STAMFORD, Conn., July 30, 2021 /PRNewswire/ -- Dorian LPG Ltd.
(NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and
operator of modern and ECO very large gas carriers ("VLGCs"), today
announced that its Board of Directors has declared a cash dividend
of $1.00 per share of the Company's
common stock, returning over $40
million of capital to shareholders. The dividend is payable
on or about September 8, 2021 to all
shareholders of record as of the close of business on August 9, 2021.
The Company today also updated its financial and operational
outlook for the quarter ended June 30,
2021. The Company plans to issue a press release on
Wednesday, August 4, 2021 prior to
the market open, announcing its financial results for the first
quarter ended June 30, 2021.
Earnings Conference Call
A conference call to discuss the results will be held on
Wednesday, August 4, 2021
at 10:00 a.m. ET. The conference call can be accessed live by
dialing 1-877-407-9716, or for international callers,
1-201-493-6779, and requesting to be joined into the Dorian LPG
call.
A live webcast of the conference call will also be available
under the investor section at www.dorianlpg.com.
A replay will be available at 1:00 p.m. ET the same
day and can be accessed by dialing 1-844-512-2921, or for
international callers, 1-412-317-6671. The passcode for the replay
is 13721915. The replay will be available until August 11,
2021, at 11:59 p.m. ET.
Outlook for the Quarter Ended June 30,
2021
The following unaudited financial data for the quarter ended
June 30, 2021 is preliminary and
based on information available to the Company at this time. The
financial data has been prepared by and is the responsibility of
the Company's management and does not present all information
necessary for an understanding of the Company's financial condition
as of June 30, 2021 and its results
of operations for the three months ended June 30, 2021. Based on information available to
the Company at this time, the Company expects that for the quarter
ending June 30, 2021:
|
|
Time charter
equivalent (1) revenues to be between
|
$60,600,000 —
$62,600,000
|
Vessel operating
expenses (including drydock-related expenses) to be
between
|
$19,300,000
— $21,300,000
|
Charter hire
expenses
|
$3,400,000
— $3,600,000
|
General and
administrative expenses
(including
stock-based compensation and certain cash bonuses)
|
$7,500,000
—$8,500,000
|
|
|
Calendar
days
|
2,002
|
Time chartered-in
days
|
139
|
Available
days
|
2,030
|
Operating
days
|
1,951
|
Utilization
rate
|
96.1%
|
(1)
|
Time charter
equivalent ("TCE") is a non-U.S. GAAP measure. Refer to the
reconciliation of revenues to TCE revenues included in this press
release below.
|
The Company has not finalized its financial statement closing
process for the quarter ended June 30,
2021. During the course of that process, the Company may
identify items that would require it to make adjustments, which may
be material to the information provided. As a result, the provided
information constitutes forward-looking statements and is subject
to risks and uncertainties, including possible adjustments to the
preliminary results disclosed. The Company is providing this
information on a one-time basis only and does not intend to update
this information for future time periods. Except as otherwise
provided herein, capitalized terms used herein but not otherwise
defined herein shall have the meanings set forth in the Company's
Annual Report on Form 10-K.
Reconciliation to Non-GAAP Financial Information
Time Charter Equivalent Revenues
TCE revenues are a shipping industry non-U.S. GAAP measure of
the revenue performance of a vessel used primarily to compare
period–to–period changes in a shipping company's performance
despite changes in the mix of charter types (such as time charters,
voyage charters) under which the vessels may be employed between
the periods. The Company's method of calculating TCE revenues is to
subtract voyage expenses from shipping revenues for the relevant
time period, which may not be calculated the same by other
companies.
TCE revenues are not a recognized measure under U.S. GAAP and
should not be regarded as a substitute for revenues. The Company's
presentation of TCE revenues does not imply, and should not be
construed as an inference, that its future results will be
unaffected by unusual or non-recurring items and should not be
considered in isolation or as a substitute for a measure of
performance prepared in accordance with U.S. GAAP.
The following table sets forth a reconciliation of revenues to
TCE revenues (unaudited) for the period presented:
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
(in U.S.
dollars)
|
|
June 30, 2021
(2)
|
|
|
|
|
|
Revenues
|
|
$
|
63,000,000
|
|
|
|
|
|
|
Voyage
expenses
|
|
|
(1,400,000)
|
|
|
|
|
|
|
TCE
revenues
|
|
$
|
61,600,000
|
|
(2)
|
Based on the midpoint
of the preliminary projection for the first quarter ended June 30,
2021 included herein.
|
Forward-Looking & Other Cautionary Statements
Future declarations of dividends are subject to the
determination and discretion of the Company's Board of Directors
based on its consideration of various factors, including the
Company's results of operations, financial condition, level of
indebtedness, anticipated capital requirements, contractual
restrictions, restrictions in its debt agreements, restrictions
under applicable law, its business prospects and other factors that
the Company's Board of Directors may deem relevant.
This press release contains "forward-looking statements."
Statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," "projects," "forecasts," "may," "will," "should" and
similar expressions are forward-looking statements. These
statements are not historical facts but instead represent only the
Company's current expectations and observations regarding future
results, many of which, by their nature are inherently uncertain
and outside of the Company's control. Where the Company expresses
an expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, the Company's forward-looking
statements are subject to risks, uncertainties, and other factors,
which could cause actual results to differ materially from future
results expressed, projected, or implied by those forward-looking
statements. The Company's actual results may differ, possibly
materially, from those anticipated in these forward-looking
statements as a result of certain factors, including changes in the
Company's financial resources and operational capabilities and as a
result of certain other factors listed from time to time in the
Company's filings with the U.S. Securities and Exchange Commission.
For more information about risks and uncertainties associated with
Dorian LPG's business, please refer to the "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of Dorian LPG's SEC filings, including, but
not limited to, its annual report on Form 10-K and quarterly
reports on Form 10-Q. The Company does not assume any obligation to
update the information contained in this press release.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a
leading owner and operator of modern VLGCs. Dorian LPG's fleet
currently consists of 23 modern VLGCs. Dorian LPG has offices
in Stamford, Connecticut,
USA; London, United Kingdom;
Copenhagen, Denmark; and
Athens, Greece.
Visit our website at www.dorianlpg.com.
For further information:
Dorian LPG Ltd.
Ted Young
Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
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SOURCE Dorian LPG Ltd.