STEALTHGAS

 





FORM 6-K


SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549




Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934




For the month of February 2007




STEALTHGAS INC.

331 KIFISSIAS AVENUE

ERITHREA 14561

ATHENS, GREECE


(011)(30)(210) 625 2849

(Address, including zip code, and telephone number,

including area code, of registrant's principal executive offices)




Indicate by check mark whether the registrant files or will file annual reports

under cover Form 20-F or Form 40-F.


Form 20-F [X] Form 40-F [_]


Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.


Yes [_] No [X]




INFORMATION CONTAINED IN THIS FORM 6-K REPORT


Attached hereto as Exhibit 1 is a copy of the release issued by Stealthgas, Inc. on February 23 2007












EXHIBIT 1




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STEALTHGAS INC. REPORTS FOURTH QUARTER

AND FULL YEAR 2006 RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.1875 PER COMMON SHARE


ATHENS, GREECE, February 23, 2007.  STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and full-year period ended December 31, 2006.


Fourth Quarter 2006 Results


For the fourth quarter ended December 31, 2006, net revenues amounted to $20.4 million and net income was $4.8 million. Earnings per share, basic and diluted, calculated on 14,400,000 weighted average number of shares outstanding, were $0.33. EBITDA for the fourth quarter of 2006 was $10.2 million.  


For the fourth quarter of 2006, the Company reported an unrealized, non-cash loss of $28,777 on three previously disclosed interest rate swap arrangements. Before these non-cash charges, net income was $4.8 million, or $0.34 per share, basic and diluted.


An average of 28 vessels were owned and operated in the fourth quarter of 2006, earning an average time-charter-equivalent rate of approximately $7,323 per day.  


Full-Year 2006 Results


For the twelve-month period ended December 31, 2006, net revenues amounted to $73.3 million and net income was $18.5 million. Earnings per share, basic and diluted, calculated on 14,161,096 weighted average number of shares outstanding, were $1.31. EBITDA for the twelve-months of 2006 was $36.7 million.


For the full-year period 2006, the non-cash unrealized loss on the above mentioned swap arrangements was $0.2 million. Before these non-cash charges, net income for the year was $18.7 million or $1.32 per share, basic and diluted.


An average of 25.9 vessels were owned and operated in the full-year of 2006 earning an average time-charter-equivalent rate of approximately $7,174 per day.   


CEO Harry Vafias commented: "We are very pleased to report an improvement in our financial performance in the fourth quarter of 2006 as compared to the previous two quarters of 2006, mainly due to an improvement in charter rates during the latter part of the fourth quarter and continued tight management of our operating costs. The company's financial performance compared to the previous two quarters also benefited from a lower number of dry dockings. These costs are taken directly to our profit and loss account at the time they are incurred, and are not amortized.

 

I would also note that currently the outlook in terms of charter rates for the handy size LPG sector has improved dramatically over the past several weeks, particularly in the semi refrigerated sector, where for instance the Gas Crystal is currently trading on a spot basis and is earning very attractive charter hires. About 74% of our fleet days for 2007 are already fixed in terms of their employment for the Fiscal year of 2007, and we expect to derive benefits from this upturn in rates through vessels that are currently trading in the spot market, and from those whose charters are due for renewal in the coming weeks.


In terms of 2006 overall, this proved to perhaps be a more challenging year than we anticipated, as two dull quarters in terms of charter rates, in the second and third quarter, plus a heavy dry docking schedule at the same time, slowed down our performance, however as mentioned previously this has rebounded quite well in the fourth quarter.


We have continued our policy of majority period employment for our vessels and I am pleased that 74% of the fleet's charter days are already fixed for 2007. We have as previously announced been rationalizing the management of our vessels, reducing the number of out sourced third party managers down to the more cost efficient ones, and also bringing more vessels under the management of our affiliate, Stealth Maritime Corp, which I believe will allow us to continue to deliver operating expenses that are below the industry norm. I should add, however that, as with most sectors of shipping, but in particular the gas sector, we are facing intense cost pressures with regard to crewing due to a scarcity of qualified sea farers and this is an area that is some cause for concern in my view going forward, not just from a STEALTHGAS standpoint, but the industry overall.


We have continued our dividend policy during 2006 which I believe is a commendable one from a yield standpoint when we consider how rapidly the company has grown in just the 14 months since we went public in October of 2005. I am also proud to state that all of the strategic developments that were outlined to potential investors at the time that we went public have been met.


