STAMFORD, Conn., July 27,
2023 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the
"Company" or "Dorian LPG"), today updated its financial and
operational outlook for the quarter ended June 30, 2023 and announced that its Board of
Directors has declared an irregular cash dividend of $1.00 per share of the Company's common stock,
returning $40.4 million of capital to
shareholders. The dividend is payable on or about September 6, 2023 to all shareholders of record
as of the close of business on August 10,
2023. The Company also plans to issue a press release on
Wednesday, August 2, 2023 prior to
the market open, announcing its unaudited financial results for the
quarter ended June 30, 2023.
Earnings Conference Call
A conference call to discuss the results will be held on
Wednesday, August 2,
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 13740308. The replay will be available until August 9,
2023, at 11:59 p.m. ET.
Outlook for the Quarter Ended June 30,
2023
The following unaudited financial data for the quarter ended
June 30, 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 June 30, 2023, and its results
of operations for the three months ended June 30, 2023. Based on information available to
the Company at this time, the Company expects that for the quarter
ending June 30, 2023:
|
|
Time charter
equivalent(1) revenues to be between
|
$110,300,000
— $112,300,000
|
Vessel operating
expenses (including drydock-related expenses) to be
between
|
$18,800,000
— $20,800,000
|
Charter hire expenses
to be between
|
$10,300,000
— $10,700,000
|
General and
administrative expenses to be between
(Including stock-based
compensation and certain cash bonuses)
|
$9,020,000
— $9,420,000
|
Calendar
days
|
1,911
|
Time chartered-in
days
|
364
|
Available
days
|
2,219
|
Operating
days
|
2,175
|
Utilization
rate
|
98.0 %
|
Cash and cash
equivalents
|
$154,500,000
— $156,500,000
|
Long-term debt
obligations(2)
|
$649,300,000
— $651,300,000
|
|
|
(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.
|
(2)
Long-term debt obligations presented before the effect of deferred
financing fees.
|
The Company has not finalized its financial statement closing
process for the first quarter ended June 30,
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)
|
|
|
June 30,
2023(1)
|
|
Revenues
|
|
$
|
111,600,000
|
|
Voyage
expenses
|
|
|
(300,000)
|
|
TCE revenues
|
|
$
|
111,300,000
|
|
|
(1)
|
Based on the midpoint
of the preliminary projection for the first quarter ended June 30,
2023, included herein.
|
Forward-Looking & Other Cautionary Statements
The cash dividend referenced in this release is an irregular
dividend. All declarations of dividends are subject to the
determination and discretion of our 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 our 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 twenty-six modern VLGCs, including four
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.
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SOURCE Dorian LPG Ltd.