Dorian LPG announces Q3 fiscal 2016 financial results
Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended December 31, 2015.
Highlights – Third Quarter Fiscal 2016
Revenues of $93.3 million
Net Income of $54.7 million; Diluted Earnings Per Share of $0.97
Adjusted EBITDA of $68.7 million*
Took delivery of seven vessels under our ECO-design VLGC newbuilding program, the Clermont, the Cheyenne, the Cratis, the Commander, the Chaparral, the Copernicus, and the Challenger
Repurchased 480,231 shares of our common stock for $5.8 million
John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "The third quarter was an extremely busy period for Dorian as we took the delivery of seven new Eco-design VLGCs. Our cash flow generated from operations has allowed us to repurchase an additional 480,231 shares of our common stock for $5.8 million over the quarter under the board's previously announced authorization to repurchase up to $100 million on or before December 31, 2016. Going forward, we anticipate higher profits and cash generated from operations as a result of our larger fleet, assuming continued favorable market conditions. We will continue to evaluate ways to best return that cash to our investors, underscoring the commitment of both the board and management to increasing shareholder value."