We have invested in upgrading our computer and accounting systems and we intend to maintain and develop the highest levels of corporate governance within our organization.


We look forward to our continued development in 2007, and in this context, on February 1st, 2007, we took delivery of our first newbuilding, and expect to take delivery of the second newbuilding in October 2007”.


CFO Andrew Simmons commented: “Our rapid growth has not been at the expense of our balance sheet structure and we have remained with a relatively modest level of leverage throughout 2006. We have been able to secure further bank financing from our two main banks at very competitive levels of pricing, and several other lenders have shown a strong interest in assisting us with our financing needs in the future.


As such with the existing structure of the business both financially and commercially we believe we are well placed to move forward over the course of 2007 and beyond".


Quarterly Dividend


At its latest meeting held today, the Company’s Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on March 12, 2007 to shareholders of record on March 5, 2007.


This is the fifth consecutive quarterly dividend since the company went public in October 2005 and since then STEALTHGAS has declared quarterly dividends aggregating $0.9375 per common share.



Updated Fleet Profile and Fleet Deployment:


The table below describes our fleet development and deployment as of today:


Vessel

Vessel Size (cbm)

Vessel Type

Year Built

Delivered To GASS

Employment Status

Charter Expiration

Monthly Rate (1*) US$

CURRENT FLEET

Gas Cathar

7,517

F.P.

2001

Oct-05

Time Charter

Aug-07

355,000

Gas Marathon

6,572

F.P.

1995

Nov-05

Bareboat

Oct-07

220,000

Gas Chios(4)

6,562

F.P.

1991

Oct-05

Time Charter

Mar-07

300,000

Gas Amazon

6,526

F.P.

1992

May-05

Time Charter

Nov -07

252,500

Gas Flawless

6,300

F.P.

2007

Feb-07

Time Charter

Feb-09

299,000

Gas Monarch

5,018

F.P.

1997

Dec-05

Time Charter

Jun-07

295,000

Gas Nemesis   

5,016

F.P.

1995

Jun-06

Time Charter

June-07

225,000

Lyne (2)

5,014

F.P.

1996

May-06

Bareboat

May-09

163,636

Gas Emperor

5,013

F.P.

1995

Feb-05

Time Charter

Jun-07

245,000

Birgit Kosan(6)

5,012

F.P.

1995

Apr-05

Bareboat

Apr-07

190,000

Catterick

5,001

F.P

1995

Nov-05

Time Charter

Jan-08

217,000

Sir Ivor (3)

5,000

F.P.

2003

May-06

Bareboat

May-09

163,636

Gas Sincerity

4,123

F.P.

2000

Nov-05

Time Charter

Jul-07

245,000

Gas Spirit

4,112

F.P.

2001

Dec-05

Time Charter

Jun-07

250,000

Gas Zael

4,111

F.P.

2001

Dec-05

Time Charter

Mar-07

402,800

Gas Courchevel

4,109

S.R.

1991

Nov-04

Time Charter

Mar-07

390,000

Gas Prophet (5)

3,556

F.P.

1996

Oct-04

Bareboat

Sep-09

110,000

Gas Shanghai (8)

3,526

F.P.

1999

Dec-04

Time Charter

Mar-07

194,000

Gas Czar

3,510

F.P.

1995

Feb-06

Time Charter

Nov-07

190,000

Gas Legacy

3,500

F.P.

1998

Oct-05

Time Charter

Apr-07

250,000

Gas Fortune

3,500

F.P.

1995

Feb-06

Time Charter

Dec-07

186,000

Gas Eternity (7)

3,500

F.P.

1998

Mar-06

Bareboat

Apr-10

122,500

Gas Artic

3,434

S.R.

1992

Apr-05

Bareboat

Apr-09

190,000

Gas Ice

3,434

S.R.

1991

Apr-05

Bareboat

Apr-08

174,250

Batangas

3,244

F.P.

1995

Jun-06

Bareboat

Jul-08

106,000

Gas Crystal

3,211

S.R.

1990

Nov-05

Spot

N/A

N/A

Gas Oracle

3,014

F.P.

1990

Dec-05

Time Charter

Dec-07

220,000

Gas Prodigy

3,014

F.P.

1995

Oct-05

Time Charter

Dec-07

180,000

Gas Tiny

1,320

S.R.

