Ardmore Shipping Corporation today announced results for the three and nine months ended September 30, 2013, the company said in its press release.
Reported EBITDA (see Non-GAAP Measures section below) of $2.8 million for the three months ended September 30, 2013, an increase of $2.0 million from $0.8 million for the three months ended September 30, 2012. The Company reported a net loss of $0.9 million, or $0.05 basic and diluted loss per share, for the three months ended September 30, 2013, as compared to a net loss of $1.4 million, or $0.08 basic and diluted adjusted loss per share for the three months ended September 30, 2012.
Excluding non-recurring IPO-related expenses, adjusted EBITDA (see Non-GAAP Measures section below) was $3.2 million for the three months ended September 30, 2013, an increase of $2.4 million from $0.8 million for the three months ended September 30, 2012. Adjusted net loss was $0.6 million (see Non-GAAP Measures section below), or $0.03 basic and diluted adjusted loss per share, for the three months ended September 30, 2013 as compared to adjusted net loss of $1.4 million, or $0.08 basic and diluted adjusted loss per share for the three months ended September 30, 2012.
Acquired a 2006-built MR product tanker constructed at Minami Nippon Shipbuilding Co., Ltd, Japan on October 28, 2013, for a purchase price of approximately $20.5 million.
Renewed the time charter for the Ardmore Seamaster in October 2013, at an increased rate of $14,250 per day plus a bonus of $250 per day when the vessel transports IMO3 cargos. This time charter is due to expire in July 2014.
Commenced a third party spot chartering arrangement with Nordic Womar Pte. Ltd for the Ardmore Centurion in product and chemical trades.
The Board of Directors declared an initial cash dividend of $0.066 per share on October 31, 2013 for the period August 1, 2013 to September 30, 2013. The dividend will be paid on November 20, 2013 to all shareholders of record as at November 8, 2013.
Anthony Gurnee, the Company’s Chief Executive Officer commented:
“We are pleased with the Company’s third quarter results, as the market continued to trend up and the vessels delivered year-to-date contributed to EBITDA growth. Complementing our financial performance during the quarter, we successfully completed the IPO on the New York Stock Exchange, finalized the acquisition of ten newbuildings, and entered into a commercial arrangement with Vitol Group on six MR tankers.
“We continue to execute the strategy set forth at the time of the IPO. In October, we acquired a high quality second-hand MR tanker at a very attractive price, positioning the Company to continue increasing its fleet size and near-term cash flow potential. In addition, we completed the upgrade of the Ardmore Seamaster to IMO3 and renewed the contract at an improved rate of $14,250 plus an additional $250 per day when the vessel transports IMO3 cargos. Our newbuilding program is progressing well, with two Eco-Design MR’s on schedule to deliver from SPP Shipbuilding in January 2014 and steel cutting commenced on the first of our four newbuildings at Fukuoka Shipbuilding in early November.”