LONDON, May 9, 2016 /PRNewswire/ --
- Navigator Holdings Ltd. (NYSE: NVGS) reports revenue of $76.4 million for the three months ended March 31, 2016.
- Net income was $19.4 million for the three months ended March 31, 2016 or an earnings per share of $0.35.
- During the quarter, we took delivery of a further newbuilding vessel, Navigator Ceto, taking our total fleet to 30 vessels on the water at March 31, 2016.
- EBITDA was $41.9 million for the three months ended March 31, 2016.
- On January 27, 2016, Navigator Aries left Keppel Shipyard in Singapore following the completion of repairs required as a result of the collision that it was involved in near Surabaya, Indonesia in June 2015. On March 22, 2016, Navigator Aries entered into a two year time charter with Pertamina.
- On April 14, 2016 Navigator Copernico was delivered. An existing order book of six semi-refrigerated and one fully refrigerated gas carrier newbuildings, are due for delivery between August 2016 and July 2017.
A Form 6-K with detailed information on the first quarter 2016 financial results is being filed with the U.S. Securities and Exchange Commission simultaneous with this release.
 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. See Appendix A below for a reconciliation of EBITDA to net income, our most directly comparable financial measure calculated accordance with U.S. GAAP.
Conference Call Details:
Tomorrow, Tuesday, May 10, 2016, at 9:00 A.M. ET, the Company's management team will host a conference call to discuss the financial results.
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 Tuesday, May 17, 2016 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#
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 38 semi- or fully-refrigerated liquefied gas carriers, including seven newbuildings scheduled for delivery by July 2017.
FORWARD LOOKING STATEMENTS
Statements included in this press release concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto, including our financial forecast, 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 seven 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 other periodic 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, March 31, 2015 2016 Assets (in thousands except share data) Current assets Cash and cash equivalents $ 87,779 $ 77,131 Accounts receivable, net 9,050 11,258 Accrued income 5,647 7,701 Prepaid expenses and other current assets 8,754 13,077 Inventories 3,480 4,677 Insurance recoverable 10,289 6,007 Total current assets 124,999 119,851 Non-current assets Vessels in operation, net 1,264,451 1,307,161 Vessels under construction 170,776 163,365 Property, plant and equipment, net 279 256 Total non-current assets 1,435,506 1,470,782 Total assets $ 1,560,505 $ 1,590,633 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt, net of deferred financing costs $ 59,024 $ 61,391 Accounts payable 11,471 5,498 Accrued expenses and other liabilities 9,065 10,116 Accrued interest 3,117 5,943 Deferred income 6,606 3,354 Total current liabilities 89,283 86,302 Non-current liabilities Secured term loan facilities, net of current portion and deferred financing costs 436,131 449,440 Senior unsecured bond 125,000 125,000 Total non-current liabilities 561,131 574,440 Total liabilities 650,414 660,742 Commitments and contingencies Stockholders' equity Common stock - $.01 par value; 400,000,000 shares authorized; 55,426,872 shares issued and outstanding, (2014: 55,346,467) 554 554 Additional paid-in capital 586,451 586,846 Accumulated other comprehensive loss (465) (454) Retained earnings 323,551 342,945 Total stockholders' equity 910,091 929,891 Total liabilities and stockholders' equity $ 1,560,505 $ 1,590,633
Navigator Holdings Ltd.
Consolidated Statements of Income
Three months ended March 31, (in thousands except share data) 2015 2016 Revenues Net operating revenue $ 74,197 $ 76,375 Expenses Brokerage commissions 1, 630 1,502 Voyage expenses 6,871 7,093 Vessel operating expenses 17,971 22,405 Depreciation and amortization 12,800 14,575 General and administrative costs 2,654 2,957 Other corporate expenses 363 550 Total operating expenses 42,289 49,082 Operating income 31,908 27,293 Other income/(expens e) Interest expense (6,797) (7,783) Write off of deferred finance costs (1,797) - Interest income 4 78 Income before income taxes 23,318 19,588 Income taxes (234) (194) Net income $ 23,084 $ 19,394 Earnings per share: Basic: $ 0.42 $ 0.35 Diluted: $ 0.42 $ 0.35 Weighted average number of shares outstanding: Basic: 55,349,422 55,365,557 Diluted: 55,598,958 55,743,997
Navigator Holdings Ltd.
Consolidated Statements of Cash Flows
Three months ended Three months ended
March 31, March 31, 2015 2016 (in thousands) (in thousands) Cash flows from operating activities Net income $ 23,084 $ 19,394 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 12,800 14,575 Payment of drydocking costs 56 (2,030) Insurance claim debtor - (418) Amortization of share-based compensation 347 395 Amortization of deferred financing costs 2,498 732 Unrealized foreign exchange (236) 17 Changes in operating assets and liabilities Accounts receivable (76) (2,208) Inventories (957) (1,197) Accrued income and prepaid expenses and other current assets (10,881) (6,795) Accounts payable, accrued interest and other liabilities 1,091 (5,347) Net cash provided by operating activities 27,726 17,118 Cash flows from investing activities Payment to acquire vessels (300) (247) Payment for vessels under construction (52,165) (39,212) Purchase of other property, plant and equipment (22) (17) Receipt of shipyard penalty payments - 417 Insurance recoveries 257 4,700 Capitalized costs for the repair of Navigator Aries - (8,351) Net cash used in investing activities (52,230) (42,710) Cash flows from financing activities Proceeds from secured term loan facilities 30,000 31,150 Direct financing costs of secured term loan facilities (2,296) (155) Repayment of secured term loan facilities (15,213) (16,051) Net cash (used in) / provided by financing activities 12,491 14,944 Net (decrease) / increase in cash and cash equivalents (12,013) (10,648) Cash and cash equivalents at beginning of period 62,526 87,779 Cash and cash equivalents at end of period $ 50,513 $ 77,131 Supplemental Information Total interest paid during the period, net of amounts capitalized $ 4,122 $ 5,527 Total tax paid during the period $ 73 $ 77
The following table sets forth a reconciliation of net income to EBITDA for the periods presented:
Three months ended March 31, (in thousands) 2015 2016 Net income $ 23,084 $ 19,394 $ Net interest expense 8,590 7,705 Income taxes 234 194 Depreciation and amortization 12,800 14,575 EBITDA $ 44,708 $ 41,868 $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