1991

Oct-04

Time Charter

Jan-09

140,000

FLEET TOTAL

126,769

Cbm

 

 

 

 

 

 

29 VESSELS

Additional Vessels (with expected delivery date)

Gas Haralambos

7,000

F.P.

Oct-07

Oct-07

   

FLEET TOTAL

133,769 cbm

      

30 VESSELS


·

F.P.: Fully-Pressurized

·

S.R.: Semi-Refrigerated

·

(1) To calculate daily rate divide by 30.4. All rates are quoted on a gross basis and do not take into account chartering commissions

·

(2) Lyne is employed under a bareboat charter until May 2009 at the rate of USD 163,636 per calendar month. Thereafter, at charterer’s option, the bareboat charter can be extended for a further one year at the rate of USD 171,717 per calendar month.

·

(3) Sir Ivor is employed under a bareboat charter until May 2009 at the rate of USD 163,636 per calendar month. Thereafter, at charterer’s option, the bareboat charter can be extended for a further one year at the rate of USD 171,717 per calendar month.

·

(4) Gas Chios charter has been extended for an additional twelve-month period at the rate of USD 252,500 per month. The charter will commence in March 2007.

·

(5) Gas Prophet has for the three year duration of her bareboat charter been renamed the M.T. Ming Long.

·

(6) Birgit Kosan is currently employed under a bareboat charter to an international owner of LPGs expiring in April 2007. This bareboat charter has been extended for 6 months from April 2007 to October 2007 at a rate of USD 150,000 per calendar month.

·

(7) Gas Eternity will, from the commencement of her three year bareboat charter in March 2007, be renamed the M.T Yu Tian 9.

·

(8) Gas Shanghai is currently employed under a time charter until March 2007. Thereafter she will be employed on a further six month time charter at the rate of USD 225,000 per calendar month.


Fleet Data


The following key indicators highlight the Company’s operating performance during the fourth quarter ended December 31, 2006 and December 31, 2005.


FLEET DATA

Q4 2006

Q4 2005

Average number of vessels (1)

28.0

17.2

Period end number of vessels in fleet

28.0

21.0

Total calendar days for fleet (2)

2,576

1,585

Total voyage days for fleet (3)

2,564

1,581

Fleet utilization (4)

99.5%

99.7%

Total time charter days for fleet (5)

2,281

1,532

Total spot market days for fleet (6)

283

49


AVERAGE DAILY RESULTS

Q4 2006

Q4 2005

Time Charter Equivalent – TCE (7)

$7,323

$8,125

Vessel operating expenses (8)

2,113

2,092

Management fees

320

337

General and administrative expenses

568

272

Total vessel operating expenses (9)

2,682

2,364



The following key indicators highlight the Company’s operating performance during the full-year period ended December 31, 2006 and December 31, 2005.


FLEET DATA

12M 2006

12M 2005

Average number of vessels (1)

25.9

11.9

Period end number of vessels in fleet

28.0

21.0

Total calendar days for fleet (2)

9,451

4,334

Total voyage days for fleet (3)

9,346

4,288

Fleet utilization (4)

98.9%

98.9%

Total time charter days for fleet (5)

8,209

4,105

Total spot market days for fleet (6)

1,137

183


AVERAGE DAILY RESULTS

12M 2006

12M 2005

Time Charter Equivalent – TCE (7)

$7,174

$7,919

Vessel operating expenses (8)

2,061

2,099

Management fees

325

340

General and administrative expenses

366

180

Total vessel operating expenses (9)

2,426

2,279


1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days are the total days the vessels were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels were in our possession for the relevant period net of off-hire days associated with major repairs, drydocks or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total time charter days for fleet are the number of voyage days the vessels in our fleet operated on time charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.

7) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

8) Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

9) Total vessel operating expenses, or TVOE, is a measurement of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.



EBITDA Reconciliation


EBITDA represents net earnings before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies.


EBITDA is included herein because it is a basis upon which we assess our liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.  The Company’s definition of EBITDA may not be the same as that used by other companies in the shipping or other industries.


EBITDA reconciliation for the fourth quarter ended December 31, 2006 and December 31, 2005:


(figures in US $)

Q4 2006

Q4 2005

Net Cash Provided By (Used in) Operating Activities

$5,978,537

$7,061,620

Net increase in current assets, excluding cash

612,443

(2,741,425)

Net (increase) in current liabilities, excluding short-term portion of long term debt.

