Dorian LPG Ltd. announces Q4, FY2017 financial results
Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern very large gas carriers ("VLGCs"), last week released its financial results for the three months and fiscal year ended March 31, 2017, the Company said in a media release.
Highlights for the Fourth Quarter and Fiscal Year Ended March 31, 2017
- Revenues of $47.6 million and $167.4 million for the three months and year ended March 31, 2017.
- Daily Time Charter Equivalent ("TCE")(1) rate for our fleet of $24,677 and $22,037 for the three months and year ended March 31, 2017.
- Net income of $2.0 million, or $0.04 earnings/(loss) per basic and diluted share ("EPS"), and adjusted net income(1) of $1.0 million, or $0.02 adjusted diluted earnings/(loss) per share ("adjusted EPS")(1), for the three months ended March 31, 2017.
- Net loss of $(1.4) million, or $(0.03) EPS, and adjusted net loss(1) of $(28.9) million, or $(0.54) adjusted EPS(1), for the year ended March 31, 2017.
- Adjusted EBITDA(1) of $26.5 million and $83.3 million for the three months and year ended March 31, 2017.
- Increased vessel operating days to 1,906 in the three months ended March 31, 2017 from 1,826 in the same period in the prior year, along with increased fleet utilization from 91.8% to 96.3%.
- Increased vessel operating days to 7,464 in the year ended March 31, 2017 from 5,031 in the prior year, along with increased fleet utilization from 93.1% to 93.6%.
Key Recent Developments
On May 31, 2017, we entered into an agreement to amend our $758 million debt facility that we entered into in March 2015 to relax certain covenants, release $26.8 million of restricted cash to be applied towards the next two debt principal payments, interest and certain fees, and modify certain other terms, including an expanded definition of the components of consolidated liquidity.
On June 8, 2017, we entered into a $97.0 million bridge loan agreement with DNB Capital LLC and used the proceeds to pay off our term loans with the Royal Bank of Scotland (the "RBS Loan Facility") at 96% of the then outstanding principal amount and to pay accrued interest, legal, arrangement and advisory fees related to the bridge loan. As part of this transaction, $6.0 million of cash previously restricted under the RBS Loan Facility was released as unrestricted cash for use in operations.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently owns and operates twenty-two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece.
