Dorian LPG Ltd., yesterday 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:

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:
Source: Dorian LPG Ltd.