1,652,483

3,081,893

   

Interest income

(226,324)

(454,235)

Interest and finance costs, net

2,239,484

1,123,095

Amortization of finance fees 

(8,829)

(24,805)

Net income of vessel acquired from the Vafias Group

0

(16,947)

Change in fair value of derivatives

(28,777)

7,000

EBITDA

$10,219,017

$8,036,196



(figures in US $)

Q4 2006

Q4 2005

Net Income

$4,817,976

$5,658,423

Plus net interest expense

2,239,484

668,860

Less Interest income

(226,324)

0

Plus depreciation

3,607,787

1,708,913

Plus Amortization of fair value

(219,906)

0

EBITDA

$10,219,017

$8,036,196



EBITDA reconciliation for the full-years ended December 31, 2006 and December 31, 2005:


(figures in US $)

12M 2006

12M 2005

Net Cash Provided By (Used in) Operating Activities

$33,224,984

$24,414,729

Net increase in current assets, excluding cash

1,993,989

(742,021)

Net (increase) in current liabilities, excluding short-term portion of long term debt.

(5,364,946)

(5,063,296)

Non-cash G&A expenses

0

(243,750)

Interest income

(735,090)

(780,434)

Interest and finance costs, net

7,705,602

2,685,207

Amortization of finance fees 

(46,080)

(41,344)

Net income of vessel acquired from the Vafias Group

99,870

(16,947)

Change in fair value of derivatives

(192,664)

(67,000)

EBITDA

$36,685,665

$20,145,144



(figures in US $)

12M 2006

12M 2005

Net Income

$18,492,509

$14,536,051

Plus net interest expense

7,705,602

2,685,207

Less Interest income

(735,090)

(780,434)

Plus depreciation

13,058,316

5,611,942

Plus Amortization of fair value

(1,835,672)

(1,907,622)

EBITDA

$36,685,665

$20,145,144


Conference Call and Webcast:


As previously announced, on Monday, February 26, 2007 at 10:00 A.M. EST, the company's management will host a conference call to discuss the results and the company's operations and outlook.


Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1866 819 7111(from the US), 0800 953 0329 (from the UK) or +44 (0) 1452 542 301 (from outside the US). Please quote "STEALTHGAS".


In case of any problem with the above numbers, please dial 1866 869 2352 (from the US), 800 694 1449 (from the UK) or +44 (0) 1452 560 304 (from outside the US). Quote: "STEALTHGAS".

A telephonic replay of the conference call will be available until March 5, 2007 by dialing 1866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44 1452 550 000 (from outside the US). Access Code: 2201616#


Slides and audio webcast:

There will also be a live-and then archived-webcast of the conference call, through the internet through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.






STEALTHGAS INC.

Consolidated Statements of Income

For the quarters ended December 31, 2005 and December 31, 2006

(Expressed in United States Dollars)

     

For the Quarter Ended

 

 

 

 

 

December 31, 2005

 

December 31, 2006

     

(Unaudited)

 

(Unaudited)

Revenues

      

 

Voyage revenues

 

 

$13,816,745

 

$20,424,199

        

Expenses

      
 

Voyage expenses

  

970,346

 

1,648,840

 

Vessels' operating expenses

 

3,314,930

 

5,444,135

 

Dry-docking costs

  

20,373

 

545,455

 

Management fees

  

533,830

 

824,896

 

General and administrative expenses

431,879

 

1,464,036

 

Depreciation

  

2,219,000

 

3,607,787

Total expenses

 

 

7,490,358

 

13,535,149

 

 

 

 

 

 

  

Income from operations

 

 

$6,326,387

 

$6,889,050

        

Other income and (expense)

    
 

Interest and finance costs, net

 

(1,123,095)

 

(2,239,484)

 

Change in fair value of derivatives

 

7,000

 

(28,777)

 

Interest income

  

454,235

 

226,324

 

Foreign exchange loss

  

(6,104)

 

(29,137)

Other expenses, net

 

 

(667,964)

 

(2,071,074)

 

 

 

 

 

 

  

Net income

 

 

$5,658,423

 

$4,817,976

        

Earnings per share, basic and diluted

$0.42

 

$0.33

        

Weighted average number of shares, outstanding

13,565,217

 

