NAVIGATOR HOLDINGS LTD. PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2019 RESULTS
Highlights
* Navigator Holdings Ltd. (the “Company”) (NYSE: NVGS) reported operating revenue of $76.1 million for the three months ended December 31, 2019, compared to $78.2 million for the three months ended December 31, 2018. Operating revenue for the year ended December 31, 2019, amounted to $301.4 million, compared to $310.0 for the year ended December 31, 2018.
* A net loss of $2.8 million (or a loss per share of $0.05) for the three months ended December 31, 2019 compared to a net loss of $3.9 million (or a loss per share of $0.07) for the three months ended December 31, 2018. This resulted in a net loss for the year ended December 31, 2019 of $16.7 million (or a loss per share of $0.30) compared to a net loss of $5.7 million (or a loss per share of $0.10) for the year ended December 31, 2018.
* Adjusted EBITDA(1) was $107.7 million for the year ended December 31, 2019, compared to $117.6 million for the year ended December 31, 2018.
* Fleet utilization improved to 92.7% for the three months ended December 31, 2019, resulting in utilization of 86.8% for the year ended December 31, 2019. Utilization was 86.3% and 89.0% for the three months ended and year ended December 31, 2018 respectively.
* On October 28, 2019, the Company entered into a sale and leaseback transaction to refinance Navigator Aurora. The sale price agreed was $77.5 million, with the buyer paying 90% of the vessel’s value, or $69.75 million and a seller’s credit representing the remaining 10%. From the proceeds, $44.5 million was used to repay the vessel’s secured tranche of the December 2015 secured term loan facility. Simultaneous with this sale, the Company entered into a bareboat charter for the vessel for a period of up to 13 years, with Company break clauses at years 5, 7 and 10.
* In December 2019, the Company’s vessel, Navigator Europa, commenced loading the first ethylene cargo at our 50/50 joint venture owned ethylene export marine terminal at Morgan’s Point, Texas (the “Marine Export Terminal”) and sailed for China on January 8, 2020.
* In March 2020, the Company collaborated with Pacific Gas Pte. Ltd and Greater Bay Gas Co Ltd to form and manage a pool of fourteen vessels (“Luna Pool”) focusing on the transportation of petrochemical gases with specific focus on ethylene and ethane to meet the growing demands of our customers. It is expected the Luna Pool will become operational in the second quarter of 2020.
The Company’s financial information for the year ended December 31, 2019 included in this press release is preliminary and unaudited, and is subject to change in connection with the completion of the audit currently underway by the Company’s independent registered public accounting firm or as a result of other developments that may arise between now and the disclosure of the final results.
Navigator Holdings Ltd December 2019 Press Release 6K