Navigator Holdings Ltd. Preliminary First Quarter 2016 Results
LONDON, May 9, 2016 /PRNewswire/ --
Highlights
- 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.
[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. 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#
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 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
(Unaudited)
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
(Unaudited)
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
(Unaudited)
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
Appendix A
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
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