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Navigator Holdings Ltd. Announces Preliminary Results for the Three Months Ended September 30, 2016
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PR Newswire
LONDON, November 7, 2016
LONDON, November 7, 2016 /PRNewswire/ --
Highlights
- Navigator Holdings Ltd. (NYSE: NVGS) (the "Company", "we" or "our") reports net income of $6.5 million for the three months ended September 30, 2016, with earnings per share of $0.12.
- Revenue was $69.7 million for the three months ended September 30, 2016.
- EBITDA[1] was $30.4 million for the three months ended September 30, 2016.
- Took delivery of the first of our four midsize semi-refrigerated ethane/ethylene capable newbuilding vessels, on August 2, 2016 Navigator Aurora. This vessel will commence on a ten-year charter in December 2016.
- On October 8, 2016 Navigator Eclipse, the second of our four midsize semi-refrigerated ethane/ethylene capable vessels, was delivered. This vessel will commence a nine-month time charter in November 2016.
- On October 31, 2016, the Company entered into a new $220.0 million Facility Agreement to , among other things, refinance two existing facilities that mature in April 2017 and provide delivery financing of up to 70% for our newbuilding, Navigator Jorf.
- The Company has benefited from increasing demand for the transportation of petrochemicals gases, with the proportion of our total revenue from long-haul trade increasing from 20% in the first quarter to approximately 45% in the third quarter 2016.
Throughout the third quarter of 2016, the narrow arbitrage for liquefied petroleum gas (LPG) continued to stifle any material change in freight rates or employment. Several very large gas carrier (VLGC) cargo stems nominated for exports from the U.S. Gulf were cancelled during the first part of the third quarter of 2016, due to negative returns after taking into account terminal fees and transportation costs against the landed cost at the various buying locations. U.S. inventories of LPG reached 100 million barrels during the quarter however this had little impact in increasing U.S competitiveness against other global producing areas. VLGC and Medium sized gas carrier quoted 12 months charter rates declined from $640,000 per calendar month (pcm) and $645,000 pcm respectively at the end of second quarter to $480,000 pcm / $565,000 pcm at the end of the third quarter, with the handysize semi-refrigerated quoted 12 month charter rates reducing from $625,000 pcm to $515,000 pcm over the quarter.
Due to the challenged LPG market we have continued to migrate our available fleet from transporting LPG to petrochemical trades. These trades are typically deep sea in nature which provides utilization and increasing probability of triangulation between the various petrochemical gases. Our product portfolio and customer mix have dramatically changed during the year as a direct effect of this transition, as our capabilities to participate in transporting petrochemicals have created more opportunities for us than if our vessels were only capable of transporting LPG. At the beginning of 2016, the transportation of petrochemicals accounted for less than half of our earning days for those vessels trading on the spot market, whereas in this third quarter, the percentage had increased to approximately 90%, helping us to maintain or improve utilization. Given the forward curve of hydrocarbon market pricing and the additional vessels coming to the global fleet, we expect LPG market softness to continue for the remainder of 2016 and much of 2017.
[1] EBITDA is a non-GAAP financial measure and represents net income before net interest expense, income taxes and depreciation and amortization. Management believes that EBITDA is useful to investors in evaluating the operating performance of the Company. EBITDA does not represent and should not be considered as an alternative to any financial measure prepared in accordance with U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. See the table below for a reconciliation of EBITDA to net income, our most directly comparable financial measure calculated accordance with U.S. GAAP.
Reconciliation of Non-GAAP Financial Measure
The following table sets forth a reconciliation of net income to EBITDA for the three months ended September 30, 2016:
$'000's
Net income $ 6,476
Net interest expense 7,886
Income taxes 207
Depreciation and
amortization 15,804
EBITDA $ 30,373
A Form 6-K with more detailed information on our third quarter 2016 financial results is being filed with the U.S. Securities and Exchange Commission simultaneous with this release for the quarter ended September 30, 2016.
Conference Call Details:
Tomorrow, Tuesday, November 8, 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.
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.
