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Dorian LPG Ltd. Announces Fourth Quarter and Full Fiscal Year 2021 Financial Results
Stamford, CT –May 19, 2021 – Dorian LPG Ltd. (NYSE: LPG) (the “Company,” “Dorian LPG,” “we,” and “our”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today reported its financial results for the three months and fiscal year ended March 31, 2021.
Highlights for the Fourth Quarter Ended March 31, 2021
|◾||Revenues of $99.6 million.|
|◾||Time charter equivalent (“TCE”)(1) per operating day rate for our fleet of $49,474.|
|◾||Net income of $44.0 million, or $0.93 earnings per diluted share (“EPS”), and adjusted net income(1) of $40.8 million, or $0.86 adjusted diluted earnings per share (“adjusted EPS”)(1).|
|◾||Adjusted EBITDA(1) of $65.0 million.|
|◾||Repurchased 8.4 million shares, or approximately 16.8% of our then outstanding common shares, pursuant to our previously announced tender offer.|
|◾||Expect to take delivery in March 2023 of an 84,000 cubic meter dual fuel VLGC from Kawasaki Heavy Industries under a Japanese financing arrangement.|
Highlights for the Fiscal Year Ended March 31, 2021
|◾||Revenues of $315.9 million.|
|◾||TCE(1) per operating day rate for our fleet of $39,606.|
|◾||Net income of $92.6 million, or $1.86 EPS, and adjusted net income(1) of $85.4 million, or $1.71 adjusted EPS(1).|
|◾||Adjusted EBITDA(1) of $188.6 million.|
|◾||Repurchased over $124.8 million of our common stock, or approximately 9.6 million shares, between our previously announced tender offer and common share repurchase program|
|(1)||TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included later in this press release.|
John Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “Though the past year presented major challenges relating to the pandemic, the commitment of our nearly eight hundred seafarers, five hundred presently at sea, as well as the dedication of our shore-side staff, we believe has put Dorian LPG in its strongest position to date. Upsizing our $100 million self-tender offer by 13.5% to repurchase 8.4 million shares demonstrates our strong commitment to returning shareholder capital.”
The following information was filed by Dorian Lpg Ltd. (LPG) on Wednesday, May 19, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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