Epic Gas Ltd. – Release of Preliminary FY2017 Results
EPIC GAS LTD
PRELIMINARY FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED
31 December 2017
SINGAPORE, 14 February 2018 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the fiscal year ended December 31, 2017. All amounts reported in US Dollars unless otherwise stated.
A conference call to discuss these results is scheduled for 14 February 2018 at 10:00 AM (New York) / 3:00PM (London) and can be accessed via the following dial-in information.
Conference call details:
United States: +1 845 507 1610
United Kingdom: +44 203 651 4876
Singapore: +65 31580667
Hong Kong: +852 3051 2792
International: +61 283 733 610
Conference ID Number: 4093319
Audio Webcast – Slides Presentation:
There will be a live and then archived audio webcast of the conference call, via the internet through the Epic Gas website www.epic-gas.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation on the fourth quarter ended December 31, 2017 financial results will be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company’s website www.epic-gas.com on the investor relations page.
Participants to the webcast are urged to download the PDF presentation as the conference call will follow the presentation slides.
Fiscal Year 2017 Highlights
- Vessel Calendar days up 8% year over year to 14,946 days
- Revenue of $139.5 million, up 8% year over year
- Time charter equivalent revenues of $8,210 per vessel calendar day, up 1% year over year
- General & administrative expenses of $1,006 per vessel calendar day, down 2% year overyear
- Adjusted EBITDA of $29.4 million, up 14% year over year
- Net Loss of $18.0 million before a non-cash impairment charge on goodwill of $12.9 million
- $32.3 million Private Placement of common equity closed in March 2017
- 7-year, $90 million senior secured term loan completed in March 2017 to refinance two loan facilities that were due to mature in December 2017 and 2019/2020 respectively
- 5-year, $8.5 million senior secured term loan drawn down to part-finance acquisition of 2009 built 7,500 cubic metre (cbm) vessel
- Delivery of 3 new buildings from shipyards in Japan (2 owned, one bareboat chartered in), capital expenditure of $19 million ofwhich $18 million drawn under existing loan facility
- As of 31 December 2017, 41 vessels on the water
Please click here to download a full copy of this preliminary financial statements.