,195
Vessels under construction 60,197,486 100,714,101
Property, plant and equipment, net 363,015 327,997
Deferred finance costs, net 11,436,165 9,756,116
Total assets $ 1,325,226,052 $ 1,247,402,247
Liabilities and stockholders' equity
Current liabilities
Current portion of long-term debt $ 60,750,308 $ 55,825,308
Accounts payable 13,585,924 8,078,608
Accrued expenses and other
liabilities 6,438,384 6,275,170
Accrued interest 4,261,971 5,890,798
Deferred income 4,803,196 6,571,611
Total current liabilities 89,839,783 82,641,495
Non-current liabilities
Secured term loan facilities, net of
current portion 389,734,262 258,471,531
Senior unsecured bond 125,000,000 125,000,000
Total non-current liabilities 514,734,262 383,471,531
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 584,030,816 584,474,828
Accumulated other comprehensive
income / (loss) (87,930) (99,627)
Retained earnings 136,155,854 196,360,629
Total stockholders' equity 720,652,007 781,289,221
Total liabilities and stockholders'
equity $ 1,325,226,052 $ 1,247,402,247
See accompanying notes to condensed consolidated financial statements.
NAVIGATOR HOLDINGS LTD.
Consolidated Statements of Income
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2013 2014 2013 2014
Revenues
Operating
revenue $ 64,214,825 $ 80,612,380 $ 167,031,162 $ 226,500,941
Expenses
Address and
brokerage
commissions 1,350,877 1,764,707 3,925,711 5,011,167
Voyage expenses 13,644,729 13,818,047 35,904,888 35,875,055
Charter-in costs 1,800,000 2,096,705 4,974,718 6,296,705
Vessel operating
expenses 14,971,717 17,622,528 37,904,871 52,716,523
Depreciation and
amortization 10,125,125 11,532,336 25,807,664 33,727,184
General and
administrative
costs 1,427,504 2,414,905 4,622,147 7,699,034
Other corporate
expenses 1,928,515 368,344 2,927,698 1,749,694
Total operating
expenses 45,248,467 49,617,572 116,067,697 143,075,362
Operating income 18,966,358 30,994,808 50,963,465 83,425,579
Other
income/(expense)
Interest expense (7,814,207) (7,274,065) (20,553,641) (22,942,738)
Interest income 12,146 10,066 58,325 226,856
Income before
income taxes 11,164,297 23,730,809 30,468,149 60,709,697
Income taxes (141,704) (71,904) (365,622) (504,922)
Net income $ 11,022,593 $ 23,658,905 $ 30,102,527 $ 60,204,775
Earnings per
share:
Basic: [1] $ 0.24 $ 0.43 $ 0.67 $ 1.09
Diluted: [1] $ 0.24 $ 0.43 $ 0.67 $ 1.09
Weighted average number of
shares outstanding:
Basic:[1] 46,296,765 55,339,113 44,751,186 55,334,454
Diluted: [1] 46,296,765 55,566,168 44,751,186 55,475,844
(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)
September 30, September 30,
2013 2014
Cash flows from operating activities
Net income $ 30,102,527 $ 60,204,775
Adjustments to reconcile net income to net
cash
provided by operating activities
Depreciation and amortization 25,807,664 33,727,184
Payment of drydocking costs (1,954,597) (5,116,513)
Amortization of share-based compensation 578,557 782,012
Amortization of deferred financing costs 1,432,742 2,130,049
Unrealized foreign exchange (4,124) (10,608)
Changes in operating assets and
liabilities
Accounts receivable (6,131,023) 5,639,318
Inventories (4,792,472) (22,487)
Accrued income and prepaid expenses and
other current assets (93,116) (1,313,715)
Accounts payable, accrued interest and
other liabilities 9,672,170 (2,273,288)
Net cash provided by operating activities 54,618,328 93,746,727
Cash flows from investing activities
Payment to acquire vessels (386,854,041) (648,314)
Payment for vessels under construction (24,762,252) (93,461,839)
Purchase of other property, plant and
equipment (80,038) (112,849)
Release of short-term investment 10,000,000 -
Placement of short-term investment (10,000,000) -
(94,223,002)
Net cash used in investing activities (411,696,331)
Cash flows from financing activities
Proceeds from secured term loan facilities 218,700,000 30,000,000
Direct financing costs of secured term
loan facilities (6,785,568) (450,000)
Repayment of secured term loan facilities (23,143,127) (166,187,731)
Issuance costs of 9% senior unsecured bond (113,645) -
Proceeds from issuance of stock 75,000,000 -
Issuance costs of stock (19,978) (337,876)
Issuance costs of planned stock issue (1,417,005) -
Net cash provided / (used) by financing
activities 262,220,677 (136,975,607)
Net decrease in cash and cash equivalents (94,857,326) (137,451,882)
Cash and cash equivalents at beginning of
period 140,870,317 194,740,045
Cash and cash equivalents at end of period $ 46,012,991 $ 57,288,163
Supplemental Information
Total interest paid during the year, net
of amounts capitalized $ 14,259,742 $ 19,183,544
Total tax paid during the year $ 97,470 $ 396,249
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
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