Navigator Holdings Ltd Announces its Second Quarter 2014 Results
LONDON, August 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 and six months ended June 30, 2014.
Highlights
- Navigator Holdings Ltd. (NYSE: NVGS) reports revenue of $76.1 million for the second quarter ended June 30, 2014, an increase of 25.8% from revenue of $60.5 million for the second quarter of 2013, primarily as a result of the increase in the number of vessels in our fleet, increased charter rates and improved utilization
- Net income increased 71.3% to $19.7 million for the second quarter, compared to $11.5 million for the second quarter of 2013
- EBITDA[1] increased to $38.7 million for the three months ended June 30, 2014 from $27.0 million for the three months ended June 30, 2013
- Earnings Per Share was $0.36 for the three months ended June 30, 2014, based on a significantly increased number of shares outstanding, up from $0.25 for the three months ended June 30 2013
- Delivery of the first of thirteen newbuilding vessels occurred in June 2014, Navigator Atlas, a 21,000 semi-refrigerated ethylene capable vessel
- Twelve newbuilding semi-refrigerated gas carriers on order, scheduled for delivery between September 2014 and December 2016
A Form 6-K with detailed information on the second quarter 2014 financial results is being filed with the U.S. Securities and Exchange Commission simultaneous with this release. Tomorrow, Thursday, August 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 August 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#
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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 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 twelve 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 twelve 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, June 30,
2013 2014
Assets
Current assets
Cash and cash equivalents $ 194,740,045 $ 159,216,275
Accounts receivable, net 11,837,578 6,844,776
Accrued income 7,902,234 9,494,569
Prepaid expenses and other
current assets 6,282,218 9,200,379
Inventories 5,924,201 7,193,709
Total current assets 226,686,276 191,949,708
Non-current assets
Long-term debtors 316,559 316,559
Vessels in operation, net 1,026,226,551 1,059,710,983
Vessels under construction 60,197,486 95,560,966
Property, plant and
equipment, net 363,015 375,977
Deferred finance costs, net 11,436,165 10,050,069
Total assets $ 1,325,226,052 $ 1,357,964,262
Liabilities and stockholders'
equity
Current liabilities
Current portion of long-term
debt $ 60,750,308 $ 58,300,308
Accounts payable 13,585,924 10,338,879
Accrued expenses and other
liabilities 6,438,384 7,731,635
Accrued interest 4,261,971 3,909,547
Deferred income 4,803,196 3,448,646
Total current liabilities 89,839,783 83,729,015
Non-current liabilities
Secured term loan facilities,
net of current portion 389,734,262 391,809,108
Senior unsecured bond 125,000,000 125,000,000
Total non-current liabilities 514,734,262 516,809,108
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 584,030,816 584,141,693
Accumulated other
comprehensive income / (loss) (87,930) 29,330
Retained earnings 136,155,854 172,701,725
Total stockholders' equity 720,652,007 757,426,139
Total liabilities and
stockholders' equity $ 1,325,226,052 $ 1,357,964,262
See accompanying notes to condensed consolidated financial statements.
NAVIGATOR HOLDINGS LTD.
Consolidated Statements of Income
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2013 2014 2013 2014
Revenues
Operating
revenue $ 60,503,439 $ 76,063,032 $ 102,816,337 $ 145,888,561
Expenses
Address and
brokerage
commissions 1,454,912 1,761,891 2,574,834 3,246,460
Voyage expenses 14,536,713 12,170,651 22,260,159 22,057,008
Charter-in costs 1,800,000 2,100,000 3,174,718 4,200,000
Vessel operating
expenses 13,342,764 17,832,779 22,933,154 35,093,994
Depreciation and
amortization 8,536,163 11,146,102 15,682,539 22,194,848
General and
administrative
costs 1,796,382 2,559,295 3,194,643 5,284,129
Other corporate
expenses 553,862 922,285 999,183 1,381,350
Total operating
expenses 42,020,796 48,493,003 70,819,230 93,457,789
Operating income 18,482,643 27,570,029 31,997,107 52,430,772
Other
income/(expense)
Interest expense (6,942,558) (7,819,378) (12,739,434) (15,668,673)
Interest income 12,651 124,772 46,179 216,790
Income before
income taxes 11,552,736 19,875,423 19,303,852 36,978,889
Income taxes (91,118) (211,994) (223,918) (433,018)
Net income $ 11,461,618 $ 19,663,429 $ 19,079,934 $ 36,545,871
Earnings per
share:
Basic: (1) $ 0.25 $ 0.36 $ 0.43 $ 0.66
Diluted: (1) $ 0.25 $ 0.35 $ 0.43 $ 0.66
Weighted average
number of shares
outstanding:
Basic: (1) 46,293,327 55,337,349 43,965,585 55,332,086
Diluted: (1) 46,293,327 55,535,396 43,965,585 55,431,657
(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)
June 30, June 30,
2013 2014
Cash flows from operating activities
Net income $ 19,079,934 $ 36,545,871
Adjustments to reconcile net income
to net cash
provided by operating activities
Depreciation and amortization 15,682,539 22,194,848
Payment of drydocking costs (1,392,598) (2,277,898)
Amortization of share-based
compensation 390,111 451,172
Amortization of deferred financing
costs 842,108 1,386,096
Unrealized foreign exchange (70,656) 107,562
Changes in operating assets and
liabilities
Accounts receivable (2,199,526) 4,992,802
Inventories (3,539,610) (1,269,508)
Accrued income and prepaid expenses
and other current assets (3,543,370) (4,510,495)
Accounts payable, accrued interest
and other liabilities 2,456,179 (3,660,769)
Net cash provided by operating
activities 27,705,111 53,959,681
Cash flows from investing activities
Payment to acquire vessels (273,072,920) (350,477)
Payment for vessels under
construction (10,556,464) (88,308,704)
Purchase of other property, plant and
equipment (47,030) (108,945)
Release of short-term investment 10,000,000 -
Placement of short-term investment (10,000,000) -
Net cash used in investing activities (283,676,414) (88,768,126)
Cash flows from financing activities
Proceeds from secured term loan
facilities 147,150,000 30,000,000
Direct financing costs of secured
term loan facilities (6,669,871) -
Repayment of secured term loan
facilities (13,421,254) (30,375,154)
Issuance costs of 9% senior unsecured
bond (25,179) -
Proceeds from issuance of stock 75,000,000 -
Issuance costs of stock (19,978) (340,171)
Net cash provided / (used) by
financing activities 202,013,718 (715,325)
Net decrease in cash and cash
equivalents (53,957,585) (35,523,770)
Cash and cash equivalents at
beginning of period 140,870,317 194,740,045
Cash and cash equivalents at end of
period $ 86,912,732 $ 159,216,275
Supplemental Information
Total interest paid during the year,
net of amounts capitalized $ 10,786,776 $ 14,685,002
Total tax paid during the year $ 32,496 $ 326,695
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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