A telephonic replay of the conference call will be available until Tuesday, November 15, 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#
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 five 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;
- fluctuations in currencies and interest rates;
- 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 refinance our indebtedness that matures in 2017 or 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 five 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;
- our expectation that we will continue to provide in-house technical management for some vessels in our fleet and our success in providing such in-house technical management; and
- other factors detailed from time to time in other periodic reports we file with the 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, September 30,
2015 2016
(Unaudited)
Assets (in thousands except share data)
Current assets
Cash and cash equivalents $ 87,779 $ 49,847
Accounts receivable, net 9,050 10,637
Accrued income 5,647 9,798
Prepaid expenses and other
current assets 8,754 9,194
Inventories 3,480 6,750
Insurance recoverable 10,289 5,422
Total current assets 124,999 91,648
Non-current assets
Vessels in operation, net 1,264,451 1,413,887
Vessels under construction 170,776 154,025
Property, plant and
equipment, net 279 198
Total non-current assets 1,435,506 1,568,110
Total assets $ 1,560,505 $ 1,659,758
Liabilities and
stockholders' equity
Current liabilities
Current portion of
long-term debt, net of
deferred financing costs $ 59,024 $ 182,808
Accounts payable 11,471 5,371
Accrued expenses and other
liabilities 9,065 9,295
Accrued interest 3,117 5,802
Deferred income 6,606 1,823
Total current liabilities 89,283 205,099
Non-current liabilities
Secured term loan
facilities, net of current
portion and deferred
financing costs 436,131 381,326
Senior unsecured bond 125,000 125,000
Total non-current
liabilities 561,131 506,326
Total liabilities 650,414 711,425
Stockholders' equity
Common stock - $.01 par
value;
400,000,000 shares
authorized; 55,437,695
shares
issued and outstanding,
(2015: 55,363,467) 554 554
Additional paid-in capital 586,451 587,637
Accumulated other
comprehensive loss (465) (401)
Retained earnings 323,551 360,543
Total stockholders' equity 910,091 948,333
Total liabilities and
stockholders' equity $ 1,560,505 $ 1,659,758
Navigator Holdings Ltd.
Consolidated Statements of Income
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
(in thousands except share (in thousands except
data) share data)
2015 2016 2015 2016
Revenues
Operating
revenue $ 78,215 $ 69,741 $ 236,553 $ 218,657
Expenses
Brokerage
commissions 1,655 1,372 5,191 4,382
Voyage
expenses 9,187 11,869 27,362 28,287
Vessel
operating
expenses 20,379 22,126 57,692 68,243
Depreciation
and
amortization 12,949 15,804 38,860 45,655
General and
administrati
ve costs 2,742 3,120 8,096 9,180
Other
corporate
expenses 781 377 2,314 1,610
Write off of
insurance
claim
receivable - 504 - 504
Profit from
sale of
vessel (550) - (550) -
Total
operating
expenses 47,143 55,172 138,965 157,861
Operating
income 31,072 14,569 97,588 60,796
Other
income/(expe
nse)
Interest
expense (7,124) (7,957) (20,920) (23,442)
Write off of
deferred
financing
costs - - (1,797) -
Interest
income 59 71 89 240
Income
before
income taxes 24,007 6,683 74,960 37,594
Income taxes (160) (207) (610) (602)
Net income $ 23,847 $ 6,476 $ 74,350 $ 36,992
Earnings per
share:
Basic: $ 0.43 $ 0.12 $ 1.34 $ 0.67
Diluted: $ 0.43 $ 0.12 $ 1.33 $ 0.66
Weighted average
number of shares
outstanding:
55,363,46 55,437,69 55,358,83
Basic: 7 5 7 55,413,855
55,741,90 55,812,93 55,694,03
Diluted: 7 5 9 55,790,240
Navigator Holdings Ltd.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months ended Nine Months ended
September 30, September 30,
2015 2016
(in thousands) (in thousands)
Cash flows from operating activities
Net income $ 74,350 $ 36,992
Adjustments to reconcile net income
to net cash
provided by operating activities
Depreciation and amortization 38,860 45,655
Payment of drydocking costs (7,023) (9,729)
Insurance claim debtor - 167
Amortization of share-based
compensation 1,223 1,186
Amortization of deferred financing
costs 4,083 2,233
Unrealized foreign exchange (69) 84
Profit from sale of vessel (550) -
Changes in operating assets and
liabilities
Accounts receivable (3,018) (1,586)
Inventories 1,044 (3,269)
Accrued income and prepaid expenses
and other current assets (935) (5,009)
Accounts payable, accrued interest
and other liabilities 672 (7,970)
Net cash provided by operating
activities 108,637 58,754
Cash flows from investing activities
Payment to acquire vessels (2,076) (1,372)
Payment for vessels under
construction (164,638) (158,403)
Purchase of other property, plant
and equipment (94) (42)
Receipt of shipyard penalty payments 1,276 417
Insurance recoveries 391 4,700
Proceeds from sale of vessel 31,958 -
Capitalized costs for the repairs of
Navigator Aries - (8,732)
Net cash used in investing
activities (133,183) (163,432)
Cash flows from financing activities
Proceeds from secured term loan
facilities 126,550 116,970
Direct financing costs of secured
term loan facilities (2,399) (155)
Repayment of secured term loan
facilities (54,771) (50,069)
Net cash provided by financing
activities 69,380 66,746
Net increase/(decrease) in cash and
cash equivalents 44,834 (37,932)
Cash and cash equivalents at
beginning of period 62,526 87,779
Cash and cash equivalents at end of
period $ 107,360 $ 49,847
Supplemental Information
Total interest paid during the
period, net of amounts capitalized $ 18,925 $ 21,997
Total tax paid during the period $ 491 $ 454
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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