14,400,000






















STEALTHGAS INC
Consolidated Statements of Income

For the years ended December 31, 2005 and December 31, 2006
 (Expressed in United States Dollars)

     


For the Twelve Months Ended

     

December 31, 2005

 

December 31, 2006

       

(Unaudited)

Revenues

      

 

Voyage revenues

 

 

$36,644,591

 

$73,259,369

        

Expenses

      
 

Voyage expenses

  

2,688,155

 

6,213,804

 

Vessels' operating expenses

 

9,095,576

 

19,474,344

 

Dry-docking costs

  

470,384

 

2,243,395

 

Management fees

  

1,473,080

 

3,068,609

 

General and administrative expenses

779,539

 

3,457,688

 

Depreciation

  

5,611,942

 

13,058,316

Total expenses

 

 

$20,118,676

 

$47,516,156

 

 

 

 

 

 

 

 

Income from operations

 

 

$16,525,915

 

$25,743,213

        

Other revenues and (expense)

    
 

Interest and finance costs, net

 

(2,685,207)

 

(7,705,602)

 

Change in fair value of derivatives

 

(67,000)

 

(192,664)

 

Interest income

  

780,434

 

735,090

 

Foreign exchange loss

  

(18,091)

 

(87,528)

Other income, net

 

 

(1,989,864)

 

(7,250,704)

 

 

 

 

 

 

 

 

Net income

 

 

 

$14,536,051

 

$18,492,509

        

Earnings per share, basic and diluted

$1.84

 

$1.31

        

Weighted average number of shares, outstanding

7,906,849

 

14,161,096








STEALTHGAS INC
Consolidated Balance Sheets

As of December 31, 2005 and December 31, 2006

(Expressed in United States Dollars)


     

December 31,

 

December 31,

 

 

 

 

 

2005

 

2006

       

(Unaudited)

Assets

      

Current assets

     
 

Cash and cash equivalents

 

$23,210,243

 

$11,146,871

 

Trade receivables

  

13,330

 

1,096,645

 

Claim receivable

  

  --

 

289,922

 

Inventories

  

399,624

 

746,874

 

Advances and prepayments

 

161,094

 

270,370

 

Fair value of above market acquired time charter

597,754

 

23,718

 

Restricted cash

  

1,634,203

 

4,317,338

Total current assets

 

 

$26,016,248

 

$17,891,738

        

Non current assets

     
 

Advances for vessels acquisitions

 

983,000

 

--

 

Advances for vessels under construction

--

 

3,483,750

 

Vessels, net

  

229,763,864

 

297,950,257

 

Deferred finance charges

 

215,656

 

279,576

Total non current assets

 

$230,962,520

 

$301,713,583

Total assets

 

 

$256,978,768

 

$319,605,321

        

Liabilities and Stockholders' Equity

   

Current liabilities

     
 

Overdraft facility

  

200,000

 

  --

 

Payable to related party

 

1,549,837

 

2,198,456

 

Trade accounts payable

 

984,997

 

2,049,456

 

Other accrued liabilities

 

1,635,040

 

4,681,488

 

Customer deposits

--

 

660,000

 

Fair value of below market acquired time charter

1,443,989

 

1,016,281

 

Deferred income

  

2,284,578

 

2,889,998

 

Current portion of long-term debt

 

12,627,000

 

16,149,600

Total current liabilities

 

$20,725,441

 

$29,645,279

        

Non current liabilities

    
 

Derivative liability

  

67,000

 

35,902

 

Customer deposits

  

  --

 

1,323,272

 

Long-term debt

  

85,079,000

 

124,798,640

Total non current liabilities

 

$85,146,000

 

$126,157,814

Total liabilities

 

 

$105,871,441

 

$155,803,093

        

Commitments and contingencies

  

--

 

--

        

Stockholders' equity

     
 

Capital stock 14,400,000 shares authorized and

   
 

   outstanding with a par value of $.01

140,000

 

144,000

 

Additional paid-in capital

 

145,883,121

 

150,607,621

 

Retained earnings

  

5,084,206

 

12,826,845

 

Accumulated other comprehensive income

 

--

 

223,762

Total stockholders' equity

 

$151,107,327

 

$163,802,228

Total liabilities and stockholders' equity

$256,978,768

 

$319,605,321








STEALTHGAS INC
Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

       

December 31,

 

 

 

 

 

 

 

2005

 

2006

         

