Hi Paul, I am wondering if you could give me a value opinion on GASS. It is an LNG shipper like TGP, but no dividend at this point. Q4 earnings were reported this morning, and I have included an excerpt below.
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Fourth Quarter 2011 Results:
Voyage revenues for the three months ended December 31, 2011, amounted to $28.9 million, a decrease of $0.2 million, or 0.7%, compared to voyage revenues of $29.1 million for the three months ended December 31, 2010. Voyage expenses and vessels' operating expenses for the three months ended December 31, 2011 were $4.7 million and $7.8 million, respectively, compared to $4.1 million and $9.7 million for the three months ended December 31, 2010. The increase of voyage expenses was due primarily to higher fuel costs for our vessels under spot charters. The decrease in vessels' operating expenses was due primarily to the higher number of vessels operating under bareboat charters in the 2011 period. Net income for the three months ended December 31, 2011 was $4.4 million, or $0.22 per share, an increase of $0.1 million, from net income of $4.3 million, or $0.21 per share for the three months ended December 31, 2010. Included in the fourth quarter results are net losses from interest rate and foreign exchange derivatives instruments of $0.2 million. This amount includes $1.2 million or $0.06 per share, of interest paid on recurring interest rate swap arrangements. Excluding non- recurring items, adjusted net income was $3.4 million or $0.17 per share compared to $2.4 million or $0.11 per share for the same period last year. Adjusted EBITDA for the three months ended December 31, 2011 amounted to $12.6 million. A reconciliation of adjusted EBITDA to Net Income is set forth below.
finance.yahoo.com
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