Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”)
today updated its financial and operational outlook for the quarter
ended June 30, 2024 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 $42.6 million of capital to
shareholders. The dividend is payable on or about August 21, 2024
to all shareholders of record as of the close of business on August
8, 2024. The Company plans to issue a press release on Thursday,
August 1, 2024 prior to the market open, announcing its unaudited
financial results for the quarter and year ended June 30, 2024.
Earnings Conference Call
A conference call to discuss the results will be held on
Thursday, August 1, 2024 at 10:00 a.m. ET. The conference call can
be accessed live by dialing 1-800-343-4849, or for international
callers, 1-203-518-9848, 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 11156632.
The replay will be available until August 8, 2024, at 11:59 p.m.
ET.
Outlook for the Quarter Ended June 30, 2024
The following unaudited financial data for the quarter ended
June 30, 2024, 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, 2024, and its results
of operations for the three months ended June 30, 2024. Based on
information available to the Company at this time, the Company
expects that for the quarter ended June 30, 2024:
Time charter equivalent(1) revenues to be
between
$112,500,000 — $114,500,000
Vessel operating expenses (including
drydock-related expenses) to be between
$19,500,000 — $21,500,000
Charter hire expenses to be between
$9,600,000 — $11,600,000
General and administrative expenses
(excluding stock-based compensation and certain cash bonuses) to be
between
$5,500,000 — $7,500,000
Stock-based compensation and certain cash
bonuses to be between
$3,800,000 — $4,200,000
Calendar days
1,911
Time chartered-in days
364
Available days
2,275
Operating days
2,056
Utilization rate
90.4%
Cash and cash equivalents
$352,300,000 — $354,300,000
Long-term debt obligations(2)
$596,100,000 — $598,100,000
(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, 2024. 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:
(In U.S. dollars)
Three months ended
June 30, 2024(1)
Revenues
$
114,400,000
Voyage expenses
(800,000
)
TCE revenues
$
113,600,000
(1) Based on the midpoint of the
preliminary projection for the first quarter ended June 30, 2024,
included herein.
About Dorian LPG Ltd.
Dorian LPG is a leading owner and operator of modern Very Large
Gas Carriers (“VLGCs”) that transport liquefied petroleum gas
globally. Our fleet currently consists of twenty-five modern VLGCs,
including twenty ECO VLGCs and four dual-fuel ECO VLGCs. 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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724956004/en/
Ted Young Chief Financial Officer +1 (203) 674-9900
IR@dorianlpg.com
Dorian LPG (NYSE:LPG)
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