STAMFORD, Conn., May 17, 2023
/PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or
"Dorian LPG"), today updated its financial and operational outlook
for the quarter ended March 31, 2023.
The Company plans to issue a press release on Wednesday, May 24, 2023 prior to the market open,
announcing its unaudited financial results for the quarter and year
ended March 31, 2023.
Earnings Conference Call
A conference call to discuss the results will be held on
Wednesday, May 24,
2023 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 13738794. The replay will be available until May 31, 2023,
at 11:59 p.m. ET.
Outlook for the Quarter Ended March
31, 2023
The following unaudited financial data for the quarter ended
March 31, 2023, 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 March 31, 2023, and its results
of operations for the three months ended March 31, 2023. Based on information available to
the Company at this time, the Company expects that for the quarter
ending March 31, 2023:
Time charter equivalent
(1) revenues to be between
|
$131,600,000
— $133,600,000
|
Vessel operating
expenses (including drydock-related expenses) to be
between
|
$18,000,000
— $20,000,000
|
Charter hire expenses
to be between
|
$7,000,000
— $7,400,000
|
General and
administrative expenses to be between
(Including stock-based
compensation and certain cash bonuses)
|
$7,350,000
— $7,750,000
|
Calendar
days
|
1,801
|
Time chartered-in
days
|
241
|
Available
days
|
2,034
|
Operating
days
|
1,946
|
Utilization
rate
|
95.7 %
|
|
|
(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 fourth quarter and fiscal year ended March 31, 2023. 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. Providing this information for this period does
not constitute an obligation or intention 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)
|
|
March 31, 2023
(2)
|
|
Revenues
|
|
$
|
133,600,000
|
|
Voyage
expenses
|
|
|
(1,000,000)
|
|
TCE revenues
|
|
$
|
132,600,000
|
|
|
|
(2)
|
Based on the midpoint
of the preliminary projection for the fourth quarter ended March
31, 2023, included herein.
|
Forward-Looking & Other Cautionary Statements
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 twenty-five modern VLGCs, including three
dual-fuel LPG vessels. Dorian LPG has offices in Stamford,
Connecticut, USA; Copenhagen,
Denmark; and Athens, Greece.
Visit our website at www.dorianlpg.com. Information on the
Company's website does not constitute a part of and is not
incorporated by reference into this press release.
For further information:
Dorian LPG Ltd.
Ted Young
Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
View original
content:https://www.prnewswire.com/news-releases/dorian-lpg-ltd-provides-update-for-fourth-quarter-2023-and-announces-fourth-quarter-2023-earnings-and-conference-call-date-301826720.html
SOURCE Dorian LPG Ltd.