EPIC GAS LTD. (EPIC) RELEASE OF Q1 2015 RESULTS

EPIC GAS LTD.
FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO
31 March 2015

SINGAPORE, 12 May 2015 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the interim period ended March 31, 2015.  All amounts reported in US Dollars unless otherwise stated.

A conference call to discuss these results is scheduled for 12 May 2015 at 10:00 AM (New York) / 3:00PM (London) and can be accessed via the following dial-in information.

Conference call details:

United States:                          +1 631 510 7498

United Kingdom:                     08009530102

International:                          +44 (0) 1452 561394

Conference ID Number:          36654151


First Quarter 2015 Highlights

  • 3,292 calendar days, up 39% year over year
  • Revenue of $33.4 million, up 43% year over year
  • Adjusted EBITDA of $6.6 million, up 34% year over year
  • Time charter equivalent revenues of $8,857 per vessel calendar day, stable year over year
  • General and administrative expenses of $1,277 per vessel calendar day, down 24% year over year
  • Forward cover for balance of 2015 increased to 57% at $9,270 per day as of 31 March 2015
  • Completed delivery of 3 newbuildings from shipyards in Japan and closed sale of 2 older vessels bringing the Company’s on the water fleet to 37 vessels
  • Remaining newbuilding program of 1 vessel chartered-in and 7 owned vessels totalling $133 million in capital expenditure

 

Please click here to download a copy of the earnings release.