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Dorian LPG Ltd. Announces Third Quarter Fiscal Year 2021 Financial Results and $100 Million Self Tender Offer

STAMFORD, Conn., Feb. 2, 2021 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," and "our"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended DecemberA 31,A 2020.Key Recent Development

Announced that we will commence a tender offer to purchase up to 7.4 million, or about 14.8%, of our common shares at a price of $13.50 per share.

Highlights for the Third Quarter Fiscal Year 2021

Revenues of $88.5 million and Time Charter Equivalent ("TCE")(1) rate for our fleet of $42,298 for the three months ended December 31, 2020, compared to revenues of $85.4 million and TCE rate for our fleet of $43,410 for the three months ended December 31, 2019.




Net income of $35.8 million, or $0.71 earnings per diluted share ("EPS"), and adjusted net income(1) of $35.3 million, or $0.70 adjusted earnings per diluted share ("adjusted EPS"),(1) for the three months ended December 31, 2020.




Adjusted EBITDA(1) of $60.1 million for the three months ended December 31, 2020.



(1)



TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included in this press release under the heading "Financial Information."
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