Dorian LPG reported its financial results for the three months ended June 30, 2022, 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 over $40.1 million of capital to shareholders.
The dividend is payable on or about September 2, 2022 to all shareholders of record as of the close of business on August 15, 2022.
Key Recent Developments
- Declared an irregular cash dividend totaling over $40 million.
- Entered into a $260.0 million debt financing facility (the “2022 Debt Facility”) to refinance indebtedness under the 2015 AR Facility and the Concorde Japanese Financing (upon its repurchase in September 2022) and to releverage Corvette following its repurchase on July 21, 2022.
Highlights for the First Quarter Fiscal Year 2023
• Revenues of $76.8 million.
• Time Charter Equivalent (“TCE”)(1) rate per operating day for our fleet of $39,608.
• Net income of $24.8 million, or $0.62 earnings per diluted share (“EPS”), and adjusted net income(1) of $22.4 million, or $0.56 adjusted earnings per diluted share (“adjusted EPS”).
• Adjusted EBITDA(1) of $46.9 million.
• Declared an irregular cash dividend totaling $100.3 million.
• Completed the refinancing of Cougar resulting in cash proceeds, net of $20.0 million to prepay a portion of the 2015 AR Facility, of $29.9 million.
• Voluntarily prepaid $25.0 million of the 2015 AR Facility.
• Provided three-month notice in connection with the exercise of our repurchase option of Concorde for $41.2 million in cash and application of the of $14.0 million deposit.
John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “The first quarter results reflected a good chartering market, which generated strong operating cash flow. We believe that our new seven year facility affords us additional flexibility for capital allocation and are pleased that our board of directors authorized another irregular dividend. I am grateful to our sea and shore personnel who make this possible with their commitment to serving our charterers and to conducting our business with a relentless focus on safety and efficiency.”