(Unaudited)

Cash flows from operating activities

     
 

Net income for the year

   

$14,536,051

 

$18,492,509

          

Items included in net income not affecting

     

  cash flows:

       
 

Depreciation and amortization

   

5,653,286

 

13,104,396

 

Amortization of fair value of time charter

  

(1,907,622)

 

(1,835,672)

 

Non cash general and administrative expenses

  

243,750

 

  --

 

Net loss/(income) of vessel acquired from the Vafias Group

16,947

 

(99,870)

 

Change in fair value of derivatives

  

67,000

 

192,644

          

Changes in operating assets and liabilities:

     
 

(Increase)/Decrease in

      
 

Receivable from related party

   

1,162,470

 

  --

 

Trade receivables

    

6,293

 

(1,083,315)

 

Claim receivable

    

  --

 

(454,148)

 

Inventories

    

(274,778)

 

(347,250)

 

Advances and prepayments

   

(151,964)

 

(109,276)

 

Increase/(Decrease) in

      
 

Payable to related party

   

1,549,837

 

648,619

 

Trade accounts payable

   

489,072

 

1,064,459

 

Other accrued liabilities

   

1,274,222

 

3,046,448

 

Deferred income

    

1,750,165

 

605,420

Net cash provided by operating activities

  

$24,414,729

 

$33,224,984

          

Cash flows from investing activities

     
 

Insurance proceeds

  

--

 

164,226

 

Advances for vessels acquisitions

  

(983,000)

 

--

 

Advances for vessels under construction

  

--

 

(3,483,750)

 

Increase in restricted cash account

  

(1,634,203)

 

(2,683,135)

 

Acquisition of vessels

   

(196,074,506)

 

(80,261,709)

 

Fair value of acquired time charter

 

 

911,000

 

1,982,000

Net cash (used in) investing activities

  

$(197,780,709)

 

$(84,282,368)

          

Cash flows from financing activities

     
 

Capital stock

    

80,000

 

4,000

 

Additional paid-in capital

   

62,752,877

 

5,012,000

 

Initial Public Offering

   

116,000,000

 

  --

 

Issuance costs

    

(8,694,657)

 

  --

 

Deemed dividends

   

(6,312,500)

 

(287,500)

 

Vafias group of LPG carriers

   

(54,898,497)

 

--

 

Dividends paid

    

(10,000,000)

 

(10,650,000)

 

Deferred finance charges

   

(257,000)

 

(110,000)

 

Overdraft facility

    

200,000

 

(200,000)

 

Customer deposits

   

  --

 

1,983,272

 

Loan repayment

    

(42,294,000)

 

(57,187,760)

 

Proceeds from long-term debt

   

140,000,000

 

100,430,000

Net cash provided by financing activities

  

$196,576,223

 

$38,994,012

          

Net Increase (Decrease) in cash and cash equivalents

 

23,210,243

 

(12,063,372)

Cash and cash equivalents at beginning of year

  

  --

 

23,210,243

Cash and cash equivalents at end of period

  

$23,210,243

 

$11,146,871

Supplemental Cash Flow Information:

     
 

Cash paid during the year for:

      
 

Interest payments

    

$2,130,228

 

$5,968,892








About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 29 LPG carriers with a total capacity of 126,769 cubic meters (cbm). In addition, the company has agreed to acquire one newbuilding LPG carrier expected to be delivered to STEALTHGAS INC. in early October 2007. Once this acquisition is complete, STEALTHGAS INC’s fleet will be composed of 30 LPG carriers with a total capacity of 133,769 cubic meters (cbm).   STEALTHGAS’s shares are listed on NASDAQ and trade under the symbol “GASS”.

 

Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in STEALTHGAS INC.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.


Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the US Securities and Exchange Commission.


Visit our website at www.stealthgas.com

 

Company Contact:

Andrew J. Simmons

Chief Financial Officer

STEALTHGAS INC.

011-30-210-6250-001
E-mail: simmons@stealthgas.com


Investor Relations/Media:
Nicolas Bornozis
Capital Link, Inc.(New York)
Tel. 212-661-7566
E-mail: nbornozis@capitallink.com



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.


Stealthgas, Inc.

(Registrant)



Dated:  February 23, 2007                    By:            /s/ Andrew J. Simmons                 

                                             ----------------------------------

                                             Andrew J. Simmons

                 Chief Financial Officer